2025年10月12日 就在大家快要把【中美貿易戰】這個話題遺忘在腦後的時候，特朗普周五的幾篇推文，又把中美貿易爭端推上了風口浪尖，也讓市場找到了藉口回調。 本周收到了一份對沖基金月報，來自於我很欣賞敬重的 【風和亞洲基金】 。 月報中提到 - 「我們始終謹記，謙遜是自律的根基。市場永遠在考驗我們，而最大的風險，莫過於自滿 (We remain mindful that humility is the foundation of discipline. Markets will always test us, and the greatest risk is complacency.)」 早幾周我們就曾提醒，當市場上到處都是股神，每個人都可以不負責任地給出「明牌」股票建議的時候，還有誰記得【謙遜】和【自律】的重要呢? 除了中美的貿易爭端以外，下周還將迎來 美股的業績期 ，還有 十月底的聯儲局議息 。 除此之外也不能忘了 日本 。 保守派高市早苗 勝出成為日本最大黨【自民黨】的總裁，但是跛腳的自民黨，一直以來都要依靠 政治聯盟 來鞏固權力。本周稍早，因為對高市早苗處理 政治黑金 的態度不滿， 公明黨 已經宣布退出與 自民黨 長達26年的聯盟，使得自民黨不再擁有國會的穩定多數。 全球股市接下來的走勢，是會重演 去年八月「日圓套利拆倉潮」的全球震盪 ，還是像 今年四月特朗普「美國關稅解放日」 一樣，急速觸底反彈呢? 可惜的是，除非您是中美最高領導層肚子裡的蛔蟲，不然沒有人知道答案。 《孫子兵法·虛實篇》- 「水因地而制流，兵因敵而制勝。故兵無常勢，水無常形；能因敵變化而取勝者，謂之神」。  在這樣的市場情勢下，【謙遜】和【自律】仍舊是唯一的解答，保持投資組合的【彈性】與【應變能力】，仍舊是最好的對策 - 今天就與瑜新家族辦公室聊聊吧! 本周周報目錄 社群熱帖回顧 中秋節搞笑故事 AI奇俠傳 藉古鑑今 - 目前市場與1970年代初期的相似之處 家辦圈熱話 在【全球家辦論壇】聽見了家族的心聲 展望未來 未來一周值得留意的大事 社群熱帖回顧: 最有趣的投資話題一次打包! 🦸 中秋節搞笑故事 - AI奇俠傳 AI界近期風雲洶湧，群雄合縱連橫，打算逐鹿中原。如果用一個搞笑的故事背景來呈現，會是什麼呢? 👉 Facebook (Chinese)  / Instagram (English) 🪶 無可奈何花落去，似曾相識燕歸來 - 藉古鑑今 最近常常被客人問： 「下一步該怎麼操作？」 橋水基金的 Ray Dalio 給大家指了條明路，他說現在的市場，和【1970年代早期】簡直如出一轍! 為了防止像我一樣年紀輕輕的讀者，可能不知道1970年代發生了什麼事，本篇貼文借古鑑今，希望能帶來一些啟示 👉 Facebook (Chinese)  / Instagram (English) 在【全球家辦論壇 (World Family Office Forum)】 聽見了家族的心聲 本周我們參與了在香港舉辦的【World Family Office Forum】，與來自世界各地的家族辦公室及各類基金交流對話。 論壇中不乏精彩的投資策略與治理架構分享，但最觸動人心的，是那幾場關於「家族傳承」的深度對談。 👨‍👩‍👧‍👦 傳承，不只是資產的移轉，更是情感的延續 其中一位來自東南亞的家族，由父親帶著兩位成年子女出席。 他在台上語氣輕鬆，卻字字珠璣。他說， 自己從不「考驗」孩子，因為「如果他們失敗了，我也不知道該怎麼辦。」 這句話的 真誠 擊中了我。 不是什麼 虎爸虎媽形式的磨練 ，這位父親選擇用陪伴與信任，讓孩子自然地與家族文化產生共鳴。於是，孩子們在外有了經驗後，願意 自發地 回家接棒。 這讓我想起王菲的一句歌詞： 「沒想到答案，就不要尋找題目。」 或許，上一代的共情與理解，才是下一代願意回家的真正理由。 🧭 自由，不是爭取來的，而是證明出來的 另一位來自新加坡的二代，則講得更直接。 他說他們家有幾個男丁，所以他的父親早早就決定了繼承「家業」的繼承人，其他兄弟就是給了一筆啟動資金以後，就得「自己出去闖」。 他是屬於 自己出去闖 的其中一個，好險闖得還算不錯。 他直白地建議聽眾，「各位亞洲的年輕二代， 不要妄想說服你爸媽啦 ，那是不可能的事。」 但他接下來的那句才是重點： 「在你脖子上的牽繩永遠不會消失，但你可以試著讓它變得更長一點 (The leash will never disappear, but it can get longer.)」 在家族的內部， 自由 和 尊重 從來都而是用實打實的結果換來的。 📈 上市，是家族治理的試金石 多位講者也提到，若想提升家族治理的效率， 「讓家族企業上市」 是一個極具挑戰但意義深遠的選擇。 在籌備上市的過程中，來自銀行、交易所、投資人的 靈魂拷問 ，會迫使家族重新審視文化、制度與決策邏輯。這不只是一次財務操作，更是一場 家族共識的淬鍊與傳承 。 而 維持上市地位 所要做出的披露，也是對家族治理的長期監督。 💬 您的家族，也正在思考傳承與治理嗎？ 這些故事是否也讓您有所共鳴？或許，您的家族也正站在類似的十字路口？ 歡迎與瑜新家族辦公室聊聊，讓我們一起探索下一步。 未來一周值得留意的大事有: 美國 - 業績期開跑 10月14日(周二) - JPM, JNJ, WFC, GS, C 10月15日(周三) - BAC, MS, ASML 10月16日(周四) - TSM 美國 - 其他大事 10月13-16日 - 甲骨文AI大會 美國 - 經濟數據(不一定能公布) 😅 10月16日(周四)  - 零售銷售數據 瑜新家族辦公室 家族辦公室一般可分為兩種，「單一家族辦公室」是由單一家族直接設立，為該家族提供全面的財富管理服務。而「聯合家族辦公室」則同時為多個家族服務，提供較為標準化的產品，與私人銀行相似。 瑜新結合兩者的優勢，在服務層面上，根據每位客人的不同需求，提供量身打造的財富管理顧問服務；在執行層面上，為您省卻了設立單一家族辦公室所需的繁瑣行政程序，利用瑜新的聯合家族辦公室平台，可以更有效率地達成您的目標。 Ann Yu Co-Founder and CEO Jadewell Family Office FOR INSTITUTIONAL & PROFESSIONAL CLIENTS ONLY – NOT INTENDED FOR RETAIL CUSTOMER USETHESE ARE NOT STOCK OR PRODUCT RECOMMENDATIONS This document is intended for informational purposes only. It should not be considered as advice or a recommendation for any specific investment product, strategy, plan feature, or any other purpose in any jurisdiction. It is educational and does not represent a commitment from Jadewell Family Office to participate in any mentioned transactions. Any examples used are generic, hypothetical, and for illustration purposes only. This material is insufficient to support an investment decision and should not be relied upon to evaluate the merits of investing in securities or products. Users should independently assess the legal, regulatory, tax, credit, and accounting implications, and work with their own financial professional to determine if any mentioned investment is appropriate for their personal goals. Investors should ensure they have all relevant information before making any decisions. Any forecasts, figures, opinions, or investment techniques and strategies provided are for informational purposes only. They are based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.

