tag:blogger.com,1999:blog-66589914066198894092024-02-20T00:03:30.157+08:00Singapore Permanent Portfolio Investment StrategyDIY passive investment strategy. Simpler. Lower volatility. No market timing.Eppshttp://www.blogger.com/profile/04240900475803378173noreply@blogger.comBlogger21125tag:blogger.com,1999:blog-6658991406619889409.post-26913763274431939712013-04-18T22:47:00.001+08:002013-04-21T23:18:27.287+08:00Gold's Bottom Price<a href="http://www.bloomberg.com/news/2013-04-16/gold-miners-approaching-1-300-pain-threshold.html" target="_blank">This bloomberg article on gold mining cost is interesting (click link).</a> <br />
Summary of article: gold production has all-in cost of US$1300 in north America. Some gold mining companies like Barricks have US$1100 all-in gold mining cost. <br />
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Means it seems difficult for gold to drop significantly below US$1100. below which gold production will be cut significantly and maybe causing supply to drop and price to stabilise or go up eventually. At this moment of rapid gold drop, it is a test in investor's faith in PP strategy. So gold has dropped about -17% since start of this year. Since gold is only about 25% of portfolio, the -17% drop in gold this year will reduce total portfolio by (-17%/4) = -4.25% only, hardly a very big drop to worry about. In comparison, stocks have had typical drops of -40% to -60% during recessions, in which case investor will also have to face the same test in their faith in PP. So as of now, if the rebalancing bands has not been reached for gold, I suppossed investor should not be too worried for PP strategy for now, especially given there may be a logical bottom price for gold. If one is due for rebalancing now, it seems a good time to rebalance into gold, especially if the investor is investing for the long term. As for myself, I have rebalanced into gold last month, so now I will sit on my hand according to strategy and ride through this drop in gold price.<br />
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According to A. Gary Shilling's latest book: "The Age of Deleveraging", this decade for U.S. may see U.S. consumers save more and spend less, reducing U.S. imports from emerging countries, and reduce demands for goods from these countries, which is not so good news for emerging countries economy which are mainly export dependent. Therefore Gary forsees continuing weak price pressure, meaning, inflations are not very likely due to increasing U.S. consumer increasing savings, paying back loans and reducing spending, and for other reasons he also mentioned, some U.S. deflations might be more possible in this decade of possible slow growth and deleveraging, despite the massive Quantitative Easing by the U.S. government.<br />
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Given the prospect for the strengthening Singapore dollar which is slight negative for gold in SGD, and the prospect of US deflations which is negative for gold, and the prospect for low global growth in this decade, I am not so optimistic for <u>gold price in SGD</u> in near term if there is no major global financial crisis. However, gold is still necessary to hold in portfolio as insurance against inflations or monetary devaluations. Also, I do not know how the future will unfold, therefore i am not in a position to market time with gold or other assets right now, hence sticking with the PP strategy seems the better choice now, especially given PP's past track records.<br />
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In the future, when people start to take action against inflations, such as stocking much more inventories than they currently need, in order to save money in expectation of higher future prices and inflations, then that is a sign and I will look at gold more closely because such excessive stocking activities are one of the main cause of the past high inflations in US in 1970s, which had caused gold price to soar.Eppshttp://www.blogger.com/profile/04240900475803378173noreply@blogger.com1tag:blogger.com,1999:blog-6658991406619889409.post-1824154370272969662012-12-10T00:55:00.000+08:002012-12-15T10:47:01.280+08:00Being a Passive Portfolio Investor<span style="font-family: Arial, Helvetica, sans-serif;">Every now and then, I wonder if I should optimise my portfolio allocation in order to maximise my potential returns to my passive portfolio. The smart move will be to 'dumb' my mind and stop my thought immediately about changing portfolio allocation. These <u>articles extracts</u> show some reasons to remind myself to 'dumb' my mind about active investing and just let the passive investing strategy do its work. The 3 reasons are as follows:</span><br />
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1.<span style="font-family: Arial;"><strong><em> </em><u>It is fine to only capture a great part of the gains offered by volatile market.</u></strong></span><br />
<em><span style="font-family: Arial, Helvetica, sans-serif;"><u></u></span></em><br />
<em><span style="font-family: Arial, Helvetica, sans-serif; font-size: x-small;">A tempting variation on the passive investing strategy is the macroeconomic trend idea. In simple terms, an investor who would otherwise pursue a completely passive investing strategy seeks instead to “play macro.” He or she attempts to guess the direction of an economy over the next several quarters and invests accordingly.</span></em><br />
<em><span style="font-family: Arial, Helvetica, sans-serif; font-size: x-small;">It’s tempting, compared to a true passive investing strategy, because financial charting software makes it very easy to create flattering views of one’s own opinions.</span></em><br />
<em><span style="font-family: Arial, Helvetica, sans-serif; font-size: x-small;">Think gold is done? You can get a chart to prove it in two clicks. Interested in Brazil? No problem. Run a quick search on the country’s major stock index and, voilà, there’s your case for investing today.</span></em><br />
<em><span style="font-family: Arial, Helvetica, sans-serif; font-size: x-small;">The difficulty, of course, is that global economies are very complex machines with many moving parts. There’s no good reason gold can’t bust higher and higher, testing your will to sell. A minor change in Chinese growth could hammer Brazilian exports overnight. Your passive investing strategy turned semi-active would wipe out fast.</span></em><br />
<em><span style="font-family: Arial, Helvetica, sans-serif; font-size: x-small;">......</span></em><br />
<em><span style="font-family: Arial, Helvetica, sans-serif; font-size: x-small;">Hindsight is always perfect in these situations. Buying the Dow in March 2009 would have been a brilliant play, but only if you managed to sell the Dow as it peaked in October 2007. A passive investing strategy, of course, would not have taken these actions so bluntly.</span></em><br />
<em><span style="font-family: Arial, Helvetica, sans-serif; font-size: x-small;">A more productive approach, then, is to abandon the idea that macroeconomic analysis is within your grasp as an ordinary human being. It’s an interesting hobby and great background for your intellectual life, but not a bet to take with your retirement funds.</span></em><br />
<em><span style="font-family: Arial, Helvetica, sans-serif; font-size: x-small;"><strong>A true passive investing strategy nevertheless offers ways to capture a great part of the gains offered by volatile markets without taking “all-in” bets based on limited information.</strong></span></em><br />
<em><span style="font-family: Arial, Helvetica, sans-serif; font-size: x-small;">......</span></em><br />
<em><span style="font-family: Arial, Helvetica, sans-serif;"><span style="font-size: x-small;">A simple ETF- and index fund-based passive investing strategy allows you to play these macro waves with confidence, and <span style="color: black;">you needn’t be right about anything at all, just disciplined about rebalancing when the opportunity arises</span><span style="color: black;">.</span></span></span></em><br />
<em><span style="font-family: Arial, Helvetica, sans-serif; font-size: x-small;"> </span><br />
<span style="font-family: Arial, Helvetica, sans-serif; font-size: x-small;">Source: </span><a href="http://www.marketriders.com/investing/passive-investing-strategy-that-works/"><span style="font-family: Arial, Helvetica, sans-serif; font-size: x-small;">http://www.marketriders.com/investing/passive-investing-strategy-that-works/</span></a></em><em></em><br />
<em></em><br />
<strong>2. <u><span style="font-family: Arial, Helvetica, sans-serif;">I do not claim to be as 'intelligent' as these people to decide accurately when i can do active investing, and when i can do passive investing.</span></u></strong><br />
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<span style="font-family: arial;"><span class="Apple-style-span" style="color: black;"><em><span style="font-family: Arial, Helvetica, sans-serif; font-size: x-small;">Deciding when to use the optimal approach</span></em></span></span><br />
<div style="text-align: justify;">
<span style="font-family: arial;"><em><span style="font-family: Arial, Helvetica, sans-serif; font-size: x-small;">We believe certain times call for a passive investment strategy, whereas in other times an active approach is more prudent. </span></em></span></div>
<div style="text-align: justify;">
<span style="font-family: arial;"><span style="font-family: Arial, Helvetica, sans-serif;"><span style="font-size: x-small;"><em>In</em> <em>the 1980s and 1990s, the market rose steadily for two decades, partially as a result of:</em></span></span></span></div>
<ul>
<li style="text-align: justify;"><em><span style="font-family: Arial, Helvetica, sans-serif;"><span style="font-size: x-small;"><span style="font-family: arial;"><span class="Apple-style-span">Falling interest rates</span></span><br /> </span></span></em></li>
<li style="text-align: justify;"><em><span style="font-family: Arial, Helvetica, sans-serif;"><span style="font-size: x-small;"><span style="font-family: arial;"><span class="Apple-style-span">Baby Boomers entering the workforce and their prime spending years</span></span><br /> </span></span></em></li>
<li style="text-align: justify;"><span style="font-family: Arial, Helvetica, sans-serif;"><span style="font-size: x-small;"><em><span style="font-family: arial;"><span class="Apple-style-span">Globalization, which helped keep the cost of living low, as goods were made cheaply overseas.</span></span></em> </span></span></li>
<li style="text-align: justify;"><span style="font-family: arial;"><span class="Apple-style-span"><em><span style="font-family: Arial, Helvetica, sans-serif; font-size: x-small;">The advent of the Internet Age</span></em></span></span></li>
</ul>
<div style="text-align: justify;">
<span style="font-family: arial;"><span class="Apple-style-span"><em><span style="font-family: Arial, Helvetica, sans-serif; font-size: x-small;"><strong>During this time, a prudent investment strategy was to be passively invested in the market using a “buy-and-hold” approach with minimal trading, and through low-cost investment vehicles.</strong></span></em></span></span></div>
<div style="text-align: justify;">
<span style="font-family: arial;"></span><em></em><span style="font-family: Arial, Helvetica, sans-serif; font-size: x-small;"> </span></div>
<span style="font-family: arial;"><em><span style="font-family: Arial, Helvetica, sans-serif; font-size: x-small;">At the core of our active investment process is an understanding of the influence of the behavioural aspects of markets:</span></em></span><br />
<ul>
<li><div style="text-align: justify;">
<span style="font-family: arial;"><em><span style="font-family: Arial, Helvetica, sans-serif; font-size: x-small;">At times of extreme investor exuberance, risky assets are priced for perfection and we are then encouraged to reduce our exposure to them.</span></em></span></div>
</li>
<li><div style="text-align: justify;">
<span style="font-family: arial;"><span class="Apple-style-span"><em><span style="font-family: Arial, Helvetica, sans-serif; font-size: x-small;">Conversely, extreme investor fear leads to assets being priced at “fire sale” valuations and we are encouraged to prudently purchase quality assets at “cheap” levels.</span></em></span></span></div>
</li>
</ul>
<div style="text-align: justify;">
<br />
<span style="font-family: arial;"><span class="Apple-style-span"><span style="font-family: Times, "Times New Roman", serif;"><strong><span style="font-size: x-small;"><em><span style="font-family: Arial, Helvetica, sans-serif;">As the market’s long-term growth trend re-emerges, we advocate returning to a more passive investment strategy which focuses on capturing the rising tide of the markets.</span></em> </span></strong></span></span></span></div>
<div style="text-align: justify;">
<span style="font-family: arial;"><span class="Apple-style-span"></span></span><span style="font-family: Times, "Times New Roman", serif;"> </span></div>
<div style="text-align: justify;">
<span style="font-size: 16px;"><span style="font-family: arial;"><span class="Apple-style-span"><span style="font-family: Times, "Times New Roman", serif; font-size: x-small;"><em>Source: </em></span><a href="http://www.pacificapartners.com/portfolio-management/active-vs-passive-investing.html"><span style="font-family: Times, "Times New Roman", serif; font-size: x-small;"><em>http://www.pacificapartners.com/portfolio-management/active-vs-passive-investing.html</em></span></a><span id="goog_2050830527"></span><a href="http://www.blogger.com/"></a><span id="goog_2050830528"></span></span></span></span></div>
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<br />
3. <strong><u><span style="font-family: Arial, Helvetica, sans-serif;">Remembering </span><span style="font-family: Arial, Helvetica, sans-serif;">permanent portfolio's lower potential drawdowns can also help calm my mind and allow me to let my portfolio sit through market turmoils as designed.</span></u></strong><br />
<em><span style="font-family: Arial, Helvetica, sans-serif; font-size: x-small;"></span></em><br />
<em><span style="font-family: Arial, Helvetica, sans-serif; font-size: x-small;">There's a strong tendency for many in the financial media to overcomplicate
this thought process-and I'm not necessarily knocking. There's a big difference
between earning 7% on $100,000 for 30 years compared to earning 8%. One will get
you $800,000 and the other will get you about $1.1 million. </span></em><br />
<em><span style="font-family: Arial, Helvetica, sans-serif; font-size: x-small;">......</span></em><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="font-size: x-small;"><em>But for me, that difference is dwarfed by the necessity to
avoid selling out at the bottom - <strong>the avoidance of selling is the
dividend investor's key to success. If you can craft a strategy that holds
through fear and panic, you've won.</strong> You did it. You've conquered the biggest
demon of the capitalist markets. That's the big point of dividend-growth
investing: the growing income checks during periods of economic turmoil provide</em>
<em>a comfortable measurement that <strong>prevents investors from irrationally
selling out at a market low. That's the secret sauce.</strong></em></span></span><br />
<span style="font-family: Times, "Times New Roman", serif;"></span><br />
<span style="font-family: Times, "Times New Roman", serif; font-size: x-small;"><em>Source: </em></span><a href="http://seekingalpha.com/article/1052891-the-greatest-benefit-of-dividend-growth-investing"><span style="font-family: Times, "Times New Roman", serif; font-size: x-small;"><em>http://seekingalpha.com/article/1052891-the-greatest-benefit-of-dividend-growth-investing</em></span></a><br />
<br />Eppshttp://www.blogger.com/profile/04240900475803378173noreply@blogger.com4tag:blogger.com,1999:blog-6658991406619889409.post-11091683070309555602012-10-24T17:28:00.000+08:002012-10-24T18:55:05.585+08:00STI Review 2012 Oct and Guide 3 to Investing Plan A and Plan B
<span style="font-family: Georgia, "Times New Roman", serif; font-size: small;">
</span><span style="font-family: Georgia, "Times New Roman", serif;">Here is the third action plan continued from previous two posts.</span><br />
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<br />
<h3 class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-size: small;"><span style="font-family: Georgia, "Times New Roman", serif;">
<span style="mso-fareast-font-family: "Times New Roman";">3. Plan B: What to do with existing stock
portfolio now if market is really 'not cheap'?<o:p></o:p></span></span></span></h3>
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
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<span style="mso-fareast-font-family: "Times New Roman";"><span style="font-family: Georgia, "Times New Roman", serif;">This section is more for newer
investors who may not have made suitable contingency plan B for market downturns.
So what has been your plan B when stock market is not going for a downturn?
