{"id":6397,"date":"2025-03-28T06:08:57","date_gmt":"2025-03-28T06:08:57","guid":{"rendered":"https:\/\/galileeinvestment.com\/?page_id=6397"},"modified":"2025-04-03T03:16:15","modified_gmt":"2025-04-03T03:16:15","slug":"q2-2025-newsletter","status":"publish","type":"page","link":"https:\/\/galileeinvestment.com\/zh\/q2-2025-newsletter","title":{"rendered":"Q2 2025 Newsletter"},"content":{"rendered":"
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Q2 Investors' Newsletter
April 2025<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t
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Galilee Investment Management <\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Message from Chief Compliance Officer<\/span><\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\u00a0<\/strong><\/p>

Mr. Lawrence Lim,\u00a0<\/b><\/p>

CCO<\/b><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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Dear Investors,<\/b><\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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We are pleased to announce that Galilee continues to operate seamlessly, and our strategic initiatives have led to the development of a promising fund in the pipeline, which we anticipate will further enhance our portfolio.<\/p>\n

In our ongoing commitment to regulatory excellence, I have transitioned to the role of Chief Compliance Officer. In this capacity, I will dedicate my efforts to ensuring Galilee’s adherence to the stringent standards set forth by the Monetary Authority of Singapore and other relevant regulatory bodies.<\/p>\n

We are also delighted to inform you that Mr. Franklin Chua has been appointed as our new Chief Operating Officer. With his extensive industry expertise and strategic vision, we are confident that Franklin will drive Galilee to new heights of operational excellence.<\/p>\n

We deeply value your continued trust and support and look forward to achieving greater milestones together.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t

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That is all from me but do read on for fund specific updates. W<\/span><\/em>e would like to thank you for your patience and continued support. Please feel free to reach out to us if you have any feedback.<\/span><\/em><\/p>

Regards,<\/em><\/p>

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Investor Trips to Phnom Penh, Cambodia<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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In January 2025, Galilee hosted an investor trip into Phnom Penh, Cambodia. The trip typically involves visits to our investment sites and experiencing Cambodia’s local culture through their food and places of interest. Check out some of our photos from recent trips below!<\/p>

If you are interested to join us for our next investor trip to Cambodia, you can\u00a0sign up via our Google Form<\/a>\u00a0or contact enquiry@galileeinvestment.com if you have any questions. You can check out a sample trip itinerary\u00a0here<\/a>\u00a0from our previous trip.\u00a0<\/span><\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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fund Specific updates<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Galilee Investment Fund VCC - Sub-Fund 1
Galilee Fixed Income Fund<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Fund Description:<\/u>\u00a0The 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.<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Fund Updates<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Global Tech Exchange Status Updates<\/strong><\/span><\/p>

We are pleased to update on the significant progress made on the GTECH project following the team’s due diligence site visit conducted in January 2025. During the visit, we observed that construction activities had resumed according to plan.<\/p>

Since then, construction activities have continued to intensify. One of the key milestones achieved is the completion of a dedicated glass facade assembly facility. This facility will enable the efficient pre-assembly of facade components, ensuring quality control and smooth installation process of the glass facade for the remaining 2 towers. MEP works and installation of aluminium cladding for the both Tower 1 and Tower 2 also continue for all three towers.<\/p>

