My Investment Portfolio (September 2025)

STI ended the 3rd quarter of the year at 4300 points, up around 0.7% for the month, thanks to the last trading day of the month rally. In US, focus this month had been on the labour market for signs of Fed cutting interest rate. Eventually, it was cut by 25 bps. Locally, investors were focused on the measures being rolled out by MAS in order to unlock value in SGX listed companies and also the launch of iEdge Singapore Next 50 indices.

For my top 30 holdings this month, some changes was observed. PM Data, Metro Holdings and Singapura Finance returned to the list, replacing Koh Brothers, Yeo Hiap Seng and SBS Transit respectively. Main contributors include Sing Investment & Finance, Far East Orchard, UOL and F&N. Detractors include Hotel Properties, Singapore Land Group, SingTel and Samudera Shipping.

I have bought the following companies from the market this month - A-Sonic, ABR, AP Oil, Aspial Corp, Baker Tech, Bonvests, Brook Crompton, Bund Center, Captii, Casa, CDW, Credit Bureau Asia, Delfi, Digilife Tech, EnGro, F&N, Golden Agri, Hiap Hoe, HL Global, Hong Fok, Hong Leong Finance, Hotel Grand Central, Hotung, Indofood Agri, IPC Corp, Jardine C&C, Karin, Mandarin Oriental, Metro, New Toyo, OUE, Overseas Education, PNE Industries, Shopper360, Sin Heng, Singapore Shipping, Singapura Finance, Straco, Straits Trading, Sunright, Tuan Sing, Venture, Wing Tai, Yeo Hiap Seng and YHI. No sale trade was done.

I have participated in the following scrip dividend schemes - Global Investments and Jardine Matheson.

My stake in Hai Leck had also been acquired via Scheme of Arrangement.

Next month, companies with financial year ending 30 June 2025 will be holding their AGMs. As markets had advanced quite a bit and continue to hit all-time highs this month, I will continue to invest at a much slower pace. As usual, I will be more conservative in terms of portfolio positioning and will also be holding more cash.

My S'pore Stock Portfolio - Top Holdings, cash investment only (correct as at 30 September 2025)

Top 30 Holdings (Sing$ Denominated shares)

1. iFAST

2. Sing Investment & Finance

3. Hotel Properties

4. Hong Leong Asia

5. Singapore Land Group

6. Hong Leong Finance

7. The Hour Glass

8. Hong Fok

9. Bonvests

10. Sembcorp Industries

11. Stamford Land

12. UOL

13. Far East Orchard

14. Wing Tai

15. LHT

16. SGX

17. Jardine C&C

18. DBS

19. UOB Kay Hian

20. PM Data

21. Multi-Chem

22. Bukit Sembawang Estates

23. Haw Par

24. SingTel

25. Metro Holdings

26. F&N

27. Global Testing

28. Hotel Grand Central

29. Singapura Finance

30. Samudera Shipping

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

2. Keppel Ltd
3. CapitaLand Integrated Commercial Trust

4. CapitaLand Ascendas REIT
5. Seatrium

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. FerroChina - Under Liquidation
9. FirstLink Investments
10. NEL Group
11. Jets Technics
12. Hongwei Technologies Limited (In Provisional Liquidation)
13. FDS Networks Group
14. China Oilfield Technology
15. China Milk Products Group - Under Liquidation
16. Pacific Healthcare
17. Fung Choi Media - In Liquidation
18. Europtronic Group - In liquidation - Compulsory winding up (Insolvency)
19. Attilan Group
20. Transcorp - In liquidation - Compulsory winding up (Insolvency)

21. Equatoriale Holdings  

22. China Haida

23. Chaswood Resources

More than 20 Years of Blogging

Dear all,

This blog is more than 20 years old! My first post for this blog was in 7th October 2004. How time files. I wonder how many of my readers who started to read my first blog post in 2004 is still around supporting this blog currently.

Over the years, many blogs come and go. With the advent of social media, more and more are creating content on other platforms rather than on blogs, which explains the decline of financial bloggers in this space. I have not switched to other platforms, and has decided also to keep this blog original to its intent and not made any changes to its layout. My main intention in setting up this blog is to really share my investment journey with everyone. Earning money from it is not my main aim and I have so far declined any sponsored posts on this blog. 

A big thank you to you if you are still supporting this blog after all these years. A big shout out to all my silent readers out there too. You know who you are, and thanks for journeying with me all these years together with my investment portfolio. Through the years, I have made some changes to my investment portfolio. If you had been following my monthly updates, I have become more defensive in my portfolio positioning as I grow older. Also, the number of stocks in my portfolio had came down throughout the years, and I am now trying to run a more focused portfolio of stocks. Though the number is still large, it will slowly come down going forward.

For those who have left comments on my blog posts, thanks for your support and encouragement. I hope that my replies make sense to you and keep your comments coming so that we can continue to learn together in this journey. Will this blog be around for another 20 years? Personally, I don't think so. But as far as possible, I would like to keep it going if I still have the ability and energy to continue blogging. Hopefully, this blog will still be around and active for many more years to come.

Once again, thank you for your support and hope to continue to see you around here regularly.

My Unit Trust Asset Allocation

Dear all,

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

https://ghchua.blogspot.com/2024/09/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 again been defensive for the past one year or so, and therefore increased my allocation to short duration bond fixed income fund again. The other asset classes are obviously down correspondingly in terms of percentage of allocation, with my additional allocation to the short duration bond fixed income fund.

For geographic exposure, Emerging Markets, Japan and Singapore funds were the out performers in the portfolio. Asia excluding Japan funds also did well.

Laggards are mainly single country funds. Most of these single country funds were in emerging/developing markets and the likes of India, Thailand, Indonesia and Malaysia each have their own country specific issues for the past year, which affected their respective stock market performance. 

Going forward, my strategy is to add onto existing funds, while continue to maintain a more defensive positioning in terms of asset allocation. I will continue to allocate more to fixed income instead of equity, with emphasis on shorter duration to mitigate interest rate fluctuations. I will also stick more to global, regional and developed markets single country funds to mitigate emerging/developing markets country specific risks.

Asset Class

Equity 79.53%

Balanced 12.82%

Fixed Income 7.65%

Geographic

Global 21.26%

Asia Pacific Excluding Japan 15.44%

Emerging Markets 13.41%

Japan 12.35%

US 8.32%

Singapore 8.29%

Asia excluding Japan 6.40%

Taiwan 3.22%

Europe including UK 3.05%

India 1.95%

Thailand 1.80%

Indonesia 1.78%

Malaysia 1.43%

Korea 1.40%

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