Basically there are 5 possible kinds of plan B. <o:p></o:p></span></span></div>
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="mso-fareast-font-family: "Times New Roman";"><span style="font-family: Georgia, "Times New Roman", serif;">First kind of plan B is to hold on
to stocks and hoping the market goes up, up, up, and never come down, while
having no clear idea when to sell to lock in profit - this is just pure gambling,
not investing. In investing there is no hoping. Investing follows a clear plan
regarding when to enter or exit positions and rebalance assets in different
possible market conditions. So better start adopting one of the next few plans
now.<o:p></o:p></span></span></div>
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="mso-fareast-font-family: "Times New Roman";"><span style="font-family: Georgia, "Times New Roman", serif;">Second kind of plan B is to sell off
some stock to lock in capital gains profit when warning signs of market turning
are apparent, then to hold some cash and ride the market down with rest of
stock assets, and wait till market bottomed adn turn upwards to buy back cheap stock
with cash. This way, in case the market downturn is a very short one, there
will still be stocks to take advantage of the next leg up in stock prices. In my opinion, it
is more correct to say a pure equity portfolio has 2 kinds of assets – stocks and
cash savings. It may be 90% stock and 10% cash savings now. If a major market
downturn is expected, an investor may wish to sell some stocks and leave the
defensive stocks, so that stocks become 50%, cash savings become 50%. The 50%
cash will create buffer to reduce overall portfolio loss. The 50% stock is in
case the stock market keeps on going up, which is why one may need to always be
invested in market. Seeing a stock portfolio as 2 assets and in terms of percentages
can make it easier and more mechanical to do such profit taking and
rebalancing. <o:p></o:p></span></span></div>
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="mso-fareast-font-family: "Times New Roman";"><span style="font-family: Georgia, "Times New Roman", serif;">Third kind of plan B is to sell off
part of stock portfolio and buy some government bonds to buffer and reduce
potential stock losses, before downturns happen. For a pure equity portfolio,
this will be selling some equity to take some profit and diversifying into bond
to reduce the portfolio risk. If one already has a bond and stock portfolio,
this is just normal rebalancing and profit taking. For a current pure equity
portfolio, switching partly into bonds also allows profiting from the
appreciating bond prices so that at suspected market bottom, the appreciated
bond price can be sold to buy more cheap stocks. Another advantage is that
since portfolio losses are smaller, when cheap stocks are bought and the market
recovers, the losses are recovered more quickly and portfolio can also get
bigger gains.<o:p></o:p></span></span></div>
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="mso-fareast-font-family: "Times New Roman";"><span style="font-family: Georgia, "Times New Roman", serif;">Fourth kind of plan B is to sell off
entire portfolio at suspected market top and call it a good run. This is market
timing and this game plan is not suitable for most people, since it takes
unique skill to market time correctly and consistently and one has to be sure
one has the correct psychology to really be able to let go and sell everything
when the telltale warning signs appear in market. The bad part is if the
investor mind is not strong enough and has no clear exit strategy, it then
became a gamble. So if the market downturns suddenly, and the investor keep
waiting for price to retrace back up before selling, and when price retrace
back up a little, wait some more for price to rise only to find that the price
keep dropping and dropping already, until investor panic and sell at small
profit, to break even and forfeit profits, or even incur losses.<o:p></o:p></span></span></div>
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="mso-fareast-font-family: "Times New Roman";"><span style="font-family: Georgia, "Times New Roman", serif;">The fifth and last but not least plan
B is to buy value stocks or dividend stocks and do not sell them ever, unless
under specific circumstances. This is the Warren Buffet plan B and we all know
how successful he is at value stock picking. and growing portfolio If one has the Midas touch and is
successful at stock picking of value companies and business, then this is the
way. Otherwise for typical investors who do not have this magic touch of
picking correct value stocks, this buy and forever hold approach is not
suitable.<o:p></o:p></span></span></div>
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Georgia, "Times New Roman", serif; mso-fareast-font-family: "Times New Roman";"><o:p> </o:p></span></div>
<span style="font-family: Georgia, "Times New Roman", serif; mso-fareast-font-family: "Times New Roman";">An investor has to choose a suitable
Plan B plan for market downturns, else risk losing all the 'paper profits' or
worse, incur losses. Capital protection is as important as capital appreciation
and income in investments. There is no point to grow a 100k portfolio by 100%
to 200k, only to have a major market downturn decrease portfolio by 50% and
make the 200k back to square one 100k again, or worse. Capital loss can be made back, but
the time and years that were used to get the 100% gain will be wasted and the
time cannot be recovered. Having Plan B is especially important for a
pure equity investor as such pure equity portfolio is very volatile, and equities can lose a lot quickly in
times of stock market distress. Wiht a suitable plan B, the investor can keep calm instead of panicking
and doing disastrous things to portfolio. For a bond and stock passive
portfolio investor, Plan B is already built into portfolio through mechanical
rebalancing and having the negative correlation between stocks and bonds, so passive portfolio investor just ride the ups and down more calmly.</span><br />
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<span style="mso-fareast-font-family: "Times New Roman";"><span style="font-family: Georgia, "Times New Roman", serif;">So in summary, Plan A is for
new investor to decide when and how to start a portfolio in order to start investing
on a firm foundation. Plan B is for investor to decide how to preserve capital
and retain profits. There is another Plan C which is to decide how to drawdown
the money from a portfolio at a sustainable rate during retirement so the
drawdown can last for a lifetime, and so Plan C is another topic to be discussed
separately.<o:p></o:p></span></span><br />
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="mso-fareast-font-family: "Times New Roman";"><span style="font-family: Georgia, "Times New Roman", serif;">My view on STI is not a market
prediction to sell now, it is just the warning signs as I see it, and your
investment decision should not be based on my input alone. Rather, I am using
this example to point out possible good and bad entry strategies for potential new
stock investors so that they can avoid costly entry mistakes, and to get new
and existing investors thinking about having a strategic game plan B to
preserve investment capital during future market downturns. If my views on STI
prove true in next few months, then hopefully more investors will be prepared
to weather downturns well. If my views are absolutely wrong in next few months and
STI rose like nobody’s business, then new investor can still take heed to formulate
a strategic plan B so that new profits can be kept in future downturns. Good
luck and good investing to all.<o:p></o:p></span></span></div>
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 6pt;">
<span style="font-family: Georgia, "Times New Roman", serif; mso-fareast-font-family: "Times New Roman";">Disclaimer: I am not a financial adviser and I am not
working in finance related industry. I am an investor for my own assets and
speaking from my personal viewpoints. Readers should do their own due diligence
and learn about any investing strategy and suggestions well before using them.
I will take no responsibility for your investment results. I am currently vested
in 4 assets, namely SPDR STI ETF (ES3), 30-year Singapore Government Bond
(PH1S), Gold ETF (O87), and my own cash savings.</span><br />
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<span style="font-family: Georgia, "Times New Roman", serif;">---------------------------------------------------------------------</span><br />
<span style="mso-fareast-font-family: "Times New Roman";"><span style="font-family: Georgia, "Times New Roman", serif;">Go to:<br />Part 1 of Article - </span><a href="http://singapore-permanent-portfolio.blogspot.com/2012/10/singapore-sti-review-2012-oct-and-guide.html" target="_blank"><span style="font-family: Georgia, "Times New Roman", serif;">Guide 1 to Investing Plan A and Plan B</span></a><br /><span style="font-family: Georgia, "Times New Roman", serif;">Part 2 of Article - </span><a href="http://singapore-permanent-portfolio.blogspot.com/2012/10/singapore-sti-review-2012-oct-and-guide_24.html" target="_blank"><span style="font-family: Georgia, "Times New Roman", serif;">Guide 2 to Investing Plan A and Plan B</span></a></span></div>
Eppshttp://www.blogger.com/profile/04240900475803378173noreply@blogger.com0tag:blogger.com,1999:blog-6658991406619889409.post-58307680072879305482012-10-24T17:16:00.000+08:002012-10-25T00:45:03.454+08:00STI Review 2012 Oct and Guide 2 to Investing Plan A and Plan B<span style="font-family: Georgia, "Times New Roman", serif; font-size: small;">
</span><span style="font-family: Georgia, "Times New Roman", serif;">Here is the second action plan continued from previous post.</span><br />
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<h3>
<span style="font-size: small;"><span style="font-family: Georgia, "Times New Roman", serif;">
<span style="mso-fareast-font-family: "Times New Roman";">2. Another Plan A: Enter a 'not cheap' market now
with a diversified portfolio.<o:p></o:p></span></span></span></h3>
<span style="font-family: Georgia, "Times New Roman", serif; mso-fareast-font-family: "Times New Roman";">What if you don't want to risk
missing the boat and for some reason you have to start investing now, even when
the market is 'not cheap'?</span><br />
<span style="font-family: Georgia, "Times New Roman", serif; mso-fareast-font-family: "Times New Roman";"></span><br />
<span style="font-family: Georgia, "Times New Roman", serif; mso-fareast-font-family: "Times New Roman";">I know the feeling, been there myself also. When I
started my diversified passive portfolio, no time seems like a good time to
start - when there is a cheap asset, there may also be an expensive asset. The
best time to start a portfolio is at the bottom of a recession, when many
investment assets are very cheap and people are staying away from these assets like they are smelly tofu. I'll say the smellier the smelly tofu, the better it is eat. So learn to eat smelly tofu already...haha.</span><br />
<span style="font-family: Georgia, "Times New Roman", serif; mso-fareast-font-family: "Times New Roman";"></span><br />
<span style="font-family: Georgia, "Times New Roman", serif; mso-fareast-font-family: "Times New Roman";">That said, I think only experienced investor
will have the guts and know-how to start investing at market bottoms. So back
to the question of new investor, what to start investing in when market is 'not
cheap'. In my opinion, when stock market is 'not cheap', it is better to start
a diversified portfolio. </span><br />
<span style="font-family: Georgia, "Times New Roman", serif; mso-fareast-font-family: "Times New Roman";"></span><br />
<span style="font-family: Georgia, "Times New Roman", serif; mso-fareast-font-family: "Times New Roman";">By diversified I mean besides buying stocks, buy also
Singapore government bonds. The way it works is government bonds price will move
in opposite direction to stock market price. If stocks are 'expected to rise'
for long period, bonds price will drop as people leave bonds to chase better returns in stocks.
On the contrary, if stock prices are 'expected to fall for long period', people
will drop stocks and run to bonds for the relatively safer and consistent yield.
</span><br />
<span style="font-family: Georgia, "Times New Roman", serif; mso-fareast-font-family: "Times New Roman";"></span><br />
<span style="font-family: Georgia, "Times New Roman", serif; mso-fareast-font-family: "Times New Roman";">Now if you have both stocks and bonds when market is 'not cheap' this is what
is going to happen usually. If bet correctly and stock market goes up, stock
price will normally rise faster than bond price drop, hence you will still make
a net profit. If bet incorrectly and stock price drops, bond price will rise
and offset some or most of the big drop in stock prices, therefore your net
loss will be lesser than the average stock market loss, hence making your
lesser loss more bearable. At the bottom turning point of market, or when stock
price has been at or below 200MA for a long while and there may be price
divergence with MACD again, perhaps that will be a good time to sell off some
or most of your profitable bonds and buy into cheaper stocks. </span><br />
<span style="font-family: Georgia, "Times New Roman", serif; mso-fareast-font-family: "Times New Roman";"></span><br />
<span style="font-family: Georgia, "Times New Roman", serif; mso-fareast-font-family: "Times New Roman";">This way, if you
win you won’t win too much but at least as a new investor in a 'not cheap'
market, having some win is better than facing potential big loss. If you lose,
it will be more bearable as your total loss is lower compared to the average
stock market loss, and you may also take some comfort at watching how the bond
keep growing when stock prices are dropping. And even if you lose, you will still have a
2nd chance to sell the profiting bonds to buy cheap stocks later on, hence
making back the loss faster than if you were to buy only stocks at possible height
of market. </span><br />
<span style="font-family: Georgia, "Times New Roman", serif; mso-fareast-font-family: "Times New Roman";"></span><br />
<span style="font-family: Georgia, "Times New Roman", serif;"><span style="mso-fareast-font-family: "Times New Roman";">Having a diversified stock and bond portfolio is a way to reduce
'volatility' in a portfolio, meaning reducing the potential loss (and gain) in
a portfolio. Avoiding big loss is important for new investors so that new
investor will not panic, cut loss, and throw away the investment strategy. A
diversified stock bond portfolio, rebalanced yearly, has practically the same
returns as a stock index portfolio over the long run, so stock/bond portfolio
is not missing out on much while enjoying lower volatility. </span><span style="mso-fareast-font-family: "Times New Roman";">So how to start a stock bond
portfolio? There are 3 things to decide: asset allocation ratio, which
particular stock to buy, and time to rebalance. </span></span><br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="mso-fareast-font-family: "Times New Roman";"></span><span style="font-family: Georgia, "Times New Roman", serif;"> </span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="mso-fareast-font-family: "Times New Roman";"><span style="font-family: Georgia, "Times New Roman", serif;">First thing, about allocation
ratio. If you are conservative investor who do not like large losses, use 50%
stock and 50% bond, which will offer lesser potential loss and more stable
portfolio returns. If you are young and aggressive investor, or with high
stream of future cash income, use 70% stock and 30% bonds (or 80% stock and 20%
bond if you have very high stream of cash income), which will offer more stock
returns and also potentially higher stock loss - higher stock loss may be
alright if you have future high streams of cash income which allows you to
average down on stock all the while when the market is falling. <o:p></o:p></span></span></div>
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="mso-fareast-font-family: "Times New Roman";"><span style="font-family: Georgia, "Times New Roman", serif;">Second thing, about what particular
assets to buy. For bonds, I would say get 30 year Singapore Government Bond
only. Choosing only local bond to avoid currency risk. Choosing government bond
instead of municipal and corporate bonds to avoid default risk during bad
economic times, and Singapore Government bond is rated AAA, so why not? Choosing 30 year
long bonds instead of 10 year medium bonds or 2 year short bonds, because 30
year bonds is more volatile than short or mid-term bonds. In recession, higher
volatility of 30 year long bond will allow this bond price to spike up more and
greatly offset potential drops in stock price. If stock goes up instead, this
long bond will drop faster also than short or medium term bonds. This is ok
because normally, historically and practically speaking, stocks will rise
faster than drops in this bond, which will still allow net profits for stock
bond portfolio. About interest rate risk for bonds, long term 30 year bond price are also
negatively affected by rising interest rate, more so than short term adn mid term bonds. In the next couple of years, I do
not foresee risk of rise of interest rate, since U.S. central bank is committed
to maintaining interest rate low till 2015 and Singapore government will likely
follow suit. The European situation will also take some more years to resolve till it does not negatively impact on global economy.. Even if interest rates rise in future, if you are a long term
diversified portfolio investor, it will still be good to be consistent and hold
on to 30year long bond for the long term volatility protection. Consistent strategy is key for diversified portfolio investing. <o:p></o:p></span></span></div>
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Georgia, "Times New Roman", serif; mso-fareast-font-family: "Times New Roman";">Third thing, what is rebalancing and
when to do it. If you invest in such stock bond portfolio for long term, then
some time after you start the portfolio, stock and bond prices will change and
the stock bond allocation ratio will change accordingly. Let's say after one
year, a 50/50 stock bond portfolio becomes 60/40, meaning stock has had a good
run and overtake bond price drop. So at end of the year, sell stock to buy
bonds, or top up with fresh cash on new bonds, to get back to 50/50 allocation.
