Asia Pacific Fund Management

*APFM Weekly Performance Update and Recognition - June 2024*

Dear Esteemed Investor,

It is with great pleasure that we share another significant
achievement at Asia Pacific Fund Management (APFM), as we continue to
navigate the dynamic terrain of financial markets.

Throughout the week spanning from June 24 to June 28, 2024, our
dedicated team of fund managers demonstrated exceptional expertise,
yielding a remarkable gross return of 0.33%. We extend our heartfelt
commendation to the exemplary performance of the groups led by Chan
and Lam, who achieved an impressive additional return of 7.18% on the
gross return. This recognition underscores our steadfast commitment to
acknowledging and appreciating the hard work and dedication of our
leaders, advisors, and investors.

Together, our collective efforts have yielded a total gross return of
8.5% for June 2024, surpassing industry standards and reaffirming our
position as a trusted partner in your financial journey.

Investing in mutual funds offers a strategic means to hedge against
inflation while generating passive income. It provides a reliable
avenue for securing the financial future of both current and future
generations. By entrusting your investments to APFM, you not only
safeguard your wealth but also lay a solid foundation for the
prosperity of your family.

We remain committed to delivering exceptional results and guiding you
towards financial success. Thank you for your continued trust and
partnership.

Warm regards,
Asia Pacific Fund Management

*APFM Weekly Performance Update - June 10th to June 14th, 2024*

Dear Valued Investor,

I hope this message finds you in good health. I am delighted to share
some exciting updates from Asia Pacific Fund Management (APFM) as we
navigate the dynamic financial markets.

During the week of June 10th to June 14th, 2024, our dedicated team of
fund managers showcased exceptional skill, achieving a remarkable
gross return of 0.34%. This achievement underscores our unwavering
commitment to excellence and our relentless pursuit of success on
behalf of our esteemed investors like yourself.

Investing in mutual funds is a strategic way to hedge against
inflation and secure passive income for the future, ensuring financial
stability for you and your family. We encourage you to consider this
approach as part of your long-term financial planning.

Thank you for your continued trust and support. Should you have any
questions or require further information, please do not hesitate to
reach out to our team.

Warm regards,
Asia Pacific Fund Management

*APFM Weekly Performance Update - June 3rd to June 7th, 2024*

Dear Valued Investor,

I hope this message finds you in good health. I am delighted to share
some exciting updates from Asia Pacific Fund Management (APFM) as we
navigate the dynamic financial markets.

During the week of June 3rd to June 7th, 2024, our dedicated team of
fund managers showcased exceptional skill, achieving a remarkable
gross return of 0.33%. This achievement underscores our unwavering
commitment to excellence and our relentless pursuit of success on
behalf of our esteemed investors like yourself.

Investing in mutual funds is a strategic way to hedge against
inflation and secure passive income for the future, ensuring financial
stability for you and your family. We encourage you to consider this
approach as part of your long-term financial planning.

Thank you for your continued trust and support. Should you have any
questions or require further information, please do not hesitate to
reach out to our team.

Warm regards,
Asia Pacific Fund Management

*APFM Weekly Performance Update - May 13th to May 17th, 2024*

Dear Valued Investor,

I hope this message finds you in good health. I am delighted to share
some exciting updates from Asia Pacific Fund Management (APFM) as we
navigate the dynamic financial markets.

During the week of May 13th to May 17th, 2024, our dedicated team of
fund managers showcased exceptional skill, achieving a remarkable
gross return of 0.31%. This achievement underscores our unwavering
commitment to excellence and our relentless pursuit of success on
behalf of our esteemed investors like yourself.

Investing in mutual funds is a strategic way to hedge against
inflation and secure passive income for the future, ensuring financial
stability for you and your family. We encourage you to consider this
approach as part of your long-term financial planning.

Thank you for your continued trust and support. Should you have any
questions or require further information, please do not hesitate to
reach out to our team.