October 12, 2025 Just when everyone was starting to forget about the U.S.–China trade war , a flurry of tweets from President Trump  on Friday reignited tensions — and gave the markets a fresh excuse to pull back. This week, we received the monthly report from a hedge fund I deeply admire: Fenghe Asia . In the report, they wrote: “We remain mindful that humility is the foundation of discipline. Markets will always test us, and the greatest risk is complacency.” A few weeks ago, we issued a similar reminder: When the market is flooded with self-proclaimed "stock gods", and anyone can toss out “sure-win” stock tips without accountability — do we still remember the importance of humility  and discipline ? Beyond the trade tensions, U.S. earnings season  starts next week, and there's the Federal Reserve’s rate decision  at the end of October. And don’t forget Japan. Conservative hardliner Sanae Takaichi  has won the presidency of Japan’s largest party, the Liberal Democratic Party (LDP) . But LDP has long relied on political alliances to maintain power. Earlier this week, the Komeito Party  announced its withdrawal from a 26-year coalition with the LDP, citing dissatisfaction with Takaichi’s handling of political corruption — leaving the LDP without a stable majority in parliament. So what’s next for global markets? Will we see a repeat of last August’s yen carry trade unwind , triggering global tremors? Or will it echo April’s “Tariff Liberation Day,” when markets snapped back in a blink? Unfortunately, unless you’re a tapeworm inside the minds of top U.S.–China leadership, no one knows the answer. As Sun Tzu wrote in The Art of War : “Water shapes its flow by the terrain; armies shape their victory by the enemy. Thus, there is no fixed posture in warfare, just as water has no constant form. The one who triumphs by adapting to change — that is true mastery.” 《孫子兵法·虛實篇》- 「水因地而制流，兵因敵而制勝。故兵無常勢，水無常形；能因敵變化而取勝者，謂之神」。 We continue to believe that humility and discipline are the cornerstones of long-term success, and that a flexible, adaptive portfolio remains the most effective strategy in uncertain markets. Talk to Jadewell Family Office today and see how we can help with that! Contents of This Week's Newsletter Social Media An Untrue (But Funny) Story - The Legend of the AI Knights Trading in the Shadow of the '70s Family Office Buzz Heard at the World Family Office Forum - Voices of Legacy Next Week Key Events to Watch Next Week Topics from Jadewell's Social Media 🦸 An Untrue (But Funny) Story for Mid-Autumn Break - The Legend of the AI Knights The AI world has been in turmoil lately — rival powers are forming alliances and plotting to seize the central battleground. If this were told through a funny, fictional story with certain Chinese elements, what would the backdrop look like 👉 Facebook (Chinese)  / Instagram (English) 🪶 Trading in the Shadow of the '70s - Same as It Ever Was Lately, clients keep asking me: “What’s the next move?” Ray Dalio of Bridgewater has offered a direction — he believes today’s market is strikingly similar to the early 1970s . And since some of the readers might not be familiar with what happened back then, this post looks to the past for insight 👉 Facebook (Chinese)  / Instagram (English) Heard at the "World Family Office Forum" - Voices of Legacy This week, we joined the World Family Office Forum  held in Hong Kong, engaging in thoughtful exchanges with family offices and funds from around the world. While the forum featured impressive discussions on investment strategies and governance structures, the most moving moments came from the deep conversations on family legacy and succession . 👨‍👩‍👧‍👦 Legacy isn't just about passing down wealth - it's about carrying forward love. One Southeast Asian family attended the forum with the father accompanied by his two adult children. He spoke on stage with a relaxed tone, but every word carried weight. “I never ‘test’ my children,” he said. “Because if they fail… I wouldn’t know what to do.” That honesty struck a chord. Rather than adopting a tiger-parent approach, this father chose companionship and trust — allowing his children to naturally resonate with the family’s values. It reminded me of a lyric from Faye Wong: “If you haven’t found the answer, don’t go looking for the question (沒想到答案，就不要尋找題目).” Perhaps it’s empathy and understanding that truly draw the next generation back home. 🧭 Freedom isn't demanded - it's earned. Another speaker, a second-generation member from Singapore, was more direct. He shared that his family had several sons, and his father had long ago chosen one to inherit the family business. The others were given seed capital — and told to make their own way. He was one of those who ventured out. Thankfully, he did well. His advice to the audience was blunt: “Young Asians — stop trying to convince your parents. It’s impossible.” But what he said next was the real gem: “The leash will never disappear — but you can try to make it longer.” In family enterprises, freedom and respect are always earned through real results. 📈 Going public: the ultimate stress test for family governance. Several speakers noted that "listing" a part of family business is one of the most challenging — yet transformative — decisions a family can make. The process of preparing for an IPO forces families to confront tough questions from banks, exchanges, and investors — prompting a deep reevaluation of culture, systems, and decision-making logic. It’s not just a financial maneuver — it’s a crucible for building consensus and passing down values. And the ongoing disclosures and compliance required to stay listed? They become a long-term accountability mechanism for governance itself. 💬 Is your family also thinking about legacy and governance? Did these stories resonate with you? Perhaps your family is standing at a similar crossroads? Talk to Jadewell Family Office today and explore what’s next together. Key Events to Watch in the Week Ahead: US - Kicking Start the Earnings Season Oct 14 (Tue) - JPM, JNJ, WFC, GS, C Oct 15 (Wed) - BAC, MS, ASML Oct 16 (Thu) - TSM Other Key Events Oct 13-16 - Oracle AI World US - Eco Data (Pending due to Govt Shutdown) 😅 Oct 16 (Thu) - Retail Sales About Jadewell Family Office Jadewell is committed to offering proactive, customized services akin to a “single-family office,” yet within the ease of a “multi-family office” environment. - Tailor-Made Investment Advisory Services - Portfolio Consolidation Across Banks - Zero Commission Model - Decades of Experience Across Leading Global Private Banks Ann Yu Co-Founder and CEO Jadewell Family Office FOR INSTITUTIONAL & PROFESSIONAL CLIENTS ONLY – NOT INTENDED FOR RETAIL CUSTOMER USETHESE ARE NOT STOCK OR PRODUCT RECOMMENDATIONS This document is intended for informational purposes only. It should not be considered as advice or a recommendation for any specific investment product, strategy, plan feature, or any other purpose in any jurisdiction. It is educational and does not represent a commitment from Jadewell Family Office to participate in any mentioned transactions. Any examples used are generic, hypothetical, and for illustration purposes only. This material is insufficient to support an investment decision and should not be relied upon to evaluate the merits of investing in securities or products. Users should independently assess the legal, regulatory, tax, credit, and accounting implications, and work with their own financial professional to determine if any mentioned investment is appropriate for their personal goals. Investors should ensure they have all relevant information before making any decisions. Any forecasts, figures, opinions, or investment techniques and strategies provided are for informational purposes only. They are based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.

2025年10月5日 美國政府本周終於在兩黨政爭下關門了，但是股市似乎並沒有太過擔心，據彭博社統計，有超過一半的受訪者認為，這次政府得關門超過「一個月」，對股市才會造成負面的影響。 說是這麼說，但是政府關門最大的受惠者 -【黃金】，早就不停創下歷史新高了。 顯然投資者在不願放棄【美股上漲潛力】的同時，也知道要做好【資產分散】的兩手準備。 本周周報目錄 社群熱帖回顧 美國政府又關門了 特朗普大藥房，TrumpRx 震撼登場! 家辦圈熱話 條條大路通AI的【私募借貸基金 Private Credit Funds】 展望未來 未來一周值得留意的大事 社群熱帖回顧: 最有趣的投資話題一次打包! 😞 美國政府又關門了 自1981年以來，美國已經「關門」14次，最長一次是2018年底至2019年初，整整35天。 從上周三(10月1日)開始，美國政府時隔七年又關門啦! 為什麼會陷入這種境地? 關門又會造成什麼影響呢? 👉 Facebook (Chinese)  / Instagram (English) 💊 特朗普大藥房? TrumpRx 震撼登場! 這幾天美股最近在「政府關門」的陰霾下，有一個板塊正悄悄地醞釀著一場革命，那就是醫療股? 因為 - 特朗普開藥房啦！ 特朗普宣布推出由政府主導的藥品直銷平台 TrumpRx ，預計 2026 年上線。這個平台代表什麼意義，對全球製藥業又會帶來什麼深遠的影響呢? 👉 Facebook (Chinese)  / Instagram (English) 條條大路通AI的【私募借貸基金 (Private Credit Funds)】 熟悉我們的讀者應該不陌生，我們過去已多次探討過【私募借貸基金 Private Credit Funds】這個話題，從 逐漸下滑的回報率 ，到 把「低流動性」的底層資產，打包進「高流動性」的ETF裡 來交易的「神操作」，我們都發表過看法。 但有趣的是，這類基金在市面上 依然熱銷 ！銷售人員常說它是「完美投資」： ✔️ 年回報率高達 10–12% ✔️ 與股市、債市關聯度低，能有效分散風險 ✔️ 聽起來簡直是「穩賺不賠」 但真的是這樣嗎？上周彭博社的一篇 文章 引起了我們的注意，也讓我們重新思考這個問題。 🏦 私募借貸基金的原始使命 這類基金最初的興起，其實是因為 傳統銀行 在放貸時條件越來越嚴格，許多 中小企業 無法取得資金，只好轉向私募基金尋求借貸。 私募基金則會精挑細選 基本面穩健 的企業，降低 信貸風險 ，同時為投資人創造高回報。 但隨著銀行放貸標準逐漸放寬，中小企業又開始回流銀行端。另一方面，私募基金這幾年籌集了大量資金，卻面臨「僧多粥少」的困境， 難以找到足夠優質的借款對象，導致回報率下滑。 🤖 新出路：資助AI數據中心建設 好消息是，私募借貸基金最近似乎找到了新的投資方向 - AI數據中心！ 根據摩根士丹利統計，未來三年內，大型科技公司預計將投入 2.9 萬億美元  建設數據中心。但他們自己的現金流只夠支付一半，那剩下的資金從哪來？答案就是： 私募借貸基金！ 更聰明的是，這些科技公司並非單純借錢，而是採取 「合資模式」 與私募借貸基金合作，這樣就不必在財報上列為 負債 了! 🏗️ 為何數據中心成為新寵？ 金額夠大 ：能快速消耗大量資金，對基金規模管理有利 租金穩定 ：建成後可出租給需要算力的企業，創造穩定現金流 ⚠️ 但會不會蓋太多了？ 但摩根士丹利也提醒：未來三年， 【生成式AI】 的預估收入約為 1 萬億美元 ，遠低於 2.9萬億美元 的數據中心建設成本。這樣的「入不敷出」，會持續多久？市場對AI的樂觀預期，是否需要修正？ 此外，AI技術日新月異，數據中心的 設備更新頻率 也越來越高。這些未來的高支出，是否會侵蝕私募借貸基金的回報？ 🤔 投資人該留意什麼？ 原本被視為「低波動、穩健回報」的私募借貸基金， 如今也與AI熱潮深度綁定! 對投資人而言，這不是避風港，而是另一場科技賽局的延伸。 條條大路通AI，連私募借貸基金也不例外。下一步，您準備好了嗎？今天就與【瑜新家族辦公室】聊聊吧! 未來一周值得留意的大事有: 美國 - 經濟數據 10月9日(周四) - 美國聯儲局議息紀錄、主席鮑威爾發言 瑜新家族辦公室 家族辦公室一般可分為兩種，「單一家族辦公室」是由單一家族直接設立，為該家族提供全面的財富管理服務。而「聯合家族辦公室」則同時為多個家族服務，提供較為標準化的產品，與私人銀行相似。 瑜新結合兩者的優勢，在服務層面上，根據每位客人的不同需求，提供量身打造的財富管理顧問服務；在執行層面上，為您省卻了設立單一家族辦公室所需的繁瑣行政程序，利用瑜新的聯合家族辦公室平台，可以更有效率地達成您的目標。 Ann Yu Co-Founder and CEO Jadewell Family Office FOR INSTITUTIONAL & PROFESSIONAL CLIENTS ONLY – NOT INTENDED FOR RETAIL CUSTOMER USETHESE ARE NOT STOCK OR PRODUCT RECOMMENDATIONS This document is intended for informational purposes only. It should not be considered as advice or a recommendation for any specific investment product, strategy, plan feature, or any other purpose in any jurisdiction. It is educational and does not represent a commitment from Jadewell Family Office to participate in any mentioned transactions. Any examples used are generic, hypothetical, and for illustration purposes only. This material is insufficient to support an investment decision and should not be relied upon to evaluate the merits of investing in securities or products. Users should independently assess the legal, regulatory, tax, credit, and accounting implications, and work with their own financial professional to determine if any mentioned investment is appropriate for their personal goals. Investors should ensure they have all relevant information before making any decisions. Any forecasts, figures, opinions, or investment techniques and strategies provided are for informational purposes only. They are based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.

