My Investment Portfolio (January 2015)

STI ended started the first month of the year up to close at 3391 points, though it ended a bit weaker during the last trading day of the month. Various concerns were present in the market. 1. The Swiss taking the cap off their currency, causing Swiss franc to strengthen significantly. 2. ECB increasing the money supply aka QE. 3. Greek debt issue had been on the headline again. 4. US Fed latest hawkish stance on rates, which means interest rate is going to go up soon.

For this month, I have attended the following AGMs/EGMs/briefings - Yoma, OUE, OUE H Trust, Frasers Commercial Trust, BRC Asia, Pacific Andes, PNE Industries, Casa Holdings and Frasers Centrepoint Limited.

For my top 30 holdings, there were quite a few changes. Popular and Keppel Land appeared on the list after both companies announced takeover offers which triggered their share price upwards. Keppel T&T returned to the list after it declared a special dividend when full-year result was announced, due to the proceeds from listing of Keppel DC REIT. ComfortDelgro was another main mover after LTA announced that it will purchase the assets of public transport operators when it moved to the bidding model. The Hour Glass also performed well after Swiss franc strengthened, which might increase its inventory value. The two REITs in the list also did well after they announced their results. Some undervalued property counters like Hiap Hoe, Bonvests etc also reacted to Keppel Corp's takeover offer for Keppel Land as investors speculated on the next takeover target.

I have bought the following companies from the market this month - Amara, AP Oil, BBR, Best World, Casa, Chew's Group, Chip Eng Seng, First Sponsor, Hong Leong Finance, Hwa Hong, Keppel Corp, Keppel T&T, LTC Corp, Nam Lee and SembCorp Industries. I have reduced my stake in E2-Capital, Green Build and Keppel REIT to partly fund some of these purchases.

I have accepted the following voluntary delisting/cash offer this month - euNetworks. I have also participated in the following rights issue - Swiber.

Next month, most companies with financial year ending 31 December 2014 will be announcing their full year results. I will allocate some time to follow those financial announcements.
 
My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 31 January 2015)

Top 30 Holdings (Sing$ Denominated shares)
1. United Engineers
2. Sarine Technologies
3. Metro Holdings
4. Jardine C&C
5. Singapura Finance 
6. Old Chang Kee
7. Haw Par
8. Bukit Sembawang Estates
9. Hong Fok
10. Bonvests    
11. SGX
12. Hotel Properties  
13. Hotel Grand Central
14. Hong Leong Finance
15. Keppel Land
16. A-REIT
17. Hotel Royal
18. Hiap Hoe
19. The Hour Glass  
20. Straits Trading 
21. ComfortDelgro   
22. GK Goh
23. Keppel T&T
24. Sing Investment & Finance
25. VICOM 
26. Isetan
27. CapitaMall Trust
28. Far East Orchard
29. Popular
30. UOL

Top 5 Holdings (US$ Denominated shares)
1. Jardine Strategic
2. Hong Kong Land 
3. Dairy Farm
4. Mandarin Oriental
5. Jardine Matheson

Top Holdings (HK$ Denominated shares)
1. Fortune REIT
2. Tan Chong International

Top Holdings (Aust$ Denominated shares)
1. AV Jennings

Top 5 Holdings (CPF OA investment)
1. Keppel Corp
2. Streettracks STI ETF
3. CapitaMall Trust
4. A-REIT
5. Challenger Technologies

My Hong Kong Stock Portfolio
1. Peace Mark Holdings - Under Voluntary Liquidation

My Australia Stock Portfolio
1. GPS Alliance Holdings Limited

My Unlisted Company Portfolio
1. Automated Touchstone Machines Ltd
2. Iconic Global Limited
3. Greatronic Limited
4. General Magnetics
5. Fastech Synergy
6. Beauty China- Under Liquidation
7. Memory Devices
8. Jurong Tech - In liquidation - Compulsory winding up (Insolvency)
9. FM Holdings
10. Japan Land - In liquidation - Members' voluntary winding up
11. Zhonghui - In liquidation - Compulsory winding up (Insolvency)
12. FerroChina - Under Liquidation
13. FirstLink Investments
14. NEL Group
15. KXD Digital Entertainment - In liquidation - Compulsory winding up (Insolvency)
16. Jets Technics
17. UIS - In liquidation - Members' voluntary winding up
18. Guangzhao Industrial Forest - In liquidation - Compulsory winding up (Insolvency)
19. Hongwei Technologies Limited (In Provisional Liquidation)
20. FDS Networks Group
21. Aussino Group
22. Sunray Holdings

