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For the quarter ended March 31, 2018, the fund recorded a return of -5.53%, compared to -0.54% of MSCI All Country World Index.
The market finally got the long-overdue volatility this quarter. It was also an eventful quarter for the fund's portfolio, with updates on individual positions.
Negative contributions from a few positions are reviewed as temporary disagreement of Mr. Market, but there are lessons need to be learned on others.