Overview: The investment committee met in July 2022 and decided no changes were required to
your existing portfolio.

Financial markets continue to act irrationally given continued high inflation readings across most
developed markets leading to even higher and sharper interest rate increases. This has thus
heightened the level of uncertainty triggering an equities bear market. For actively managed
portfolios like the ones of SWU Online Invest, current market conditions have presented
opportunities to pick sectors which have corrected and once markets become rational again
have a higher probability of outperforming broader indices.

Bond markets have also suffered heavily for the first half of 2022 with almost all sectors falling
by around 10% due to rising interest rates. Through this period we have maintained a lower
strategic allocation to bonds which have seen the portfolios to perform relatively well. Given the
selloff in bonds, the investment committee is now actively considering a potentially higher
allocation as yields have risen and have become attractive for the first time in years.

Chinese equities on a relative basis are showing compelling valuations and over the first half of
this year was clearly a tale of 2 cities. It was the worst performing asset class globally for Q1 and
in Q2 was the best performing.

While volatility remains high, corrections in investment markets are part and parcel of long term
wealth generation and the investment committee reminds our investors, as long as your not a
forced seller (meaning you do not need your money today), then focus on your long term
investment goals.