Portfolio Review 3Q18

Currently holding on to 12 counters (see Portfolio Review 1Q10 for 1-3, Portfolio Review 2Q10 for 4, Portfolio Review 4Q10 for 5, Portfolio Review 4Q13 for 6, Portfolio Review 2Q14 for 7, Portfolio Review 2Q15 for 8, Portfolio Review 2Q16 for 9, Portfolio Review 3Q16 for 10, Portfolio Review 4Q16 for 11, and Portfolio Review 4Q17 for 12):

1. FrasersCT
2. PLife
3. Starhill
4. Cache
5. First REIT
6. CDL HTrust 
7. OUE HTrust 
8. FCL 3.65%b
9. Hyflux 6%Perp
10. FCOT
11. AIMSAMP
12. LMIRT

Next portfolio review due after 31 December 2018.

Note to self: only simple P/L calculated. Continued uncertainty over Hyflux, especially as currently under court protection, i.e. 6-month moratorium from creditors until year end. US-China trade wars looming as well, causing a drag on stocks.

Portfolio Review 2Q18

Currently holding on to 12 counters (see Portfolio Review 1Q10 for 1-3, Portfolio Review 2Q10 for 4, Portfolio Review 4Q10 for 5, Portfolio Review 4Q13 for 6, Portfolio Review 2Q14 for 7, Portfolio Review 2Q15 for 8, Portfolio Review 2Q16 for 9, Portfolio Review 3Q16 for 10, Portfolio Review 4Q16 for 11, and Portfolio Review 4Q17 for 12):

1. FrasersCT
2. PLife
3. Starhill
4. Cache
5. First REIT
6. CDL HTrust 
7. OUE HTrust 
8. FCL 3.65%b
9. Hyflux 6%Perp
10. FCOT
11. AIMSAMP
12. LMIRT

Next portfolio review due after 30 September 2018.

Note to self: only simple P/L calculated. Uncertainty over Hyflux, especially as currently under court protection, i.e. 6-month moratorium from creditors until year end.

Portfolio Review 1Q18

Currently holding on to 12 counters (see Portfolio Review 1Q10 for 1-3, Portfolio Review 2Q10 for 4, Portfolio Review 4Q10 for 5, Portfolio Review 4Q13 for 6, Portfolio Review 2Q14 for 7, Portfolio Review 2Q15 for 8, Portfolio Review 2Q16 for 9, Portfolio Review 3Q16 for 10, Portfolio Review 4Q16 for 11, and Portfolio Review 4Q17 for 12):

1. FrasersCT
2. PLife
3. Starhill
4. Cache
5. First REIT
6. CDL HTrust 
7. OUE HTrust 
8. FCL 3.65%b
9. Hyflux 6%Perp
10. FCOT
11. AIMSAMP
12. LMIRT

Next portfolio review due after 30 June 2018.

Note to self: only simple P/L calculated

Portfolio Review 4Q17

Two transactions completed:

1.  Croesus RTr
   • Buy
     Renewed optimism in Japan from Abenomics(!)
   • Sell
     Blackstone's offer for Croesus
   
   
2. SoilbuildBizReit
   
   • Buy
     Resilience of business park rentals relative to logistics/industrial properties
   • Sell
     KTL Offshore, Technics, NK Ingredients

Currently holding on to 12 counters (see Portfolio Review 1Q10 for 1-3, Portfolio Review 2Q10 for 4, Portfolio Review 4Q10 for 5, Portfolio Review 4Q13 for 6, Portfolio Review 2Q14 for 7, Portfolio Review 2Q15 for 8, Portfolio Review 2Q16 for 9, Portfolio Review 3Q16 for 10, and Portfolio Review 4Q16 for 11):

1. FrasersCT
2. PLife
3. Starhill
4. Cache
5. First REIT
6. CDL HTrust 
7. OUE HTrust 
8. FCL 3.65%b
9. Hyflux 6%Perp
10. FCOT
11. AIMSAMP
12. LMIRT
• Buy
  Steady performance

Next portfolio review due after 31 March 2018.

