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

Portfolio Review 1Q16

Currently holding on to 10 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

Next portfolio review due after 30 June 2016.

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

Portfolio Review 4Q15

One transaction completed:

1. Sembmarine

• Buy
  High beta with decent yield amongst STI component stocks (cf. SIAS article)
  Record order book estimated at more than S$13b as of end December 2012
  Price driven down by recent bad news (i.e. Q3 profit decline on margin concerns and Jurong Shipyard accident)
• Sell
  Prolonged pessimistic outlook for oil price

Currently holding on to 10 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

Next portfolio review due after 31 March 2016.

Note to self: only simple P/L calculated


Thank goodness for dividends... again

2015 was again a year when dividends was the main support for my portfolio, as I slowly tend towards a largely hands-off approach in investing, instead relying on the quarterly and semi-annual streams of passive income.

In terms of base capital, my loss on Sembmarine (realised this year in 2015) dwarfs that for Sabana (realised in 2014) by far. Ouch, really painful lesson for me, talk about catching a falling knife indeed...

Here's to a better 2016 ! 

Portfolio Review 3Q15

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 4Q12 for 7, Portfolio Review 2Q13 for 8, Portfolio Review 4Q13 for 9, Portfolio Review 2Q14 for 10, and Portfolio Review 2Q15 for 11):

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

Next portfolio review due after 31 December 2015.

Note to self: only simple P/L calculated. Heavy paper losses this quarter, to the extent of first time experiencing overall portfolio paper loss

Portfolio Review 2Q15

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 4Q12 for 7, Portfolio Review 2Q13 for 8, Portfolio Review 4Q13 for 9, and Portfolio Review 2Q14 for 10):

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

• Buy
  Diversification into local retail bond

Next portfolio review due after 30 September 2015.

Note to self: only simple P/L calculated

Portfolio Review 1Q15

Currently holding on to 10 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 4Q12 for 7, Portfolio Review 2Q13 for 8, Portfolio Review 4Q13 for 9, and Portfolio Review 2Q14 for 10):

1. FrasersCT
2. PLife
3. Starhill
4. Cache
5. First REIT
6. Cambridge
7. Sembmarine
8. Croesus RTr
9. CDL HTrust 
10. OUE HTrust 

Next portfolio review due after 30 June 2015.

Note to self: only simple P/L calculated

Portfolio Review 4Q14

Currently holding on to 10 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 4Q12 for 7, Portfolio Review 2Q13 for 8, Portfolio Review 4Q13 for 9, and Portfolio Review 2Q14 for 10):

1. FrasersCT
2. PLife
3. Starhill
4. Cache
5. First REIT
6. Cambridge
7. Sembmarine
8. Croesus RTr
9. CDL HTrust 
10. OUE HTrust 

Next portfolio review due after 31 March 2015.

Note to self: only simple P/L calculated


Thank goodness for dividends

2014 was the year when dividends was the main contributor to my portfolio's continued growth.

Indeed, a small trading loss was realised on Sabana (my first such transaction!), although it can be considered to have been the right decision on hindsight given Sabana's continued price decline thereafter. My remaining counters which I am holding on to are similarly at a slight paper loss for the year.

This trading / paper loss was more than made up for by the dividends received this year, which experienced the largest annual quantum increase since the start of my investments. I should reiterate that dividend yield depends on (i) the company's ability to grow its earnings and corresponding payouts, and (ii) the investor's entry price. This nicely segues to the next part.

Oil price turmoil

The oil price has been on a downtrend. Whether this is due to a Saudi ploy to drive out inefficient shale oil producers, or a conspiracy against Russia, ISIS, it is undeniably adversely impacting oil and gas related counters. In the local stocks scene, we are referring to the likes of Keppel (although it also has other business arms), Sembmarine, Ezion, etc.

In the last quarter of 2014 the oil price has broken below US$60/bbl, down by around half from the highs earlier this year. How low it could go eventually is anybody's guess.

Where this affects the oil and gas related counters is if the oil price goes low enough and stays there to cause order cancellations for drilling rigs, service crafts, etc., hence contributing to smaller orderbooks and lower earnings. From reports, analysts are saying the breakeven range for oil extraction could be US$40-80/bbl, depending whether it is shallow water, deep water, ...

