Q2 Investors' Newsletter
April 2026
Galilee Investment Management
Message from Chief Executive Officer
Mr. Joseph Ong,
CEO
Dear Investors,
As we pass the first quarter of the year, I would like to express my heartfelt appreciation for the continued support and partnership of all our stakeholders.
The start of 2026 has been shaped by a series of global developments across political, economic, and social landscapes. Ongoing geopolitical tensions, regional conflicts, and shifting policy directions in major economies have continued to influence sentiment and create uncertainty across global markets and industries. These developments have had broad ripple effects across trade, supply chains, energy dynamics, and business confidence worldwide.
While such external factors remain beyond our control, we remain focused on maintaining a disciplined and forward-looking approach. We continue to closely monitor the global environment and place strong emphasis on robust due diligence, both in managing our existing investments and in evaluating new opportunities.
Detailed performance insights will be shared by each team in their respective fund updates.
We are also pleased to share that our new VCC partnerships and sub-fund launches are progressing well, and we are on track for their anticipated launch in the second quarter of this year.
appointment of Ms. Tan E-Laine as Legal and Compliance Counsel
Ms Tan E-Laine
E-Laine brings with her over two decades of legal, regulatory, and compliance experience. She previously served at Singapore Post Limited for 16 years, where she built and led the Regulatory Affairs function, ultimately holding the position of Director/Vice President. In this capacity, she was a trusted advisor to senior leadership, overseeing complex legal and regulatory matters across competition law, corporate transactions, compliance frameworks, and government engagement.
Her background includes navigating high-stakes regulatory environments, managing legal and regulatory risks, and strengthening governance standards through various enterprise-wide initiatives. She has led enterprise-wide compliance initiatives, advised on data privacy and regulatory strategy, and played a key role in shaping regulatory frameworks while working closely with government and regulatory authorities.
Prior to her corporate career, E-Laine was in private legal practice, where she advised leading financial institutions and represented clients in both the State and High Courts of Singapore. She is admitted as an Advocate and Solicitor of the Supreme Court of Singapore, and Barrister-at-Law, England & Wales (Middle Temple).
At Galilee, E-Laine will oversee the firm’s legal, regulatory, and compliance functions. She looks forward to supporting the team in ensuring robust governance as the firm continues to grow. Her expertise, sound judgment, and strong ethical foundation will be instrumental as Galilee expands its business and strengthens its institutional capabilities.
Join us as we extend a warm welcome to Ms. Tan E-Laine as she joins the growing Galilee family!
That is all from me but do read on for fund specific updates by clicking on the button below. We would like to thank you for your patience and continued support. Please feel free to reach out to us if you have any feedback.
Regards,
Joseph Ong
Galilee Fixed Income Fund
Fund Description: The Fund adopts a diversified investment strategy focusing on sourcing and evaluating public and private fixed income products, specifically in areas of specialty financing, senior/subordinate real estate backed debt, factoring/trading financing, direct lending and corporate bonds, offered globally, to provide investors with a stable and consistent dividend yield through the market cycle.
Fund Updates
We are pleased to announce that since inception, the Galilee Fixed Income Fund has delivered a consistent annualized return of 9%, with quarterly dividend payouts and no defaults across 15 consecutive quarters, highlighting our commitment to capital preservation and steady income generation.
While there has have been no material changes in our investment portfolio over the past quarter, we remain measured in our approach to Cambodia-centric investments and are focused on maintaining disciplined capital deployment aligned with risk-adjusted return objectives.
The affordable housing initiative within the Manhattan Special Economic Zone (MSEZ) remains in the feasibility study stage. The team had successfully conducted a project kick-off meeting in February with the appointed architect where we outlined our vision and key development objectives of the project. This was followed by a few interim working session to refine preliminary massing options presented to ensure that the project is financially viable and appropriately structured before proceeding further. Discussion are currently still ongoing. We will provide further updates as we progress.
In parallel, we continue to actively assess investment opportunities in the region that demonstrate strong underlying fundamentals and are consistent with our return thresholds as part of our broader pipeline diversification strategy.
Click here or contact investor_relations@galileeinvestment.com if you wish to find out more!
Latest Economic Developments in Cambodia
The first quarter of 2026 is sending a strong signal: Cambodia’s condominium market is entering a new phase of confidence and maturity. Full article here (Khmer Times).
According to the latest data released by the Cambodian Valuers and Estate Agents Association (CVEA) report, Phnom Penh’s land market in the second half of 2025 showed signs of a healthy adjustment and the land price settled at $1,790 per square meter at the end of last year. Full article here (Khmer Times)
Cambodia’s real estate sector is projected to grow at a slower pace this year, but strong demand for residential properties, particularly affordable condominiums, continues to support the market, industry insiders say. Full article here (Khmer Times).
The Royal Government has decided to extend the exemption and preferential treatment of stamp duty on the transfer of ownership or the right to occupy real estate valued at less than, equal to, or exceeding USD 70,000 and USD210,000 until December 31, 2026. Full article here (Khmer Times).
Fund Description: Compounder Fund is an open-ended fund that focuses on long-term investing in public equities around the world. The investment strategy is to find Compounders – public-listed companies that are able to grow their businesses at high-rates over the long run – through holistic fundamental analysis and holding onto their shares for years. The Fund aims to generate a 12% annualised return, net of all fees, over the long-term.
Fund Updates
Compounder Fund’s latest 2026 first-quarter letter was published on 13 April 2026 and you can find it here.
If you wish to find out more, please contact jeremy.chia@galileeinvestment.com.
Visit our website to get the latest updates on the Fund’s Performance and Investment Theses:
Vision Capital Fund
Fund Description: Vision Capital Fund is an open-ended fund that focuses on long-only global equities. This fund aims to deliver superior, sustainable, compelling long-term (over five years and more) returns for investors by investing in the stock market, specifically in quality, durable, and innovative compounders, riding secular tailwinds that can grow profitably and durably well for a long time at high rates of returns.
Fund Updates
If you wish to find out more about investing with Vision Capital Fund, don’t hesitate to get in touch with eugene.ng@visioncapitalfund.co.
Similarly, you can visit our website to find out more.
Separately Managed Account (SMA)
Strategy Description: Frederick Tye is the Portfolio Manager for our Global SMA mandate, a concentrated, value-focused strategy. We employ a “barbell” approach, pairing high-quality franchises with opportunistic deep-value plays. We balance this with strategic exposure to short-term US Treasuries, preserving capital during expensive markets to deploy aggressively when attractive opportunities emerge.
Investment Updates
Reporting Frequency Update:
Going forward, the Portfolio Manager will provide updates on a semi-annual basis. The next portfolio update will be shared in July 2026.
If you wish to find out more, please contact fred@mscap.sg
Contact us
Kindly email us at investor_relations@galileeinvestment.com or contact your usual Galilee contact if you have any questions, feedback or changes to your personal details. (Bank account, handphone, email address, residential address etc.) Kindly also inform us if you cease to be an Accredited Investor under the SFA at any time.
Disclaimer
This confidential Newsletter (“Newsletter”) has been prepared by Galilee Investment Management Pte Ltd (“Galilee”) for distribution to selected recipients only. This Newsletter is for information purposes and shall not be construed as investment advice or for marketing purposes. While reasonable care has been taken to prepare this document, the information contained herein may not be relied upon for accuracy or completeness; and any opinion or estimate contained in this document is subject to change without notice. This Newsletter must not be published, circulated, reproduced or distributed, in whole or part, to any other person without the prior consent from Galilee. Galilee makes no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this newsletter (article), will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio given changing market conditions. Please consult a professional investment consultant prior to making any investment decision.
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