On the sales front, the team continues to engage with a strong pipeline of prospective tenants, buyers, and institutional investors. These ongoing discussions reflect renewed market confidence in the project and provide viable liquidity pathways for existing investors.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\u70b9\u51fb\u6b64\u5904\u00a0<\/a>or\u00a0<\/span>contact<\/span>\u00a0<\/span>investor_relations@galileeinvestment.com<\/a>\u00a0if you wish to find out more!<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Latest Economic Developments in Cambodia<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Check out the latest articles featuring Cambodia’s development and growth to understand why investing in Cambodia will continue to have a place in your investment portfolio.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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With Cambodia's Property Market Showing signs of growth in 2025 - What Property Types can you consider investing in<\/a><\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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There are indications from the Cambodian real estate sector that the market is showing signs of recovery in 2025, and reports from the National Bank of Cambodia (NBC) and government officials. Full article here (Khmer Times)<\/a>.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Real Estate Sector shows signs of recovery<\/a><\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Cambodia’s real estate sector is showing tentative signs of recovery, according to recent reports from the National Bank of Cambodia (NBC) and government officials. However, overall growth remains slow. Full article here (Khmer Times)<\/a>.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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7 Things to Know For Real Estate Investors in Cambodia<\/a><\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Realestate.com.kh has put together a very useful guide on the top 50 things to know when looking at investing in Cambodian property and real estate – here we take a look at just seven items on the comprehensive list. Full article here (Khmer Times)<\/a>.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Cambodia Property Taxes In 2025 - What You Need to Know When Buying<\/a><\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Cambodia’s real estate market continues to offer real potential and draws in investors from a broad range of countries and territories as homebuyers. Full article here (Khmer Times)<\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Compounder Fund<\/a><\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Fund Description:<\/u>\u00a0<\/strong>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 \u2013 public-listed companies that are able to grow their businesses at high-rates over the long run \u2013 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.<\/b><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Fund Updates<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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As of 27th February 2025, the fund’s earliest series for its Class A shares was up 0.4% year-to-date compared to the S&P 500 index which was down 0.1%. Since inception on 13 July 2020, the aforementioned series was up 11.5% compared to the S&P 500 index which was up by 96.2%.<\/span><\/p>

The year started strong with major stock indexes up in January. February and March have been more volatile, with global stock indexes falling sharply, erasing all of the January gains and more. Most markets have been affected by the global macro economic conditions, and due to uncertainty around the impact of Trump’s tariffs.<\/span><\/p>

From a portfolio perspective, Compounder Fund’s portfolio has seen similar volatility as February and March brought declines to the portfolio. But with stocks down, we believe valuations for Compounder Fund’s portfolio now look even better. Compounder Fund sold four positions and added to two existing positions during the quarter.<\/span><\/p>

Fundamentally, most of the stocks in Compounder Fund’s portfolio performed admirably in the fourth quarter of 2024. Notably, Meta, which is Compounder Fund’s largest position in the portfolio, reported revenue growth of 21%, income from operations growth of 43%,and 15% growth in free cash flow. Meta continues to benefit from the use of artificial intelligence which is helping improve its advertising business. For example, Meta introduced a machine learning system in the second half of 2024 named Andromeda, which has resulted in an 8% improvement in the quality of advertising that users see. In another instance, Advantage+, Meta’s automated advertising product, has exceeded a US$20 billion annual revenue run rate and grew 70% year-on-year in the fourth quarter of 2024.<\/span><\/p>

Overall, the results of Compounder Fund’s portfolio companies continue to be positive.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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If you wish to find out more, please contact jeremy.chia@galileeinvestment.com.<\/a><\/p>

Visit our website to get the latest updates on the Fund’s Performance and Investment Theses:\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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VC VISION CAPITAL VCC - Sub-Fund 1
Vision Capital Fund<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Fund<\/u><\/strong> Description:<\/b>\u00a0<\/span><\/span><\/u>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.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Fund Updates<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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As of Feb 28, 2025, Vision Capital Fund\u2019s Class A shares are up +1.7% YTD compared to the S&P 500’s +1.4%.<\/p>

Since its inception (Oct 1, 2024), Vision Capital Fund has continued its early outperformance, up +15.1% compared to the S&P 500’s +3.9%.<\/p>

Broad global stock markets and the US, in particular, saw a significant correction from mid-February onwards, which coincided with deteriorating US short-term sentiment regarding potential Trump trade tariffs on US goods imports from Canada, Mexico, and China. Conversely, Chinese stock markets rallied broadly, primarily driven by growing optimism relative to fundamentals.<\/p>