Warm regards,
Asia Pacific Fund Management

*APFM Weekly Performance Update - May 6th to May 10th, 2024*

Dear Valued Investor,

I hope this message finds you in good health. I am delighted to share
some exciting updates from Asia Pacific Fund Management (APFM) as we
navigate the dynamic financial markets.

During the week of May 6th to May 10th, 2024, our dedicated team of
fund managers showcased exceptional skill, achieving a remarkable
gross return of 0.34%. This achievement underscores our unwavering
commitment to excellence and our relentless pursuit of success on
behalf of our esteemed investors like yourself.

Investing in mutual funds is a strategic way to hedge against
inflation and secure passive income for the future, ensuring financial
stability for you and your family. We encourage you to consider this
approach as part of your long-term financial planning.

Thank you for your continued trust and support. Should you have any
questions or require further information, please do not hesitate to
reach out to our team.

Warm regards,
Asia Pacific Fund Management

*APFM Weekly Performance Update and Recognition - April 29 to May 3, 2024*

Dear Esteemed Investor,

It is with great pleasure that we share another significant
achievement at Asia Pacific Fund Management (APFM), as we continue to
navigate the dynamic terrain of financial markets.

Throughout the week spanning from April 29 to May 3, 2024, our
dedicated team of fund managers demonstrated exceptional expertise,
yielding a remarkable gross return of 0.35%. We extend our heartfelt
commendation to the exemplary performance of the groups led by Chan
and Lam, who achieved an impressive additional return of 7.77% on the
gross return. This recognition underscores our steadfast commitment to
acknowledging and appreciating the hard work and dedication of our
leaders, advisors, and investors.

Together, our collective efforts have yielded a total gross return of
9.5% for April 2024, surpassing industry standards and reaffirming our
position as a trusted partner in your financial journey.

Investing in mutual funds offers a strategic means to hedge against
inflation while generating passive income. It provides a reliable
avenue for securing the financial future of both current and future
generations. By entrusting your investments to APFM, you not only
safeguard your wealth but also lay a solid foundation for the
prosperity of your family.

We remain committed to delivering exceptional results and guiding you
towards financial success. Thank you for your continued trust and
partnership.

Warm regards,
Asia Pacific Fund Management

*APFM Weekly Performance Update - April 22nd to April 26th, 2024*

Dear Esteemed Investor,

I trust this correspondence finds you in excellent spirits and health.
It is with great pleasure that I share with you some exciting
developments from Asia Pacific Fund Management (APFM) amidst our
navigation through the dynamic financial landscapes.

For the week spanning April 22nd to April 26th, 2024, our team of
committed fund managers once again demonstrated exceptional prowess,
achieving a remarkable gross return of 0.34%. This notable
accomplishment stands as a testament to our unwavering dedication to
excellence and our steadfast pursuit of success on behalf of valued
investors such as yourself.

As we approach the commencement of the third quarter of 2024, I would
like to take a moment to express our sincere appreciation to those
advisors and investors who have placed their utmost trust in us.
Particularly, we extend our gratitude to the groups led by Chan and
Lam, whose steadfast support has been invaluable. It is the collective
efforts and unwavering commitment of all three groups that propel us
toward our mutual fund goals in the Asia Pacific region.

Looking ahead to May 2024, we remain steadfast in our commitment to
fostering persistency and consistency across all aspects of our
operations. With the collective determination of all three groups, we
are confident that we can achieve our targets together and further
solidify our position as a leading mutual fund platform in the Asia
Pacific region.

We look forward to continuing this journey together and achieving
further milestones of success. Should you have any questions or
require further information, please do not hesitate to reach out to
us.

Warm regards,
Asia Pacific Fund Management

*APFM Weekly Performance Update - April 8th to April 12th, 2024*

Dear Valued Investor,

I trust this message finds you well. I am pleased to share some
exciting news from Asia Pacific Fund Management (APFM) as we navigate
the dynamic landscape of financial markets.