Note to self: only simple P/L calculated


Record dividends but uncertainty ahead

Enjoyed new high in dividends received, but lost a major contributor in Croesus after it was delisted (albeit offset by healthy capital gains).

For 2018, looking for a new dividends stream to replace Croesus. Also, keeping an eye on Hyflux. Otherwise, rest of portfolio looks to be holding firm, although industrial reits still suffering some rental pressure.

Outside of reits, local property market looks to be experiencing an upswing.

Stay hungry, stay foolish!

Portfolio Review 3Q17

Currently holding on to 13 counters (see Portfolio Review 1Q10 for 1-3, Portfolio Review 2Q10 for 4, Portfolio Review 4Q10 for 5, Portfolio Review 2Q13 for 6, Portfolio Review 4Q13 for 7, Portfolio Review 2Q14 for 8, Portfolio Review 2Q15 for 9, Portfolio Review 2Q16 for 10, Portfolio Review 3Q16 for 11 and 12, and Portfolio Review 4Q16 for 13):

1. FrasersCT
2. PLife
3. Starhill
4. Cache
5. First REIT
6. Croesus RTr
7. CDL HTrust 
8. OUE HTrust 
9. FCL 3.65%b
10. Hyflux 6%Perp
11. SoilbuildBizReit
12. FCOT
13. AIMSAMP

Next portfolio review due after 31 December 2017.

Note to self: only simple P/L calculated, and not including ongoing Cache rights issue

Portfolio Review 2Q17

Currently holding on to 13 counters (see Portfolio Review 1Q10 for 1-3, Portfolio Review 2Q10 for 4, Portfolio Review 4Q10 for 5, Portfolio Review 2Q13 for 6, Portfolio Review 4Q13 for 7, Portfolio Review 2Q14 for 8, Portfolio Review 2Q15 for 9, Portfolio Review 2Q16 for 10, Portfolio Review 3Q16 for 11 and 12, and Portfolio Review 4Q16 for 13):

1. FrasersCT
2. PLife
3. Starhill
4. Cache
5. First REIT
6. Croesus RTr
7. CDL HTrust 
8. OUE HTrust 
9. FCL 3.65%b
10. Hyflux 6%Perp
11. SoilbuildBizReit
12. FCOT
13. AIMSAMP

Next portfolio review due after 30 September 2017.

Note to self: only simple P/L calculated, cumulative dividends was corrected for end 2014. Net equity rose even more than last quarter 1Q17, due in part to Blackstone's offer for Croesus (interestingly, previous delisting experienced was with Pacific's exit offer for PST). 

Portfolio Review 1Q17

Currently holding on to 13 counters (see Portfolio Review 1Q10 for 1-3, Portfolio Review 2Q10 for 4, Portfolio Review 4Q10 for 5, Portfolio Review 2Q13 for 6, Portfolio Review 4Q13 for 7, Portfolio Review 2Q14 for 8, Portfolio Review 2Q15 for 9, Portfolio Review 2Q16 for 10, Portfolio Review 3Q16 for 11 and 12, and Portfolio Review 4Q16 for 13):

1. FrasersCT
2. PLife
3. Starhill
4. Cache
5. First REIT
6. Croesus RTr
7. CDL HTrust 
8. OUE HTrust 
9. FCL 3.65%b
10. Hyflux 6%Perp
11. SoilbuildBizReit
12. FCOT
13. AIMSAMP

Next portfolio review due after 30 June 2017.