Direct impacts from US trade tariffs broadly remain limited to a few of our holdings that sell goods (e.g., Tesla, Lululemon, NVIDIA). The remaining which sell services remain largely less impacted, while the US e-commerce companies like Amazon could have more indirect impact especially from the Chinese third-party sellers.<\/p>

While Tesla assembles 100% of its cars domestically in the US, it does source ~20-25% of components\/parts from Mexico and Canada. Separately, while Lululemon is a Canadian company, only about ~28% of its fabrics are sourced from China, and it has much lower China manufacturing exposure.<\/p>

Despite the majority of the fund holding\u2019s business fundamentals remaining largely unchanged, Vision Capital Fund experienced its most significant peak drawdown -16.7% thus far (14 Feb-14 Mar 2025). We sent an ad hoc update to our investors on 11 Mar 2025, communicating the attractive opportunity for those who want to add to their existing investments. We will be expecting a larger-than-usual inflow for March 2025 from several new and existing investors, and we are excited to deploy the capital in a highly disciplined manner across numerous attractive opportunities should they continue to persist.<\/p>

One such opportunity was The Trade Desk. The company saw a considerable price drawdown of -61%, as it missed its 4Q24 guidance for the first time in 33 quarters due to a series of minor execution missteps. CEO Jeff Green owned up, leaned in, took responsibility, and listed a clear action plan to return it to more vigorous execution. In particular, there were some product-related adoption challenges. They laid out clear plans to incorporate more stakeholder feedback and agile product development to simplify and make their latest Kokai product offering more intuitive so users can migrate from the previous one, Solimar. We remain confident that Jeff and his team can overcome these near-term challenges and return the company to execution excellence. We took advantage of the attractive opportunity of the price decline to add to our position in mid-March.<\/p>

Overall, we continue to believe that most of the stocks in Vision Capital Fund remain reasonably priced, and we are optimistic about their strong long-term business prospects, as we continue to see numerous attractive long-term opportunities.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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If you wish to find out more about investing with Vision Capital Fund, don’t hesitate to get in touch with\u00a0eugene.ng@visioncapitalfund.co<\/a>.<\/p>

Similarly, you can visit our website to find out more:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Kindly email us at <\/span>investor_relations@galileeinvestment.com<\/a> 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.) <\/span>Kindly also inform us if you cease to be an Accredited Investor under the SFA at any time. <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tEmail us<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Disclaimer<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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This confidential Newsletter (\u201cNewsletter\u201d) has been prepared by Galilee Investment Management Pte Ltd (\u201cGalilee\u201d) 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.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"

Q2 Investors’ Newsletter April 2025 Galilee Investment Management Message from Chief Compliance Officer \u00a0 Mr. Lawrence Lim,\u00a0 CCO Dear Investors, We are pleased to announce that Galilee continues to operate seamlessly, and our strategic initiatives have led to the development of a promising fund in the pipeline, which we anticipate will further enhance our portfolio. […]<\/p>","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-site-content-layout":"full-width-container","site-content-style":"unboxed","site-sidebar-style":"unboxed","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"class_list":["post-6397","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/galileeinvestment.com\/zh\/wp-json\/wp\/v2\/pages\/6397","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/galileeinvestment.com\/zh\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/galileeinvestment.com\/zh\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/galileeinvestment.com\/zh\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/galileeinvestment.com\/zh\/wp-json\/wp\/v2\/comments?post=6397"}],"version-history":[{"count":67,"href":"https:\/\/galileeinvestment.com\/zh\/wp-json\/wp\/v2\/pages\/6397\/revisions"}],"predecessor-version":[{"id":6529,"href":"https:\/\/galileeinvestment.com\/zh\/wp-json\/wp\/v2\/pages\/6397\/revisions\/6529"}],"wp:attachment":[{"href":"https:\/\/galileeinvestment.com\/zh\/wp-json\/wp\/v2\/media?parent=6397"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}