For the week of April 8th to April 12th, 2024, our dedicated team of
fund managers demonstrated exceptional skill, achieving a remarkable
gross return of 0.35%. This accomplishment underscores our unwavering
commitment to excellence and our relentless pursuit of success on
behalf of our esteemed investors like you.

Amid recent geopolitical events, including Iran’s military strike on
Israel, which have impacted market sentiment and volatility, we
understand the importance of safeguarding your investments. Our APFM
fund managers are actively strategizing and diversifying investments
into non-affected markets to hedge against volatility and protect your
investment.

As markets adjust to unfolding events, we remain steadfast in our
commitment to managing risks effectively and seeking opportunities for
growth. Our focus remains on navigating these challenges with
resilience and ensuring the long-term stability and prosperity of your
investments.

We appreciate your continued trust and confidence in APFM. Should you
have any questions or require further information, please do not
hesitate to reach out to us.

Thank you for entrusting us with your investment journey.

Warm regards,
Asia Pacific Fund Management

*APFM : Global Market Response to Middle East Geopolitical Tensions*

Financial markets are poised for heightened volatility as geopolitical tensions in the Middle East escalate following Iran's unprecedented strike on Israel over the weekend. Investors, already concerned about inflation and potential interest rate hikes, are now faced with additional uncertainty stemming from the evolving crisis in the region.

Key Observations:
1. Market Sentiment:
Investors are seeking safe-haven assets such as Treasuries, gold, and the US dollar amid escalating geopolitical risks. The response will largely depend on Israel's reaction to the situation.

2. Asset Performance:
Bitcoin initially experienced a decline following the attacks but rebounded, indicating mixed market sentiment. Stocks in Middle Eastern markets demonstrated relative calm, with modest losses and fluctuating equity benchmarks.

3. Impact on Oil Prices:
Brent crude, already up nearly 20% this year, surpassed $90 a barrel amidst fears of disruptions to oil shipments from the Persian Gulf due to potential conflict escalation.

4. Global Market Reactions:
The S&P 500 registered its largest weekly decline since October, reflecting concerns over inflation and disappointing bank earnings. Gold has surged to record highs, and the US dollar strengthened significantly.

Market Outlook:
While uncertainties persist, market analysts anticipate a fade in volatility if tensions de-escalate between Iran and Israel. However, any further escalation could lead to broader market contagion.

Expert Insights:
- Namik Immelbäck (SEB):
Expects position reduction from trend-following quant strategies, exacerbating the flight to safety.

- Gonzalo Lardies (Andbank):
Market impact may be limited if the situation does not worsen significantly but warns of potential contagion in the region.

- Alfonso Benito (Dunas Capital):
Foresees defense, oil, and gas sectors rising while airlines could decline; expects a cautious bond market response.

- Mark Matthews (Bank Julius Baer):
Notes Iran's efforts to defuse tensions and emphasizes the importance of Israel's response in shaping market outcomes.

*APFM News Update : Gold Hits New High*

Recent surge in gold prices, which reached an all-time high on Wednesday. This significant increase in value was driven by several factors that are worth noting.

Firstly, investors responded to signals suggesting that the US Federal Reserve may be considering interest rate cuts later this year, despite ongoing concerns about inflation surpassing the central bank’s target. This anticipation of monetary policy changes led to a notable uptick in demand for gold as a safe-haven asset.

Additionally, geopolitical tensions, particularly in the Middle East, contributed to the rise in gold prices. Concerns over potential escalations in conflict heightened investor anxiety, further bolstering the appeal of gold as a store of value.

Furthermore, the recent increase in crude oil prices, with Brent crude reaching nearly $90 a barrel, fueled apprehensions about a potential rebound in inflation. This, coupled with the perception of gold as a hedge against high levels of US debt, led to heightened interest in the precious metal among investors.