In this way, you are forcing yourself to mechanically sell for profits and buy
assets when they are cheap. This is called rebalancing, and is preferably done
every year, or sometimes every quarter or even month, depending on the optimal commission
costs and availability of fresh funds. You may say you are missing out on stock profit by selling stocks every year, but if there is a sudden stock market correction, teh 50% bonds is there to ensure you keep most of your profits instead of throwing profits back to the market.</span></div>
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Georgia, "Times New Roman", serif; mso-fareast-font-family: "Times New Roman";">If you are looking to implement a
more diversified long term portfolio now or in future, you can check out the
Permanent Portfolio passive investing strategy which holds stock index fund,
government long bond, gold and cash. Permanent Portfolio is an unconventional strategy offering even lower volability while offering similar long term returns to sotck index fund.There are also other mroe conventional passive portfolio
strategies available too under different names. Also, stock and bond portfolio
like this are not unique, it is the basic building block of many fund managers
and their diversified investment and retirement funds. So you can also choose
to maintain a simple diversified passive portfolio for yourself one day if your investment needs change and you become more risk adverse.</span><br />
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<span style="font-family: Georgia, "Times New Roman", serif;">Continue to read Part 3 using below link.</span><br />
<span style="font-family: Georgia, "Times New Roman", serif;">---------------------------------------------------------------------</span><br />
<span style="mso-fareast-font-family: "Times New Roman";"><span style="font-family: Georgia, "Times New Roman", serif;">Go to:<br />
Part 1 of Article - </span><a href="http://singapore-permanent-portfolio.blogspot.com/2012/10/singapore-sti-review-2012-oct-and-guide.html" target="_blank"><span style="font-family: Georgia, "Times New Roman", serif;">Guide 1 to Investing Plan A and Plan B</span></a><br /><span style="font-family: Georgia, "Times New Roman", serif;">
Part 3 of Article - </span><a href="http://singapore-permanent-portfolio.blogspot.com/2012/10/singapore-sti-review-2012-oct-and-guide_4345.html" target="_blank"><span style="font-family: Georgia, "Times New Roman", serif;">Guide 3 to Investing Plan A and Plan B</span></a><br /><span style="font-family: Georgia, "Times New Roman", serif;">
<o:p></o:p></span></span></div>
Eppshttp://www.blogger.com/profile/04240900475803378173noreply@blogger.com0tag:blogger.com,1999:blog-6658991406619889409.post-48239683247086638362012-10-24T16:46:00.002+08:002012-10-25T00:44:34.134+08:00STI Review 2012 Oct and Guide 1 to Investing Plan A and Plan B<h2>
Singapore STI Review 2012 Oct and Guide 1 to Investing Plan A and Plan B</h2>
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<span style="font-family: Georgia, "Times New Roman", serif;">Here is my view on current Singapore Straits Times Index. First see the current STI chart:</span><br />
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgepozXF7wN49bg8pzYEEIV3ebLVQ8DT8qy7Y0nlshizKfX0GpWk1tbSy1HO1DTzOS-Hd06OCmxHM5Q4CZ6IqUmcNDKdVsr-kmOtdfVVwfSkXfocxKJuiLbuDym16GUKCtiqCxiKhM0Vik/s1600/STI_Chart_121024.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><span style="font-family: Georgia, "Times New Roman", serif;"><img border="0" height="225" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgepozXF7wN49bg8pzYEEIV3ebLVQ8DT8qy7Y0nlshizKfX0GpWk1tbSy1HO1DTzOS-Hd06OCmxHM5Q4CZ6IqUmcNDKdVsr-kmOtdfVVwfSkXfocxKJuiLbuDym16GUKCtiqCxiKhM0Vik/s400/STI_Chart_121024.jpg" width="400" /></span></a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgepozXF7wN49bg8pzYEEIV3ebLVQ8DT8qy7Y0nlshizKfX0GpWk1tbSy1HO1DTzOS-Hd06OCmxHM5Q4CZ6IqUmcNDKdVsr-kmOtdfVVwfSkXfocxKJuiLbuDym16GUKCtiqCxiKhM0Vik/s1600/STI_Chart_121024.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: Georgia, "Times New Roman", serif;"> </span></a></div>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgepozXF7wN49bg8pzYEEIV3ebLVQ8DT8qy7Y0nlshizKfX0GpWk1tbSy1HO1DTzOS-Hd06OCmxHM5Q4CZ6IqUmcNDKdVsr-kmOtdfVVwfSkXfocxKJuiLbuDym16GUKCtiqCxiKhM0Vik/s1600/STI_Chart_121024.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"></a><span style="font-family: Georgia, "Times New Roman", serif;">
</span><br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="mso-fareast-font-family: "Times New Roman";"><span style="font-family: Georgia, "Times New Roman", serif;">STI is making newer one year price
high this year. Is now a good time to start your new stock portfolio or buy new
units to ensure you get into action for a possible next leg up in stock market?
There are a few warning signs against doing so now:<o:p></o:p></span></span></div>
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="mso-fareast-font-family: "Times New Roman";"><span style="font-family: Georgia, "Times New Roman", serif;">1. The STI is way above 200 days
moving average now. When the price is way above 200 MA, in my opinion this is a
gauge that the price is <u>definitely not cheap to buy</u>.<o:p></o:p></span></span></div>
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="mso-fareast-font-family: "Times New Roman";"><span style="font-family: Georgia, "Times New Roman", serif;">2. There is a price divergence
between the higher high in price and the lower high in MACD indicator, see the
orange lines. This usually points to 2 things: <o:p></o:p></span></span></div>
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="mso-fareast-font-family: "Times New Roman";"><span style="font-family: Georgia, "Times New Roman", serif;">a. The uptrend momentum of STI has
weakened and a possible reversal downwards of price may be coming.</span></span></div>
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Georgia, "Times New Roman", serif; mso-fareast-font-family: "Times New Roman";">b. The uptrend momentum is still
strong and price will keep making newer high and MACD will keep making lower
high.</span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="mso-fareast-font-family: "Times New Roman";"></span><span style="font-family: Georgia, "Times New Roman", serif;"> </span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="mso-fareast-font-family: "Times New Roman";"><span style="font-family: Georgia, "Times New Roman", serif;">c. Price is consolidating and ranging horizontally, before price keeps making newer high and MACD will keep making lower high.<o:p></o:p></span></span></div>
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Georgia, "Times New Roman", serif; mso-fareast-font-family: "Times New Roman";">Looking at price movement, there is
no way I can say the uptrend is quite strong; at most what I see is a weak
uptrend. So without strong price uptrend, possibility b. seems less probable.
We are left with possibility a. which means uptrend momentum has really
weakened and we are in for a possible downturn in STI. A market downturn can
come silently without warning, and by the time investor is convinced market is
in downturn, they can already be faced with losses and some may be clueless
what to do. Market downturn can also be a good thing for investors who are
prepared to pick up cheaper stock later when market is near the bottom. We are also left with possibility c. which is not so bad as price may be consolidating to go higher. If price is consolidating now, in my opinion there is no need to hurry to buy yet, just wait for price to be at the 200MA before entering, to reduce risk.</span></div>
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="mso-fareast-font-family: "Times New Roman";"><span style="font-family: Georgia, "Times New Roman", serif;">Currently I also hear people talking
about how the market is not cheap right now, if so there will eventually be fewer
buyers than sellers and the market may have to take a break and reverse
downwards, in a so called technical market correction. Also, I keep hearing
people talking about how profitable Singapore Reits are and also how <u>not</u> cheap it is
now. Some people even start suggesting to just jump into buying S-Reits without
needing to think - I disagree. Let's look at a quote from 'An investor's guide
to famous last words":<o:p></o:p></span></span></div>
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Georgia, "Times New Roman", serif;"><b><span style="mso-fareast-font-family: "Times New Roman";">"You can't afford not to own
this stock." - </span></b><span style="mso-fareast-font-family: "Times New Roman";">As close as it gets to ringing a
warning bell at the top of a bubble. So start be alert for people who are
saying these 'last words', so called because this will be the last thing we will hear them say before the market turns down and prove them very wrong.</span></span></div>
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Georgia, "Times New Roman", serif;"><span style="mso-fareast-font-family: "Times New Roman";">Are we at a turning point in STI soon? </span><span style="mso-fareast-font-family: "Times New Roman";">Fundamentally there is not much growth engines in the global
economy to support good growth in Singapore economy, and just recently, we were lucky
to have been told we avoided a technical recession. The U.S fiscal cliff is
approaching, so current uncertainties faced by U.S. businesses is not good
for business growth. Think of how uncertain the market was during the episode
last year when U.S. politicians were haggling over raising the debt ceiling, and
how the stock market rapidly dropped during that period from August 2011 onwards. Now after
the U.S. election on Nov 6 2012, the market may also make a correction. Another
thing is the market may act strange also when Dec 21 2012, the end of Mayan calendar,
is approaching... maybe this is a myth, well, like the Y2K event, we will have
to see whether this particular period will be a non-event or not.<o:p></o:p></span></span></div>
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="mso-fareast-font-family: "Times New Roman";"><span style="font-family: Georgia, "Times New Roman", serif;">With the not so cheery view above,
what can I conclude? First, I am not claiming to be a financial guru and I am
not claiming to make prediction that the STI is going to reverse. I just sharing
my views on the warning signs and offering few personal viewpoints here regarding
what to do or what not to do now. I see 3 broad action plans now:<o:p></o:p></span></span></div>
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Georgia, "Times New Roman", serif; mso-fareast-font-family: "Times New Roman";">1. Wait for lower price to enter
into stock market.</span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Georgia, "Times New Roman", serif; mso-fareast-font-family: "Times New Roman";">2. Enter a 'not cheap' market now
with a diversified portfolio.</span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="mso-fareast-font-family: "Times New Roman";"><span style="font-family: Georgia, "Times New Roman", serif;">3. What to do with existing stock
portfolio now if market is really 'not cheap'?<o:p></o:p></span></span></div>
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<span style="font-family: Georgia, "Times New Roman", serif;">Here are the broad action plans.</span><br />
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<span style="font-family: Georgia;"></span><br />
<h3 class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-size: small;"><span style="font-family: Georgia, "Times New Roman", serif;">
<span style="mso-fareast-font-family: "Times New Roman";">1. Plan A: Wait for lower price to enter
into stock market.<o:p></o:p></span></span></span></h3>
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Georgia, "Times New Roman", serif; mso-fareast-font-family: "Times New Roman";">For new stock investor, now is 'not
cheap' to start buying into stock market. Price moving above the red 200MA
lines means there was a good run behind the current price, so when you buy into
stock market now, people may be already selling for profits. A better entry point may be
when the STI turns back down and touch the 200MA line, which means there has
been profit taking and price has become average. Another good entry point will
be when price is below the 200MA line for some time, when stocks have become
relatively cheaper and maybe undervalued. For good entry point at or below
200MA, new investor will have to figure out for themselves. </span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="mso-fareast-font-family: "Times New Roman";"></span><span style="font-family: Georgia, "Times New Roman", serif;"> </span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Georgia, "Times New Roman", serif; mso-fareast-font-family: "Times New Roman";">All I am saying is,
if you start buying into stock market now, there is little headroom left to
support much price appreciation. Then if price eventually turns down and you
are caught with negative profits in your portfolio, what are you going to do?
Average down and hope to breakeven someday... while worrying how much more is
the drop? </span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="mso-fareast-font-family: "Times New Roman";"></span><span style="font-family: Georgia, "Times New Roman", serif;"> </span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Georgia, "Times New Roman", serif; mso-fareast-font-family: "Times New Roman";">Investing is about planning, not about hoping. It seems a better way
to just wait for market corrections, which will probably happen once or twice a
year at least. Then when market corrections happens, pinch your nose and buy cheaper stocks
at 200MA and if price drop further below 200MA, be contrarian and average down
- pick somewhere after market bottom up then pinch your nose again and buy into stocks again when people are avoiding stocks as if they were smelly tofu. When you buy stocks cheap, you are actually lowering your risk a lot since there is already lesser room for the stock price to fall compared to if you buy stocks at the top above 200 days MA.</span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="mso-fareast-font-family: "Times New Roman";"></span><span style="font-family: Georgia, "Times New Roman", serif;"> </span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Georgia, "Times New Roman", serif; mso-fareast-font-family: "Times New Roman";">Waiting for a lower better entry
price to buy cheap is better than potentially watching your stocks plunge from
high and averaging down. I have been down this road before, buying pure equity
portfolio at 'not cheap' level when price was way above 200MA, price drop and I
average down, price drop and I have no more money to average down. Price drop
till I cannot tolerate it, cut loss and conclude I did not have a good
strategy. I was not a good market timer back then and knew much less about how
market works than now. Now my investment strategy does not require market
timing, and through learning about the Permanent Portfolio, I also learn more about how the stock and other asset market works.</span></div>
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />
<span style="font-family: Georgia, "Times New Roman", serif;">Continue to read Part 2 using below link.</span><br />
<span style="font-family: Georgia, "Times New Roman", serif;">---------------------------------------------------------------------</span><br />
<span style="font-family: Georgia, "Times New Roman", serif;">Go to:</span><br />
<span style="font-family: Georgia, "Times New Roman", serif;">Part 2 of Article - </span><a href="http://singapore-permanent-portfolio.blogspot.com/2012/10/singapore-sti-review-2012-oct-and-guide_24.html" target="_blank"><span style="font-family: Georgia, "Times New Roman", serif;">Guide 2 to Investing Plan A and Plan B</span></a><br />
<span style="font-family: Georgia, "Times New Roman", serif;">Part 3 of Article - </span><a href="http://singapore-permanent-portfolio.blogspot.com/2012/10/singapore-sti-review-2012-oct-and-guide_4345.html" target="_blank"><span style="font-family: Georgia, "Times New Roman", serif;">Guide 3 to Investing Plan A and Plan B</span></a><br />
<span style="font-family: Georgia, "Times New Roman", serif;"></span><br />Eppshttp://www.blogger.com/profile/04240900475803378173noreply@blogger.com0tag:blogger.com,1999:blog-6658991406619889409.post-84909409902970559722012-10-20T01:44:00.000+08:002012-10-20T02:03:49.666+08:00The Reasons for Using Passive Investing Strategy<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 3;">
<b><span style="font-size: 13.5pt; mso-fareast-font-family: "Times New Roman";"><span style="font-family: Arial, Helvetica, sans-serif;">My
Passive Investing Portfolio<o:p></o:p></span></span></b></div>
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<span style="font-family: Arial, Helvetica, sans-serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">Both my cash and CPF are invested
into passively managed portfolio using Permanent Portfolio strategy. I am able
to justify investing with passive portfolio because i have studied this
strategy in depth, though about the potential good and bad points, and conclude
the risk reward of this portfolio is suitable for my investment aim: preserve
capital, reasonable growth, no need for market timng, stock picking and company
research, and no need for constant monitoring. The final aim is to grow my
investments into the millions to secure my retirement. Having financial
security and independence along the way will be nice too.</span></div>
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<span style="font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span><span style="font-family: Arial, Helvetica, sans-serif;"> </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">My CPF portfolio is 30% STI ETF, 30%
30-year S'pore Govt. Bond, 30% CPF Cash, 10% Gold ETF, to be rebalanced yearly
- all bought at once using multiple brokerage in April this year. Total returns
including cash interest, for last 6 months, is about 4.25%, not bad for half
year of doing nothing. My cash Permanent Portfolio portfolio started off from
February to April this year with 25% equal split of STI ETF, UOB Gold savings
account, 30-year Singapore Government Bond, and cash, and is having similar
returns as the CPF portfolio now. This is not a bad start for me, as being able
to make some significant profits without me having to do much managing of my
portfolio is much better than having the cash sitting in the bank or having a
stranger 'manage' my investment capital with dubious results.</span></div>
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<span style="font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span><span style="font-family: Arial, Helvetica, sans-serif;"> </span></div>
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<b><span style="font-size: 13.5pt; mso-fareast-font-family: "Times New Roman";"><span style="font-family: Arial, Helvetica, sans-serif;">Self-learning
on Passive Investing<o:p></o:p></span></span></b></div>
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<span style="font-family: Arial, Helvetica, sans-serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">Do be careful and learn any
investment strategy well, to know the pros and cons and whether the risk and
returns meets your investment objective. Good thing is passive investing does
not need much talent to learn and implement. If you wish to learn more about
passive investing, do read on.</span></div>
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<span style="font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span><span style="font-family: Arial, Helvetica, sans-serif;"> </span></div>
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<span style="font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><span style="font-family: Arial, Helvetica, sans-serif;">To start off your learning, read this
to know what a basic passive portfolio investing is about: <o:p></o:p></span></span></div>
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<span style="font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><a href="http://andrewhallam.com/2010/10/singaporeans-investing-cheaply-with-exchange-traded-index-funds/" target="_blank"><span style="color: blue; font-family: Arial, Helvetica, sans-serif;">http://andrewhallam.com/2010/10/singaporeans-investing-cheaply-with-exchange-traded-index-funds/</span></a><o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">This is basic stock index ETF+bond
passive portfolio - personally i think this portfolio is ok and is simple to
implement, though IMO this 2 assets is not diversified enough for me.</span></div>
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<span style="font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span><span style="font-family: Arial, Helvetica, sans-serif;"> </span></div>
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<span style="font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><span style="font-family: Arial, Helvetica, sans-serif;">Next, read this about more
diversified passive portfolio using Permanent Portfolio Strategy:<o:p></o:p></span></span></div>
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<span style="font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><a href="http://earlyretirementextreme.com/wiki/index.php?title=Permanent_Portfolio" target="_blank"><span style="color: blue; font-family: Arial, Helvetica, sans-serif;">http://earlyretirementextreme.com/wiki/index.php?title=Permanent_Portfolio</span></a><o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">This uses 3 highly volatile
assets'stock index ETF, long govt bond, gold' and low volatility cash to create
a overall low volatility portfolio. You have to learn about why people such as
fund managers invest in govt. bonds and gold, in order to have confidence to
invest with Permanent Portfolio strategy. As the saying goes, do not invest in
something you do not understand. I'll admit long bond and gold may take people
mroe time to learn and use comfortably, though the rewards of understanding how
these 2 assets can be used is probably worthed it.</span></div>
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<span style="font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span><span style="font-family: Arial, Helvetica, sans-serif;"> </span></div>
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<span style="font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><span style="font-family: Arial, Helvetica, sans-serif;">Then you can go explore this blog
for ideas about local implementation of Permanent Portfolio passive portfolio: <o:p></o:p></span></span></div>
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<span style="font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><a href="http://singapore-permanent-portfolio.blogspot.sg/" target="_blank"><span style="color: blue; font-family: Arial, Helvetica, sans-serif;">http://singapore-permanent-portfolio.blogspot.sg</span></a><o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">PP strategy is also widely explained
in the Internet.</span></div>
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<span style="font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span><span style="font-family: Arial, Helvetica, sans-serif;"> </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">Which ever passive portfolio
strategy you use is up to your comfort level. The main things about passive
investing is choosing asset allocation, yearly rebalancing and keeping long
term running cost low.</span></div>
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<span style="font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span><span style="font-family: Arial, Helvetica, sans-serif;"> </span></div>
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<b><span style="font-size: 13.5pt; mso-fareast-font-family: "Times New Roman";"><span style="font-family: Arial, Helvetica, sans-serif;">Advantages
of Passive Portfolio<o:p></o:p></span></span></b></div>
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<span style="font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><span style="font-family: Arial, Helvetica, sans-serif;">I will highlight advantages of
passive portfolio here: <o:p></o:p></span></span></div>
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<span style="font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><span style="font-family: Arial, Helvetica, sans-serif;">-No need to monitor portfolio
consistently, or pick stocks, or market time entries and exit - this removes a
lot of human errors.<o:p></o:p></span></span></div>
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<span style="font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><span style="font-family: Arial, Helvetica, sans-serif;">-Lower maximum potential loss in
major market downturn, due to bonds prices rising during stock market
downturns.<o:p></o:p></span></span></div>
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<span style="font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><span style="font-family: Arial, Helvetica, sans-serif;">-Near market bottom, there is
potential to sell off bonds that are doing well to buy cheap stocks in larger
quantity.<o:p></o:p></span></span></div>
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<span style="font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><span style="font-family: Arial, Helvetica, sans-serif;">-Force investor to be contrarian and
buy assets when they are cheap and sell expensive asset to realise profits. Eg.
