Some of mr. saverin 's other projects have been less conventional , including a cosmetics line launched in 2010 by rachel kum , singapore 's 2009 entry in the miss universe pageant .
But it is worth noting that four of these funds invest in hong kong where the market is highly correlated to chinese stocks and thus the funds don 't provide ideal diversification , says y. t. kum , senior research analyst at morningstar asia , based in hong kong .
