Tuesday, April 1, 2014

My stocks portfolio - Mar 2014

My holding period return was 2.54% in the month of March 2014. Since the beginning of the year 2010, my overall holding period returns translate to 9.11% in annualised return.

There were 7 transactions made in the month of March 2014.
Bought Osim, new average price at $2.266
Sold Tat Hongs, at 33.88% loss (including dividends)
Sold Sabana Reit, at 106.43% gain (including dividends)
Sold Tai Sin, at 75.05% gain (including dividends)
Sold SGX, at 23.94% gain (including dividends)
Sold Jaya Holdings, at 15.99% gain (including dividends)
Sold Low Keng Huat, at 1.63% gain (excluding dividends)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec FY
2010 -1.75% 1.36% 2.98% 4.36% -7.12% 4.40% 4.49% -1.38% 6.76% 3.09% -1.61% 3.93% 20.38%
2011 -0.03% -4.77% 2.07% 1.29% -0.32% -2.39 -0.33% -8.34% -6.53% 7.52% -7.05% 0.52% -17.85%
2012 9.41% 5.52% 2.62% -0.22% -3.13% 2.55% 2.84% 1.99% 4.27% -0.34% 0.11% 2.75% 31.67%
2013 5.18% 2.33% 3.02% 1.95% -2.98% -3.45% 1.96% -5.22% 4.12% 3.19% -0.94% 0.73% 9.69%
2014 -2.44% 1.36% 2.54%
Annualised Return = 9.11%
Stock Mode Unrealised P/L (SGD) Stock Mode Unrealised P/L (SGD)
ARA CASH 46.34% RAFFLES MEDICAL CASH 24.42%
CAPITAMALL TRUST CASH 4.34% RIVERSTONE CASH 73.45%
CDL HOSPITALITY CASH 0.41% ROXY PACIFIC CASH 74.86%
CHINA MILK * CASH -100.00% SATS CASH 2.44%
FIBRECHEM * CASH -100.00% SIA ENGG CASH 31.54%
FAR EAST HOSPITALITY CASH -16.89% SILVERLAKE AXIS CASH 64.59%
FIRST REIT CASH 27.40% STARHILL GLOBAL CASH -5.44%
FRASERS CENTREPOINT CASH 6.94% STARHUB CASH 61.85%
FRASERS COMMERCIAL CASH -5.53% ST ENGINEERING CASH 0.36%
KEPPELCORP CASH 209.64% TECK WAH CASH 32.47%
KINGSMEN CREATIVES CASH 17.34% VALUETRONICS CASH 28.45%
MAPPLETREE GCC CASH -12.55% CAPITAMALL TRUST CPF -1.81%
MTQ CASH 10.48% PARKWAY LIFE CPF 9.31%
OSIM CASH 14.31% SIA ENGG CPF 1.94%
PARKWAY LIFE CASH 28.80%

Saturday, March 8, 2014

My stocks portfolio - Feb 2014

My holding period return was 1.36% in the month of February 2014. Since the beginning of the year 2010, my overall holding period returns translate to 8.64% in annualised return.

There were 3 transactions made in the month of February 2014.
Bought MTQ, average price at $1.584
Sold partial Sabana Reit, at 5.72% gain (excluding dividends)
Sold Pacific Radiance, at 3.96% gain

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec FY
2010 -1.75% 1.36% 2.98% 4.36% -7.12% 4.40% 4.49% -1.38% 6.76% 3.09% -1.61% 3.93% 20.38%
2011 -0.03% -4.77% 2.07% 1.29% -0.32% -2.39 -0.33% -8.34% -6.53% 7.52% -7.05% 0.52% -17.85%
2012 9.41% 5.52% 2.62% -0.22% -3.13% 2.55% 2.84% 1.99% 4.27% -0.34% 0.11% 2.75% 31.67%
2013 5.18% 2.33% 3.02% 1.95% -2.98% -3.45% 1.96% -5.22% 4.12% 3.19% -0.94% 0.73% 9.69%
2014 -2.44% 1.36%
Annualised Return = 8.64%
Stock Mode Unrealised P/L (SGD) Stock Mode Unrealised P/L (SGD)
ARA CASH 39.59% RIVERSTONE CASH 71.31%
CAPITAMALL TRUST CASH 4.90% ROXY PACIFIC CASH 73.34%
CDL HOSPITALITY CASH -1.11% SABANA REIT CASH 6.51%
CHINA MILK * CASH -100.00% SATS CASH 0.75%
FIBRECHEM * CASH -100.00% SGX CASH 2.76%
FAR EAST HOSPITALITY CASH -21.45% SIA ENGG CASH 28.28%
FIRST REIT CASH 23.85% SILVERLAKE AXIS CASH 68.36%
FRASERS CENTREPOINT CASH 5.13% STARHILL GLOBAL CASH -6.64%
FRASERS COMMERCIAL CASH -4.77% STARHUB CASH 61.08%
JAYA HOLDINGS CASH 8.79% ST ENGINEERING CASH -0.17%
KEPPELCORP CASH 197.70% TAI SIN CASH 27.74%
KINGSMEN CREATIVES CASH 20.49% TAT HONG CASH -38.33%
LOW KENG HUAT CASH -0.26% TECK WAH CASH 24.08%
MAPPLETREE GCC CASH -9.87% VALUETRONICS CASH 10.94%
MTQ CASH 5.43% CAPITAMALL TRUST CPF -1.29%
OSIM CASH 16.61% PARKWAY LIFE CPF 2.59%
PARKWAY LIFE CASH 20.88% SIA ENGG CPF -0.59%
RAFFLES MEDICAL CASH 24.81%

