The DL Flagship II Strategy provides discretionary asset management services with a minimum investment of $200,000. It pursues stable returns through flexible ETF allocation and diversification to reduce overall risk. Key features include a 0.5% annual management fee, 10% performance fee for returns over 6.5%, and quarterly redemptions available after a 6-month lock-up period. The strategy aims to outperform comparable funds through its research team's ability to predict macroeconomic and market trends.

1. DL Flagship II Strategy
Delivering Legacy
Goal/Strategy/Features
Flagship II provides family office-level investment
strategies and provides investors with asset management
services in the form of discretionary accounts
The strategic goal is to pursue stable returns and put asset
safety first. To achieve this goal, this strategy focuses on
flexible allocation of ETFs with high liquidity. At the same
time, overall systemic risk is also reduced through a
diversified investment portfolio and low correlation with
the market.
Name DL Flagship II Strategy
Investment Structure Discretionary Account
Minimum
Investment Amount
No less than $200,000
Subscription Fee 1%
Management Fee 0.5% per annum
Performance Fee 10% for annual return > 6.5%
Redemption
Frequency*
Quarterly redemption with no
redemption fee (1-month notice
period )
Open Frequency
Fully redemption after 6-month lock-
up period
*There are no redemption fees for the strategy
-20%
0%
20%
40%
60%
1/1/2015 1/1/2016 1/1/2017 1/1/2018 1/1/2019 1/1/2020 1/1/2021 1/1/2022 1/1/2023
DL Portfolio Franklin
Income Fund
Past Performance
Strategy Information
*2015年至今，德林投资组合累计回报为50.97%
Top 5 holdings
Vanguard Ultra Short-Term Bond ETF 21.54%
SPDR Bloomberg 1-3 Month T-Bill ETF 10.84%
Vanguard Total INTL Bond ETF 10.29%
ISHRS Barclays Short Treasury 9.99%
iShares Trust iShares 1-5 Year Invest Grade
Corp Bond ETF
9.94%
*Data as of November 30, 2023
Investment Highlights
Low minimum investment, with access to family office
wealth management services.
Family offices are dedicated to providing asset management
services to ultra-high net worth clients, and Flagship II
enables investors to access family office-level investment
strategies with a lower minimum investment.
Regular disclosure, Clear and transparent investment
strategies.
Flagship II uses discretionary accounts, allowing investors
to track the construction of their investment portfolio,
investment strategies, investment logic, asset performance,
and more at any time.
Professional research team consistently predicting
trends
The decision-making team at Flagship II has extensive
experience in asset management and a strong track record,
while the research team has successfully predicted
macroeconomic trends across multiple sectors and avoided
systemic risks in recent years.
One-stop service
The parent company is a Hong Kong-listed company, and
its subsidiaries have comprehensive financial licenses in
global markets, providing one-stop financial services.
Large AUM, Low overall costs
Flagship II's parent company has over $3 billion in assets
under management, providing access to abundant industry
resources and achieving economies of scale, which reduces
the overall investment costs for investors.
Simple subscription and redemption process with
short lock-up period
Flagship II adopts an open-end liquid asset management
model with a short lock-up period. After the lock-up period,
investors can apply for quarterly redemption. The
application and redemption process is simple and efficient,
meeting the liquidity needs of investors.
Since 2015 DL Portfolio
BlackRock Global
Multi-Asset
Income Fund
JPMorgan Multi
Income Fund
Franklin Income
Fund
Cumulative
return
50.97% 29.92% 19.84% 26.38%
*Data as of November 30, 2023
BlackRock Global
Multi-Asset Income
Fund
JPMorgan Multi
Income Fund

2. DL Flagship II Strategy
Delivering Legacy
2
63%
34%
3%
0.3%
Fixed Income
Equity
Derivatives
Cash
59%
6%
12%
19%
3.0%
North America
Europe
Global
APEX ex Japan
Japan
Asset Allocation
Asset Classes
Geographical distribution
TIME Filed Prediction Predictive base Results Strategies
May 21 US Inflation US inflation is expected to continue to rise.
