SINGAPORE (July 10): One mistake we made with the Singapore Market Portfolio was not including a healthy exposure to the three local banks at the beginning of the year. While a surge in non-performing loans in the offshore and marine sector in 2016 triggered a selloff, shares in DBS Group Holdings, Oversea-Chinese Banking Corp and United Overseas Bank soon recovered. And, since the beginning of this year, they have led the market higher, rallying 19.3%, 18.9% and 12.3%, respectively. The Straits Times Index advanced 11.5% in the same period.

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