Wednesday, February 22, 2006

2005 Chuong Investment Management Partner Letter

The partnership achieved a -3.6% return in 2005 compared to a 3.0% return by the S&P500 index. This marks the second occasion in which the partnership underperformed the S&P500 index. The Dow Jones Industrial Index and Nasdaq posted a -0.65% and 1.37% return in 2005 respectively. Both performances by the Dow and Nasdaq beat the partnership in 2005.

All the best,
Dah Hui Lau (David)

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