October 5, 2025 美國政府本周終於在兩黨政爭下關門了，但是股市似乎並沒有太過擔心，據彭博社統計，有超過一半的受訪者認為，這次政府得關門超過「一個月」，對股市才會造成負面的影響。 說是這麼說，但是政府關門最大的受惠者 -【黃金】，早就不停創下歷史新高了。 顯然投資者在不願放棄【美股上漲潛力】的同時，也知道要做好【資產分散】的兩手準備。 Contents of This Week's Newsletter Social Media Yes the US Government is Shutting Down Again TrumpRx is here - Trump's pharmacy goes live! Family Office Buzz Private Credit Funds: All Roads Lead to AI Next Week Key Events to Watch Next Week Topics from Jadewell's Social Media 😞 Yes the US Government is Shutting Down Again Since 1981, the U.S. has shut down 14 times. The longest? 35 days from late 2018 to early 2019 - sparked by Trump’s demand for border wall funding. Starting last Wednesday (October 1) , the U.S. government has shut down again for the first time in seven years! How did it come to this? And what kind of impact could the shutdown have? 👉 Facebook (Chinese)  / Instagram (English) 💊 TrumpRx is here - Trump's pharmacy goes live?! While Wall Street’s been sweating over gov shutdown, one sector is quietly staging a comeback: Healthcare stocks! 🩺📈 Donald Trump has announced the launch of a government-led direct-to-consumer pharmaceutical platform called TrumpRx , expected to go live in 2026. What does this platform represent - and what far-reaching impact could it have on the global pharmaceutical industry? 👉 Facebook (Chinese)  / Instagram (English) Private Credit Funds: All Roads Lead to AI If you’ve been following us for a while, you’ll know we’ve covered Private Credit Funds  extensively—from their declining returns to the “magic trick” of bundling illiquid assets into highly liquid ETFs for trading. Yet despite these concerns, private credit funds remain hot sellers in the market. Sales reps often pitch them as the “perfect investment”: ✔️ Annual returns of 10–12% ✔️ Low correlation with traditional equities and bonds ✔️ Sounds almost too good to fail But is it really that simple? A Bloomberg article last week caught our attention—and prompted us to take a fresh look. 🏦 The Original Mission of Private Credit Private credit funds first gained traction when traditional banks tightened their lending standards. Many small and mid-sized businesses (SMEs), unable to secure loans, turned to private lenders. These funds would then carefully select companies with strong fundamentals, reducing credit risk while delivering attractive returns to investors. However, as banks have gradually loosened their lending criteria, SMEs are returning to traditional financing. Meanwhile, private credit funds - flush with capital - are facing a shortage of high-quality borrowers. This supply-demand imbalance is one of the key reasons behind falling returns. 🤖 A New Frontier: Financing AI Data Centers The good news? Private credit funds may have found a new destination for their money - AI Data Centers . According to Morgan Stanley, tech giants are expected to spend $2.9 trillion  over the next three years building data centers. But their internal cash flow may only cover half of that. So where will the rest come from? You guessed it - private credit funds. Even smarter, these tech companies aren’t just borrowing - they’re entering joint ventures  with private credit funds. This way, the additional capital doesn’t show up as debt on their balance sheets. 🏗️ Why Data Centers Are the New Darling? Large capital requirements : Ideal for deploying massive amounts of capital efficiently Stable rental income : Once built, data centers can be leased to compute-hungry tech firms, generating predictable cash flow ⚠️ But Are We Overbuilding? Morgan Stanley also warns: the projected revenue from generative AI  over the next three years is around $1 trillion - far below the $2.9 trillion in infrastructure spending. How long can this mismatch last before market expectations need a reset? Plus, with AI evolving rapidly, data center operators must frequently upgrade hardware to stay competitive. These ongoing costs could eat into the returns that private credit funds promise. 🤔 What Should Investors Watch For? Private credit funds, once seen as low-correlation and stable-return vehicles , are now d eeply intertwined with the AI boom. For investors, this means that private credit funds may not be another "safe haven" to hide - it’s actually another chapter in the tech race. All roads lead to AI - even for private credit. Are you ready for what’s next? Let’s talk to Jadewell Family Office  today. Key Events to Watch in the Week Ahead US - Eco Data Oct 9 (Thu) - FOMC Meeting Minutes, Powell Speech About Jadewell Family Office Jadewell is committed to offering proactive, customized services akin to a “single-family office,” yet within the ease of a “multi-family office” environment. Ann Yu Co-Founder and CEO Jadewell Family Office FOR INSTITUTIONAL & PROFESSIONAL CLIENTS ONLY – NOT INTENDED FOR RETAIL CUSTOMER USETHESE ARE NOT STOCK OR PRODUCT RECOMMENDATIONS This document is intended for informational purposes only. It should not be considered as advice or a recommendation for any specific investment product, strategy, plan feature, or any other purpose in any jurisdiction. It is educational and does not represent a commitment from Jadewell Family Office to participate in any mentioned transactions. Any examples used are generic, hypothetical, and for illustration purposes only. This material is insufficient to support an investment decision and should not be relied upon to evaluate the merits of investing in securities or products. Users should independently assess the legal, regulatory, tax, credit, and accounting implications, and work with their own financial professional to determine if any mentioned investment is appropriate for their personal goals. Investors should ensure they have all relevant information before making any decisions. Any forecasts, figures, opinions, or investment techniques and strategies provided are for informational purposes only. They are based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.

September 28, 2025 The stormy week has finally passed, and we hope all our readers are safe and well 🌧️☀️. But the financial markets are still riding the waves, so we encourage everyone to stay cautious with their investment portfolios 📉📈. This week, we heard your feedback loud and clear - our social media posts can’t be in Chinese only! To be truly international , we’ll continue posting in Chinese on Facebook , but all our Instagram content will now be in English. Hopefully, this helps us reach readers from all around the world (if any 🤣 ) ! Contents of This Week's Newsletter Social Media The Sweet Spot on the U.S. Yield Curve One Year Since the 924 Shockwave HSBC's Quantum Moment Family Office Buzz HKUST x CFA Society Hong Kong - My Family Office Presentation Experience Next Week Key Events to Watch Next Week Topics from Jadewell's Social Media 🍬 The Sweet Spot on the U.S. Yield Curve After last week’s post about TSMC buying U.S. corporate bonds, I got several questions: 👉 Why is TSMC only buying bonds maturing within 5 years? 👉 If I want to buy bonds myself, which tenor should I choose? While the answer varies for different people, one thing’s clear: many bond funds are clustering around the 5-year mark - widely seen as the “sweet spot” on the yield curve. Why is that? 👉 Facebook (Chinese)  / Instagram (English) ⚡ One Year Since the 924 Shockwave Remember last year’s 924? Confidence in China and HK stocks was rock bottom - then boom! PBOC, CSRC, and others unleashed a wave of stimulus to lift A-shares. 📈 One year on, markets have surged. But beneath the surface… what major shifts have reshaped A-share market cap? 👉 Facebook (Chinese)  / Instagram (English) 🚀 HSBC's Quantum Moment! Remember a few months ago when even Jensen Huang from NVIDIA said quantum computing was still a far-off technology? (Though he later changed his tune.) Well, guess who was the first to actually apply quantum computing in real-world finance? HSBC! 😮 What exactly did HSBC do to take the lead? And how are the unique features of quantum computing being used in financial market trading ? 👉 Facebook (Chinese)  / Instagram (English) HKUST x CFA Society Hong Kong - My Family Office Presentation Experience 🎤 This Week’s Recap｜Family Office Panel Highlights We had the honor of speaking at the Family Office seminar co-hosted by HKUST and the Hong Kong CFA Society 🙌. As one of the roundtable speakers, we shared our journey - from leaving private banking to building a multi-family office from scratch 🏛️. 👩‍🎓👨‍🎓 Fun fact: nearly half the audience were HKUST students ! After the talk, many came up to ask: “How can I get into this secretively private industry?” 🔍 Is the Family Office World Really That Secretively Private? Honestly… yes. Due to its boutique nature , hiring rarely goes public - it’s mostly whispered referrals within trusted circles 🤫. Even though “family office” is a buzzword in the news, for most people (especially students), it’s still a foggy concept 🌫️. We hope to keep sharing our startup journey online , so more curious minds can get a clearer view 💡. 🍸 Off the Record｜What Do Family Office Pros "Fear" The Most? At a private gathering this week, a few family office veterans shared their biggest fear: When the boss says, “I’m going to a cocktail party!” 😱 Why? Because every time they come back, they bring a stack of “ideas” from their “friends” …And say to his/her family office staffs, “This sounds promising - can you look into it?” 🧠💼 The "look into" isn’t the hard part. The real challenge? If the idea’s terrible, how do you say so without  bruising the friend’s ego? 🤐 🤔 So Who’s Trickier - Boss’s Friends or Private Bankers? I had to ask: “Which is harder to deal with - boss’s ‘friends’ or pushy private bankers?” One senior replied instantly: “Definitely the ‘friends’! If a banker pitches nonsense, I shut it down. No mercy.” Another sighed: “ You guys are lucky. My boss’s ‘friends’ are the bankers. I’m stuck in the middle 😩.” 💬 Final Thought｜EQ > IQ In this line of work, emotional intelligence often matters more than raw intellect. Just like any service industry - reading the room, knowing when to speak, and how to say it - is everything 🎯. Key Events to Watch in the Week Ahead China/HK - Eco Data Sep 30 (Tue) - Manufacturing PMI US - Eco Data Oct 3 (Fri) - Nonfarm Payroll, Unemployment Rate Others Sep 30 (Tue) - Reserve Bank of Australia Rates Decision About Jadewell Family Office Jadewell is committed to offering proactive, customized services akin to a “single-family office,” yet within the ease of a “multi-family office” environment. Ann Yu Co-Founder and CEO Jadewell Family Office FOR INSTITUTIONAL & PROFESSIONAL CLIENTS ONLY – NOT INTENDED FOR RETAIL CUSTOMER USETHESE ARE NOT STOCK OR PRODUCT RECOMMENDATIONS This document is intended for informational purposes only. It should not be considered as advice or a recommendation for any specific investment product, strategy, plan feature, or any other purpose in any jurisdiction. It is educational and does not represent a commitment from Jadewell Family Office to participate in any mentioned transactions. Any examples used are generic, hypothetical, and for illustration purposes only. This material is insufficient to support an investment decision and should not be relied upon to evaluate the merits of investing in securities or products. Users should independently assess the legal, regulatory, tax, credit, and accounting implications, and work with their own financial professional to determine if any mentioned investment is appropriate for their personal goals. Investors should ensure they have all relevant information before making any decisions. Any forecasts, figures, opinions, or investment techniques and strategies provided are for informational purposes only. They are based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.

