Performance

Monthly Net Returns* (%)

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sept	Oct	Nov	Dec	Fund YTD	ETF YTD
2019	3.8	2.5	1.8	3.5	-3.7	3.2	1.4	-2.4	-1.5	1.8			10.5
ETF (1)	6.0	2.5	2.0	2.6	-7.9	4.3	-1.6	-2.5	1.2	2.8				9.6
2018	3.1	-1.9	-1.8	-0.9	-0.7	-5.2	-0.8	0.5	-1.0	-8.1	2.0	-2.3	-16.3	-13.4
2017	2	2.2	1.8	2.8	0.6	-0.2	0.0	-1.4	0.0	3.8	-2.1	0.4	10.2	31.0
2016	-7.7	-0.3	2.8	1.6	2.4	0.7	5.4	3.1	1.1	3.6	-1.3	0.1	11.4	6.9
2015	2.9	0.9	-0.1	5.2	0.4	-3.3	-3.9	-7.7	-0.5	3.2	-2.4	0.4	-5.5	-4.0
2014	-1	3.8	0.8	1.7	2.8	0.5	2.8	1	-1.1	-1.1	0.3	-0.6	10.3	7.9
2013	7.2	2	2.7	2.2	5.5	-4.6	0.6	-5.4	3.4	2.6	-0.3	0.2	16.5	4.9
2012	4.1	5.3	0.7	-0.6	-0.9	2	2.3	0.6	3.7	0.8	4.8	2.9	28.6	16.4
2011									-1.1	4.2	-2.4	1.1	1.7	-3.1
Inception to Date(2) (%)													80.4	62.4

	Fund %	ETF %
Inception to Date	80.4	62.4
2019	10.5	9.6
2018	-16.3	-13.4
2017	10.2	31.0
2016	11.4	6.9
2015	-5.5	-4.0
2014	10.3	7.9
2013	16.5	4.9
2012	28.6	16.4
2011	1.7	-3.1

* Current year returns are unaudited. Past performance is not indicative of future results. The net returns of the Fund are based on published results to an original investor net of fund expenses, management fees (1.25%) and incentive allocation (12.5%). The incentive allocation is accrued monthly, although the fee is charged at year end.

(1) Asia Ex Japan ETF (total returns, including dividends reinvested)

(2) Inception-to-date performance for SGD A Class and Asia Ex Japan ETF are computed from 16 September 2011, the date of Fund inception.

Oct 2019 NAV	Price
SGD A class	SGD 180.4
SGD S class	SGD 95.9

Melvin Tan

Melvin joined DCG Capital in 2011 and is a portfolio manager with more than 13 years of experience in investment management.

Previous experience: Lion Global Investors, Technology and Telecommunications; Straits Lion Asset Management, information technology portfolio implementation; Avanade Asia, software engineer.

Academic and post-graduate qualifications: Bachelor of Engineering (Honours), National University of Singapore; CFA® charterholder.

Teck Jin Tan (“TJ”)

TJ joined DCG Capital in 2014 as an investment analyst with more than 8 years of experience in investment management.

Previous experience: Target Asset Management, Greater China equity; Deutsche Bank, Hong Kong, macroeconomics and equity strategy; Singapore Police Force, securities fraud.

Academic and post-graduate qualifications: Bachelor of Engineering (Honours), Master of Engineering, Cambridge University; MBA, Columbia University; CFA® charterholder.

William Toh

William joined DCG Capital in January 2019. He has more than 25 years of investment experience.

From 2007 to 2018, he was the Chief Investment Officer of New Harbour Capital Partners and Lead Portfolio Manager of the New Harbour Asia Fund. Prior to that William was the Chief Investment Officer of Asia General Holdings responsible for managing the insurance funds of Asia Life Assurance and Asia Insurance (2001-2006). He started his investment career at GIC in 1981.

William is an Independent Non-Executive Director of Mapletree Industrial Trust Management Ltd and also serves on the investment committees of several Mapletree property funds. He is Chairman of the investment committee of the Methodist Church of Singapore (since 2013) and a member of the investment committee of Singapore Bible College (since 2008).

William studied at the University of Tasmania, Australia on a Colombo Plan Scholarship and graduated with a First Class Honours degree in Mathematical Economics. He also attended the CFA Investment Management Workshop presented jointly by CFA Institute and Harvard Business School.