Q1 2026 closed up +3.7% TWR, ahead of the SGD risk-parity benchmark by 90 bps. Realised P&L of SGD 14.2M came chiefly from the partial trim of US tech (NVDA, MSFT) at multi-month highs and a Hong Kong financials rotation that locked in 11% on the HSBC position. No covenant breaches; concentration metrics moved within policy.
Returns
- Q1 TWR: +3.7%
- YTD TWR: +3.7%
- Trailing 12-month TWR: +14.2%
- Since-inception (Jan 2018): +112.8% cumulative
Asset class attribution (bps to portfolio)
- Listed equities: +186 bps
- Fixed income: +24 bps
- Private equity (mark-to-NAV): +112 bps
- Hedge funds: +22 bps
- Structured products: -8 bps
- FX translation: -6 bps
Operating notes
- Capital deployment: SGD 28M into new commitments (Clearlake VIII follow-on + new mid-life ticket).
- 11 capital calls processed; 1 still outstanding (Thoma Bravo Discover V Q4 2025).
- 4 custody statements reconciled; 1 UBS HK statement triggered a per-currency tolerance flag (+0.6%) and is in review.
- Tax: PwC SG completed FY2025 returns for Trust on 14-Apr-26.
Looking ahead
Reduce US tech overweight by approximately 100 bps over Q2 via systematic trimming. Continue building EUR fixed income duration. Watch for refinancing windows on Q3 lombard rollovers.