2025年9月28日 風雨飄搖的一周終於過去了，希望各位讀者都一切平安。 但金融市場的風雨似乎還未塵埃落定 ，希望大家繼續謹慎操盤。 本周聽取讀者意見，社群文章內容不能只有中文呀! 要有英文版才夠 International。 所以我們保留Facebook上的中文， 但把Instagram上的帖子都改成英文啦 ，希望以後可以服務全世界(?)的讀者。 本周周報目錄 社群熱帖回顧 美債收益率曲線上的甜蜜點 平地一聲雷! 924行情一周年回顧 匯豐的量子時刻! 家辦圈熱話 香港科技大學x香港CFA協會 - 家辦活動演講心得 展望未來 未來一周值得留意的大事 社群熱帖回顧: 最有趣的投資話題一次打包! 🍬 美債收益率曲線上的甜蜜點 上週分享了台積電買美債的消息後，竟然收到許多(？？)讀者詢問: 👉 為什麼台積電只買5年內到期的債券？ 👉 如果自己也想買債券，要挑哪個年期比較好？ 這個問題的答案因人而異，不過目前市場對於投資債券年期的看法，倒是滿有共識的。許多債券基金，都形容「5年」這個期限，為美債收益率曲線上的 甜蜜點 (Sweet Spot) ，您知道為什麼嗎？ 👉 Facebook (Chinese)  / Instagram (English) ⚡ 平地一聲雷! 924行情一周年回顧 今年的924風雨飄搖，但您還記得去年的924嗎？ 當時是 中港股市信心差不多低迷到極點的時候 ，結果平地一聲雷，中國人民銀行、金融監管總局及證監會聯手祭出 一籃子「組合拳 🥊 」 措施來支持A股，一瞬間鐵樹都開花了 🌸 ，迷途的羔羊都回家了 🐑 。 回顧過去一年，在股市水漲船高的背後， A股的市值版塊 ，又出現了什麼值得深思的 結構性變動 呢 ？ 👉 Facebook (Chinese)  / Instagram (English) 🚀 匯豐的量子時刻! 還記得幾個月前，連輝達的黃爸爸都說量子運算還是「遠在天邊的科技」嗎？（雖然後來他改口了），結果第一個把量子運算真的用在金融實戰的，竟然是... 匯豐！ 😮 到底匯豐做了什麼才能拔得頭籌呢 ？量子運算的特性，又是如何被他們運用在 金融市場交易 上的？ 👉 Facebook (Chinese)  / Instagram (English) 香港科技大學x香港CFA協會 - 家辦活動演講心得 🎤 本週活動回顧｜家族辦公室講座分享 本週我們榮幸參與了，由 香港科技大學 與 香港CFA協會 合辦的【家族辦公室】講座，並擔任圓桌對談環節的講者之一 🙌。 我們分享了 從私人銀行離開、創立聯合家辦的心路歷程 ，也向現場聽眾解釋了「聯合家辦」到底是什麼 🏛️。 👩‍🎓👨‍🎓 有趣的是，現場將近一半的聽眾都是科大的學生！講座結束後，陸續有學生來找我聊天，想了解這個 神秘（？）的行業 到底怎麼入行。 🔍 家辦真的很神秘嗎？ 的確，由於 規模精簡 ，家辦的招聘消息通常不會公開發佈，都是靠 圈內人互相推薦、口耳相傳 🤫。 雖然新聞天天在講「家族辦公室」，但對一般人（尤其是學生）來說，仍然像一團迷霧 🌫️。 我們希望未來能有更多機會， 把創業家辦的經驗分享出來 ，讓有興趣的人能更了解這個行業 💡。 🍸 題外話｜家辦從業者最害怕的事？ 在本週某場私人聚會中，幾位家辦從業者聊起 「最害怕的事」 。有位前輩說，最怕聽到老闆說要去參加雞尾酒會！😱 為什麼？因為每次酒會回來，老闆都會帶著一堆 「朋友」（加重語氣） 分享的投資點子，然後丟給家辦：「這好像不錯，你們研究一下」🧠💼 研究不難，難的是 - 如果點子真的很爛 ，要怎麼在不傷害「朋友」面子的前提下，委婉地說出真心話 🤐。 🤔 那誰比較難搞？「朋友」還是私銀？ 我忍不住問：「請問各位前輩，您們覺得是 老闆的『朋友』 比較難搞，還是那些亂推銷產品的 私人銀行 難搞呢？」 前輩秒答：「當然是『朋友』啊！私銀客戶經理要是亂推銷，我才不給面子，直接鏟上天 🚀」 另一位前輩 苦笑：「唉，你們身在福中不知福， 我老闆的『朋友』就是私銀客戶經理 ，我根本裡外不是人 😩」 💬 結語｜情商 > 智商 所以說，做家辦這行，大部分時候， 情商 的要求遠高於 智商 。就像所有【服務業】一樣，懂人性、懂分寸，才是關鍵 🎯。 未來一周值得留意的大事有: 中國/香港 - 經濟數據 9月30日(周二) - 製造業PMI 美國 - 經濟數據 10月3日(周五) - 美國非農就業數據、失業率 其他大事 9月30日(周二) - 澳洲央行利率決議 瑜新家族辦公室 家族辦公室一般可分為兩種，「單一家族辦公室」是由單一家族直接設立，為該家族提供全面的財富管理服務。而「聯合家族辦公室」則同時為多個家族服務，提供較為標準化的產品，與私人銀行相似。 瑜新結合兩者的優勢，在服務層面上，根據每位客人的不同需求，提供量身打造的財富管理顧問服務；在執行層面上，為您省卻了設立單一家族辦公室所需的繁瑣行政程序，利用瑜新的聯合家族辦公室平台，可以更有效率地達成您的目標。 Ann Yu Co-Founder and CEO Jadewell Family Office FOR INSTITUTIONAL & PROFESSIONAL CLIENTS ONLY – NOT INTENDED FOR RETAIL CUSTOMER USETHESE ARE NOT STOCK OR PRODUCT RECOMMENDATIONS This document is intended for informational purposes only. It should not be considered as advice or a recommendation for any specific investment product, strategy, plan feature, or any other purpose in any jurisdiction. It is educational and does not represent a commitment from Jadewell Family Office to participate in any mentioned transactions. Any examples used are generic, hypothetical, and for illustration purposes only. This material is insufficient to support an investment decision and should not be relied upon to evaluate the merits of investing in securities or products. Users should independently assess the legal, regulatory, tax, credit, and accounting implications, and work with their own financial professional to determine if any mentioned investment is appropriate for their personal goals. Investors should ensure they have all relevant information before making any decisions. Any forecasts, figures, opinions, or investment techniques and strategies provided are for informational purposes only. They are based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.

