Check out this top 10 holdings of a particular unit trust:

This fund is a global equity fund benchmark against MSCI World Free Index. However, its top 10 holdings is wierld because:

1. It is using many index fund like Ultra Financial Proshares, Streettracks Gold Trust, iShares FTSE/Xinhua China 25 and iShares MSCI Taiwan Index Fund. OK - maybe the fund manager is a passive fund believer but...
2. Why is it investing in precious metal like gold in this non-commodity global equity fund? So it is a commodity fund too?
3. It is taking leveraging position in financials. That is pushing the boundary of a retail unit trust too far...

So has the return being good? Yes, over the 5 years the fund's NAV-NAV performance was 16.11% pa vs 4.43%pa benchmark return. Sounds good except that for the past 6 months it returned -26.07% vs -16.70% benchmark return!! Common, this is another fund that has high beta to get higher return in the bull run but its beta continues to be high in the bear run!! Is there no fund manager that can demostrate real high alpha (i.e. skill)?