Portfolio Review 3Q11

Currently holding on to 8 counters (see Portfolio Review 1Q10 for 1-3, Portfolio Review 2Q10 for 4, Portfolio Review 4Q10 for 5-7 and Portfolio Review 1Q11 for 8):

1. FrasersCT
2. PLife
3. Starhill
4. Cache
5. First REIT
6. Pacific Shipping Trust
7. Sabana
8. Cambridge
   

Next portfolio review due after 31 December 2011.

Note to self: only simple P/L calculated

Remark: first quarterly decline in portfolio net value since inception (refer to spreadsheet) =(