The current CPI index for the United States is
4.2%
Reached 9.1%
Increase holdings in
gold
Jun 21 US Bonds
The ten-year Treasury yield is expected to rise to 2% by the end of the
year.
The yield on the US 10-year Treasury bond is
1.57%
Reached 2.14%
Reduce holdings in
bonds
Aug 21 Chinese Stocks
As the Chinese concept stocks weaken, it is recommended to allocate
to stable income.
The price of Chinese concept stock ETF is around
$45
Dropped below $20.
Reduce holdings in
equity assets
Feb 22 Russo-Ukrainian War Europe suffers, US benefits. The US Dollar Index futures are at $95 Breaking through $114.5.
Mar 22 HK Stocks
The Hong Kong stock market is expected to experience a short-term
pullback to the range of 22,000-23,000.
HIS fell below 19,000 Pulled back to 22,000 points
Apr 22 Cryptocurrency There is a risk of a cryptocurrency bubble. The price of Bitcoin was $43,000 Crash, dropped to 15,000. Realize gains
Apr 22 JPY Trend
The exchange rate for converting to US dollars is expected to
ultimately stabilize in the range of 120-130.
The exchange rate for converting to US dollars
from Japanese Yen is at 125
Maintained at 130 until now
Terminate JPY-USD
risk-free arbitrage
Apr 22 – Jan 23 CNY Trend
① After April, the exchange rate for converting to US dollars is
expected to depreciate to the range of 6.7-6.8;
② By the end of 2022, it is expected to continue to depreciate to the
range of 7-7.2;
③ By the Spring Festival of 2023, it is predicted to rebound to the
range of 6.7-6.8;
④ After the Spring Festival of 2023, it is expected to rebound to the
range of 6.7-6.8, and then fluctuate between 6.7-7 in the short term
① After April, the exchange rate for converting
to US dollars is expected to be in the range of
6.3-6.4;
② By the end of 2022, the exchange rate for
converting to US dollars is expected to be in
the range of 6.7-6.8;
③ By the Spring Festival of 2023, it is predicted
to rebound to 6.9;
④ After the Spring Festival of 2023, the
exchange rate is expected to be at around 6.74.
① The exchange rate falls
below 6.8;
② Reached 7.21;
③ Rebounded to 6.8;
④ Fluctuated between 6.7-7.
Increase holdings in
US dollars cash
Sep 22 UK Political Situation
The new Prime Minister's contradictory political views suggest that the
UK may experience stagflation.
The Bank of England has intervened to support
government bonds.
The pound sterling to US
dollar exchange rate hit a new
low.
Oct 22 SGD Trend
The Singapore dollar is expected to rise against the US dollar to a level
of 1.3.
The exchange rate for converting to US dollars
from Singapore dollars is at 1.432.
Breaking through the level of
1.3
Increase holdings in
SGD
Feb 23 HK Market
Hang Seng Index (HIS) continues to decline, it may test the 19,000
point level.
HSI maintained at 22,000 points. Dropped to 18,289 points
Reduce holdings in
equity assets
Historical Macroeconomic Forecasts
One-step service
Investor
Short-
term/Long-
term US
Treasury
bonds
High-
quality
Hong Kong
and China
stocks
Alternative
investments
DL Asset
Management
DL Family
Office
(Many years of experience in
wealth management for
ultra-high net worth
families)
Commission
Strategies
…
DL
Securities
Investment
Decision
Account Opening
Order
*Data as of November 30, 2023

3. DL Flagship II Strategy
Delivering Legacy
3
1. Investment risk - The value of this investment portfolio may decline due to any of the following major risk factors. Therefore, investing in
this investment portfolio may result in losses, and the return of principal is not guaranteed.
2. Stock risk - Investing in stocks in this investment portfolio entails general market risk, and the value of stocks may fluctuate due to various
factors, such as investment sentiment, political and economic conditions, and changes in issuer-specific factors. The stock market may
experience significant volatility, and stock prices may rise or fall sharply, directly affecting the net asset value of this investment portfolio.
