The Select Countries model portfolio has recently been updated. Changes to the model include as follows:

Buy Cash

     10.0% Total Allocation 

Sell MSCI Singapore Index EWS

     Entire Position

The Singapore market had a huge move up - along with other Asian markets - and it seems prudent to raise some cash here. Frankly, any of the Asian market positions could have been reduced but Singapore’s rally seemed the least supported by fundamantals. I expect a stock market correction sometime soon; we’ve come much too far, much too fast for the underlying fundamentals. I still believe that Asia will recover first and best in this rebound, but nothing goes straight up.

For the complete list of holdings, or for the breakdown of the model portfolio’s asset allocation, as well as its track record, please refer to the Select Countries model page.