My Unit Trust Portfolio:
http://www.fundsupermart.com/main/community/Portfolio_View.svdo?id=P199

Investment Strategy for 2015

2015 is expected to be more or less the same as 2014, at least according to experts out there. GDP growth will be muted and the S'pore economy will experience growth but not a lot. In this environment, it will be difficult to have a board based kind of rally we have experienced a few years back after the financial crisis, but rather stock picking on selected stocks which might outperform others in this market.

Therefore, my portfolio strategy for 2015 will be as follows:

1. Look for deep value stocks and overweight them. This strategy has served me well in 2014 and I will continue with this strategy. I have not avoided the downturn in commodities and oil related counters in 2014, but the overweight and focus on value stocks had somewhat allowed me to reduce the volatility of my portfolio. Many stocks in the property sector, finance, retail and hotel stocks are in this category.

2. Reduce/Eliminate underperforming and overvalued stocks. I will adopt this new strategy for 2015 as I need to reduce some of these stocks and realize some cash and also reduce the number of stocks in my portfolio. Of course, it must make sense to sell underperforming stocks such that I don't pay high brokerage as some of these stocks might not be meaningful to sell, since you would end up paying brokerage only and left with nothing. For overvalued stocks, it will be on a case by case basis as not all overvalued stocks in my portfolio need to be sold. Some of these are growth stocks and they might be able to outperform the market even with their high valuation. Of course, I will continue to monitor the progress of these stocks and will not eliminate them immediately. Rather, I would short-list them first and monitor well before taking action. I might adopt a strategy of reducing my holdings in them first before selling them off completely, if I am not sure whether it makes sense to eliminate them completely.

3. Reduce the number of AGMs, EGMs etc. I have been a full-time investor for 3.5 years now and had attended quite a number of AGMs since I turned full-time. Therefore, I had a good idea on how some companies in my portfolio will perform as I am quite comfortable with their business model and the main people behind those companies. There is no need for me to attend a company's AGM and EGMs every year and I would rather focus more time on my portfolio. Having said that, attending AGMs is still an important part of my overall investment strategy and I will not discard it. However, due to the fact that I am working alone and it is sometimes quite hectic travelling from one AGM venue to another in a single day, I would have to reduce the number of AGMs that I will be clocking for one year. I will not have an official target on how many I will attend this year, but it will be definitely lesser than the previous few years.

4. Keep healthy. I have fallen sick a few times last year and that resulted me in missing a few AGMs. I will go for quality rather than quantity this time round, with ample rest in between AGMs. As you might have known, AGMs sometimes come together especially during the period in April whereby there are so many companies holding it. I would have to pace myself better this time round so that I won't get to miss some interesting AGMs that I wish to attend. Investment is a marathon, not a sprint. It is ok to miss some meetings but I must take care of my health so that I can last this journey. The medical expenses for falling sick will also reduce my investment capital so it is not worth it.

5. The usuals. I will be interacting with my investment groups, read up on investment books/periodicals, participating in scrip dividend schemes and rights issues, look out for M&A deals etc. Yes, the usual activities that had served me well throughout my years as an investor. I will also attempt to attend some investment seminars this year.

All said, I wish all of you readers out there many more returns and a profitable 2015.

My Investment Portfolio (December 2014)

STI ended the year up 6.24% to close at 3365 points. Some window dressing efforts had pushed the index up near the end of the month, though slumping oil prices continue to affect oil-related stocks. Overall, there is not much news on the corporate front, typical for the last month of the year.

For this month, I have attended the following AGMs/EGMs/briefings - Mermaid Maritime, Communication Design International, Miyoshi and Second Chance Properties.