When the stock market is highly volatile, the net asset value of this investment portfolio may experience significant fluctuations. Therefore,
the amount investors receive upon redemption may be lower than their original investment amount.
3. Emerging market risk - Emerging markets may involve higher risks and special considerations that are not typically associated with
investing in more developed markets, such as liquidity risk, currency risk/regulation, political, regulatory and economic instability, legal and
tax risks, underdeveloped custody and settlement practices, low transparency, larger financial risks, and possible significant volatility. For
investors, the risks of certain markets may be higher, and investors must ensure that they understand the risks involved and believe that
the investment is suitable as part of their investment portfolio. Therefore, the amount investors receive upon redemption may be lower
than their original investment amount.
4. Currency risk - If the currency of this investment portfolio is different from the currency of the investor's location, or if the currency of
this investment portfolio is different from the currencies of the markets in which this investment portfolio invests, investors may incur
additional losses that are higher than the general investment risk. In addition, changes in foreign exchange controls and currency exchange
rates may have an adverse impact on investment returns, so the amount investors receive upon redemption may be lower than their
original investment amount.
5. Liquidity risk - The lack of liquidity may make it difficult to sell assets. The lack of reliable pricing information for securities held by this
investment portfolio may make it difficult to assess the market value of assets reliably. The investments made by this investment portfolio
may be subject to greater volatility and lower liquidity risk. The prices of such securities may be subject to fluctuations. Therefore, the
amount investors receive upon redemption may be lower than their original investment amount.
6. Derivative instrument risk - This investment portfolio may invest in derivative instruments, including over-the-counter derivatives, which
may be subject to the risk of counterparty default and the risk of loss to this investment portfolio. The valuation of derivative instruments
may involve uncertain factors. If the valuation is incorrect, this may affect the calculation of the net asset value of this investment
portfolio. Other risks associated with derivative instruments include liquidity risk, volatility risk, and over-the-counter trading risk. Small
changes in the value of related assets can cause significant fluctuations in the prices of derivative instruments, so investing in derivative
instruments may result in losses exceeding the amount invested in this investment portfolio and may lead to significant losses for this
investment portfolio.
7. Hedging risk - The investment management team is authorized to use hedging methods at its absolute discretion (but not necessarily
required) to attempt to reduce market and currency risks. There is no guarantee that such hedging methods, if used, will achieve the
expected results or that such hedging methods will be adopted. In such cases, this investment portfolio may be subject to existing market
and currency risks and may be adversely affected. Hedging against currency risk, if any, may or may not cover 100% of this investment
portfolio's assets.
Disclaimer
To learn more about macroeconomic consulting,
scan the QR code to follow DL official account.

4. DL Flagship II Strategy
Delivering Legacy
4
Product Monthly Performance 產品月度表現
2023年
Mar
3月
Apr
4月
May
5月
Jun
6月
Jul
7月
Aug
8月
Sep
9月
Oct
10月
*Nov
11月
YTD
全年迄今
Monthly Return
月收益率
2.95% 0.21% -0.88% 0.36% 1.55% -0.75% -1.52% -0.49% -1.87% 2.26%
MSCI World
MSCI世界指數
2.83% 1.59% -1.25% 5.93% 3.29% -2.55% -4.45% -2.97% 9.21% 8.77%
Hang Seng Index
恆生指數
3.10% -2.48% -8.35% 3.74% 6.15% -8.45% -3.11% -3.91% -0.41% -17.75%
BlackRock Global Multi-Asset
Income Fund
貝萊德環球多元資產入息基金
0.12% 1.52% -1.61% 1.40% 1.73% -6.80% -2.07% -2.24% 5.72% -3.48%
JPMorgan Multi Income
摩根大通全方位入息基金
0.10% 0.60% -2.96% 0.81% 1.41% -2.49% -3.06% -2.85% 4.99% -5.10%
Franklin Income Fund
富蘭克林入息基金
0.20% 0.30% -3.46% 1.33% 1.21% -2.40% -3.37% -3.81% 4.73% -6.58%