The year 2023 was truly a remarkable year. We witnessed many events, from the multiple bank failures to the Hamas-Israel war and to the 10-year US rate hitting the 5% mark. Yet none of these could stop the magnificent seven from keeping the bull market going.

Our portfolio delivered a positive performance of nearly 44% in 2023, as we stayed true to our core tenets and stayed focused on the long term opportunities.

Some key adjustments that took place during the last quarter of the year are as follow. We booked profit and completely exited Tesla as we believe the global competition in EV will heat up in favor of other industry players. As a result, we started a position in BYD Corp given its relative favorable valuation and on the expected market share gains in global EV space. We also started a new position in IQVIA Holdings capitalizing on our conviction that the nascent precision medicine sector offers huge potential to enhance humanity’s well-being and to reward its investors.

As we did last year, we would like to close this year and welcome the new year of 2024 by highlighting several remarkable events that fueled our hope and optimism for the future.

Throughout 2023, the Lawrence Livermore National Laboratory has successfully achieved another three positive ignition out of five attempts. Now scientists could achieve multiple ignitions in one year as compared to just one ignition in decades before 2023. This is another step closer towards clean and sustainable energy.

Gene editing using CRISPR technology to treat sickle cell disease has finally been approved by the US FDA in December 2023. After decades of hopeful cures for genetic diseases, we are finally here at the beginning of a new paradigm in applying cell-based gene editing therapy to cure what was previously incurable disease. This might potentially expedite innovation in medicine and human therapeutics.

And just one last thing, 2023 has shown us the evolving capabilities of AI. ChatGPT-4 has impressed many with its ability to diagnose complex medical cases, highlighting its potential beyond mere chatbot functions. Various scientists are now experimenting beyond general models such as ChatGPT-4 into specialized AI models that may potentially hold immense promise for healthcare and other fields.

All those fill our optimism for a long-term prosperous market and a brighter future. What a time to be alive!

30 Dec 2023