buy cheap bonds when stocks are going up, buy cheap stocks when stocks has had
a bad year.<o:p></o:p></span></span></div>
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<span style="font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><span style="font-family: Arial, Helvetica, sans-serif;">-Long term returns of passive
portfolio is similar to that of pure stock index ETF. <o:p></o:p></span></span></div>
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<span style="font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><span style="font-family: Arial, Helvetica, sans-serif;">-Stock/bond portfolio has lower risk
compared to pure equity portfolio. <o:p></o:p></span></span></div>
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<span style="font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><span style="font-family: Arial, Helvetica, sans-serif;">-Aim of passive portfolio is for
reasonable 'market returns', not for 'beating the market'. IMO, in general,
expected long term returns for a passive portfolio should be around 7%~10% per
year.<o:p></o:p></span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"></span><br />
<span style="font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><span style="font-family: Arial, Helvetica, sans-serif;">Cons of passive investing strategy?<o:p></o:p></span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">-When stocks prices are soaring in
bull markets and people with pure stock portfolio are saying how they are
making above 40% returns, passive portfolio with its decreasing bond prices
will make less returns at say 20% only - so no bragging rights of very high
wins for passive portfolio holders. IMO this is not a disadvantage, because the
maximum loss and gains of passive portfolio are both lesser. So passive
portfolio holders suffer less and are more likely to stick with their passive
strategy during market downturns.</span></div>
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<span style="font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span><span style="font-family: Arial, Helvetica, sans-serif;"> </span></div>
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<b><span style="font-size: 13.5pt; mso-fareast-font-family: "Times New Roman";"><span style="font-family: Arial, Helvetica, sans-serif;">Effects
of Big Capital Losses<o:p></o:p></span></span></b></div>
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<span style="font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><span style="font-family: Arial, Helvetica, sans-serif;">Regarding stock market losses, I
will quote from this article:<o:p></o:p></span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p><a href="http://moneymatters.sg/stocks-it-is-when-you-sell-that-matters/" rel="nofollow" target="_blank">http://moneymatters.sg/stocks-it-is-when-you-sell-that-matters/</a></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">"If you are to look back at
past trading trends, you would realize that in a bear market, stock markets
typically fall by over 50%. In Singapore, the STI fell from 2,500 points in
1996 to just 800 points in 1998, representing a 68% fall. In 2000, STI fell
from 2,500 points to 1,200 points in March 2003, representing a 52% drop. And
in 2007, STI fell 62% from 3,900 points to its lowest of 1,456 points in March
2009."</span></div>
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<span style="font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span><span style="font-family: Arial, Helvetica, sans-serif;"> </span></div>
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<span style="font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><span style="font-family: Arial, Helvetica, sans-serif;">Seems like recessions can happen 2
to 4 years after the last recession has ended? I am not predicting that we are
due for a recession in 2013, and I am not saying that the stock market will be
in a 10 year bull run till 2019. I cannot predict market future like that, and
most people cannot predict market conditions in future accurately and
consistently also. I can only say with confidence that each investor will meet
with severe recession eventually and each investor is better off having a
simple workable contingency plan to avoid losses and preserve capital during
economic downturns.<o:p></o:p></span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p> </o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";">During such recessions as described
above, will you stick with your investing strategy when stock markets just keep
on dropping towards -10%, -20%, -30%, -40%, -50% or more? Note that in these
recessions, your job security in that job you love may be threatened, or you
may have suffered a pay cut or retrenchment, or someone in the household may
have lost job and you have to pay for more of the bills. In such low moody and
unsure environment, how many percent of paper loss in your investment do you
think you can mentally take before deciding to cut loss and preserve your
capital to tide over the crisis? Not to mention, possibly seeing your 40% paper
profit in shares becoming -20% loss or so is such a demoralising event.</span></div>
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<span style="font-size: 12pt; mso-fareast-font-family: "Times New Roman";"></span><span style="font-family: Arial, Helvetica, sans-serif;"> </span></div>
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<b><span style="font-size: 13.5pt; mso-fareast-font-family: "Times New Roman";"><span style="font-family: Arial, Helvetica, sans-serif;">Ultimate Passive Investment
Aims<o:p></o:p></span></span></b></div>
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<span style="font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><span style="font-family: Arial, Helvetica, sans-serif;">In passive investing, the one of the ultimate
aim is to preserve capital and not lose too much when market is bad. When your
losses are smaller during recessions, in the subsequent recovery period you
need less profit in order to recover the loss. Take for example an investor in
pure equity took a 50% loss during recession - subsequently he had a 60% profit
in the post recession recovery period. Did he do well enough? Not really:
(100-50)*1.6=.80%, meaning, he still suffer -20% loss even after having a fantastic
60% gain. Now look at a passive portfolio investor owning bonds in the
portfolio. During recession, perhaps the portfolio went down by 20%, and in
subsequent post recession recovery period, his investment gained 30% only. How
has this passive investor done? (100-20)*1.3=104%. This passive investor has
managed to recover his portfolio more quickly and completely during the post
recession recovery period of high stock growth. <o:p></o:p></span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p> </o:p></span></div>
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<span style="font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><span style="font-family: Arial, Helvetica, sans-serif;">Therefore, a pure equity investor had to endure large paper
losses during recessions, or else market time to get out before recession and
get back in after recession, while noting psychology plays big part in market
timing and most people cannot market time correctly. On the other hand, a
passive investor can ride out the economic turmoil more calmly knowing the
portfolio strategy is on the investor's side to reduce volatility, preserve
capital, and allows disciplined investing. So the lack of very high rewards and
corresponding lack very high risk in passive portfolio is actually an advantage
from several different perspectives.<o:p></o:p></span></span></div>
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<o:p><span style="font-family: Arial, Helvetica, sans-serif;"> </span></o:p></div>
Eppshttp://www.blogger.com/profile/04240900475803378173noreply@blogger.com4tag:blogger.com,1999:blog-6658991406619889409.post-70089643710117061292012-09-07T00:48:00.002+08:002012-09-09T08:59:07.516+08:00Letting investment portfolio go untouched for 10 YearsHmm..I'd explore the possibility of letting an investment portfolio go untouched for 10 years. I am a passive portfolio investor using Permanent Portfolio investing strategy, which is investing in diversified portfolio of stock index, govt long bond, gold and cash, all in equal 25% split. Rebalancing back to 25% is done every year.<br />
<br />
1. Using figures from the 9 year chart on my blog post:<br />
<a href="http://singapore-permanent-portfolio.blogspot.sg/2012/07/how-has-singapore-permanent-portfolio.html">http://singapore-permanent-portfolio.blogspot.sg/2012/07/how-has-singapore-permanent-portfolio.html</a><br />
I constructed following scenario: Start Permanent Portfolio in Jan 2003, and see what is the result 9 years later on Jan 2012 if portfolio is <strong>left untouched</strong> throughout 9 years.<br />
<br />
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<img border="0" height="165" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMoBokPb9tWKJa_Hkf6Ga0lRT7IqO5A-DQ45W8o2L4AKLhCSuGBbFhSebsyUf0-B7hBIlMR5PEzSSChyl-Y4t5R2qRfLWQcymyUJbXBaeyRlkAmVAU_Zkqn0ozq3OrUmJW5idksOR9eCk/s400/9_year_returns_unmanaged.jpg" width="400" /></div>
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This shows in 9 years from Jan 2003 till Jan 2012, the <strong>unmanaged</strong> portfolio will have generated <strong>85%</strong> returns and beating inflations. 85% is before dividends and interest. It survived a major recession and some inflation along the way.<br />
<br />
The above portfolio is started with following assets in Jan 2003:<br />
25% Singapore STI stock market index (or theoretical STI ETF), <br />
25% TLT (iShares Barclays 20+ Yr Treas.Bond ETF), price converted to SGD,<br />
25% gold - price converted to SGD,<br />
25% cash - assume no bank/FD interest, for simplicity of calculation.<br />
<br />
2. The second scenario is when investor picked the height of stock market on Jan 2008 to start a Permanent Portfolio, experienced the major recession from Jan 2008 to Jan 2009, and see how portfolio performs to date on Jan 2012, <strong>without any management</strong> for the 4 years:<br />
<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiu3Nltu5GB7zyl6_2CLBFr9VLXnENrs0M7R0dI_QKryliTrSZvuf9yIvIW5FAKYtviWLW4Y1E0g7tvNdufUN6ZtzmIL8HtiFgnRBwykiSQrCMNnSSYGZm4rGCsQ-MOUiyOllwOfp_75uE/s1600/4_year_returns_unmanaged_bought_at_height.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="92" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiu3Nltu5GB7zyl6_2CLBFr9VLXnENrs0M7R0dI_QKryliTrSZvuf9yIvIW5FAKYtviWLW4Y1E0g7tvNdufUN6ZtzmIL8HtiFgnRBwykiSQrCMNnSSYGZm4rGCsQ-MOUiyOllwOfp_75uE/s400/4_year_returns_unmanaged_bought_at_height.jpg" width="400" /></a></div>
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This shows from Jan 2008 till Jan 2012, the portfolio survived a major recession relatively unscathed with only -4% returns, and returned total 14% four years later in Jan 2012, possibly matching inflation rate if inflation rate had been 3.5% anually<br />
.<br />
This unmanaged portfolio returns is possible due to effective diversification of portfolio assets. Stock, govt long bond, gold, and cash have low or negative correlations, and together, they react dynamically to the 4 economic cycles of growth, recession, deflation, and inflation to produce overall portfolio growth through time. Each of stock, govt long bond (20~30yrs), and gold have similar high volatility, and would perform well in their preferred cycle to shoulder up the portfolio when the other assets may be dropping. Also, when starting portfolio, if one asset is very expensive, one of the other asset will likely be very cheap - so through time, the rising cheap asset will offset the droppig expensive asset.<br />
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Permanent Portfolio is normally rebalanced yearly. The above scenario serves as an interesting exercise to see if Permanent Portfolio would survive for long time if left unmanaged. The simulation results suggests that theoretically and practically, Permanent Portfolio investment strategy can provide returns if left unmanaged for long period of time. This is of course precluding rare extreme events such as hyperinflation and 20 years secular bear market in stocks. That said, even in such extreme events as hyperinflationa and 20 year secular bear market, damage to portfolio will likely be limited and portfolio will still have some remaining value due to diversification.<br />
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So, any investor planning to go on a 10-year vacation yet? :)Eppshttp://www.blogger.com/profile/04240900475803378173noreply@blogger.com0tag:blogger.com,1999:blog-6658991406619889409.post-69180926454070435192012-08-28T22:25:00.000+08:002017-02-05T00:30:45.883+08:00What to invest in to start Singapore Permanent Portfolio<span lang="EN"><span style="font-family: "arial" , "helvetica" , sans-serif;"><strong>What to invest in to start Singapore Permanent Portfolio?</strong><br />
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<span lang="EN"><span style="font-family: "arial" , "helvetica" , sans-serif;"><u>(updated 2/3/2013)</u></span></span><br />
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<span lang="EN"><span style="font-family: "arial" , "helvetica" , sans-serif;">Following is an example plan to show how an investor can start a Singapore Permanent Portfolio. The figures here are for readers to double check against the figures in their own plans to start a Singapore Permanent Portfolio, and are not advices nor recommendations that readers should invest in these particular assets. In the example, an investor starts with minimum sum S$12,000. The investor strives to get as close to 25% initial allocation for each asset as possible. Below figures exclude brokerage fees and annual fees.<br />
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<strong>Example</strong>: Using data from 2 April 2012, to start a Singapore Permanent Portfolio, an investor can invest about S$12,000 all at once in:<br />
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<strong>25% Stocks</strong>: <u>(updated 2/3/2013)</u></span></span><br />
<span lang="EN"><span style="font-family: "arial" , "helvetica" , sans-serif;"><strong>i.</strong>1 lot (1000 shares) of <strong><a href="http://www.spdrs.com.sg/etf/fund/fund_detail_STTF.html#" target="_blank">SPDR STI ETF</a></strong> (SGX symbol <strong>ES3</strong>) at S$3.04 per share - total investment S$3040. <strong>ES3</strong> is traded in individual board lot of 1000 shares each.</span></span><br />
<span lang="EN"><span style="font-family: "arial" , "helvetica" , sans-serif;"><strong>ii.</strong> Alternatively, invest 10 lots (1000 shares) of <a href="http://www.nikkoam.com.sg/nikko-am-singapore-sti-etf/fundprofile" target="_blank"><strong>Nikko AM STI ETF100</strong></a> (SGX symbol <strong>G3B</strong>) <span style="color: black;">at S$3.04 per share - total investment S$3040. <strong>G3B</strong> is traded in individual board lot of 100 shares each.</span></span></span><br />
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<strong>25% Bonds</strong>: <u>(updated 30/8/2013)</u></span></span><br />
<span lang="EN"><span style="font-family: "arial" , "helvetica" , sans-serif;"><strong>i.</strong> 3 lots (30 units) of <strong><a href="http://www.sgs.gov.sg/Statistics.aspx" target="_blank">Singapore Government 30-year Bond</a> (</strong>SGX symbol <strong>PH1S</strong>) at S$100.0 per unit - total investment S$3000. <strong>PH1S</strong> is traded in individual board lot of 10 units each. </span></span><br />
<span lang="EN"><span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="background-color: yellow;">Note: 30 years bonds are to be held till they are left with near 20 years left till maturity, then the bonds are all sold and newer 30 years bonds, or near 30 years bonds, are bought in replacement. This is to ensure the bonds will always have a "long" time till maturity in order to keep the volatility of the bonds prices high. This also mean that the 30 years bond will never be held till 'maturity'.</span> </span></span><br />
<span lang="EN"><span style="font-family: "arial" , "helvetica" , sans-serif;"><a href="http://www.sgx.com/wps/portal/sgxweb/home/depository/retail/what_new" target="_blank">(<u><span style="font-family: "times new roman";">With effect from 1 April 2013, CDP will remove the administrative fees of 0.08% (8 basis points) of the face value of the SGS per annum.</span></u>)</a><br />
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<strong>25% Gold</strong>:
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<span lang="EN"><span style="font-family: "arial" , "helvetica" , sans-serif;"><strong>i.</strong> Invest 1 lot (10 share) of <strong><a href="http://www.spdrs.com.sg/etf/fund/fund_detail_GLD.html" target="_blank">SPDR Gold Shares GLD ETF 10US$</a></strong> (SGX symbol <strong>O87</strong>) at US$161.48 per share - total investment US$1614.80 or S$2023 (USDSGD 1.25293). <strong>O87</strong> is traded in individual board lot of 10 units each.</span></span><br />
<span lang="EN"><span style="font-family: "arial" , "helvetica" , sans-serif;"><strong>ii.</strong> Alternatively, invest 45 grams of gold in <strong><a href="http://www.uob.com.sg/personal/investments/treasury/precious_metals.html" target="_blank">UOB Gold Savings Account</a></strong> at S$67.45 per gram (S$2098 per ounce) – total investment S$3035.25 - note that that will incur 1.54 grams (include GST 7%) per year or 3% annual fees, so <strong>Gold Savings Account</strong> is not advisable for S$3000 investment. At gold price of S$67.45 per gram, investing S$20,000~S$25,000 will incur annual fees of 0.49%~0.39% which is about equivalent to annual fees of <strong>GLD ETF</strong>. To achieve minimal annual fees of 0.25% from <strong>Gold Savings Account</strong>, S$38,850 of investment is needed.</span></span><br />