Despite these gains, some analysts have expressed caution regarding the sustainability of gold’s rapid ascent. While the metal remains significantly below its inflation-adjusted all-time high from 1980, there are concerns that its recent surge may be overdone, particularly if central banks hesitate to lower interest rates in response to inflationary pressures.

In conclusion, while gold has experienced a remarkable rally in recent weeks, there are lingering uncertainties about its future trajectory. It will be essential to monitor how economic indicators, geopolitical developments, and central bank policies evolve in the coming months to gain a better understanding of gold’s outlook.

Reference: https://www.ft.com/content/fa1b68ab-5b4e-4574-ba4e-224dcf9cc189

*APFM Weekly Performance Update and Recognition - 25th March 2024 to 29th March 2024*

We are thrilled to announce yet another significant milestone reached
at Asia Pacific Fund Management (APFM) as we navigate the
ever-evolving landscape of the financial markets.

During the week spanning from March 25 to March 29, 2024, our diligent
team of fund managers showcased exceptional expertise, resulting in a
remarkable gross return of 0.31%.

We would like to extend special commendation to the outstanding
performance demonstrated by the groups led by Chan and Lam, achieving
an impressive additional return of 7.89% on the gross return. This
recognition underscores our unwavering commitment to acknowledging and
appreciating the hard work and dedication of our leaders, advisors,
and investors alike.

Together, our collective efforts have culminated in a total gross
return of 9.2% for March 2024, surpassing industry standards and
reaffirming our position as a trusted partner in your financial
journey.

The primary contributors to our exceptional performance in March 2024
are attributed to the top three categories, namely Bitcoin
(cryptocurrency market), NVIDIA Corp (Stock Market), and S&P500
(index). With the effective investment strategy led by our Chief
Investment Strategy Officer, Ben Chiaya, and his dedicated team,
alongside the diligent efforts of our fund managers, we have achieved
remarkable results. Furthermore, at APFM, we steadfastly uphold our
core principle and mission, which prioritize the protection of
investors' capital and the generation of favorable returns.

Finally, we express our heartfelt gratitude for your continued trust,
as well as to the group leaders who have contributed to our success
and propelled the team forward. We encourage all group leaders to
foster growth within their teams and strive for continuous
improvement. Additionally, we urge you to seize the opportunity
presented by our referral program to maximize your income potential.

*APFM : China's Property Market and Its Implications for Asia-Pacific and Global Housing Markets*

Summary of recent developments in China's property market and discuss how these developments could potentially impact the housing market in the Asia-Pacific region and globally

Key Points:
1. Loss of Faith in Property Investment:
Chinese consumers are demonstrating a significant loss of faith in real estate as a lucrative investment. This skepticism has intensified over the past two years due to massive debts and declining sales in the property sector.

2. Economic Impact:
The troubles in China's real estate sector are of particular concern as the property market has historically been a key driver of the country's economy, accounting for roughly one-quarter of its GDP.

3. Policy Response:
Chinese policymakers are taking steps to revive the struggling property market, including relaxing restrictions on property developers and urging banks to increase lending to the sector. However, these efforts may face challenges given the magnitude of the debt overhang and the ongoing downturn in the market.

4. Potential Contagion:
The slump in China's property market could have broader implications for the Asia-Pacific region and the global housing market. The self-reinforcing cycle of declining sales and mounting debt among property developers may exacerbate the situation and lead to a contagion effect.

5. Government Intervention:
There is speculation about whether the Chinese government will intervene to address the crisis, potentially through bailouts or other forms of financial support for struggling developers. Such actions could have significant implications for investor confidence and market stability.

In summary, the challenges facing China's property market have the potential to reverberate across the Asia-Pacific region and beyond. Investors and stakeholders in the housing market should closely monitor developments in China and assess the potential impact on their portfolios and business strategies.