2025年9月21日 📉 本周美國聯儲局終於從善如流，做出了 今年的第一個降息決定 ，把利率下調了25個基點，並預期今年還有兩次各25個基點的降息。 🔮 但展望2026，聯儲局官員「此刻」的說法還是稍嫌鷹派。根據官方點陣圖， 明年官員們只打算降息一次 。不過這真沒所謂，畢竟明年哪些官員還可以留在聯儲局投票，都是 未知之數 。😉 📈 金融市場對此反應倒是相當熱烈，每天都在創新高！ 現在滿街都是少/中/老年股神 👶🧑🧓。這場投資派對會怎麼收尾？老實說，我也不知道...🍿 📬 另外本周還發生了一件 【讀者投書 】 的趣事。因為我在信報上讀到某篇專欄，該專欄以香港前陣子鬧得沸沸揚揚的【假中東王子來香港開家辦】事件開題，然後談到目前香港家辦的發展情況。 🧐 專欄作者大讚【單一家族辦公室】的知識深度與隱私優勢，但同時也踩了我們這種【聯合家族辦公室】一腳。 🫵 他認為【聯合家辦】不僅在知識水平上比不上【單一家辦】，更因強調銷售佣金的商業模式，而只能被定位為 在灰色地帶遊走的【金融產品分銷商】 。🩶💔 🤷‍♀️ 我其實完全同意他的觀點，但也想說： 江山代有師奶出！ 我們不是什麼金融奇才，只是一群努力創業的普通人， 看到了市場痛點，就想做出改變 。儘管無權無勢，我們也希望用微小的力量，吸引信念相仿的客戶夥伴💪。 📝 所以我鼓起勇氣，投書給這位作者。 巨龍巨龍你擦亮眼 🐉 👀，給師奶一個機會，謝謝你！ 本周周報目錄 社群熱帖回顧 跟著台積電買美國公司債 Again! 中港股市熱火朝天，對沖基金卻已暗暗撤退? 家辦圈熱話 家族辦公室 - 小圈子午餐會議心得 展望未來 未來一周值得留意的大事 社群熱帖回顧: 最有趣的投資話題一次打包! 💰 跟著台積電買美國公司債 Again 整個九月份，台積電的公告幾乎都在說： 「報告股東，我今天又買了這幾支債券！」 其實台積電的配置邏輯，與 高淨值財富人士 的策略很像，都是把幾年內用不到的錢，做個低風險配置，拿點 比現金高的回報 ，順便在利率下行周期，看看有沒有 債券價格的升值空間 。 想知道台積電買了哪些公司債？ 👉 Facebook  / IG 🚨 中港股市熱火朝天，對沖基金卻已暗暗撤退？ 中國與香港股市最近利好消息不斷，大家都在期待市場可以由流動性推動的 「水牛」 🐃 ，成功轉為基本面改善的 「結構牛」 🧱 ，再發展成為長升長有的 「慢牛」 🐌    但您知道嗎？ 就在散戶與長線資金熱情湧入的同時， 靈活操作的對沖基金 卻已經開始「暗暗撤退」了… 👉 Facebook  / IG 家族辦公室 - 小圈子午餐會議心得 本週我們有幸受邀參加一場在 Hong Kong Club 舉辦的小型午餐會，與會者全是 家族辦公室 的圈內人。 本來以為我對香港本地家辦界還算是有些了解，去到現場才發現， 我就是個小白 🐣，誤闖進一個 神祕又低調的圈子 。 聽著家辦前輩們聊起著最近的基金投資，我彷彿來到了 平行世界 ：「不好意思請問一下，怎麼你們說的基金，我一支都沒有聽過？？？」😅 一位前輩豪放地笑了，「你當然沒有聽過啊，我們這些人專找 小型的基金 來投」，甚至去到極致，只要那支基金有超過25個投資者參與，我們就不要了， 因為人多、嘴雜！ 🔍 投資人 vs 基金經理：誰才是主角 這讓我想起最近與兩位基金經理的對話： 💬 第一位忿忿不平地說： 「2022 年市場最困難的時候，要不是投資人天天來煩我，逼我賣股票、逼我減風險，我們那年的損失可以減少三分之一！」 他說從那次之後，寧願不要那些「坐不住」的錢，也要保住投資決策的純粹與安靜🧘‍♂️。 💬 第二位則更直接： 「我們現在的投資門檻分兩種：一般是 500 萬美金，但如果你願意閉嘴不問不吵，我們 200 萬也收。」 😶💸 🔄 時代在變 😨 投資人越來越緊張自己的血汗錢 ，恨不得 24/7 監控基金經理在幹嘛。 🙉 而基金經理則努力捍衛自己的決策主權 ，避免被「噪音」干擾。 恍惚之間，似乎與父母和青春期孩子之間的拉鋸有點像??? 未來一周值得留意的大事有: 中國/香港 - 業績 9月26日(周五) - 新世界發展 (0017.HK) 美國 - 業績 9月23日(周二) - 美光 (MU) 美國 - 經濟數據 9月25日(周四) - 美國GDP(第二季) 9月26日(周五) - 美國PCE物價指數(8月) 其他大事 9月25日(周四) - 瑞士央行利率決議 瑜新家族辦公室 家族辦公室一般可分為兩種，「單一家族辦公室」是由單一家族直接設立，為該家族提供全面的財富管理服務。而「聯合家族辦公室」則同時為多個家族服務，提供較為標準化的產品，與私人銀行相似。 瑜新結合兩者的優勢，在服務層面上，根據每位客人的不同需求，提供量身打造的財富管理顧問服務；在執行層面上，為您省卻了設立單一家族辦公室所需的繁瑣行政程序，利用瑜新的聯合家族辦公室平台，可以更有效率地達成您的目標。 Ann Yu Co-Founder and CEO Jadewell Family Office FOR INSTITUTIONAL & PROFESSIONAL CLIENTS ONLY – NOT INTENDED FOR RETAIL CUSTOMER USETHESE ARE NOT STOCK OR PRODUCT RECOMMENDATIONS This document is intended for informational purposes only. It should not be considered as advice or a recommendation for any specific investment product, strategy, plan feature, or any other purpose in any jurisdiction. It is educational and does not represent a commitment from Jadewell Family Office to participate in any mentioned transactions. Any examples used are generic, hypothetical, and for illustration purposes only. This material is insufficient to support an investment decision and should not be relied upon to evaluate the merits of investing in securities or products. Users should independently assess the legal, regulatory, tax, credit, and accounting implications, and work with their own financial professional to determine if any mentioned investment is appropriate for their personal goals. Investors should ensure they have all relevant information before making any decisions. Any forecasts, figures, opinions, or investment techniques and strategies provided are for informational purposes only. They are based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.

September 21, 2025 📉 The Fed finally gave in this week and delivered its first rate cut of the year - l owering interest rates by 25 basis points. They’re also signaling two more cuts of the same size before year-end. 🔮 As for 2026, however, Fed officials are still sounding a bit hawkish for now. According to the official dot plot, they’re only planning one rate cut next year. But honestly, that doesn’t mean much - who knows which officials will still be voting at the Fed by then? 😉 📈 The financial markets are loving it - hitting new highs every single day! Feels like everyone’s a stock market genius now 👶🧑🧓. How this party ends? Honestly, your guess is as good as mine... 🍿 📬 A little story from this week: I ended up writing a reader letter - couldn’t help myself! It all started when I read a column in Hong Kong Economic Journal  that opened with the now-infamous tale of the “fake Middle Eastern prince” who came to HK to (allegedly) set up a family office. The article then dove into the current state of the city's family office scene. 🧐 The columnist praised single-family offices  for their depth of expertise and privacy advantages. But he didn’t hold back when it came to multi-family offices like ours. 🫵 According to him, folks like us not only fall short in terms of knowledge , but because of the commission-driven business model, multi-family offices are basically just financial product distributors  operating in a grey zone. 🩶💔 🤷‍♀️ Honestly? I think he's got a point. But I also want to say: every era brings its own “auntie entrepreneurs” ( 江山代有師奶出) ! We’re not financial whizzes - just regular aunties trying to build something different. We saw a gap in the market and wanted to do things our way. No power, no pedigree, but we’re doing our best to attract clients and partners who share our values 💪. 📝 So yes, I gathered my courage and wrote to the columnist - Hey, have some faith in the aunties! Thank you! Contents of This Week's Newsletter Social Media Following TSMC into U.S. Corporate Bonds, Again! China & HK Stocks Are on Fire - So Why Are Hedge Funds Sneaking Out the Back Door? Family Office Buzz Behind Closed Doors: What I Learned at a Family Office Power Lunch Next Week Key Events to Watch Next Week Topics from Jadewell's Social Media 💰 Following TSMC into U.S. Corporate Bonds, Again! All through September, TSMC’s investor updates basically read like: “Dear shareholders, here’s another batch of corporate bonds we bought today!”  💌📉 Their allocation strategy actually mirrors what many high-net-worth individuals do: park the cash they won’t need for a few years into low-risk assets , earn a bit more than sitting in cash , and maybe catch some upside if bond prices rise during a rate-cut cycle. 🧠💸 Curious what bonds TSMC’s been scooping up lately? 👉 Facebook  / IG 🚨 China & HK Stocks Are on Fire - So Why Are Hedge Funds Sneaking Out the Back Door? China and Hong Kong stocks have been riding a wave of bullish sentiment, and everyone’s hoping the market can evolve from a liquidity-driven “water buffalo” 🐃 , into a fundamentally stronger “structural bull” 🧱 , and eventually settle into a steady, long-term “slow bull” 🐌 . But here’s the twist - while retail investors and long-term capital are pouring in with enthusiasm, hedge funds with more flexible strategies have already started quietly pulling back… 👉 Facebook  / IG Behind Closed Doors: What I Learned at a Family Office Power Lunch This week, I had the privilege of attending a small, private lunch at the Hong Kong Club - an intimate gathering of insiders from the family office space. I walked in thinking I had a decent grasp of Hong Kong’s family office scene. Turns out… I was a total rookie 🐣 who’d stumbled into a world that’s discreet, tightly knit, and way more mysterious than I imagined. As the veterans chatted about their latest fund picks, I felt like I’d entered a parallel universe. "Sorry, but... I've literally never heard of any of the funds you're talking about??" 😅 One senior guest laughed. " Of course you haven’t! We only invest in small, niche funds. If a fund has more than 25 investors, we’re out. Too crowded, too noisy!” 🔍 Investors vs. Fund Managers: Who’s Really in Charge? That conversation reminded me of two recent chats I had with fund managers: 💬 One vented about 2022, saying: “The market was brutal back in 2022. But what made it worse were investors constantly bugging me - demanding I sell and reduce exposure! I've done the simulation. If the investors had just stayed quiet, we could’ve cut our losses by a third!” Since then, he’s made peace with the idea: better to turn away anxious money than let it mess with his strategy. 🧘‍♂️ 💬 Another manager was even more blunt: “Our standard minimum is $5 million. But if you promise not to ask questions or make noise, we’ll accept $2 million.” 😶💸 🔄 Times Are Changing 😨 Investors are more anxious than ever - hovering over their fund managers wanting 24/7 updates. 🙉 Meanwhile, fund managers are fighting to protect their decision-making space , trying to tune out the noise and stay focused. Honestly, it’s starting to feel a lot like the tug-of-war between parents and their moody teenage kids. 😆😆😆 Key Events to Watch in the Week Ahead: China/HK - Earnings Sep 26 (Fri) - New World Development (0017.HK) US - Earnings Sep 23 (Tue) - Micron (MU) US - Eco Data Sep 25 (Thu) - US GDP (2Q) Sep 26 (Fri) - US PCE (August) Others Sep 25 (Thu) - Swiss National Bank Rates Decision About Jadewell Family Office Jadewell is committed to offering proactive, customized services akin to a “single-family office,” yet within the ease of a “multi-family office” environment. Ann Yu Co-Founder and CEO Jadewell Family Office FOR INSTITUTIONAL & PROFESSIONAL CLIENTS ONLY – NOT INTENDED FOR RETAIL CUSTOMER USETHESE ARE NOT STOCK OR PRODUCT RECOMMENDATIONS This document is intended for informational purposes only. It should not be considered as advice or a recommendation for any specific investment product, strategy, plan feature, or any other purpose in any jurisdiction. It is educational and does not represent a commitment from Jadewell Family Office to participate in any mentioned transactions. Any examples used are generic, hypothetical, and for illustration purposes only. This material is insufficient to support an investment decision and should not be relied upon to evaluate the merits of investing in securities or products. Users should independently assess the legal, regulatory, tax, credit, and accounting implications, and work with their own financial professional to determine if any mentioned investment is appropriate for their personal goals. Investors should ensure they have all relevant information before making any decisions. Any forecasts, figures, opinions, or investment techniques and strategies provided are for informational purposes only. They are based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.