<span lang="EN"><span style="font-family: "arial" , "helvetica" , sans-serif;"><strong>iii.</strong> For gold investments, there is no need to hedge the gold value back to SGD, irregardless of which currency the gold is bought in - this allows gold to do its job as an inflation protection hard asset against core inflation and SGD devaluation.</span></span><br />
<span lang="EN"><span style="font-family: "arial" , "helvetica" , sans-serif;"><strong>iv.</strong> Calculate your latest returns on gold in SGD here: <a href="http://goldprice.org/Calculators/Gold-Price-Calculators.html" target="_blank">http://goldprice.org/Calculators/Gold-Price-Calculators.html</a><br />
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<strong>25% Cash</strong>: <u>(updated 5/2/2017)</u></span></span><br />
<span lang="EN"><span style="font-family: "arial" , "helvetica" , sans-serif;"><strong>i.</strong> Deposit about S$3000 in <strong><a href="http://www.phillipfunds.com/page.aspx?a=cash_funds" target="_blank">Philip Money Market Fund</a></strong>. This can be done by depositing the cash into <strong><a href="http://www.phillip.com.sg/stocks-a-shares/phillip-cash-management-account.html" target="_blank">Phillip Cash Management Account</a> </strong>by ATMs or internet banking, using Electronic Payment of Shares (EPS) Lump Sum Payment option, or by Online Bill Payment option. Any cash left in the Phillip Cash Management Account will be automatically invested into the <strong>Phillip Money Market Fund</strong> at no extra charge. Cash can be deposited and withdrawn from <strong>Phillip Cash Management Account</strong> within one working day.</span></span><br />
<span lang="EN"><span style="font-family: "arial" , "helvetica" , sans-serif;"><strong>ii.</strong> <strike>Alternatively, invest into 2 lots (200 shares) of <strong>iShares Barclays Asia Local Currency 1-3 Year Bond Index ETF (SGD)</strong> (This ETF holds sovereign bonds only, SGX symbol <strong>QL0</strong> "zero") at S$12.62 per share - total investment is S$2524, while remainin S$476 goes into Money Market Fund if possible. <strong>QL0</strong> is traded at individual board lots of 100 shares each. Investing in short term bonds is still subjected to some forex and interest rate risk, so make sure investor has sufficient cash for living or emergency use to minimise the need to sell this short term bond ETF for liquid cash. </strike><span style="color: #0b5394;">(Investing in short term bond fund is not proven replacement for cash component... invest at own discretion.)</span></span></span><br />
<span lang="EN"><span style="font-family: "arial" , "helvetica" , sans-serif;"><strong>iii.</strong> Alternatively, invest S$3000 in <strong>1-year Singapore Treasury Bill</strong> – total investment S$3000. Singapore T-bill is a fully 'insured' asset as the Singapore government fully backs the <strong>Singapore Treasury Bill</strong>. <strike>For <strong>Singapore Treasury Bill</strong>, there is a CDP administrative fees of 0.04% or minimum S$1.50 to be deducted every half yearly during interest payment.</strike></span></span><br />
<span lang="EN"><span style="font-family: "arial" , "helvetica" , sans-serif;"><a href="http://www.sgx.com/wps/portal/sgxweb/home/depository/retail/what_new" target="_blank">(<u><span style="font-family: "times new roman";">With effect from 1 April 2013, CDP will remove the administrative fees of 0.08% (8 basis points) of the face value of the SGS per annum.</span></u>)</a><br />
</span></span><br />
<strong style="font-family: arial, helvetica, sans-serif;">iv.</strong><span style="font-family: arial, helvetica, sans-serif;"> (Best Option) Alternatively, invest S$3000 in <b><a href="http://www.sgs.gov.sg/savingsbonds/About-SSB/Product-Information.aspx" target="_blank">Singapore Savings Bond</a> (</b>SSB<b>)</b>. Unique features: Maximum 10 years term - able to do early r</span><span style="font-family: arial, helvetica, sans-serif;">edemption in any month before the bond matures, with no penalty for exiting the investment early. Meaning, accumulated interest on the redemption amount shall be paid, together with <u>100% of your initial investment</u>. Interest rate increases every year, <a href="http://www.sgs.gov.sg/savingsbonds/Your-SSB/This-months-bond.aspx" target="_blank">so the longer you hold the Savings Bond, the more annual interest you receive.</a> <a href="http://www.sgs.gov.sg/savingsbonds/Your-SSB/How-to-buy.aspx" target="_blank">Criteria to invest this Savings Bond</a>: a. A bank account with DBS/POSB, OCBC or UOB; b. An individual CDP Securities account linked to any of your bank accounts; c. Apply through ATMs or Internet Banking. Savings Bond is issued every month, and total amount of Savings Bonds held across all issues cannot be more than $100,000.</span><br />
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<span lang="EN"><span style="font-family: "arial" , "helvetica" , sans-serif;"><strong>Rebalancing - Managing Portfolio</strong>: After starting the Permanent Portfolio fund, the investor does not need to monitor the portfolio frequently. The only time to manage the portfolio is during rebalancing event. Rebalancing can happen in 3 ways. </span></span><br />
<ul>
<li><span lang="EN"><span style="font-family: "arial" , "helvetica" , sans-serif;">In first method, the investor will leave the portfolio alone untouched, until one of the asset reaches 35% or 15% of portfolio, in which case the portfolio will be rebalanced back to 25% equal spilt among the 4 assets - this rebalancing band method is to be used when there will be no fresh fund entering portfolio, and aims to follow momentum of portfolio and let profits run. </span></span></li>
</ul>
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<li><span lang="EN"><span style="font-family: "arial" , "helvetica" , sans-serif;">For second method, if there is fresh fund to put into portfolio, the fresh fund will usually buy into the worst performing asset at every year end, or at regular monthly or quarterly interval, so that each asset becomes 25% of portfolio again - this is to reset the risk/reward ratio of the portfolio and buy assets when they are cheap. </span></span></li>
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<li><span lang="EN"><span style="font-family: "arial" , "helvetica" , sans-serif;">The third method of rebalancing is to use fresh fund to buy into different assets, while keeping the asset ratio unchanged - this aim to let profits run and to only rebalance when one of the asset reaches 35% or 15% of portfolio. </span></span></li>
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<span lang="EN"><span style="font-family: "arial" , "helvetica" , sans-serif;">All the 3 rebalancing methods have very similar long term returns, so choice of rebalancing method can be based on whichever method is the lowest cost and suits the investor more conveniently.</span></span><br />
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An investor should understand and plan their investment strategy well, including reasons for asset allocations, how and when to rebalancing portfolio, and the benefits and disadvantages of a particular portfolio strategy. An example of a well designed investment portfolio strategy is the Permanent Portfolio strategy, and detailed description of Singapore Permanent Portfolio investment strategy can be found on this website.</span><br />
</span>Eppshttp://www.blogger.com/profile/04240900475803378173noreply@blogger.com31tag:blogger.com,1999:blog-6658991406619889409.post-30811271063528545582012-07-30T23:33:00.000+08:002012-12-29T13:05:24.007+08:00How do I keep track of Permanent Portfolio performance<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><strong><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">How do I
keep track of Permanent Portfolio performance?<o:p></o:p></span></strong></span><br />
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<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">I use Android app Stock Watcher to watch my Singapore Permanent
Portfolio performance. <strong>Warning</strong>: looking at the portfolio frequently can induce
anxiety or happiness according to the day’s market situation! It is advisable
to look at the portfolio performance less frequently, preferably once a year, once
a quarter or when market seems likely to make major moves that would cause one
of your asset to rise or drop by 40% or more, which is when it would likely
cause the 15% or 35% rebalance band to be hit. According to my research with available data, after the portfolio is started or rebalanced, it may take minimum one to three months before the portfolio starts to show consistent positive profits, if any. A good thing is that Permanent Portfolio volatility is not so high so any drop in total portfolio value looks more bearable.</span></div>
<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><strong>Explanation</strong>:</span></span><br />
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<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><br /></span><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><strong>ES3.SI</strong></span><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> is the Yahoo!
Finance symbol for STI ETF (ES3) that trades on Singapore Stock Exchange.</span></span></div>
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<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><strong>PH1S.SI</strong></span><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> is the
Yahoo! Finance symbol for Singapore Government 30-year bond (PH1S) that trades
on Singapore Stock Exchange.</span></span></div>
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<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><strong>XAUSGD=X</strong></span><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> is the
Yahoo! Finance symbol for price of gold in Singapore dollars. Whether I invest
in UOB Gold savings account (which counts gold in grams instead of ounce), or
whether I bought gold ETF (O87) in US dollars, I would find the equivalent Singapore
dollar spot gold price (XAUSGD) at the time of purchase and use it as the buy
price of my gold. This way I can use XAUSGD to directly evaluate the
performance of gold investment in my local country currency.</span></span></div>
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<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">A screen shot <strong>example</strong> of how the Stock Watcher app is setup here. This app shows
an <strong>example</strong> Permanent Portfolio started on 4 April 2012 with the price of ES3, PH1S and
XAUSGD on that day and the current performance. For a more complete view of the portfolio performance, I keep track of portfolio results including cash performance manually in a spreadsheet.</span> </div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihA51jxDA7P1zKvd51_VST_j3OmGWAIK8E3iVvdAHq7exNy5JG1fNMNMaMYkt-U_ARRFhSnCnmmtioRnD3Hs17wMu8NtJma_SBDt9my1C890Eh9d0DWLVwnz7hVulCVmJciT7d_xlxnBM/s1600/pp+stock+watcher.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihA51jxDA7P1zKvd51_VST_j3OmGWAIK8E3iVvdAHq7exNy5JG1fNMNMaMYkt-U_ARRFhSnCnmmtioRnD3Hs17wMu8NtJma_SBDt9my1C890Eh9d0DWLVwnz7hVulCVmJciT7d_xlxnBM/s640/pp+stock+watcher.png" width="387" /></a></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">To add 'PH1S.SI' and 'XAUSGD=X' symbols to the 'Portfolio' tab:</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Under [Portfolio] tab,<br />-> press the phone's [menu] button <br />-> select
[Add] button<br />-> select [Add Symbol] tab <br />-> key in 'ph1s.si' and
press [Add Symbol] button. Do the same for 'xausgd=x'.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">See picture example below:</span></div>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjOMWHVeK77lnQuN-BSOoWot9icKHPMmtZoBjIlwo0wPOn9RAWk3jXG7nohYIIDrjJHn2yFpuUS0Iq4UZH7P0zQJd4Pets42yPY1lzTMBxr_7KMo_CcIbUOlmAOJnFP_qy0aGPxIRvit6s/s1600/add+symbol.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjOMWHVeK77lnQuN-BSOoWot9icKHPMmtZoBjIlwo0wPOn9RAWk3jXG7nohYIIDrjJHn2yFpuUS0Iq4UZH7P0zQJd4Pets42yPY1lzTMBxr_7KMo_CcIbUOlmAOJnFP_qy0aGPxIRvit6s/s640/add+symbol.png" width="360" /><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjOMWHVeK77lnQuN-BSOoWot9icKHPMmtZoBjIlwo0wPOn9RAWk3jXG7nohYIIDrjJHn2yFpuUS0Iq4UZH7P0zQJd4Pets42yPY1lzTMBxr_7KMo_CcIbUOlmAOJnFP_qy0aGPxIRvit6s/s1600/add+symbol.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"></a><br />
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Eppshttp://www.blogger.com/profile/04240900475803378173noreply@blogger.com6tag:blogger.com,1999:blog-6658991406619889409.post-78957634875848833892012-07-30T02:11:00.002+08:002012-08-10T13:07:42.837+08:00Why do I choose Singapore stocks and bonds instead of US stocks and bonds with proven track record<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><strong><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">Why do I choose Singapore stocks and bonds instead of US
assets with proven track record?<o:p></o:p></span></strong></span><br />
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<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">As I live and plan to retire in Singapore, my retirement fund
should preferably be invested mostly in Singapore dollars. Also, I find that Singapore STI index stocks
performs reasonably well over time. Singapore government bonds are rated highest
AAA, and Singapore government's first 30 year bonds are brand new (first issued 1 April
2012) and probably has more room to grow in price compared to US treasuries. My analysis of Singapore Permanent Portfolio of past 10 years also gave me confidence that Singapore Permanent Portfolio will work for my purpose - results are here: </span><a href="http://singapore-permanent-portfolio.blogspot.sg/2012/07/how-has-singapore-permanent-portfolio.html"><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">http://singapore-permanent-portfolio.blogspot.sg/2012/07/how-has-singapore-permanent-portfolio.html</span></a><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"> Since I have no foreign currency exposure, there is no trouble and added cost of creating and adjusting my currency hedge monthly/quarterly. I prefer my investment assets to be near me and for me to know
who is the asset custodian, which in this case is Central Depository of Singapore (CDP). Also, Singapore stocks and bonds
are not subject to capital gains tax, interest tax and estate duty tax. There
is also no added cost due to higher foreign currency exchange rate charged by brokers during transactions.</span></span></div>
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<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">Permanent Portfolio is designed to work using assets in the the investor's own country. If economic cycle goes normally, we could see both portfolio growth (consistent returns) and protection (avoid big losses) in Permanent Portfolio using investor's own country assets, such as in the U.S. There are also cases where there are disruptions to normal economic cycle, which is when we need our portfolio to automatically provide sufficient capital protection. An example is Japan where since 1989, deflation exists and the stock market has been in negative growth generally. A Japan Permanent Portfolio using Japanese assets would likely have almost no positive growth since 1989, yet the portfolio would likely provide much more protection to purchasing power of the Japanese Permanent Portfolio due to its long term bonds and gold allocations, compared to traditional portfolio such as a 50% stocks and 50% short or intermediate term bonds portfolio. In another extreme case such as Iceland, which let its banks default on their debt obligations in 2008, the Iceland stock market dropped drastically that year and Iceland currency krona lost its value significantly against other currency. The 25% 'only' in stock limited damage to Iceland Permanent Portfolio, while the 25% gold became worthed significantly more kronas and helped preserve or increase buying power of the portfolio. Iceland Permanent Portfolio would have given its investor much more protection compared to traditional portfolios that uses greater percentage of stock and lack gold protection. A case study for Iceland Permanent Portfolio can be seen here: </span><a href="http://europeanpermanentportfolio.blogspot.sg/2009/08/permanent-portfolio-in-iceland.html"><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">http://europeanpermanentportfolio.blogspot.sg/2009/08/permanent-portfolio-in-iceland.html</span></a></span></div>
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<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">A comparison of different country's Permanent Portfolio can be seen here: </span><a href="http://europeanpermanentportfolio.blogspot.sg/2010/06/historical-returns-overview.html"><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">http://europeanpermanentportfolio.blogspot.sg/2010/06/historical-returns-overview.html</span></a></div>
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<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Different portfolio provides different benefits and disadvantages. There is no sure thing in investment, and investor always need to analyse the risks and rewards and decide what strategy is best for themselves according to their individual needs and wants, their risk tolerance level and their level of investment competency. It is my hope to provide enough insights to how Permanent Portfolio works so that new investors can have sufficient info to make an informed choice for themselves.</span></div>Eppshttp://www.blogger.com/profile/04240900475803378173noreply@blogger.com4tag:blogger.com,1999:blog-6658991406619889409.post-56932899491512898172012-07-30T02:06:00.000+08:002012-08-10T13:07:19.968+08:00How do I invest CPF money in Permanent Portfolio<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><strong><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">How do I invest CPF money in Permanent Portfolio?<o:p></o:p></span></strong></span><br />
