Most challenging period was Q2 last year when dollar depreciated significantly against Singapore dollar (reference currency). 50% of exposure is in SGD.

Dollar shows it's the currency that moves during times of risk.

Initially hedged significant portion of dollar-denominated portfolio at fair cost.

Current hedging costs don't make sense except for tactical short-term moves.

Recent events remind that US dollar remains global currency of choice and safe haven.

Believes they have good balance in their approach.

Treasury Department policy is strong dollar, which doesn't change their investment approach.