For my top 30 holdings, Singapura Finance returned to the list after I subscribed for its rights issue last month and those rights shares had been credited this month. UOL returned to the list after its better performance compared to other stocks near the top 30 list. Keppel T&T dropped out of the list after investors sold down the stock as they are concerned that the company might have to compensate SGX for its trading system downtime at its data centre. Otherwise, there is no major movements in the list.    

I have bought the following companies from the market this month - Ascott REIT, Avi-Tech, Bund Center, Chosen, GuocoLeisure, Hanwell, Hiap Hoe, Hotel Royal, Jardine Strategic, Keppel Corp, Keppel T&T, LHT, Mun Siong, MYP, Nam Lee, Saizen REIT, SembCorp Industries and Yoma. I have reduced my stake in Singapore Windsor to partly fund some of these purchases.

I have participated in the following scrip dividend schemes this month - AIMS AMP Capital Industrial REIT, AusNet Services, Boustead, Cambridge Industrial Trust, MapleTree Commercial Trust, MapleTree Industrial Trust and Sabana REIT. I have also accepted the following voluntary delisting/cash offers this month - ECS and Forterra Trust.

The first month of 2015 will have some AGMs for companies with financial year ending 30 September 2014. I will be attending some of these AGMs to get some updates from those companies. It will also be a low dividend paying month. Therefore, I will seek to conserve my cash and re-invest slowly and prudently back into the market.
 
My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 31 December 2014)

Top 30 Holdings (Sing$ Denominated shares)
1. United Engineers
2. Sarine Technologies
3. Jardine C&C
4. Singapura Finance 
5. Metro Holdings
6. Old Chang Kee
7. Haw Par
8. Bonvests    
9. Bukit Sembawang Estates
10. SGX 
11. Hotel Grand Central
12. Hotel Properties 
13. Hong Fok
14. Hotel Royal
15. A-REIT
16. Hong Leong Finance
17. Hiap Hoe 
18. GK Goh
19. Straits Trading  
20. Sing Investment & Finance
21. The Hour Glass 
22. Isetan
23. VICOM
24. Noble Group
25. ComfortDelgro   
26. CapitaMall Trust
27. Far East Orchard
28. OSIM International
29. UOL
30. Stamford Land

Top 5 Holdings (US$ Denominated shares)
1. Jardine Strategic
2. Dairy Farm
3. Mandarin Oriental
4. Hong Kong Land
5. Jardine Matheson

Top Holdings (HK$ Denominated shares)
1. Fortune REIT
2. Tan Chong International

Top Holdings (Aust$ Denominated shares)
1. AV Jennings

Top 5 Holdings (CPF OA investment)
1. Keppel Corp
2. Streettracks STI ETF
3. CapitaMall Trust
4. A-REIT
5. Challenger Technologies

My Hong Kong Stock Portfolio
1. Peace Mark Holdings - Under Voluntary Liquidation

My Australia Stock Portfolio
1. GPS Alliance Holdings Limited

My Unlisted Company Portfolio
1. Automated Touchstone Machines Ltd
2. Iconic Global Limited
3. Greatronic Limited
4. General Magnetics
5. Fastech Synergy
6. Beauty China- Under Liquidation
7. Memory Devices
8. Jurong Tech - In liquidation - Compulsory winding up (Insolvency)
9. FM Holdings
10. Japan Land - In liquidation - Members' voluntary winding up
11. Zhonghui - In liquidation - Compulsory winding up (Insolvency)
12. FerroChina - Under Liquidation
13. FirstLink Investments
14. NEL Group
15. KXD Digital Entertainment - In liquidation - Compulsory winding up (Insolvency)
16. Jets Technics
17. UIS - In liquidation - Members' voluntary winding up
18. Guangzhao Industrial Forest - In liquidation - Compulsory winding up (Insolvency)
19. Hongwei Technologies Limited (In Provisional Liquidation)
20. FDS Networks Group
21. Aussino Group
22. Sunray Holdings

My Unit Trust Portfolio:
http://www.fundsupermart.com/main/community/Portfolio_View.svdo?id=P199