Note to self: only simple P/L calculated. This quarter saw the largest quarterly increase in net equity thus far (exceeding the previous high in 3Q16, but still smaller in magnitude than the largest quarterly decrease in net equity in 3Q15)

Portfolio Review 4Q16

One transaction completed:

1. Cambridge

• Buy
  Gearing has been progressively lowered through periodic repayment of debt and is around 33.4% after the latest round of paying down approximately S$20.0 million on 17 February 2011 (cf. gearing level of >40% in the early part of 2010, see From the Beginning...), but continues to offer high yield of >9% at ~50cents
  Cessation of Distribution Reinvestment Plan -> no DPU dilution resulting from DRP ("Distribution Reinvestment Plan
  The Manager has been informed by the Ministry of Finance on 17 December 2010 that the Distribution Reinvestment Plan (“DRP”) for REITs will not be extended beyond 31December 2010.")
• Sell
  Lack of sponsor coupled with challenging outlook for local industrial rentals amidst oversupply concerns

Currently holding on to 13 counters (see Portfolio Review 1Q10 for 1-3, Portfolio Review 2Q10 for 4, Portfolio Review 4Q10 for 5, Portfolio Review 2Q13 for 6, Portfolio Review 4Q13 for 7, Portfolio Review 2Q14 for 8, Portfolio Review 2Q15 for 9, Portfolio Review 2Q16 for 10, and Portfolio Review 3Q16 for 11 and 12):

1. FrasersCT
2. PLife
3. Starhill
4. Cache
5. First REIT
6. Croesus RTr
7. CDL HTrust 
8. OUE HTrust 
9. FCL 3.65%b
10. Hyflux 6%Perp
11. SoilbuildBizReit
12. FCOT
13. AIMSAMP
• Buy
  Presence of sponsor and optimism over venturing into developing built-to-suit properties

Next portfolio review due after 31 March 2017.

Note to self: only simple P/L calculated


Thank goodness for dividends... yet again

Deja vu? This is beginning to be a familiar refrain - once again decided to absorb some capital loss in rebalancing the portfolio while at the same time reaping the benefits of staying invested and collecting income.

In terms of looking ahead at 2017, amidst the aftermath of Brexit and a changing political scene, it is anyone's guess how the economy will pan out. Well, I should be keeping an eye on any large movements and be ready for more rebalancing in case of any impact on overall portfolio value / dividends stream.

Wishing everyone good fortune =)

Portfolio Review 3Q16

Currently holding on to 13 counters (see Portfolio Review 1Q10 for 1-3, Portfolio Review 2Q10 for 4, Portfolio Review 4Q10 for 5, Portfolio Review 1Q11 for 6, Portfolio Review 2Q13 for 7, Portfolio Review 4Q13 for 8, Portfolio Review 2Q14 for 9, Portfolio Review 2Q15 for 10, and Portfolio Review 2Q16 for 11):

1. FrasersCT
2. PLife
3. Starhill
4. Cache
5. First REIT
6. Cambridge
7. Croesus RTr
8. CDL HTrust
9. OUE HTrust
10. FCL 3.65%b
11. Hyflux 6%Perp
12. SoilbuildBizReit
• Buy
  Resilience of business park rentals relative to logistics/industrial properties
13. FCOT

• Buy
  Stability of contributions from local technopark and overseas Australian properties

Next portfolio review due after 31 December 2016.

Note to self: only simple P/L calculated. Excluding dividends, combined paper and transacted P/L recovered to net positive this quarter, one year on from first instance of portfolio paper loss in 3Q15

Portfolio Review 2Q16

Currently holding on to 11 counters (see Portfolio Review 1Q10 for 1-3, Portfolio Review 2Q10 for 4, Portfolio Review 4Q10 for 5, Portfolio Review 1Q11 for 6, Portfolio Review 2Q13 for 7, Portfolio Review 4Q13 for 8, Portfolio Review 2Q14 for 9, and Portfolio Review 2Q15 for 10):

1. FrasersCT
2. PLife
3. Starhill
4. Cache
5. First REIT
6. Cambridge
7. Croesus RTr
8. CDL HTrust 
9. OUE HTrust 
10. FCL 3.65%b
11. Hyflux 6%Perp

• Buy
  Diversification into perpetuals

Next portfolio review due after 30 September 2016.

Note to self: only simple P/L calculated