September 14, 2025 What a vibrant week it’s been! 🌈 We’ve been hopping between forums and conferences — from the Belt and Road Forum , to the Financial Planners Summit , and a report launch focused on impact investing . The ideas exchanged across regions, cultures, tools, and asset classes gave us a full-spectrum intellectual jolt! 💡 Big news: The exhibitor site for Hong Kong FinTech Week is now live! And guess what? It looks like we might be the only (small) family office  on the exhibitor list - quietly showing up with our own splash of color ✨ 📅 Come say hi at our booth on November 3–4! 🎟️ Interested in attending? Don’t forget to ask us for an exclusive 15% discount code  for tickets! HK Fintech Week Website (Sponsors & Partners) Contents of This Week's Newsletter Social Media Oracle's AI Comeback, The ETF World, Clean Energy's Star Boost Market Insights Goldman Sachs 2025 Family Office Investment Insights Family Office Buzz Family Philanthropy in Asia - Insights from Five Families Next Week Key Events to Watch Next Week - Super Central Bank Week! Topics from Jadewell's Social Media 🧠 Oracle’s Comeback! Can an 81-Year-Old Veteran Ride the AI Wave? No one saw it coming - but this week, the company pushing AI momentum to new heights is none other than legacy tech giant Oracle ! How did Oracle steal the spotlight? And why was it flying under the radar until now? 👉 Facebook  / IG 🙋‍♂️ No-prize quiz: Take a guess - which of the following has a greater "number "  in the U.S. market? The answer might surprise you! A) Exchange-Traded Funds (ETFs) B) Individual single stocks 👉 Facebook  / IG ⚡ Clean Energy Gets a Star Boost - Bill Gates in the Spotlight! AI data centers are power-hungry beasts, and investors are racing to find clean, stable energy solutions . Enter Bill Gates , who not only backed the latest investment, but filmed a promo himself. Curious what’s next in the energy game? You’ll want to tune in 👉 Facebook  / IG 📲 Follow us on Facebook and IG for sharp insights, hot takes, and first-look market moves! Goldman Sachs Drops Fresh Intel: 2025 Family Office Investment Insights Source: Adapting to the Terrain | Goldman Sachs 📊 Goldman Sachs has just released its biennial “Family Office Investment Insights” repor t . Compared to 2023, the 2025 data reveals some eye-catching shifts: 1) "Public Equities" Are Still the Darling. Tech Leads the Charge! Family offices around the world continue to favor Public Equities , with allocations rising from 28% in 2023 to 31% in 2025 . Even more telling: 38% of respondents plan to further increase their equity exposure this year 📈 And it’s not just U.S. tech stocks grabbing attention, Chinese tech companies are also on the radar. Why the love? Besides strong market momentum, many family office principals have deep roots in the tech sector , either as founders or early investors. It’s a space they know and trust! 💡 2) "Private Equity": Falling Out of Favor—or Ready for a Comeback? While equity allocations surged, family offices dialed back their exposure to Private Equity , dropping from 26% in 2023 to just 21% in 2025 . Goldman Sachs attributes the decline to a shortage of high-quality PE deals  over the past two years, and the irresistible momentum of public equities. With stocks on fire, capital naturally flowed in that direction. But don’t count Private Equity out just yet. Looking ahead, 39% of surveyed family offices  say they plan to increase their private equity allocations , waiting patiently for the next winning hand 🔮 3) Tail Risk: Time to Worry, or Time to Wing It? When it comes to extreme events or black swan scenarios, family offices around the world respond very differently. U.S. Family Offices: Cool as Ever 👉 A surprising 35% of U.S. family offices  have made ZERO preparations  for tail risk. Their attitude? “You mess with the bull, you get the horns.”  In other words, risk is part of the ride. Europe & Asia: Caution First, Regret Never 👉 Family offices in other regions are far more cautious. Only 14% in Europe  and 12% in Asia  have skipped tail risk planning. The majority of them have already activated hedging strategies to stay ahead of the curve. Asia’s Favorite Hedge? Gold! Beyond geographic diversification, gold remains the go-to safe haven  for Asian family offices - steady, symbolic, and sentimentally strong. How does your family office’s asset allocation compare to the findings in this report? If there’s a gap, are we just being boldly contrarian, or is there real room for mutual learning? Let’s talk it through today with the ever-pragmatic Jadewell Family Office . Family Philanthropy in Asia - Insights from Five Families 📢 Centre for Asian Philanthropy and Society (CAPS)  has just released a new report analyzing how five prominent Asian families have harnessed their family legacy to drive philanthropic initiatives and create lasting social impact. Through real-life case studies, the report explores their motivations , the evolution of tools they’ve used, and how these strategies have shaped intergenerational wealth and values. The five featured families are: 1️⃣ The Chaudhary Family  – Nepal’s largest business conglomerate 2️⃣ The Harilela Family  – A Hong Kong dynasty rooted in hospitality and real estate 3️⃣ The Li Family  – Founders of China’s tech brand TCL 4️⃣ The Lo Family  – Founders of Hong Kong’s iconic Vitasoy 5️⃣ The Tanoto Family  – Founders of Singapore’s Royal Golden Eagle Group 📄 Interested in learning more? You can download the full report in both Chinese and English right here ! Key Events to Watch in the Week Ahead: China/HK - Eco Data Sep 15 (Mon) - Industrial Production, Fixed Asset Investments, Retail Sales Sep 17 (Wed) - HK Chief Executive's Policy Address US - Eco Data Sep 16 (Tue) - Retail Sales Sep 17 (Wed) - FOMC Rates Decision Others Sep 17 (Wed) - Bank of Canada Rates Decision Sep 18 (Thu) - Bank of England Rates Decision Sep 19 (Fri) - Bank of Japan Rates Decision About Jadewell Family Office Jadewell is committed to offering proactive, customized services akin to a “single-family office,” yet within the ease of a “multi-family office” environment. Ann Yu Co-Founder and CEO Jadewell Family Office FOR INSTITUTIONAL & PROFESSIONAL CLIENTS ONLY – NOT INTENDED FOR RETAIL CUSTOMER USETHESE ARE NOT STOCK OR PRODUCT RECOMMENDATIONS This document is intended for informational purposes only. It should not be considered as advice or a recommendation for any specific investment product, strategy, plan feature, or any other purpose in any jurisdiction. It is educational and does not represent a commitment from Jadewell Family Office to participate in any mentioned transactions. Any examples used are generic, hypothetical, and for illustration purposes only. This material is insufficient to support an investment decision and should not be relied upon to evaluate the merits of investing in securities or products. Users should independently assess the legal, regulatory, tax, credit, and accounting implications, and work with their own financial professional to determine if any mentioned investment is appropriate for their personal goals. Investors should ensure they have all relevant information before making any decisions. Any forecasts, figures, opinions, or investment techniques and strategies provided are for informational purposes only. They are based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.

