SINGAPORE (Jan 3): Alpha investing, or value investing, works. We proved it. But it is indeed hard work. It has been just over two years now since we started the Global Portfolio on Dec 18, 2017. During this period, we have seen our fair share of ups and downs.

For a quick recap, the portfolio started off very well in the first few months after inception, with returns rising as high as 10.6%. If you recall, most stock markets recorded strong gains in 2017 and entered 2018 on a veritable tear, on expectations of a synchronised global economic growth, in both developed and emerging countries.

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