Crossing my fingers for Sembmarine's continued strong orderbook and higher margins, and keeping an eye out for the other oil and gas related counters at attractive entry prices.

Merry X'mas, Happy New Year and hopefully huat in 2015 !

Stock & Unit Trust Portfolio Update Nov 2014

Continuing on from Stock & Unit Trust Portfolio Update Aug 2013,

• 11 Nov 2014
  Added to Croesus RTr existing holdings
• 26 Nov 2014
  Added to SembMarine existing holdings

Portfolio Review 3Q14

Currently holding on to 10 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 4Q12 for 7, Portfolio Review 2Q13 for 8, Portfolio Review 4Q13 for 9, and Portfolio Review 2Q14 for 10):

1. FrasersCT
2. PLife
3. Starhill
4. Cache
5. First REIT
6. Cambridge
7. Sembmarine
8. Croesus RTr
9. CDL HTrust 
10. OUE HTrust 

Next portfolio review due after 31 December 2014.

Note to self: only simple P/L calculated

Portfolio Review 2Q14

One transaction completed:

1. Sabana

• Buy
  First Syariah-compliant REIT here in Singapore
  Luck with IPO balloting for public (see Sixth time (un)lucky)? entry)
• Sell
  Decreasing occupancy rate and dividend payout
  Rising gearing ratio

Currently holding on to 10 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 4Q12 for 7, Portfolio Review 2Q13 for 8 and Portfolio Review 4Q13 for 9):

1. FrasersCT
2. PLife
3. Starhill
4. Cache
5. First REIT
6. Cambridge
7. Sembmarine
8. Croesus RTr
9. CDL HTrust 
10. OUE HTrust 

• Buy
  Positive on Orchard shopping belt
  Stable price and dividend payout

Next portfolio review due after 30 September 2014.

Note to self: only simple P/L calculated

Portfolio Review 1Q14

Currently holding on to 10 counters (see Portfolio Review 1Q10 for 1-3, Portfolio Review 2Q10 for 4, Portfolio Review 4Q10 for 5-6, Portfolio Review 1Q11 for 7, Portfolio Review 4Q12 for 8, Portfolio Review 2Q13 for 9 and Portfolio Review 4Q13 for 10):

1. FrasersCT
2. PLife
3. Starhill
4. Cache
5. First REIT
6. Sabana
7. Cambridge
8. Sembmarine
9. Croesus RTr
10. CDL HTrust

Next portfolio review due after 30 June 2014.

Note to self: only simple P/L calculated

Portfolio Review 4Q13

Currently holding on to 10 counters (see Portfolio Review 1Q10 for 1-3, Portfolio Review 2Q10 for 4, Portfolio Review 4Q10 for 5-6, Portfolio Review 1Q11 for 7, Portfolio Review 4Q12 for 8 and Portfolio Review 2Q13 for 9):

1. FrasersCT
2. PLife
3. Starhill
4. Cache
5. First REIT
6. Sabana
7. Cambridge
8. Sembmarine
9. Croesus RTr
10. CDL HTrust
    • Buy
      Positive on Maldives acquisitions in Jan and Dec 2013

Next portfolio review due after 31 March 2014.

Note to self: only simple P/L calculated


Reflections
Towards the end of 2013, I have been seeing rather a lot of talk about rising interest rates going forward, and how this is likely to adversely impact REITs and bonds going forward. Naturally, this drew my attention as a vested investor.

Nonetheless, I am inclined to sit tight at the moment. Nothing too scientific, my gut feel is that this is likely to be a gradual trend more than a sudden jump, future US Fed announcements notwithstanding (more like market noise to me...)

Over the past year, portfolio value has certainly taken a hit, will be looking to pick up more of some counters which I am more optimistic about.

With the benefit of hindsight, current level of passive income is comfortable but has not been increasing as fast as I had hoped. Shall be aiming to achieve an extra 1.5-2 months of "extra pay" through passive income in the near time, wish me luck!

Happy New Year and a great 2014 to all !!