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<span lang="EN" style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">In Singapore, the Central Provident Fund (CPF) is a compulsory comprehensive savings plan for working Singaporeans and permanent residents primarily to fund their retirement, healthcare and housing needs.</span><br />
<span lang="EN"><br /><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">
</span></span><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">Investor first need to be aware of some rules relating to CPF money investment. You are allowed to invest 100% of
investible Ordinary Account money in STI ETF (ES3), 100% in
Singapore Government Securities 30-year Bond (PH1S) that trades on SGX, 100% on Unit Trusts/Mutual Funds, and 35% on stocks. You can invest only 10% of
investible Ordinary Account money in UOB Gold Savings Account and Gold ETF (O87). The first 20,000
dollars in Ordinary Account cannot be used for investment purpose. Hence for gold, this
makes it impossible to invest 25% gold with CPF money, and may make it difficult to
rebalance gold if we were to allocate only 10% gold instead. </span><br />
<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">The first method is to invest CPF money with 30% in stocks (ES3), invest 30% in SGS 30-year bond (PH1S), leave 30% as cash in CPF Ordinary Account, and 10% in gold instruments. Second method is to create
a CPF Portfolio consisting only 33% STI ETF, 33% Singapore Government 30 year
bond, and 34% cash earning prevailing CPF OA interest rate - this method is easier and more cost effective to
rebalance and maintain, and has performed almost as well as the first method in last 10 years, with about 1 % point diference in average returns - disadvantage is that this second method does not have any gold protection. Alternatively, you can plan to pool together your cash savings and
CPF money and treat them as one, meaning, allocate CPF money among cash, STI ETF stock, and 30year
bond, and allocate cash savings for gold, STI ETF and 30year bond, so that in total you have
25% of each asset. </span><br />
<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">If DIY investing using above methods is beyond your capability to learn and do, and you have no choice but to invest CPF money in unit trusts or mutual funds through the help of your financial agents, then it is my opinion you will be better off sticking a few rules about unit trusts. Before that, I think it is almost impossible to implement Permanent Portfolio with unit trust due to lack of capability to invest directly in gold commodity and pure long term government bonds unit trusts, so a bond/stock unit trust portfolio would be next best thing. My recommended unit trust investment rules for new and unexperienced investors are: </span><br />
<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">1. If you invest only in one unit trust, choose a so-called 'balanced fund' that contains mainly both stocks and bonds components, with other asset types included if desired, so that the bonds can buffer extreme stock price moves and reduce overall price volatility - you can still be profitable if economic conditions are favorable, and you can have lesser heartache and smaller paper loss if economic conditions are not favorable. 'Balanced fund' with stocks and bond also usually recover from the losses due to economic downturns much faster than portfolio with pure equity unit trusts. </span><br />
<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">2. If you invest with several pure funds, ensure you have a good mix of pure stocks and pure bonds funds, for same reason as in previous. An example unit trust portfolio will be 50% global equities unit trusts, and 50% global bonds unit trusts (higher percentage of government bonds is preferred). This has advantage that you can rebalance the fund back to 50% stock, 50% bond at the end of every year using existing fund or fresh fund, thereby taking profits internally on the profitable asset and buying the other lesser performing asset on the cheap. When selecting unit trusts, try to keep unit trusts yearly management fees as low as possible to improve your returns. To get lower yearly management fees, try to select passively managed funds as opposed to actively managed fund where fund manager try to adjust the fund componentsa and incur higher yearly fees.</span><br />
<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">3. Avoid owning unit trusts based on emerging economies stock markets. Emerging economies may have high GDP numbers, but some research will show that fast economy growth does not equal fast stock market growth. I would suggest investing unit trusts that invest in developed market economies instead for more consistent stock market performance and less volatility.</span><br />
<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">4. As new investor, do not own only pure equity fund in your portfolio, without bond funds to act as buffer. In buying only or mostly pure equity fund in portfolio, you are trying to 'time the market', and most people especially new investors, will fail miserably in market timing more often than not. Owning a 'balanced fund' or 'balanced portfolio' will give you higher chances of being 'right' and walk away with profit. If you wish to 'market time', you are a speculator and do so only with money you can afford to lose.</span><br />
<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">5. Unit trusts contining gold mining companies act more like the stock market companies and not like commodities. Such unit trusts of commodity firms do not provide the same protection as direct investment in gold. Despite what your financial agent may say, such unit trust cannot replace the purpose of gold component in Permanent Portfolio. </span><br />
<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">6. Investor should be ready to hold unit trusts for the long term, at least 3 years or more. This is to maximize chance for investment to overcome temporary downturn in economy and become profitable. Once you decide the length of time to invest in (hopefully 3 years or more), be prepared to ride through possible downturns and try not to let other people influence you take loss during a downturn. If you use a balanced fund with stock and bonds and lower volatility, then it will be easier to stick to your investment during a downturn. Remember to rebalance your portfolio every year whether in downturns or good times, especially if fund switching is free.</span><br />
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<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">There are a few financial agent who really have in-depth understanding of how stocks, bonds commodity, real estates and cash functions in the economy, and have experience how to make a workable investment portfolio and rebalance for clients. For the rest, it is not hard to find financial agents who are really just unit trust sales people who just repeat what they have been told, who follows the crowd to talk about how their company can 'market time' and tell you when to buy and sell the unit trusts, and are clueless about how and what makes a good portfolio works. Market timing does not work for investment. Market timing is for speculators who have a totally different trading approach and work with money they can afford to lose. If you are investing and the cash is important to you, definitely you cannot use market timing approach. Remember that financial agents may come and go, and the quality of different agents differ. Listen to what your financial agent have to say and balance that against points 1 to 6 above, and I believe you will have a better chance to be profitable with unit trusts in the long term.</span>Eppshttp://www.blogger.com/profile/04240900475803378173noreply@blogger.com3tag:blogger.com,1999:blog-6658991406619889409.post-43545054069980245372012-07-30T02:04:00.000+08:002012-08-11T17:21:53.830+08:00Can unit trusts/mutual funds be used for the assets found in Permanent Portfolio<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><strong><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">Can unit trusts/mutual funds be used for the assets found in Permanent
Portfolio?<o:p></o:p></span></strong></span><br />
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<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">Generally no, unless you really have no choice. Unit Trust have typical high
management fee of 0.75% to 2.5% - that’s a rough average of 1.5% less profit
per year. Over 25 years that accumulative 1.5% less profit per year could lower your portfolio returns by about 31.5%! Imagine getting 30% to 40% less than what you could
have! Search online for the relevant maths, compound interest works in reverse
too. If you wish to implement your own Permanent Portfolio, you should be savvy
enough to directly invest in passively managed index funds, ETF, bonds, gold
and Short-term Treasuries instead. I liquidated my unit trust investments and
put the cash into my Permanent Portfolio instead - I expect my Permanent
portfolio to do better than my previous unit trusts investment and it did. Also
note that unit trust or funds consisting of gold mining companies cannot be
used in place of gold commodity itself.<o:p></o:p></span></span></div>Eppshttp://www.blogger.com/profile/04240900475803378173noreply@blogger.com0tag:blogger.com,1999:blog-6658991406619889409.post-48418714839391309692012-07-30T01:52:00.000+08:002012-09-08T00:48:00.025+08:00What else I should know before I begin on my own Permanent Portfolio<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><strong><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">What else I should know before I begin on my own Permanent
Portfolio?<o:p></o:p></span></strong></span><br />
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<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Before you start this portfolio, be an educated investor and learn
as much as you can about Permanent Portfolio. Recommended readings are Harry
Browne's book "Fail-safe Investing", and Craig Rowland’s crawlingroad.com.
Learn the pros and cons of Permanent Portfolio. Ignore what Gurus predict about
economy. Come up with many reasons why you will not do market timing. Learn
basic knowledge about stocks, bonds and gold by reading relevant news from Bloomberg.
Plan out your stock, bonds and gold purchases so that you keep your yearly
running expenses low, meaning keep commission costs and management fees as
little as possible. From my research, best time to start and rebalance
Permanent Portfolio with fresh funds is end/start of every year. Second best
period is to start portfolio in February to April and rebalance with fresh
funds at every year end thereafter. Timing to start Permanent Portfolio is not
so important, and the best way to start Permanent Portfolio is to plan the purchases
first then invest in all 4 assets at once! If you plan to market time each
asset and buy into each asset at separate times, you could likely time wrongly
and reduce the returns instead! Your best chance of getting favourable returns
is to buy all 4 assets within a day or a week. If your brokerage account has
buy limits, use several brokerages to execute your order on same day. DBSV
cash-upfront account has no buy limits. If you do not have enough cash, you may
also opt to save your money first, until you can afford to implement the full
Permanent Portfolio at once.</span><br />
<span style="font-family: Arial;"></span><br />
<span style="font-family: Arial;">If your initial investment is too small so that it is difficult to rebalance your portfolio easily every year, or if you need mroe than a year to save up before investing fresh cash into the portfolio, you can also leave the portfolio alone for a few years and rebalance when one of the asset reaches 35% or 15% of total portfolio. This is actually the third way of rebalancing Permanent Portfolio. The three ways of rebalancing have almost the same returns in the long run, so choose one of the rebalancing method that is most suitable for you.</span></div>
Eppshttp://www.blogger.com/profile/04240900475803378173noreply@blogger.com0tag:blogger.com,1999:blog-6658991406619889409.post-15804512460245680882012-07-30T01:47:00.000+08:002012-08-10T13:05:42.157+08:00Can I modify the Permanent Portfolio allocation from time to time to improve performance<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><strong><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">Can I modify the Permanent Portfolio allocation from time to time to
improve performance?<o:p></o:p></span></strong></span><br />
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<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">There is no need to modify the 25% 4 way split of asset allocation.
I simulated various way of improving Permanent Portfolio - leveraging, hedging,
adding other asset classes, market timing, optimising asset allocation etc.,
and I finally decided to stick with the original Permanent Portfolio system. I
do not consider myself a very experienced or professional investor, hence I
conclude I am rookie investor. As a rookie, my best chance to achieve my minimum
6%-10% annualised returns target is to let the original Permanent Portfolio's
simplicity, ease of use and reliability work in my favour. If I wish to
speculate and increase my stock, bond or gold holdings, I will start a variable
portfolio to hold these speculative purchases, while not making changes to my
Permanent Portfolio.<o:p></o:p></span></span></div>Eppshttp://www.blogger.com/profile/04240900475803378173noreply@blogger.com2tag:blogger.com,1999:blog-6658991406619889409.post-5233297614360901372012-07-30T01:39:00.002+08:002012-09-08T00:40:37.393+08:00How I initially learn about stocks, bonds and gold<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><strong><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">How do I initially learn about stocks, bonds, gold?<o:p></o:p></span></strong></span><br />
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<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Initially, i was not too savvy about how stocks, bond and gold prices react in various economic environments. Then I researched about these instruments and started reading news in the Bloomberg app on my Android phone every day. I
read the sections: Worldwide, Bonds, Commodities, Economy, and U.S. and little by little, from the daily new and analysis on the different markets, I developed a better understanding of how market participants
react to stocks, bonds and gold adn cash in various market events and macro economic cycles. I also learnt to ignore market predictors and not place little attention on their predictions.</span></div>
Eppshttp://www.blogger.com/profile/04240900475803378173noreply@blogger.com0tag:blogger.com,1999:blog-6658991406619889409.post-26996707938018073452012-07-30T01:21:00.000+08:002012-08-10T13:04:16.703+08:00Should leverage be used to increase potential profits in Permanent Portfolio<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><strong><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">Should leverage be used to increase potential profits in Permanent Portfolio?<o:p></o:p></span></strong></span></div>
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<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">In short, do not use leverage for this portfolio. If you use
leverage, depending on situation, you can lose all your investments, and even
owe money - this is not something you wish for money you cannot afford to lose!
To recap, invest money that you cannot afford to lose, speculate with money you can afford to lose. If you use only cash and own only actual assets, there is almost no chance to
lose your entire investment fortune. I believe most retail investors are rookie
investors, as opposed to experienced or professional investors. Rookie
investors should use a grounded approach and only invest using cash. For this portfolio investment, invest in the actual assets such as
STI ETF shares, government bonds or government bond ETFs, physical gold or ETF
backed by physical gold. Do not invest in their derivative leveraged instruments such as CFD,
futures and options. Actual assets can provide dividends and interests, give
you a more grounded feeling that you are owning something, and reduce or
eliminate counterparty risk that your asset will become worthless if the
counterparty defaults on the derivative instruments. If you think you are savvy enough to invest with leveraged instrument, you can start another portfolio with money you can lose to invest with leveraged instruments, and see for yourself how you would perform. Leveraged instruments comes with potentially higher operating costs, and may need more monitoring. In addition, leveraged instruments normally do not pay out interests and dividends.</span></div>Eppshttp://www.blogger.com/profile/04240900475803378173noreply@blogger.com0tag:blogger.com,1999:blog-6658991406619889409.post-64655597704854326012012-07-29T21:54:00.000+08:002012-08-10T13:03:48.148+08:00When to top up fresh fund or rebalance Permanent Portfolio<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><strong><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">When to top up fresh fund or rebalance Permanent Portfolio?<o:p></o:p></span></strong></span><br />
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<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">Top up fresh fund to this portfolio every 12 months, by buying the
worst performing 1 or 2 assets at end of every year, this way investor buy
assets on the cheap, and try to get the portfolio back to 25% for each asset. This
is called rebalancing. Investor can also rebalance my assets back to 25% if any
asset drops below 15% or rise more than 35% of entire portfolio. Some uses a
rebalance band trigger of 20% to 30% which is also another acceptable method.
