Thursday, December 31, 2015

My Investment Portfolio (December 2015)

STI ended the year at around 2882 points, above last month but down 14% for the year. STI had the "honour" of being the worst performing South East Asia market index for the year. For the month of December, there is not much activity as most investors were on holiday.

For this month, I have attended the following AGMs/EGMs/briefings - SPH, LippoMalls Trust, Ezra, Kencana, Fortune REIT, First REIT and Second Chance Properties.

For my top 30 holdings, Sarine Technologies was again a big mover but this time gaining ground. CapitaLand returned to the list after a decent share price performance as their China developments is expected to do well when they report their full-year results. A-REIT was a poor performer after they announced a fund raising exercise to acquire new assets.

I have bought the following companies from the market this month - AIMS Property, Chuan Hup, First Sponsor, GLP, Hong Kong Land, Hotel Royal, Hotung, IPC Corp, Isetan, Kencana, Keppel T&T, Lion AsiaPac, LTC Corp, Nam Lee, S'pore Shipping, ST Engineering, Stamford Land and UIC. I have closed my positions in Eastern Holdings and Technics Oil & Gas.

I have subscribed to the following rights issues - ARA and CSC. I have also participated in the following scrip dividend scheme - AusNet Services.

Next month will be the start of the new year and market activity is expected to pick up slowly. Companies with financial year ending 30 September 2015 will also be holding their AGM and I will be attending some of these to get some updates. I will also reserve some cash to subscribe for the upcoming A-REIT preferential offer.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 31 December 2015)

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

Top 5 Holdings (US$ Denominated shares)
1. Jardine Strategic
2. Hong Kong Land 
3. Mandarin Oriental  
4. Dairy Farm
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
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. Jets Technics
16. Guangzhao Industrial Forest - In liquidation - Compulsory winding up (Insolvency)
17. Hongwei Technologies Limited (In Provisional Liquidation)
18. FDS Networks Group
19. Aussino Group - In liquidation - Creditors' voluntary winding up
20. China Oilfield Technology

My Unit Trust Portfolio:


Sunday, December 27, 2015

Review/Reflections for 2015

I think most investors would agree with me that 2015 is a bad year for equity investors. The year started well and in April, STI was well above 3400 points. Unfortunately, a series of bad news including China market correction, Greek crisis, US rate hike, slump in oil prices, devaluation in regional currencies etc had contributed to a weaker performance in subsequent months and STI is expected to close well below 3000 points as we approach the end of the year.

I have stay invested in the market throughout this period with dividends being mostly re-invested back into my widely diversified portfolio but the sell-off was across the board and therefore, I expect to end this year in the red. Though I did not compute the returns of my portfolio, I guess I have suffered some setback in terms of portfolio value this year.

Again, I have lost some companies through M&A activities this year, the most high profile being Keppel Land. I have also closed out positions in some overvalued counters like Green Build, E2-Capital and Singapore Windsor. I have also reduced my stake in some trusts and REITs like AusNet Services, Keppel REIT, Ascott REIT, Cambridge and MapleTree Logistics Trust. Overall, I would like to maintain my exposure to REITs and trusts to not more than 10% of my portfolio, as they are prone to calling for rights issues and I do not wish to be caught in a situation where I have to fork out more money for their cash call.

I did not do much for my CPF-OA unit trust portfolio except for adding onto my Japan, Indonesia, Asian Smaller Companies and Global Emerging Markets funds from the dividend payouts for my CPF-OA stock holdings. As I am unemployed, I do not have CPF contributions every month and therefore there is a limit onto how much I can grow my CPF-OA unit trust portfolio. I will continue to be selective in terms of my CPF-OA unit trust allocation with overweight positions in Asia and Global Emerging markets. As for my CPF-OA stock portfolio, it is a subset of my cash stock portfolio and therefore I will continue to hold onto them. There is also a limit on my CPF-OA stock portfolio due to the CPF stock investment limit imposed by the CPF Board. I do not expect to grow my CPF-OA stock investment portfolio in a big way.

For my CPF-SA investments, I will still hold onto the existing 3 balanced funds as I have maxed out my CPF-SA investment limit imposed by the CPF Board. Again, with no contribution every month and a limit imposed, I do not expect to grow this portfolio in a big way.

I have continued meeting like-minded investors in two investment groups this year and we have shared many ideas and thoughts. Once again, thanks for the company and I really enjoyed those exchanges this year.

I have attended a lesser number of AGMs, EGMs, briefings etc this year and my health improved as a result. I have dedicated quite a number of days for rest and recovery this year in-between these meetings. Thank you, fellow investors that I met for your exchanges of ideas and discussions. It had been a fruitful experience chatting with you all over food and drinks at these meetings.

This had been the most toughest year for me since I turned into a full-time investor around 4.5 years ago. Having said that, it is during these tough times that you learn more about yourself, the robustness of your investment process and also your will to last the journey. I have certainly done so and hope that all you readers out there will too as we grow together to become a better investor.

It had been a year to forget in terms of investment returns and therefore I can't wait to say goodbye to 2015. Hope that 2016 will be a better year for all you investors out there. Happy holidays and hope to share with you all my portfolio activities in 2016!



A self-directed investor, looking to invest for retirement needs and bypass all those expensive financial planners/insurance agents. Investing is fun, profitable or most important of all, knowledge gained is useful for the rest of your life!

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