Reference: https://www.nytimes.com/2024/01/30/business/china-evergrande-real-estate.html

*APFM : S&P500 Market Update and Summary Report*

Overview of the recent developments in the financial markets, offering insights into equities performance, corporate highlights, and key events shaping market sentiment

Equities Market Summary:
-Over the past three days, equities have experienced a modest decline, following a period of robust growth that saw the S&P 500 surge by nearly 10% in just three months.
-Analysts estimate that pensions may need to undertake significant reallocations, selling approximately $22 billion in global stocks and reallocating $17 billion to fixed income to rebalance their asset allocations.
-Notably, the US equity benchmark is poised to achieve an unprecedented five consecutive months of gains, a remarkable feat observed only once in the past two decades.

Key Insights:
- Despite the recent pullback, the prevailing market trend remains positive, with analysts advising investors to stay aligned with the upward trajectory.
- Individual stocks, including Nvidia Corp. and United Parcel Service Inc., have exhibited notable movements, influencing market sentiment.
- The prominence of chipmakers like Nvidia underscores their pivotal role in driving market momentum, albeit concerns linger regarding their elevated valuations.

Corporate Highlights:
- Recent updates from prominent companies such as Apple Inc., Dell Technologies Inc., and McDonald’s Corp., alongside ongoing volatility in cryptocurrency-linked stocks, have captured investor attention.
- Notably, short sellers continue to wager billions of dollars on the eventual decline of cryptocurrency-linked stocks, signaling underlying market uncertainties.

Looking Ahead:
- Market participants anticipate continued upward momentum, buoyed by favorable economic indicators and expectations of accommodative monetary policies.
- However, caution prevails amidst uncertainties surrounding market valuations and the potential impact of geopolitical events on investor sentiment.

Key Market Events:
- Scheduled releases of economic data, central bank communications, and corporate earnings reports are poised to influence market dynamics in the coming days, warranting careful monitoring by investors

*APFM Weekly Performance Update - March 11th to March 15th, 2024*

Dear Valued Investor,

It is with great pleasure that I bring you some exciting updates from
Asia Pacific Fund Management (APFM), as we navigate the ever-changing
landscape of financial markets.

I am delighted to announce that for the week of March 11th to March
15th, 2024, our dedicated team of fund managers showcased exceptional
skill, achieving a remarkable gross return of 0.32%. This
accomplishment speaks volumes about our unwavering commitment to
excellence and our tireless pursuit of success on behalf of our
esteemed investors.

Amidst the current market environment, we observe a positive sentiment
in the cryptocurrency and stock markets. Bitcoin has surged to a
record high of USD 71,000, while the Nasdaq stock index has also
experienced significant gains. However, our fund managers remain
vigilant, closely monitoring any market developments. Should there be
any changes, we are poised to respond swiftly, adjusting our
investment strategies to align with prevailing market sentiments.

Overall, these developments bode well for our investment endeavors. We
aspire to maintain positive monthly gross returns, ensuring that all
our investors reap the benefits of their investments. Moreover, we
remain steadfast in our commitment to prioritize the protection of
investors' capital above all else.

Thank you for your continued trust and confidence in APFM. We look
forward to delivering continued success and value to our esteemed
investors.

Best regards,
Asia Pacific Fund Management

Analysis of the current market situation, particularly focusing on the recent performance of Asian shares following a record rally on Wall Street

Asian markets experienced mostly positive movements today, buoyed by the robust performance of technology companies in the United States. The Nikkei 225 in Japan rose by 0.3%, reaching 38,926.05, while Australia's S&P/ASX 200 and South Korea's Kospi also saw gains of 0.3% and 0.5%, respectively.

One key factor influencing market sentiment is the strength of the Japanese yen against the U.S. dollar. Attention is currently directed towards the upcoming spring wage negotiations, known as 'shunto', as the outcome of these negotiations could impact the Bank of Japan's decision regarding its policy on negative interest rates.

In currency trading, the U.S. dollar experienced a slight decline against the Japanese yen, falling to 147.30 yen from 147.63 yen. The euro remained relatively stable at $1.0930 compared to Tuesday.