Use of either rebalance band is up to individual preference and tolerance.<o:p></o:p></span></span></div>Eppshttp://www.blogger.com/profile/04240900475803378173noreply@blogger.com0tag:blogger.com,1999:blog-6658991406619889409.post-59599773957354975192012-07-29T20:04:00.000+08:002012-08-10T13:02:56.481+08:00What are some common questions about Permanent Portfolio allocation<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #333333; line-height: 150%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">What are some common questions
about Permanent Portfolio allocation?<o:p></o:p></span></span></b><br />
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<span lang="EN-US" style="color: #333333; font-family: "Helvetica Neue", Arial, Helvetica, sans-serif; line-height: 150%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Some may think that this allocation sounds very
different than what they’ve seen elsewhere, and some questions will probably
pop up in your mind. </span></div>
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<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><br /></span></div>
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<span lang="EN-US" style="color: #333333; font-family: "Helvetica Neue", Arial, Helvetica, sans-serif; line-height: 150%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">-Only 25% in stocks, that’s seems very little. What good reasons
are there to invest only so little in stocks? </span></div>
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<span lang="EN-US" style="color: #333333; font-family: "Helvetica Neue", Arial, Helvetica, sans-serif; line-height: 150%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">-Long term bonds prices tend to
drop significantly when interest rates rises, and interest rates have nowhere
else to go but up. What good reason is there to own long term bonds now instead
of short term bonds?</span></div>
<div style="margin-top: 0cm;">
<span lang="EN-US" style="color: #333333; font-family: "Helvetica Neue", Arial, Helvetica, sans-serif; line-height: 150%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">-Gold is a non-yielding asset, it seems to be just a yellow
metal with few industrial use and valuable only as jewellery. What good reasons
are there to invest 25% in gold? </span></div>
<div style="margin-top: 0cm;">
<span lang="EN-US" style="color: #333333; font-family: "Helvetica Neue", Arial, Helvetica, sans-serif; line-height: 150%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">-What good reasons are there to keep as much as
25% as cash in low yield Money Market Funds and not invest them for higher yield?</span></div>
<div style="margin-top: 0cm;">
<span lang="EN-US" style="color: #333333; font-family: "Helvetica Neue", Arial, Helvetica, sans-serif; line-height: 150%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">-Stocks
and bond prices move in opposite directions, and since there are equal amount
of stocks and bonds, what good reasons are there why their price movements will
not cancel each other and provide zero growth?</span></div>
<div style="margin-top: 0cm;">
<span lang="EN-US" style="color: #333333; font-family: "Helvetica Neue", Arial, Helvetica, sans-serif; line-height: 150%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">-There are only 4 assets, what
good reason is there to believe this is a well diversified portfolio? </span></div>
<div style="margin-top: 0cm;">
<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="margin-top: 0cm;">
<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><span lang="EN-US" style="color: #333333; line-height: 150%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Notice
how I phrase these questions. I</span><span lang="EN-US" style="color: #333333; line-height: 150%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">f you ask the questions this way, then you may have a
more open mentality and be glad to discover that there are good reasons for
such asset allocation. First, to answer these questions, do not just look at how each
asset will perform individually. Next, learn to look at how each asset performs
relative to one another and affect the portfolio as a whole during a particular
macroeconomic cycle (prosperity, inflation, recession, deflation). You probably need some help to
answer these questions, so for some insights to the answers, you may
visit <a href="http://www.bigfatpurse.com/2012/06/championing-the-permanent-portfolio-as-a-fail-safe-investment-strategy-craig-rowland/">http://www.bigfatpurse.com/2012/06/championing-the-permanent-portfolio-as-a-fail-safe-investment-strategy-craig-rowland/</a>.</span></span></div>
<div style="margin-top: 0cm;">
<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="margin-top: 0cm;">
<span lang="EN-US" style="color: #333333; font-family: "Helvetica Neue", Arial, Helvetica, sans-serif; line-height: 150%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Here I also attempt to provide brief summary of the answers. </span></div>
<div style="margin-top: 0cm;">
<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="margin-top: 0cm;">
<span lang="EN-US" style="color: #333333; font-family: "Helvetica Neue", Arial, Helvetica, sans-serif; line-height: 150%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">In a prosperous economy,
smart money flows into stock markets which provide higher growth potential than
bonds and commodities, causing stock prices to rise quickly. On the other hand, stock markets can also experience decades of no growth, such
as the 1970s and 2000s where the US stock market hardly grows during the
decade. Also, from 1989 onwards, the Japanese stock market has experienced
long term negative growth, so 25% in stocks would reduce exposures in case these major negative
events occur. We all think stock markets will always rise, yet we will not know exactly when the next lost decade of stock market growth or recession will happen.</span></div>
<div style="margin-top: 0cm;">
<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="margin-top: 0cm;">
<span lang="EN-US" style="color: #333333; font-family: "Helvetica Neue", Arial, Helvetica, sans-serif; line-height: 150%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">When there is deflation, smart money flows into long term bonds
which is now more valuable than cash and commodities. Choosing long term bonds is
because during deflationary periods, long term bond prices rise faster that short term bonds
and can hence do a better job of covering for losses due to drops in commodity
and stock prices. </span></div>
<div style="margin-top: 0cm;">
<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="margin-top: 0cm;">
<span lang="EN-US" style="color: #333333; font-family: "Helvetica Neue", Arial, Helvetica, sans-serif; line-height: 150%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">In inflation, smart money flows into commodities where prices
are being push up due to sudden increase in
monetary supply or currency depreciation acts of central banks and governments. Gold is a commodity and is a store of wealth for several thousand
years, even now. Notice that central banks around the world are currently hoarding large amounts of this yellow metal. Gold as a hard asset performs well during monetary inflation and serves
to preserve fortune especially when central banks are printing more paper
money. In extreme cases when a country's government fail and their paper money depreciates in value drastically or disappears, gold will still retain its value and can be exchanged for the goods and currencies of other nations.</span></div>
<div style="margin-top: 0cm;">
<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="margin-top: 0cm;">
<span lang="EN-US" style="color: #333333; font-family: "Helvetica Neue", Arial, Helvetica, sans-serif; line-height: 150%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">In recession, commodity and stock prices move lower and smart money exit
these assets and increase their cash pool to retain their fortune, and await
for better time when they can use their cash to buy these assets more cheaply. Some smart money flows into bonds during recession. Cash
also comes in handy for investors for sudden big expenses and the 25% cash can also be used as emergency fund so there is no need for investore to set aside another emergency fund.</span></div>
<div style="margin-top: 0cm;">
<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="margin-top: 0cm;">
<span lang="EN-US" style="color: #333333; font-family: "Helvetica Neue", Arial, Helvetica, sans-serif; line-height: 150%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Although long term bonds and stocks prices generally move in opposite directions, a rising asset will normally rise faster than the falling asset. To understand this simply, let's think that 30-years long term bonds and stocks have similar volatility in their price range movements, which in fact they do have similar price volatility. It is easier for people to start a new position to chase after a rising asset (stock), hence more people buy and rising asset (stock) price rise faster. It is more difficult to close a losing position in a declining asset (bond), as some people hold on to positions hoping for asset (bond) price to turn around, hence price of declining assets drops more slowly than rising assets, in general. This is why a simple 50% stocks and 50% bond portfolio can still provide positive annualised growth, in the long run.</span></div>
<div style="margin-top: 0cm;">
<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="margin-top: 0cm;">
<span lang="EN-US" style="color: #333333; font-family: "Helvetica Neue", Arial, Helvetica, sans-serif; line-height: 150%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">A well diversified portfolio avoids big losses and provides growth in different economic conditions, and this is what Permanent Portfolio does, and does it better than many other portfolio allocations. The simple 4 assets class also makes it simpler and cheaper to manage the portfolio, as there are only 4 assets to manage, so this portfolio will be simpler to implement for many retail investors compared to portfolio with more assets. The simple 4 way 25% split among the 4 assets are not arbitrary. The reason for the equal split is so that in each economic cycle, the asset that performs best in that cycle will have enough mass to bring up the entire portfolio and provide portfolio growth. If one is to decrease the percentage of an asset, for example if we reduce long term bonds to 10% of portfolio (while we have 30% gold, 30% stocks, 30% cash) then in deflationary times, the 10% of long term bonds will not grow enough to offset the drops in 30% of stocks and 30% of gold. Since we cannot predict when long term bonds, stocks, gold and cash will perform particularly well, we maintain equal amount of each of these assets so that each of them can do its job when the time comes for them to carry the load. The past performance speaks for itself that such equal 4 way split of the assets works in Permanent Portfolio. For other types of portfolio, such equal splits among assets may or may not work as desirably as in Permanent Portfolio. It all depends on the characteristics of the assets in the portfolio and what they are used for.</span></div>
<div style="margin-top: 0cm;">
<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="margin-top: 0cm;">
<span lang="EN-US" style="color: #333333; font-family: "Helvetica Neue", Arial, Helvetica, sans-serif; line-height: 150%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Who are the smart money? They are institutional investors, pension fund managers, mutual fund managers and hedge fund managers in
the world who are responsible for about 90% of the total volume of trades in all the
investment markets everyday. For Permanent Portfolio investors of the 4 assets, we aim to let
smart money with their kings of fund managers, armies of analysts and mountains
of wealth move the prices of these assets and grow our portfolio year after year while we enjoy some fruits of their labor and enjoy our lives.</span></div>
<div style="margin-top: 0cm;">
<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="margin-top: 0cm;">
<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><span lang="EN-US" style="color: #333333; line-height: 150%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">S</span><span lang="EN-US" style="color: #333333; line-height: 150%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">o you may have one more important
question, how did Permanent Portfolio strategy performed in the past? Here you
can see the past 40 years track record of Permanent Portfolio strategy in the
U.S.A: <a href="http://crawlingroad.com/blog/2008/12/22/permanent-portfolio-historical-returns/">http://crawlingroad.com/blog/2008/12/22/permanent-portfolio-historical-returns/</a>
. This result shows the kind of long term portfolio performance I am looking
for: to avoid big losses in value which could scare me to close the portfolio
prematurely and take heavy losses, to grow my portfolio consistently over the years,
and require very little time to manage. For in depth understanding of the
answers, please read Harry Browne’s book “Fail-safe Investing” and also look at all
posts about Permanent Portfolio at <a href="http://crawlingroad.com/blog/category/permanentportfolio/">http://crawlingroad.com/blog/category/permanentportfolio/</a>
. </span></span></div>
<div style="margin-top: 0cm;">
<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="margin-top: 0cm;">
<span lang="EN-US" style="color: #333333; font-family: "Helvetica Neue", Arial, Helvetica, sans-serif; line-height: 150%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">For someone new to investing, It may take you a few days or a few months to understand the inner workings
of Permanent Portfolio strategy and prove to yourself that this is the
portfolio investment strategy for you. It may be well worth the effort for you to learn indepth reasons about how and why Permanent Portfolio works, even if it is only to learn about how investment assets and economic cycles are related.</span></div>Eppshttp://www.blogger.com/profile/04240900475803378173noreply@blogger.com2tag:blogger.com,1999:blog-6658991406619889409.post-4788362910869288872012-07-29T18:15:00.000+08:002012-09-08T12:18:51.463+08:00Why do I choose to invest with Permanent Portfolio strategy<span style="font-family: inherit;">
<strong>Why do I choose to invest with Permanent Portfolio strategy?</strong> <o:p></o:p></span><br />
<span style="font-family: inherit;"></span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: inherit;">I aim to grow my retirement fund at the minimum of 6%-10% of
annualised returns, in order to reach my target retirement funds. I choose to invest with Permanent Portfolio strategy as it
meets my following investment goals:</span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: inherit;"> <strong>-Avoid big losses.</strong></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: inherit;">This is possible due to the diversified 4 assets of stock index, governemnt long bond, gold and cash having low or negative corelation with one another, so chances of all the assets reducing in values at the same time are very slim. On the other hand, being very volatile assets, stock will outperform during economic growth, long bond will outperform in deflation, gold will outperform in inflation, and cash and long bond help portfolio remain stable during recession. The outperforming or stable asset can usually offset losses in the declining assets, hence helping the portfolio avoid big losses or provide positive gains.</span></div>
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<span style="font-family: inherit;"> </span></div>
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<span style="font-family: inherit;">
<strong>-Gives consistent profits in most years.</strong></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: inherit;">The U.S. Permanent Portfolio has 40 recorded years of past results, and a Singapore Permanent Portfolio has 9 recorded years of past results, to demonstrate that Permanent Portfolio can generate positive returns in most of the years. Yearly positive profits is necessary in order to maximize compunding effects and grow the portfolio faster.</span></div>
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<span style="font-family: inherit;"> </span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: inherit;">
<strong>-Avoid having to study companies and pick individual stocks.</strong></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: inherit;">PP uses stock index fund, hence there is no need to analyze company reports or monitor news to pick individual companies. I am not so capable of staring at financial figures on the company reports to decipher their meanings. </span></div>
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<span style="font-family: inherit;"> </span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: inherit;">
<strong>-Need no for market
timing to predict the best time for buying and sellig assets.</strong></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: inherit;">I find that watching price action, technical indicators, company fundamentals and news to find turning points to buy and sell is speculative and less consistant than I like for my retirement funds, which i cannot afford to lose. A way to invest without needing to time the market is required, to remove an investor's chances of a wrong analysis causing portfolio value to drop drastically.</span></div>
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<span style="font-family: inherit;"> </span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: inherit;">
<strong>-No need to spend lots of time to monitor and manage this portfolio.</strong></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: inherit;">The portfolio should work without needing constant monitoring, so as to free time for my personal activities. This is also to avoid possible negative impact on the portfolio if I happen to be unable to monitor for a period of time and miss taking critical actions on the portfolio. Managing the portfolio should preferably be a boring and relatively simple task.</span></div>
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<span style="font-family: inherit;"> </span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: inherit;">
<strong>-Maximize profits and minimize running costs.</strong></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: inherit;">The projected annualised profits should be able to help achieve my retirement financial goals. To maximize chances of achieving this, the initial and running cost of portfolio should be as low as possible.</span></div>
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<span style="font-family: inherit;"> </span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: inherit;">Permanent Portfolio is based on a
logical economic cycles theory and has 40 years of track records in U.S.A. to back
it up. A mutual fund based on the Permanent Portfolio (PRPFX) is also one of
the top fund performer in recent years of high market volatility - this also gives me confidence the Permanent Portfolio passive investment strategy is workable in real life. </span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: inherit;">I have always wanted to
invest in stocks, bonds and commodities. I know that investing separately in these 3 very volatile
instruments carry high chances of both big wins and big losses. The Permanent Portfolio strategy allows me to invest and
profit from stocks, bonds and commodities at all times, while lowing the overall risk of the total portfolio significantly.</span></div>
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<span style="font-family: inherit;"> </span></div>
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<span style="font-family: inherit;">Next post:</span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<a href="http://singapore-permanent-portfolio.blogspot.sg/2012/07/what-are-some-common-questions-about.html"><span style="font-family: inherit;">Some common questions about Permanent Portfolio allocation</span></a><span style="font-family: inherit;"> </span></div>
Eppshttp://www.blogger.com/profile/04240900475803378173noreply@blogger.com0tag:blogger.com,1999:blog-6658991406619889409.post-60961308314195874382012-07-29T18:02:00.000+08:002013-02-13T10:08:25.399+08:00How has Singapore Permanent Portfolio performed in past 9 years<strong>How has Singapore Permanent Portfolio performed in past 9 years?</strong><br />
<br />
<br />
<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">Here is a table of the annual returns from a Singapore Permanent Portfolio for the last 9 years. This table shows average returns of 7.4% per annum <strong>excluding interest and dividends</strong>. <strong>All returns are in terms of Singapore dollars.</strong> The portfolio was rebalanced back to 25% for each asset at the start of each year. Data is taken on first trading day of each year.</span><br />
<br />
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: currentColor; margin: auto auto auto 5.4pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-table-layout-alt: fixed; mso-yfti-tbllook: 1184; width: 577px;">
<tbody>
<tr style="height: 15pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="background-color: transparent; border-color: windowtext; border-style: solid; border-width: 1pt 1.5pt 1pt 1pt; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.5pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"></td>
<td style="background-color: transparent; border-color: windowtext windowtext windowtext rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1.5pt 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: 1.5pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: 1.5pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">S’pore</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Stock</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: windowtext windowtext windowtext rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1.5pt 1.5pt 1pt 0px; height: 15pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .75pt; mso-border-right-alt: 1.5pt; mso-border-style-alt: solid; mso-border-top-alt: 1.5pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Annual</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Return %</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: windowtext windowtext windowtext rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1.5pt 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: 1.5pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: 1.5pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">TLT in</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">SGD</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: windowtext windowtext windowtext rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1.5pt 1.5pt 1pt 0px; height: 15pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .75pt; mso-border-right-alt: 1.5pt; mso-border-style-alt: solid; mso-border-top-alt: 1.5pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Annual</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Return %</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: windowtext windowtext windowtext rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1.5pt 1pt 1pt 0px; height: 15pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: 1.5pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: 1.5pt; padding: 0cm 5.4pt; width: 48.1pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Gold in</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">SGD</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: windowtext windowtext windowtext rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1.5pt 1.5pt 1pt 0px; height: 15pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: .75pt; mso-border-right-alt: 1.5pt; mso-border-style-alt: solid; mso-border-top-alt: 1.5pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Annual</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Return %</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: windowtext windowtext windowtext rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1.5pt 1.5pt 1pt 0px; height: 15pt; mso-border-alt: solid windowtext 1.5pt; mso-border-bottom-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Annual</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Return %</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: windowtext windowtext windowtext rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext 1.5pt; padding: 0cm 5.4pt; width: 48.1pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Annual</span><span style="font-family: "inherit","serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Return %</span><span style="font-family: "inherit","serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 1;">
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1.5pt 1pt 1pt; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Date</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">STI</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Index</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 15pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">STI</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Index</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">TLT</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">(SGD)</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 15pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">TLT</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">(SGD)</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.1pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">XAUSGD</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 15pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">XAUSGD</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 15pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: 1.5pt; mso-border-right-alt: 1.5pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">CASH</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.1pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="color: black; font-family: "inherit","serif"; font-size: 10pt; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman";">Permanent<br />
Portfolio</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 2;">
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1.5pt 1pt 1pt; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"></td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"></td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 15pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">A</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"></td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 15pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">B</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.1pt;" valign="bottom" width="64"></td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 15pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">C</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 15pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: 1.5pt; mso-border-right-alt: 1.5pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">D</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.1pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">(A+B+C+D)/4</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 3;">