2025年9月14日 本周是相當「繽紛」的一周! 我們穿梭在各大論壇與會議之間，包括 「一帶一路論壇」 、 「財務策劃師會議」 以及與 「影響力投資」 相關的報告發表，在地域、文化、投資工具與標的上，都受到全方位的思想衝擊。 💡 重磅消息：香港金融科技周參展者網站正式上線啦！ 目前看來，我們可能是唯一一間（小）家辦參展商，低調中帶點獨特的色彩✨ 📅 11月3、4日 ，記得來我們攤位打個招呼！ 🎟️ 想參加？記得向我們索取 85折購票優惠碼 喔 香港金融科技周網站連結(贊助商及夥伴) 本周周報目錄 社群熱帖回顧 甲骨文的AI逆襲、ETF的美麗新世界、清潔能源新浪潮 市場洞察 高盛最新發表的【全球家族辦公室投資見解】 家辦圈熱話 亞洲家族慈善 - 五大家族的實踐與啟示 展望未來 未來一周值得留意的大事 - 【超級央行周】 社群熱帖回顧: 最有趣的投資話題一次打包! 🧠 甲骨文逆襲！81歲老將接續AI熱潮？ 誰都沒想到，本周推動AI熱潮更上一層樓的，竟然是 老牌公司甲骨文 ! 到底甲骨文是怎麼 豔驚四座 的? 又為什麼之前根本沒什麼人留意他呢? 👉 臉書  / IG 🙋‍♂ 無獎徵答 ：猜猜在美國市場裡，以下哪一種股票的「數量」比較多呢？答案可能會令您意想不到喔! A)  指數基金 (ETF) B)  個別公司股票 👉 臉書  / IG ⚡ 清潔能源新浪潮！比爾蓋茲親自下場拍宣傳片？ AI數據中心電力吃緊，投資人瘋搶 穩定的清潔能源供電解方 。 比爾蓋茲 與市場的最新布局，您一定要知道！ 👉 臉書  / IG 📲 現在就追蹤我們的 臉書 還有 IG ，掌握最犀利的市場洞察，第一手送上！ 高盛最新的【全球家族辦公室投資見解】 Source: Adapting to the Terrain | Goldman Sachs 高盛 (Goldman Sachs) 剛剛發表了兩年一度的「 全球家族辦公室投資見解 」 ，與2023年相比，今年的數據不只更新，更有幾個亮點值得你我關注： 1) 「股票」熱度不減，科技股依然是王者！ 全球家辦手上「股票」部位佔整體組合的比重，由 2023年的28% ，上升至 2025年的31% 。 更有 38%的受訪家辦 表示，在未來一年內還要 繼續提高 股票的比重 📈 他們的投資焦點主要還是 科技股 ，而且不只是 美股 ， 中資科技股 也備受關注。除了大市動能、眾望所歸以外，也因為很多家辦的主人都來自科技行業，或是該行業的早期投資者，所以天生就偏好這個板塊。💡 2) 「私募基金 (Private Equity) 」被冷落了？還是蓄勢待發？ 相對於大幅增長的股票比重，全球家辦對於「私募基金」的投資占比，則比兩年前 顯著減少 ，由 2023年的26% ，降至 2025年的21% 。 對此高盛給出的解釋是，過去兩年的 優質私募基金太少啦 ，加上股票太火啦，所以家辦資產就自然往股票流動去了。 不過展望未來，還是有高達39%的受訪家辦預計增加私募基金的配置， 等待下一波好牌！ 🔮 3) 至於極端事件所帶來的尾部風險(tail risk)，該擔心嗎？還是放手一搏？ 面對極端事件或黑天鵝來襲，不同地區的家族辦公室反應差很大 美國家辦：老神在在 👉 有高達 35% 的美國家辦 對尾部風險一點準備也沒有，也不打算分散投資。他們的態度是：「常在河邊走，哪有不溼鞋。」 歐洲與亞洲家辦：小心駛得萬年船 👉 其他國家的家辦則謹慎許多，只有 14% 的歐洲家辦  和 12% 的亞洲家辦  沒有做尾部風險準備，其餘大多已啟動避險策略，防範未然。 亞洲家辦最愛的避險神器？黃金！ 除了在地理上分散投資以外， 買黃金 依然是亞洲家辦的首選，穩健又有情懷。 您的家族資產投資配置，和這個調查的結果相比又是如何呢? 若有出入，是他人笑我太瘋癲，還是真的有可以互相學習的地方呢? 今天就和【中肯的瑜新家族辦公室】聊聊吧! 亞洲家族慈善 - 五大家族的實踐與啟示 【亞洲公益事業研究中心】 剛剛發布了一份報告，藉由 五個著名亞洲家族 的 實際案例 ，剖析他們如何利用家族的力量來開展慈善事業，並創造 社會影響力 ；背後的動機以及所利用工具的演變，又是如何影響 家族的世代傳承 。 這五個家族分別是: 1) 喬杜里家族 (尼泊爾最大的企業集團家族) 2) 夏利里拉家族 (香港的酒店與房地產家族) 3) 李東生家族 (中國科技品牌TCL的創始人家族) 4) 羅氏家族 (香港維他奶創始人家族) 5) 陳江河家族 (新加坡金鷹集團創始人家族) 如果您有興趣了解更多的話，可以去 這裡 下載中英文版報告喔! 未來一周值得留意的大事有: 中國/香港 - 經濟數據 9月15日(周一) - 中國固定資產投資、工業生產指數、零售銷售 9月17日(周三) - 香港政府發表《施政報告》 美國 - 經濟數據 9月16日(周二) - 美國零售銷售 9月17日(周三) - 美國聯儲局利率決議 其他大事 9月17日(周三) - 加拿大央行利率決議 、英國CPI、歐盟CPI 9月18日(周四) - 英國央行利率決議 9月19日(周五) - 日本央行利率決議 瑜新家族辦公室 家族辦公室一般可分為兩種，「單一家族辦公室」是由單一家族直接設立，為該家族提供全面的財富管理服務。而「聯合家族辦公室」則同時為多個家族服務，提供較為標準化的產品，與私人銀行相似。 瑜新結合兩者的優勢，在服務層面上，根據每位客人的不同需求，提供量身打造的財富管理顧問服務；在執行層面上，為您省卻了設立單一家族辦公室所需的繁瑣行政程序，利用瑜新的聯合家族辦公室平台，可以更有效率地達成您的目標。 Ann Yu Co-Founder and CEO Jadewell Family Office FOR INSTITUTIONAL & PROFESSIONAL CLIENTS ONLY – NOT INTENDED FOR RETAIL CUSTOMER USETHESE ARE NOT STOCK OR PRODUCT RECOMMENDATIONS This document is intended for informational purposes only. It should not be considered as advice or a recommendation for any specific investment product, strategy, plan feature, or any other purpose in any jurisdiction. It is educational and does not represent a commitment from Jadewell Family Office to participate in any mentioned transactions. Any examples used are generic, hypothetical, and for illustration purposes only. This material is insufficient to support an investment decision and should not be relied upon to evaluate the merits of investing in securities or products. Users should independently assess the legal, regulatory, tax, credit, and accounting implications, and work with their own financial professional to determine if any mentioned investment is appropriate for their personal goals. Investors should ensure they have all relevant information before making any decisions. Any forecasts, figures, opinions, or investment techniques and strategies provided are for informational purposes only. They are based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.

2025年9月7日 🎉暑假結束，【瑜新家族辦公室】的每周周報又開始啦! 雖然這段時間沒寫周報，但是我們的社交媒體倒是一直有持續的更新喔! 以下我們也整理了 幾個仍然與目前市場狀況密切相關的貼文，請您參考。 📢 此外，我們也很榮幸地，被邀請參與由「香港科技大學」與「香港CFA Society」合辦的家族辦公室講座，將於9月26日舉行。作為小組講者之一，我們會分享對於建立家辦投資策略的心得，以及新世代家辦人才的觀察。 Event Details @ CFA Society HK 本周周報寫什麼呢? 1️⃣ 基金經理調研心得:   過去幾周，為了幫客人打造最適合的投資組合，【瑜新家族辦公室】緊鑼密鼓地拜訪了多位不同領域的基金經理。 ➡ 只不過，基金經理的 「機構化」 投資提案，真的適合私人客戶嗎? 您在選擇基金的時候，又有什麼需要留意的地方呢? 2️⃣ 暑假社交媒體貼文整理: 我們真的沒有偷懶，過去這兩個月在社交媒體上發表了多篇貼文，提供讀者們最即時的原創投資心得分享，包括: 🥷 什麼是「債券義和團」，最近英、法、日、美的長天期國債收益率飆升， 債券投資者倉皇出逃，到底發生了什麼事? 👉 臉書  / IG 💥 特朗普逼宮聯儲局? 美國利率是怎麼決定的? 聯儲局內部政治版圖大揭密! 👉 臉書 / IG 🐃 「全球水牛」這個最新的詞您聽過嗎? 這裡指的不是耕田的牛，而是由「水」，也就是流動性帶動的全球「牛」市喔。 👉 臉書 / IG 🕵️‍♀️ 對於跑輸大市的絕對恐懼! 據統計，今年至今有接近七成的美國主動型股票基金，表現都比不上散戶自己買的大盤指數ETF。基金經理的「理性操盤」，難道真的比不上散戶的「牛性暴買」嗎? 👉 臉書 / IG 📲 現在就追蹤我們的 臉書 還有 IG ，隨時跟上最有趣、最實用的市場焦點吧! 基金經理調研心得 【瑜新家族辦公室】其中一個廣受歡迎的服務，就是幫客戶尋找、選擇、連結各個領域的基金經理人。 💡 舉個例子: 客戶想增加 亞洲股市 的風險敞口，那該找誰呢? 是靈活操作的 長短倉對沖基金 ? 還是堅持基本面的 純長倉基金 ? 是專注晶片供應鏈的 科技基金 ? 還是什麼類股都能投的 多樣化基金 ? 選擇太多，頭都大了? 別怕，這就是我們可以派上用場的地方啦! 🔍 我們怎麼做? 1️⃣ 先檢視客戶 目前的持倉 與 投資目標 2️⃣ 精準配對適合的 基金經理人 3️⃣ 安排 面對面會談 ，讓客戶親自了解該基金的 ✔️ 投資風格與文化 ✔️ 風險管理架構 ✔️ 實戰經驗與操作邏輯 最後，客戶才能根據完整資訊，做出 最安心的投資決策 ✨ 🤫 市面上其他的聯合家辦或是私人銀行，其實一般很少這樣做。因為他們要是把客戶介紹給了基金公司，日後客戶可能就會繞過這些家辦、私行等中間人，直接投資這些基金啦，那中間人就再也賺不到佣金了呢。 不過【瑜新家族辦公室】一直都秉持「無佣金」的收費模式，所以對我們來說，客戶的知情權，投資決策過程的透明度，才是最重要的! 過去這幾周，我們帶著客戶緊鑼密鼓地拜訪了多間基金公司，並得出以下兩個觀察心得: 1) 「機構化(institutional)」的服務，真的是私人客戶想要的嗎? 許多基金經理在剛見面的時候，都喜歡強調他們用的是 「Institutional Approach (機構化的投資框架)」 ，言下之意可能是「人家專業的大機構都是這樣操作，你們這些私人客戶既然有機會參與，就應該學習這樣的模式啊。」 但到底什麼是 「Institutional Approach」 ，其實好像也沒有確切的定義。🤔 我感覺吧，可能還是得回到 「投資表現」 上找答案。對某些基金經理來說，只要跑贏了他對標的 基準指數(benchmark) ，那就已經是交到功課了。 例如2022年，美股標普500指數跌了將近20%，以這個指數作為基準的美股基金經理，如果當年的基金「只」跌了15%，那麼 「機構」投資者 應該要稱讚他好棒棒才是，而不是因為虧損了15%而責怪他。 💬 不過， 「私人」投資者 真的是這樣想的嗎? 或者說，私人投資者的目標，就只是「跑贏基準指數」嗎? 很大概率不是的。 私人投資者更在意的是: 🔒 穩定的回報 📉 控制風險 📈 長期資產配置的安全感 當然啦，可能有小部份的資金，可以拿來做高風險、高回報的投資。但在整體資產配置上，真正的 核心持倉 ，仍然是以 穩定 為主。 2) 資金「鎖定期(lock up period)」，到底是為了什麼? 許多基金都喜歡用 「鎖定期」 的條款，來留住客戶的錢。 理由有很多，最常見的就是鼓勵效法巴菲特這般 「長期投資」 ，甚至會用一些煽動性的分析，例如你要是隨便進出市場，而錯失了股市上漲或反彈最多的那幾天，你的長期回報就會減少某個相當嚴重的百分比等等。 💡 但實際上，對於私人客戶來說，所持有 資產的「流動性」 絕對是重中之重。 🏄 風平浪靜的時候 ，您可能覺得「長期投資」是一種必然。 🌊 但是當風不平、浪不靜、心還不安穩的時候(例如2008年? 2015年? 2022年?) ，還能心平氣和地說，「沒關係，我要的就是這種上沖下洗的刺激感」的客人， 不能說很少，只能說我從來沒見過。 而且除非是財大勢大，幾輩子都花不完的那種錢，不然誰都難保有 緊急資金需求 的時候。🛟 更奇妙的是，有些基金所投資的底層資產，其實都是流動性很高的股票或債券，但就是這樣的組合，也要把客戶的資金鎖幾年才開心， 讓我完全摸不著頭腦 。🤷‍♀️ 我們還有許多其他的調研觀察心得，受限周報篇幅，就只好留待日後有機會再分享啦。 📞 如果您也是投資者，您有留意到這些應該要小心的基金條款嗎? 不如今天就和【瑜新家族辦公室】聯絡，讓我們幫您檢視一下投資組合的持倉吧! 🚀 未來一周值得留意的大事有: 美國 - 經濟數據 9月11日(周四) - 美國8月份消費價格指數(CPI) 其他大事 9月8日(周一) - 日本第二季GDP、 法國舉行信任投票 9月9日(周二) - 蘋果產品發布會 9月11日(周四) - 歐洲央行利率決議 瑜新家族辦公室 家族辦公室一般可分為兩種，「單一家族辦公室」是由單一家族直接設立，為該家族提供全面的財富管理服務。而「聯合家族辦公室」則同時為多個家族服務，提供較為標準化的產品，與私人銀行相似。 瑜新結合兩者的優勢，在服務層面上，根據每位客人的不同需求，提供量身打造的財富管理顧問服務；在執行層面上，為您省卻了設立單一家族辦公室所需的繁瑣行政程序，利用瑜新的聯合家族辦公室平台，可以更有效率地達成您的目標。 Ann Yu Co-Founder and CEO Jadewell Family Office FOR INSTITUTIONAL & PROFESSIONAL CLIENTS ONLY – NOT INTENDED FOR RETAIL CUSTOMER USETHESE ARE NOT STOCK OR PRODUCT RECOMMENDATIONS This document is intended for informational purposes only. It should not be considered as advice or a recommendation for any specific investment product, strategy, plan feature, or any other purpose in any jurisdiction. It is educational and does not represent a commitment from Jadewell Family Office to participate in any mentioned transactions. Any examples used are generic, hypothetical, and for illustration purposes only. This material is insufficient to support an investment decision and should not be relied upon to evaluate the merits of investing in securities or products. Users should independently assess the legal, regulatory, tax, credit, and accounting implications, and work with their own financial professional to determine if any mentioned investment is appropriate for their personal goals. Investors should ensure they have all relevant information before making any decisions. Any forecasts, figures, opinions, or investment techniques and strategies provided are for informational purposes only. They are based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.

