Singapore Fund $8.19 – New York symbol SGF

SINGAPORE FUND $8.19 (New York symbol SGF; Shares outstanding: 9.4 million; Market cap: $76.7 million; CWA Rating: Aggressive) is fully invested in Singapore stocks. The manager is the Development Bank of Singapore. Singapore’s economy is dependent on exports to major markets such as the U.S., China and Japan. It should prosper anew when these market recover. The Singapore Fund’s top holdings are: United Overseas Bank, 11.8%; Overseas-Chinese Banking 9.6%; Singapore Telecom, 9.3%; Keppel Corp. (varied industries), 5.4%; Capitaland (property), 4.4%; Hongkong Land Holdings, 4.1%; SMRT Corp. (Singapore public transit), 3.8%; Sembcorp Marine (shipbuilding), 3.8%: Singapore Petroleum, 3.0%; and Ascendas REIT (commercial real estate), 3.0%. The industry exposure of the stocks in the fund is as follows: Banks, 22.5%; Shipyards, 11.0%; Property development, 10.0%; Telecommunications 9.5%; Transportation-Marine, 6.5%; Real estate investment trusts, 6.2%; Transportation-Land, 3.8%; Oil & gas extraction, 2.9%: Food, beverage & tobacco, 2.8%; and Electrical products & computers, 2.2%. The Singapore Fund sells for 3% less than the value of its assets. Buy.

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