Singapore

RESIDENTIAL mortgage-backed securities (RMBS) and collateralised loan obligations (CLOs) didn't turn out to be very good investments during the global financial crisis. For one Singapore-listed mutual fund, they still aren't.

Six years on and Global Investments Ltd continues to pay the price for buying the riskiest parcels of RMBS in Australia and junk-rated loan tranches in Europe. The fund is trading at about 38 per cent discount to its S$291.8 million in net assets, the steepest since mid-2013, and chairman Boon Swan Foo admits it's been a "massive struggle".