|
No.
|
Counters
|
No. of
Shares |
Market
Price (SGD) |
Total
Value (SGD) based on market price |
Allocation
% |
|
1.
|
Vicom
|
31,300
|
6.59
|
206,267.00
|
23.0%
|
|
2.
|
Netlink Trust
|
236,000
|
0.83
|
195,880.00
|
21.0%
|
|
3.
|
Far East Hospitality Trust
|
3,000
|
0.64
|
1,920.00
|
1.0%
|
|
4.
|
Ho Bee Land
|
300
|
2.36
|
708.00
|
0.1%
|
|
5.
|
Warchest
|
|
513,510.00
|
55.0%
|
|
|
Total
|
|
|
|
918,285.00
|
100%
|
Sell in May and go away.
This month has been a brutal month as we see increased risk volatility in the market due to the US-China trade war, which pushed most major indexes and sectors down.
STI is now back to the 3,150 level, which I deemed as attractive. Still, it can always go lower for as long as the risk remains.
You can see from my portfolio that I made more sell than buy transactions during the month.
It was done as part of the strategy to be nimble as I was almost fully invested in the previous month, since there are other more interesting sectors to watch out for and I wanted to take on a more risk-on attitude with some sectors dropping near my target buy level, such as banks.
The first thing I sold was First Reit, which I divested in full at $0.98 after the company went ex-dividend (I will be entitled to the dividend). This was a recent purchase which I made not too long ago back in March so the ROI on this is a slight gain, almost flat if you consider the commissions in and out.
I also divested my biggest holding in Starhill Reit at $0.75, again after the company went ex-dividend (I will be entitled to the dividend) as part of my strategy to conserve cash and go risk-on mode on banks sector later on. Like First Reit, this divestment was not a fundamental issue with the company but an overall balancing strategy with the situation going on, and thus a decision was made.
I also divested my recently purchased holding for Keppel Infra Trust at $0.47 for the same reason, hence I won’t repeat it again.
Last but not least, I had also divested all my holdings in The Hour Glass on the immediate day after they announced their full year results. In fact, earlier this month, I managed to double up my position on THG but the full year result thesis did not work out as expected.
Nevertheless, I will share my compilations of research on THG in the next posting for future reference which I will continue to keep a close look out on.
With most divestment, my portfolio is essentially left with Vicom and Netlink Trust as the two major holdings, with Far East Hospitality Trust and Ho Bee Holding taking up consolation third and fourth places.
Warchest has gone up drastically, and now suddenly I am looking at influx of cash amounting to 55% of the overall portfolio.
Since I am closely eyeing on banks and companies like Genting and HK Land, which I previously shared, I am sure the capital will be allocated sooner than expected, especially if the Trade War escalates.
Networth Update
The portfolio, while defensive in nature, did not survive the onslaught from the Trade War as it sees a dip this month.
The overall networth of the portfolio dropped from the previous month of $932,505 to $918,285 this month (-1.5% month on month; 27.3% year on year).
The portfolio shed around $14k in value overall.
This also means that my trend of 16th consecutive record increase month on month is also broken, ending the momentum this month.
In terms of returns year to date, the portfolio is still beating the index by a margin so I think the overall impact drop in index is more felt than the drop in the portfolio.
I guess there is no need to hit the panic button just yet.
When the US and China sneeze, you can’t help but catching some sort of cold regardless how defensive your portfolio is.
But this also spells for opportunity in the market to capitalize when you see some mispricing that happens.
I hope that opportunity will come soon, and I will be sure to be on my alert to capitalize on it.
Thanks for reading.
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What do you think is a gd entry price for dbs n ocbc? I'm looking at 23 and 10.3 , but arent too sure.
DBS 20+
Ocbc 8+
Hi Lynn
Ideally, 1x P/BV will be a very decent entry and will one that will make good returns once the market rebounds.
Thank you, guru! You are my inspiration!
This comment has been removed by the author.
I completely agree to this point – When the US and China sneeze, you can't help but catching some sort of cold regardless how defensive your portfolio is.
yes, we can catch cold but we must also go for the right cure to deal with the same.
Hi MMF
Yeah, those are the two biggest players and everything they do is under the scrutiny of the eyes of the world.
You invested First Reits recently so why did you divested now with only a little bit of gains,
Hi Anonymous
I mentioned it above as part of rebalancing going into better risk on mode.
Great article.
Is it a good time to buy Netlink?
Hi Unknown
It's hard to answer this question.
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Can I ask why you keep such a big cash position? Are you predicting a crash and buy in at the lows? Also why do you sell Keppel Infra Trsut? Their yield is quite impressive at 7+%
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