Portfolio

Tech bubble? More likely an ETF bubble in the making
SINGAPORE (Feb 19): As volatility in global equity markets extends into the second week, there is plenty of anxiety to spread around. According to Bloomberg, some US$23.8 billion ($31.5 billion) was pulled from equity funds, the bulk from exchange-traded funds (ETFs), from Feb 1 to 7 alone. That was one of the largest weekly outflows on record. Valuations are back in focus, something that ...
A long time coming
SINGAPORE (Feb 12): Last week’s sharp plunge in stock prices has certainly jolted investors out of the complacency that has persisted through the better part of the past two years. The Dow Jones Industrial Average (DJIA), the most closely watched index in the world, fell 666 points on Feb 2, only to be followed by a 1,175-point drop — the biggest one-day decline ever — on Feb 5. ...
China Sunsine — Price up 20.8% since we bought two weeks ago and we bought more
SINGAPORE (Feb 5): China Sunsine Chemical Holdings has been one of our portfolio’s top-performing stocks, gaining 20.8% since we bought it just two weeks ago, thanks in part to a growing number of brokers who have since started covering the company. This vindicates our top-down, bottom-up approach to finding undervalued stocks. The stock first appeared on our radar when we performed our ...
I could’ve done better — why I’m sticking to FB and Disney, maybe not GM
SINGAPORE (Jan 29): My Global Portfolio continues to outperform the benchmark MSCI World index over the past one-week, gaining 2.8%. This brings cumulative portfolio returns to 9.8% in the five weeks since inception. For the benefit of readers who are new to this column, this is a “real” portfolio with an initial capital of US$500,000 and takes into account all transaction costs. My ...
Global portfolio up 6.8% in one month, outpacing the index
SINGAPORE (Jan 22): My Global Portfolio is exactly one month old this week. Total portfolio value is up 6.8% to US$534,186, outpacing the MSCI World index gains over this period. In fact, it has outperformed the benchmark index in three of the past four weeks. Seven out of our nine stocks are making profits. We will write on our conviction for the laggards, Facebook and Walt Disney Co, in the ...
Is there year-end window dressing and does it hurt anyone?
SINGAPORE (Jan 12): Nasdaq defines “window dressing” as trading activities near the end of a quarter or fiscal year that are designed to improve the appearance of a portfolio to be presented to clients. Malaysia’s Capital Markets and Services Act 2007 classifies as stock market manipulations transactions in securities of a corporation that have, or are likely to have, the effect of ...
A PE ratio of 9 or 229 times says nothing about relative valuations
SINGAPORE (Jan 8): The stock market rallies in recent years, especially of technology companies, have made many investors jittery. Even seasoned professionals are wondering if there is too much exuberance and if these technology companies are trading at “obscene or excessive” valuations. Some even wondered if these technology companies are valued at some new valuation methodologies or more ...
Our portfolio ended 2017 with a 14% gain, 1.7% from dividends
SINGAPORE (Dec 25): We started the Singapore Market Portfolio in our first issue of 2017 (Issue 761, Jan 9) with $200,000 in notional capital and a plan to draw inspiration from The Edge Singapore’s reporting on the local corporate sector. As at Dec 19, there were 17 stocks in the portfolio, bought at a total cost of $166,266.50. The total market value of these holdings was $182,613.50. The ...
SGX hikes derivatives member fees, Cogent offer gets nod from IFA
SINGAPORE (Dec 18): The Singapore Exchange is set to hike annual membership fees for derivatives trading from Jan 2. This marks the first revision to member fees in 15 years. Fees could go up by more than tenfold, according to a report in The Business Times. For instance, fees for proprietary trading members with access to fast data feeds could reportedly spike from $2,000 a year to ...
Portfolio sees mixed results over recent reporting season
SINGAPORE (Dec 11): The recent results season has seen mostly positive numbers from the 16 companies in our portfolio that reported results in the quarter ending Sept 30. Nine reported earnings growth in the recent quarter, while five saw their earnings decline and two reported losses. The biggest increase in earnings came from property developer UOL Group, which reported a 609% y-o-y ...