Great observation! I would have replied sooner, but this board is deader than a door nail and didn't expect any posts. I struggled all last weekend on how JAOSX could have finished down 1.46% Friday 1/11 when their top 10 finished so good. I went as far as downloading ALL the holdings and creating a mock portfolio (giving each holding a number of shares to match the percent of holdings). I wanted to physically see how it was possible for the fund to be down that much when the top 10 did so well. So, here is my theory. The Asian markets are a day ahead of us. Li and Fung is located in Hong Kong, Hong Kong. At the time of this post, (4:17pm PDT) on 1/17/2013, current day/time in Hong Kong is: Friday, January 18, 2013 at 8:16:53 AM HKT. So the big hit to JAOSX on Friday 1/11/13 was in fact due to Li and Fung. Although, when you looked at Li & Fung on Monday, Yahoo or other sites showed the drop on that day. On Monday (1/14) when you posted your question, you were essentially looking in the rear view mirror!!!