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1.5pt 1pt 1pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Jan-12</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">2,646.4</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span> </div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">153.17</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span> </div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.1pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">2,057.1</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span> </div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 12.75pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: 1.5pt; mso-border-right-alt: 1.5pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span> </div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.1pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span> </div>
</td>
</tr>
<tr style="height: 15pt; mso-yfti-irow: 4;">
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1.5pt 1pt 1pt; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Jan-11</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">3,190.0</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 15pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span><span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">-17.0%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">119.70</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 15pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span><span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">28.0%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.1pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1,821.2</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 15pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span><span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">13.0%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 15pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: 1.5pt; mso-border-right-alt: 1.5pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">0.5%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.1pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span><span style="font-family: Calibri;"><b><span style="font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">6.1%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 5;">
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1.5pt 1pt 1pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Jan-10</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">2,897.6</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span><span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">10.1%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">125.52</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span><span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">-4.6%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.1pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1,563.6</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span><span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">16.5%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 12.75pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: 1.5pt; mso-border-right-alt: 1.5pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">0.5%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.1pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span><span style="font-family: Calibri;"><b><span style="font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">5.6%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 6;">
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1.5pt 1pt 1pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Jan-09</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1,761.6</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span><span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">64.5%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">174.21</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span><span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">-27.9%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.1pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1,271.2</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span><span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">23.0%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 12.75pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: 1.5pt; mso-border-right-alt: 1.5pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">0.5%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.1pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span><span style="font-family: Calibri;"><b><span style="font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">15.0%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 7;">
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1.5pt 1pt 1pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Jan-08</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">3,462.7</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span><span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">-49.1%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">134.07</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span><span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">29.9%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.1pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1,233.4</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span><span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">3.1%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 12.75pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: 1.5pt; mso-border-right-alt: 1.5pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">0.5%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.1pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span><span style="font-family: Calibri;"><b><span style="font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">-3.9%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 8;">
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1.5pt 1pt 1pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Jan-07</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">3,015.7</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span><span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">14.8%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">136.84</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span><span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">-2.0%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.1pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">965.0</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span><span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">27.8%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 12.75pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: 1.5pt; mso-border-right-alt: 1.5pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">0.5%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.1pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span><span style="font-family: Calibri;"><b><span style="font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">10.3%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 9;">
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1.5pt 1pt 1pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Jan-06</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">2,354.6</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span><span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">28.1%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">151.31</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span><span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">-9.6%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.1pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">874.5</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span><span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">10.4%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 12.75pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: 1.5pt; mso-border-right-alt: 1.5pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">0.5%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.1pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span><span style="font-family: Calibri;"><b><span style="font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">7.3%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 10;">
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1.5pt 1pt 1pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Jan-05</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">2,065.2</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span><span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">14.0%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">144.57</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span><span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">4.7%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.1pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">701.8</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span><span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">24.6%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 12.75pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: 1.5pt; mso-border-right-alt: 1.5pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">0.5%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.1pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span><span style="font-family: Calibri;"><b><span style="font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">10.9%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 11;">
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1.5pt 1pt 1pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Jan-04</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1,768.8</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span><span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">16.8%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">144.80</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span><span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">-0.2%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.1pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">707.0</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span><span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">-0.7%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1pt 0px; height: 12.75pt; mso-border-bottom-alt: .75pt; mso-border-color-alt: windowtext; mso-border-left-alt: 1.5pt; mso-border-right-alt: 1.5pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">0.5%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.1pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b><span style="font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"></span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span><span style="font-family: Calibri;"><b><span style="font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">4.1%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 12;">
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1.5pt 1pt 1pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Jan-03</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1.5pt 0px; height: 12.75pt; mso-border-bottom-alt: 1.5pt; mso-border-color-alt: windowtext; mso-border-left-alt: 1.5pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">1,338.0</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1.5pt 0px; height: 12.75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">32.2%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1.5pt 0px; height: 12.75pt; mso-border-bottom-alt: 1.5pt; mso-border-color-alt: windowtext; mso-border-left-alt: 1.5pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">152.96</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1.5pt 0px; height: 12.75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">-5.3%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1.5pt 0px; height: 12.75pt; mso-border-bottom-alt: 1.5pt; mso-border-color-alt: windowtext; mso-border-left-alt: 1.5pt; mso-border-right-alt: .75pt; mso-border-style-alt: solid; mso-border-top-alt: .75pt; padding: 0cm 5.4pt; width: 48.1pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">599.7</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1.5pt 0px; height: 12.75pt; mso-border-left-alt: solid windowtext .75pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">17.9%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1.5pt 1.5pt 0px; height: 12.75pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .75pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><span style="font-family: Calibri;"><b><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">0.5%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.1pt;" valign="bottom" width="64"><span style="font-family: Calibri;"><b><span style="font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">11.3%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 13; mso-yfti-lastrow: yes;">
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"></td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext 1.5pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"></td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext 1.5pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"></td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext 1.5pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"></td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext 1.5pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"></td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext 1.5pt; padding: 0cm 5.4pt; width: 48.1pt;" valign="bottom" width="64"></td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext 1.5pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"></td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext 1.5pt; padding: 0cm 5.4pt; width: 48.05pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><span style="color: black; font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">Average</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; height: 12.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48.1pt;" valign="bottom" width="64"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="font-family: Calibri;"><b style="mso-bidi-font-weight: normal;"><span style="font-size: 10pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;">7.4%</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
</td>
</tr>
</tbody></table>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdV_4RIbHoy4OOuIFIBuUbIvUpNXWkXrzAnLKBm61QRZLUo6oVUTvXu1uelTlyAPfawHDrE3MdJIS9MV4EG-qIhABJvuV_OTjX-x_mubHwQlVqLMPV65VtrvlRyJXg7g1qsyVQB0NITTs/s1600/SGPP_2003-2012.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="185" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdV_4RIbHoy4OOuIFIBuUbIvUpNXWkXrzAnLKBm61QRZLUo6oVUTvXu1uelTlyAPfawHDrE3MdJIS9MV4EG-qIhABJvuV_OTjX-x_mubHwQlVqLMPV65VtrvlRyJXg7g1qsyVQB0NITTs/s400/SGPP_2003-2012.jpg" width="400" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
(Update 8/12/2012: Table updated to make it easier to read annual returns)<br />
<br />
<span style="color: #333333; font-family: Arial, Helvetica, sans-serif; line-height: 150%; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">This theoretical Singapore
Permanent Portfolio returns is based on:</span><br />
<div style="margin-top: 0cm;">
<span style="color: #333333; line-height: 150%; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="font-family: Arial, Helvetica, sans-serif;"><strong>25% stocks</strong>: Singapore Straits Times Index (STI), </span></span></div>
<div style="margin-top: 0cm;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #333333; line-height: 150%; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><strong>25% long term government bond</strong>: </span><span style="line-height: 150%; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">iShares Barclays 20+ Yr Bond ETF (TLT), price converted to Singapore dollars according to prevailing exchange rate. TLT was used because there was no 30-year Singapore Government Bond prior to 1 April 2012,</span></span></div>
<div style="margin-top: 0cm;">
<span style="line-height: 150%; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="font-family: Arial, Helvetica, sans-serif;"><strong>25% gold</strong>: gold price calculated in Singapore dollars using Yahoo! Finance ticker XAUSGD=X,</span></span></div>
<div style="margin-top: 0cm;">
<span style="line-height: 150%; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="font-family: Arial, Helvetica, sans-serif;"><strong>25% cash</strong>: assuming cash returns are at 0.5% per annum due to lack of interest rate data.</span></span></div>
<div style="margin-top: 0cm;">
<br /></div>
<div style="margin-top: 0cm;">
<span style="font-family: "Calibri","sans-serif"; font-size: 11pt; line-height: 150%; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">
<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><span style="font-size: small;"><strong>Conclusion:</strong> This portfolio <span style="color: #333333;">would have a positive average annual returns of at least 7.4% (exclude dividends and interests) at the end of
last 10 years and avoided big losses in 2008. The compounded annualised returns is at least 7.3%.</span></span></span></span></div>
<div style="margin-top: 0cm;">
<br /></div>
<div style="margin-top: 0cm;">
<span style="color: black; font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">My current Singapore Permanent Portfolio consists of:<br />25% Stocks: STI ETF (ES3). Alternatively use Nikko AM STI ETF100 (G3B)<br />25% Bond: Singapore Government 30-years Bond (PH1S). Alternatively use TLT.<br />25% Gold: UOB Gold Savings Account. Alternatively buy physical gold bullion or coins after 1 Oct 2012, when the 7% GST will be removed for investment grade gold. Another alternative is SPDR Gold ETF (O87).<br />25% Cash: Singapore Government 3 to 12 months Treasury Bills. Alternatively, use money market funds or bank fixed deposits.</span></div>
<div style="margin-top: 0cm;">
<br /></div>
<div style="margin-top: 0cm;">
<br /></div>
<div style="margin-top: 0cm;">
<span style="line-height: 150%; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="color: #333333;"><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><strong>Note 1</strong>: the average annual returns of 7.4% beats inflation. This achieve the aim of "consistent growth".</span></span></span></div>
<div style="margin-top: 0cm;">
<span style="line-height: 150%; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="color: #333333;"><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><strong>Note 2</strong>: the Permanent Portfolio maximum loss in 2008 was -3.9%, compared to stock heavy portfolio which could have suffered up to 49% loss in 2008. Permanent Portfolio achieved the aim of "avoiding big loss".</span></span></span></div>
<div style="margin-top: 0cm;">
<span style="line-height: 150%; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="color: #333333;"><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><strong>Note 3</strong>: in 2009 stock heavy portfolio could have boasted returns of 64%, compared to Permanent Portfolio's 15% gain. Examining 2008 and 2009 data again, we see stock heavy portfolio losing up to 49% in 2008 and gaining 64% in 2009 - the 64% gain is not sufficient to recover the initial loss of 49% (stocks would have to grow almost 96% in 2009 in order to bring the value of stock assets back to 100%) and gives a total negative return of up to (-16.4%) in 2008 to 2009 for a stock heavy portfolio. Comparatively, Permanent Portfolio has a loss of -3.9% in 2008 and a gain of 15% in 2009, giving a total positive returns from 2008 to 2009 of 10.5% instead. This extreme case highlights the advantage of avoiding big losses when designing an investment portfolio.</span></span></span></div>
<div style="margin-top: 0cm;">
<span style="line-height: 150%; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="color: #333333;"></span></span><span style="line-height: 150%; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="color: #333333;"><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><strong>Note 4</strong>: the returns of TLT and gold have been converted to
Singapore dollars before calculating the profits, using the day's prevailing USDSGD currency exchange rate. This portfolio should be tracked in investor's own country currency.</span></span></span></div>
<div style="margin-top: 0cm;">
<span style="line-height: 150%; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="color: #333333;"><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><strong>Note 5</strong>: the annual returns
excludes stock dividends and bond interest due to lack of data. If actual dividends and interest were included,
the average annual returns would probably have risen by about 1% or more. </span></span></span></div>
<div style="margin-top: 0cm;">
<span style="line-height: 150%; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="color: #333333;"><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><strong>Note 6</strong>: the
returns of TLT has been negatively impacted by the falling USDSGD currency
exchange rate over the years. If currency hedging was performed, then the
portfolio could have risen by about another 1%.</span></span></span></div>
<div style="margin-top: 0cm;">
<span style="line-height: 150%; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><span style="color: #333333;"><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><strong>Note 7</strong>: to simplify calculations, cash has been assumed to grow by 0.5% per year only. If cash had been placed in higher yielding 1-2 years bond or treasury bill, then the total returns would have been higher.</span></span></span></div>
<div style="margin-top: 0cm;">
<span style="color: #333333;"><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><strong>Note 8:</strong> </span><span style="font-family: Arial, Helvetica, sans-serif;">Some may find that Permanent Portfolio asset allocation sounds very different from what they have seen elsewhere. Remember that one has to see the total portfolio results, and not just focus on individual asset performance. For your questions about this choice of assets and allocation, you can first have a look at some common questions about Permanent Portfolio here: </span><a href="http://singapore-permanent-portfolio.blogspot.sg/2012/07/what-are-some-common-questions-about.html"><span style="font-family: Arial, Helvetica, sans-serif;">http://singapore-permanent-portfolio.blogspot.sg/2012/07/what-are-some-common-questions-about.html</span></a></span></div>
<div style="margin-top: 0cm;">
<br /></div>
<div style="margin-top: 0cm;">
<span style="color: #333333; font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">Next posts:</span></div>
<div style="margin-top: 0cm;">
<a href="http://singapore-permanent-portfolio.blogspot.sg/2012/07/why-do-i-choose-to-invest-with.html"><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">Why do I choose to invest with Permanent Portfolio strategy</span></a><br />
<br />
<a href="http://singapore-permanent-portfolio.blogspot.sg/2012/08/what-to-invest-in-to-start-singapore_28.html" target="_blank"><span style="font-family: Arial, Helvetica, sans-serif;">What to invest in to start Singapore Permanent Portfolio</span></a></div>
Eppshttp://www.blogger.com/profile/04240900475803378173noreply@blogger.com7tag:blogger.com,1999:blog-6658991406619889409.post-5342279767306258322012-07-29T11:38:00.000+08:002012-08-10T13:02:10.675+08:00What is the Permanent Portfolio investment strategy<br />
<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><strong>What is the Permanent Portfolio
investment strategy?</strong><br /><br />The Permanent Portfolio is a long term
portfolio investment strategy with following asset allocation:<br />25% – Stocks
(broad based stock index fund like the STI STF)<br />25% – Long Term Government
Treasury Bonds (25-30 years)<br />25% – Gold (physical bullions or
equivalent)<br />25% – Cash (in a Treasury Money Market Fund)<br /><br />This
allocation aims to provide protection and growth to the investment account when
the economy shifts through the cycles of prosperity, inflation, deflation and
recession.</span><br />
<br /><span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;">
<strong>What is
in my Singapore Permanent
Portfolio?</strong><br /><strong></strong></span><br />
<span style="font-family: "Helvetica Neue", Arial, Helvetica, sans-serif;"><strong>25% Stocks</strong>: Singapore STI ETF (SGX
symbol: ES3). Can use online DBS Vickers Cash-upfront brokerage account to buy
in SGX due to lowest commission. No foreign currency exposure. Bi-annual
dividends payout. Alternative way is to purchase <span lang="EN-US" style="color: #333333; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin;">Nikko AM
STI ETF100 (SGX symbol: G3B). G3B can be purchased with smaller individual lots
of 100 shares which may be more convenient for those with smaller investment
accounts. G3B is generally less liquid than ES3.</span><br /><br /><strong>25% Long-term Government
Bonds</strong>: Singapore Government 30 Year Bond (SGX symbol: PH1S). Can use
online UOB Kay Hian brokerage to buy PH1S due to more reasonable bidding range
and ease of buying bonds. DBSV's online bond bidding range is too restrictive!
Try bargain for a good price as this bond is not so liquid, although by local
law the market makers will always have to quote bid/ask price for SGS bonds so
you should always have someone to buy/sell from. So far after 3 months Singapore
Government 30 year bond works as intended in this portfolio - it has risen at
least 10 percent and overtakes loss in other assets, showing it has enough
volatility to serve its function well. No foreign currency exposure. Coupon
Payment Dates 01 April and 01 October. Alternative way is to own iShares
Barclays 20+ Yr Bond ETF (TLT) denominated in US dollars, which is subjected to
foreign currency risk.<br /><br /><strong>25% Gold</strong>: UOB Gold Savings
Account. No commission, with annual fees of 0.12 gram per month or 0.25% per
annum, whichever is higher. Personally visit any UOB bank branch counter to
deposit and withdraw gold into the account (Monday to Friday only). Not a big
issue since the bank visit is at most once a year only. No storage issues.
Alternative way to own gold is to buy physical gold bullion or gold coins and
store them safely. You can alternatively buy gold certificate or gold ETF in any
currency. Whatever currency you buy gold in, you should track gold price in
Singapore dollars such as using Yahoo! Finance ticker XAUSGD=X . It does not
really matter which currency you use to buy gold since they come back to the
same price in Singapore dollars, so there is no need to do currency hedge on
gold either.<br /><br /><strong>25% Cash</strong>: Currently I hold cash in bank
savings account. Current interest rates for short term bonds and treasuries are
so low that I do not trouble myself to move my cash there! The preferred way is
to hold cash for some interest yield in fixed deposit, Singapore government
3-Month Treasury Bill, or Singapore government 1 to 2 years bond. In case you
have lots of cash and worry about SDIC insurance limits on your bank savings
accounts, you can opt to exchange your cash for Singapore government Treasury
Bills which have unlimited insurance – because the government can always print
more money to pay you back if necessary!</span><br />
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