Separately, we have also exited SPDR Gold, the physical gold-backed exchange-traded fund (ETF) that has been a portfolio staple over the past year. The case for holding gold has become far less compelling even as geopolitical tensions continue to flare. Inflationary pressures from the ongoing Iran conflict have delayed expected interest rate cuts, removing a key pillar of support for gold prices that have already been stretched by speculative buying. Read our deep dive on gold, “What an elevated gold price is telling us and where to invest” in The Edge, April 6, 2026, for a comprehensive framework for valuing the metal.
Absolute Returns Portfolio — SELLS
In the Absolute Returns Portfolio, we disposed of ChinaAMC Hang Seng Biotech ETF, Kanzhun, and Ping An (both A and H shares), paring our China exposure down to two names: Alibaba and Sun Hung Kai Properties. Both offer targeted exposure to themes we continue to find compelling in the region: China’s evolving technology and artificial intelligence (AI) ecosystem on the one hand, and the normalisation of Hong Kong’s property market on the other.
