Portfolio Review 2Q10

One transaction completed:

1. GuocoLeisure
   
   • Buy
     Possible privatization by Quek Leng Chan
     Hospitality strength in London and oil royalties from Australia Bass Strait
     Proxy to hospitality sector
     Possible 2012 London Olympics catalyst
   • Sell
     Rumours proved unfounded and privatization did not materialise
     UK elections overhang -> possibility of hung parliament -> political uncertainty
     PIIGS (Portugal Ireland Italy Greece Spain) debt woes in Eurozone
   • Lessons learnt
     There's no smoke without fire, except when a lot of people smoke together
     

Currently holding on to 6 counters (see Portfolio Review 1Q10 for nos. 1 - 5):

1. FrasersCT
2. Suntec
3. PLife
4. Starhill
5. Saizen warrant
6. Cache
   
   • Buy
     First pure logistics REIT listing in two-and-a-half years
     Luck with IPO balloting for public (see Third Time Lucky entry)
     Logistics strength in ramp-up warehouses located in established logistics clusters, near air and sea transportation ports -> barrier to competition

Next portfolio review due after 30 September.

Note to self: NAV includes realised P/L, fees and dividends. Performance vs. STI measures only paper value.