My Unit Trust Asset Allocation

Dear all,

After nearly one year, I guess it is time for another update on my unit trust asset allocation. You can refer to my previous one at the link below:

https://ghchua.blogspot.com/2022/11/my-unit-trust-asset-allocation.html

For asset classes, I have done nothing much other than consistently adding onto the list of unit trusts that I had been holding for CPF Investments. I have been very defensive for the past one year or so, and therefore increased my allocation to short duration bond fund significantly. Equity allocation was down correspondingly, due mainly to its relative under performance in general and also adding onto other asset classes.

For geographic exposure, Global, Japan and US funds were the out performers in the portfolio. Since Global funds have greater exposure to US and Japan, it is understandable that they have performed well along with these markets. Laggards continued to be funds with exposure to China. Though I don't specifically hold any China funds, Asia Pacific Excluding Japan, Emerging Markets and Asia excluding Japan regional funds do have decent exposure to that market, which dragged down their performance.

Going forward, my strategy is to add onto existing funds, while continue to maintain a more defensive positioning in terms of asset allocation.

Asset Class

Equity 81.4%

Balanced 13.01%

Short Duration Bond 4.56%

Fixed Income 1.04%

Geographic

Global 19.19%

Asia Pacific Excluding Japan 16.68%

Emerging Markets 13.21%

Japan 12.13%

US 8.01%

Singapore 7.44%

Asia excluding Japan 5.6%

Europe including UK 3.2%

Taiwan 3.1%

Indonesia 3.1%

Thailand 2.93%

India 2.32%

Malaysia 1.62%

Korea 1.46%

Welcome any comments (if any) on my unit trust asset allocation.

My Investment Portfolio (September 2023)

STI ended 3Q2023 at around 3217 points, down less than 1% as compared to last month closing. September was traditionally one of the weakest month in the market. Concerns this month in the markets include USD strength, raising Treasury yields after US Fed indicated further rate hikes this year, a possible US government shutdown and higher oil prices. Volatility in the markets increased as compared to last month.

I have attended the following physical AGMs/EGMs/briefing this month - Shopper360.

For my top 30 holdings this month, Singapore Land Group was in the news after the company applied to URA for Marina Square to be rezoned to undertake partial redevelopment. Not much major news was observed for most stocks in the list, as they have mostly lost ground along with the general market.

I have bought the following companies from the market this month - AF Global, Asia Enterprises, Ban Leong, Bund Center, Casa, Chemical Industries, City Developments, Credit Bureau Asia, EnGro, F&N, First Sponsor, GuocoLand, Hiap Hoe, Ho Bee Land, Hong Leong Asia, Hong Leong Finance, Hotel Grand Central, Hotel Royal, Hotung, Huationg Global, Indofood Agri, Khong Guan, Koda, KSH, Lion AsiaPac, Lum Chang, Mandarin Oriental, Metro, Nam Lee, OUE, Overseas Education, Pacific Century, PEC, SBS Transit, SHS, Silverlake Axis, Sinarmas Land, Sing Investment & Finance, Singapore Land Group, Singapore Shipping, Singapura Finance, SingTel, Stamford Land, Stamford Tyres, TC Auto, Trendlines and Yeo Hiap Seng. No sale trade was done.

Next month, companies with financial year ending 30 June 2023 will be holding their AGMs. As usual, I will be attending some of them to get updates. With markets getting more volatile, I will continue to be more defensive in positioning my portfolio going forward.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 29 September 2023)

Top 30 Holdings (Sing$ Denominated shares)

1. iFAST

2. Hong Fok

3. The Hour Glass 

4. Bonvests

5. Hong Leong Finance

6. Jardine C&C

7. Hotel Properties

8. Sing Investment & Finance

9. Amara

10. Sembcorp Industries

11. PM Data

12. Hotel Grand Central

13. LHT

14. Stamford Land

15. Far East Orchard

16. Delfi

17. Wing Tai

18. Metro Holdings

19. Yeo Hiap Seng

20. Hiap Hoe

21. CapitaLand Ascendas REIT

22. Samudera Shipping

23. Singapura Finance

24. Singapore Land Group

25. Isetan

26. Haw Par

27. Tat Seng

28. Bukit Sembawang Estates

29. CapitaLand Integrated Commercial Trust

30. SGX

Top 5 Holdings (US$ Denominated shares)

1. Mandarin Oriental
2. Hongkong Land
3. Jardine Matheson

4. TZ Da Ren Tang
5. DFI Retail Group

Top Holdings (HK$ Denominated shares)

1. Tan Chong International

2. Shangri-La Asia

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

Top 5 Holdings (CPF OA investment)
1. Streettracks STI ETF

2. Keppel Corp
3. CapitaLand Integrated Commercial Trust

4. CapitaLand Ascendas REIT
5. Best World

My Hong Kong Stock Portfolio
1. Peace Mark Holdings - Under Voluntary Liquidation
2. Alpha Professional Holdings Ltd (formerly known as Z-Obee Holdings Ltd)

My Australia Stock Portfolio
1. GPS Alliance Holdings Limited

My Unlisted Company Portfolio
1. Iconic Global Limited
2. Dongshan Group Ltd (formerly known as Greatronic Limited)
3. General Magnetics
4. Fastech Synergy
5. Memory Devices
6. Jurong Tech - In liquidation - Compulsory winding up (Insolvency)
7. FM Holdings
8. Zhonghui - In liquidation - Compulsory winding up (Insolvency)
9. FerroChina - Under Liquidation
10. FirstLink Investments
11. NEL Group
12. Jets Technics
13. Guangzhao Industrial Forest - In liquidation - Compulsory winding up (Insolvency)
14. Hongwei Technologies Limited (In Provisional Liquidation)
15. FDS Networks Group
16. Aussino Group - In Liquidation - Creditors' voluntary winding up
17. China Oilfield Technology
18. China Milk Products Group - Under Liquidation
19. Pacific Healthcare
20. Fung Choi Media - In Liquidation
21. DMX Technologies - In Liquidation
22. Europtronic Group- In Liquidation
23. China Sun Bio-chem Technology
24. Attilan Group
25. Transcorp

26. Koon Holdings  - Under Liquidation

27. Equatoriale Holdings  

28. China Haida

29. Chaswood Resources