Dear Investor,


Most of our clients will know that we generally make investments on their behalf exclusively through mutual funds and ETFs, to minimize transaction costs and to ensure sufficient diversification in accordance with our tactical asset allocation strategies. We have, however, been diligently searching for a number of companies which have incredibly robust competitive advantages, strong growth stories with excellent management which trade at a decent price, to function as the core of client equity allocations for the long-term.

We have decided on an initial allocation of 5% of client portfolios, held in managed accounts, to Apple Inc. The company is one of the few technology giants priced relatively fairly compared to its book values (e.g: Forward P/E = 14) and pays a large dividend. The company derives its competitive advantage primarily from brand loyalty developed among its customers and a unique ability to cross-sell products from a vast ecosystem, ranging from: mobile phones, PC hardware + software, TVs, online streaming, music distribution & various others. When evaluating a company with such a complex business model, competitive environment and international reach, it's incredibly important to look at how much company stock insiders (management) are buying. Apple has seen positive insider buying trends over the past two years, compared to peers like Microsoft and Google which have experienced negative trends.

In addition to the above, we've been communicating the importance of having international wills written to ensure safe passage and transfer of assets upon passing. Due to the complexity of international estate planning, we've partnered with will writing experts Professional Wills Ltd. Feel free to contact us for an introduction or an update of your financial plan to find out whether an internatonal will is suitable for you

Happy investing,
Sven Roering
Managing partner
+84 8 3825 6369

Tenzing Pacific Investment Management

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