September 7, 2025 🎉 Summer break is officially over, and Jadewell Family Office Weekly Newsletter  is back in action! While we’ve taken a pause from publishing the newsletter, our social media channels have remained active throughout the summer. Below, we’ve curated a few Chinese posts that remain highly relevant to current market conditions — we invite you to take a look. 📢 We’re also honored to have been invited to speak at a Family Office Seminar  jointly hosted by The Hong Kong University of Science and Technology  and CFA Society Hong Kong on Sep 26 (Friday). As one of the panel speakers, we’ll be sharing insights on building effective family office investment strategies , as well as our observations on the emerging generation of family office talent. Event Details @ CFA Society HK What's in this week's newsletter? 1️⃣ Insights from Our Fund Manager Research Over the past few weeks, we have been on a whirlwind tour, meeting with fund managers across various sectors to help our clients build the most tailored investment portfolios possible 🧳📈. But here’s the real question: Are these “institutional-style” investment proposals truly suitable for private clients? 🤔And when choosing a fund, what should you really be paying attention to? We break it down. 2️⃣ Summer Social Media Highlights We promise—we weren’t slacking off this summer! ☀️💼 Our social media channels have been buzzing with fresh, original investment insights. Here are a few standout posts worth revisiting: 🥷 What is Bond Vigilantes? Recently, long-term government bond yields in the UK, France, Japan, and the US have surged as a result of a frantic sell-off by bond investors. What exactly is going on? 👉 Facebook  / IG 💥 Trump vs. the Fed? How are U.S. interest rates actually decided? We unpack the political dynamics inside the Federal Reserve. 👉 Facebook / IG 🐃 Ever heard of the “Global Water Buffalo”? No, not the farm animal. It’s a metaphor for a global bull market driven by liquidity. 👉 Facebook  / IG 🕵️‍♀️ The Fear of Massive Underperformance Is Real! Nearly 70% of U.S. actively managed equity funds have underperformed the major index ETFs like SPY or VOO this year. Is rational portfolio management losing ground to retail investors’ fearless buying sprees? 👉 Facebook / IG 📲 Follow us on Facebook and Instagram to stay ahead of the curve with the most insightful (and occasionally cheeky) market commentary! Insights from Our Fund Manager Research At Jadewell Family Office , one of our most sought-after services is helping clients discover, evaluate, and connect with fund managers across a wide range of investment strategies. 💡 Here’s a common scenario as an example: A client wants to increase exposure to Asian equities. But who’s the right manager for the job? A nimble long/short hedge fund? A pure long-only fund focused on fundamentals? A tech fund specializing in the semiconductor supply chain ? Or a diversified fund that spans multiple sectors ? With so many options, it’s easy to feel overwhelmed. That’s exactly where we come in. 🧭 Our Process 1️⃣ We start by reviewing the client’s current holdings and investment objectives. 2️⃣ Then we carefully match them with fund managers whose strategies align with client's goals. 3️⃣ Finally, we arrange direct meetings so clients can personally assess: ✔️ Investment philosophy and culture ✔️ Risk management framework ✔️ The manager's actual trading experience and how he/she handles failures Armed with this insight, clients can make informed, confident decisions about where to invest. ✨ 🤫 Why This Sets Us Apart Most multi-family offices or private banks rarely offer this level of transparency. Why? Because once a client is introduced to a fund manager, they might bypass the intermediary and invest directly - cutting out the middlemen and the associated commission costs. But at Jadewell Family Office , we've always operated on a zero-commission model . That means our only priority is the client’s best interest. We believe in full transparency and empowering clients with the knowledge they need to make smart, strategic choices. Over the past few weeks, we’ve been on a fast-paced tour with our clients, meeting with a range of fund managers across different firms. From these conversations, two key insights stood out: 1) Is the "Institutional Approach" Really What Private Clients Want? Many fund managers love to emphasize their use of an Institutional Approach - a structured investment framework often used by large institutions. The underlying message? “If it’s good enough for the big players, private clients should follow suit.” 💼 But here’s the catch: What exactly is the Institutional Approach? There’s no universally accepted definition. 🤔 In practice, it often boils down to performance relative to a benchmark. For example, in 2022, the S&P 500 dropped nearly 20%. If a fund manager’s portfolio only fell 15%, institutional investors might applaud the result—after all, it beat the benchmark. But for private clients, a 15% loss still feels like… well, a loss. 💬 So What Do Private Investors Really Care About? Spoiler alert: It’s not just about outperforming an index. Private investors tend to prioritize: 🔒 Stable returns 📉 Risk control 📈 Confidence in long-term asset allocation Sure, a portion of their portfolio might be allocated to higher-risk, higher-reward strategies. But when it comes to core holdings, consistency and peace of mind are key. 2) Lock-Up Periods: Smart Strategy or a Fancy Handcuff? Many funds love to include a lock-up period - a clause that restricts investors from withdrawing their money for a set time. The rationale? They’ll tell you it’s all about long-term investing , à la Warren Buffett. Some even throw in dramatic charts showing how missing just a few of the market’s best-performing days could drastically reduce your long-term returns. 📉📊 💡 But let’s be real: for private clients, liquidity isn’t a luxury - it’s a necessity. 🏄 When markets are calm, long-term investing feels like common sense. 🌊 But when the waves get choppy - think 2008, 2015, 2022 - very few investors were calmly saying, "Ah yes, this rollercoaster volatility is exactly what I signed up for." In fact, I’ve never met one. In addition, unless you’re sitting on gigantic amount of wealth that you’ll never need to touch, chances are you’ll want access to your capital when life throws a curveball. 🛟 🤷‍♀️ And here’s the kicker: Some funds invest in highly liquid assets - stocks, bonds, ETFs - yet still insist on locking up your money for years. Why? We’re not entirely sure. We’ve gathered many more insights from our recent research - but with limited space in this week’s newsletter, we’ll have to save those stories for another time. If you're an investor yourself, have you spotted any of these fund terms that deserve a second look? 📞 Why not connect with Jadewell Family Office today - we’d be happy to help you review your portfolio holdings and make sure your investments are aligned, transparent, and working for you. 🚀 Key Events to Watch in the Week Ahead: US - Eco Data Sep 11 (Thu) - US CPI (August) Other Major Events Sep 8 (Mon) - Japan 2Q GDP, French Parliamentary Confidence Vote Sep 9 (Tue) - Apple Product Launch Event Sep 11 (Thu) - ECB Rates Decision About Jadewell Family Office Jadewell is committed to offering proactive, customized services akin to a “single-family office,” yet within the ease of a “multi-family office” environment. Ann Yu Co-Founder and CEO Jadewell Family Office FOR INSTITUTIONAL & PROFESSIONAL CLIENTS ONLY – NOT INTENDED FOR RETAIL CUSTOMER USETHESE ARE NOT STOCK OR PRODUCT RECOMMENDATIONS This document is intended for informational purposes only. It should not be considered as advice or a recommendation for any specific investment product, strategy, plan feature, or any other purpose in any jurisdiction. It is educational and does not represent a commitment from Jadewell Family Office to participate in any mentioned transactions. Any examples used are generic, hypothetical, and for illustration purposes only. This material is insufficient to support an investment decision and should not be relied upon to evaluate the merits of investing in securities or products. Users should independently assess the legal, regulatory, tax, credit, and accounting implications, and work with their own financial professional to determine if any mentioned investment is appropriate for their personal goals. Investors should ensure they have all relevant information before making any decisions. Any forecasts, figures, opinions, or investment techniques and strategies provided are for informational purposes only. They are based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.