Speculation is circulating regarding the Bank of Japan's potential shift away from its super-easy monetary policy, which currently maintains interest rates below zero, towards a stance of raising interest rates.

Meanwhile, on Wall Street, the S&P 500 surged by 1.1% to surpass its previous all-time high set last week. Similarly, the Dow Jones Industrial Average climbed by 0.6%, and the Nasdaq composite recorded a significant gain of 1.5%.

Initially, all three indexes opened the day with losses following the release of a report on inflation that indicated U.S. consumers faced slightly higher prices last month than anticipated by economists. This unexpected data dampened hopes for imminent interest rate cuts by the Federal Reserve at its upcoming meeting next week.

In conclusion, while today's market movements exhibit positive momentum, it's essential for investors to remain vigilant and informed about ongoing developments, particularly regarding central bank policies and economic indicators. As always, we at APFM are dedicated to navigating these market dynamics diligently to maximize returns and mitigate risks for our valued investors.

*APFM Weekly Performance Update and Recognition - 26th February 2024 to 1st March 2024*

Dear Valued Investor,

We are delighted to share another milestone achieved at Asia Pacific Fund Management (APFM) as we navigate the ever-evolving landscape of the financial markets.

During the week of February 26 to March 2, 2024, our diligent team of fund managers demonstrated exceptional skill, securing a remarkable gross return of 0.33%.

We extend a special commendation to the exemplary performance exhibited by the groups led by Chan and Lam, who achieved an impressive additional return of 7.67% on the gross return. This recognition underscores our commitment to acknowledging and appreciating the hard work and dedication of our leaders, advisors, and investors alike.

Together, our collective efforts have resulted in a total gross return of 9.1% for February 2024, surpassing industry standards and reaffirming our position as a trusted partner in your financial
journey.

Amidst the prevailing market sentiment, characterized by the positive momentum in cryptocurrency, notably Bitcoin's breakthrough above USD 60,000, and the continued uptrend in the stock market, our Chief Investment Strategy Officer, Ben Chiaya, and his team have revised our
strategy to capitalize on this bullish market. However, we remain steadfast in our commitment to prioritizing the protection of investors' capital.

Furthermore, with the recent performance of the US dollar, we believe that investors from certain Asian countries may also benefit from favorable currency exchange rates.

We are encouraged by these developments and remain committed to delivering value and excellence in our services. Your trust and support are invaluable to us, and we look forward to continued success together.

Warm regards,
Asia Pacific Fund Management

APFM Market Update: Bitcoin Hits Two-Year High, Ether Surpasses $3,200

Below is the summary of the recent developments in the cryptocurrency market.

On Tuesday, Bitcoin surged to a two-year high, reaching $57,036, fueled by significant purchases from large players and positive market sentiment. This rally follows a more than 10% increase in just two sessions, partly attributed to MicroStrategy's disclosure of purchasing 3,000 bitcoins for $155 million.

Moreover, the approval of bitcoin-owning exchange-traded funds (ETFs) in the United States has contributed to the bullish trend. Trading volumes in these funds spiked on Monday, signaling growing investor interest in cryptocurrencies.

In addition to Bitcoin's surge, Ether also saw a notable increase, surpassing $3,200 for the first time since 2022. The cryptocurrency rose to $3,275, driven by factors such as anticipation of the upcoming bitcoin halving event in April and growing momentum in the market.

Furthermore, social media platform Reddit announced its investment in Bitcoin, Ether, and other digital assets, contributing to the positive sentiment surrounding cryptocurrencies.

As for Ether, its rise has been even more pronounced this month, with a 41% gain, fueled by anticipation of regulatory approval for spot ether ETFs.

Overall, the cryptocurrency market is experiencing significant growth and investor interest, driven by various factors including institutional investment, regulatory developments, and market dynamics.

Source: https://www.reuters.com/technology/bitcoin-breaks-57000-big-buyers-circle-2024-02-27/

Best regards,
Asia Pacific Fund Management