Saturday, March 1, 2014

Newbie's IB Portfolio and New Bond Portfolio - End February 2014

Portfolio 1 - IB Portfolio (Started in February 2014) - Screenshot attached below

End February 2014 (against 31st January 2014), 1 month = +4.57% (annualised 54.82% p.a.)

Comments: The Leighton bond jumped 2% in the OTC market the moment I transferred it into IB. Slight concerns about IB's bond valuation prices, but I guess that will even out in the long run. Unlikely for the extrapolated 55% annualised return to materialise since a large chunk is from Leighton bond's paper gains.

Return measurement is using the formula: (Net Liquidation Value - Initial Capital) / (Initial Capital). Initial Capital is in the form of $150k notional of Leighton bonds transferred in on 20th February 2014 at clean price of 98.7 with accrued interest of approximately 1.5%, hence Initial Capital is deemed as USD150k.

Portfolio 2 - Bond Portfolio (Started in January 2013) - No screenshot being shared

End February 2014 (against 31st December 2012), 14 months
Style 1: +16.39% (annualised +14.05% p.a.)
Style 2: +13.56% (annualised +11.62% p.a.)

End January 2014 (against 31st December 2012), 13 months
Style 1: +11.39% (annualised +10.51% p.a.)
Style 2: +9.38% (annualised +8.66% p.a.)

Comments: Nothing extraordinary to highlight. This bond portfolio is going towards my steady-state projected yield of 12-16% p.a.

Style 1 is calculated by first converting the various currencies of my Initial Capital (which was never converted into any other currency) into USD equivalent based on the CURRENT month-end FX rate and the result compared against the current month-end USD Net Portfolio Value.

Style 2 is calculated by first converting the various currencies of my Initial Capital into USD equivalent based on the PORTFOLIO INCEPTION FX rate and the result compared against the current month-end USD Net Portfolio Value.

The above figures have incorporated a manual adjustment for SGD500k of loans that were switched into USD loans to take advantage of lower USD loan rates. I had simultaneously switched USD loans into SGD loans in my main portfolio. Although this has no FX impact looking at the overall picture across my portfolios, this results in an artificial loss of SGD5k in my new portfolio for every 0.01 movement in the USD/SGD rate above USD1.239.

Wednesday, February 26, 2014

Newbie's IB Portfolio - Short Gold! OMG!!!!

Newbie has always hated Gold because it is a 'yieldless' security. Newbie has always hated Gold because it has few practical purposes other than being worn as jewellery, ok maybe a little bit of industrial use.

Finally Newbie is able to put his money where his mouth is and SHORT GOLD!

Using IB platform, I have today SOLD 10 ounce of XAUUSD (termed London Gold in IB) at a price of USD1,344.14, with commission charges of just USD2.

Thus, every USD1 movement in the XAUUSD price would have a USD10 P&L impact for me.


Update at 5pm: It's really OMG! I had a livechat with IB and I discovered a few shockers. Halfway in the conversation, I was so dismayed that I closed my Short Gold position at a small gain of USD20. So what did I discover?

The USD cash that you received from shorting the Gold cannot be used for anything!
a) It cannot improve your Excess Liquidity.
b) It cannot offset your current USD loan (e.g. I have a USD150k loan, I received USD20k cash from   the Short Gold position, I still have to pay loan interest on the full USD150k loan).

Reason for this according to IB is because the metal trades are done in the UK account which is separate from the main securities account, blah blah blah.

So long story short, the USD cash you received from shorting the gold is trapped in the UK account and is useless and sitting idle in the UK account.

To add insult to injury, after I realised the USD20 profit from closing out my short position, IT DOES NOT AUTO CREDIT my main securities account. Tomorrow, I have to go into the UK account and manually transfer the USD20 cash from the UK account to my main securities account.

I closed my short position by buying back XAUUSD at  USD1,341.69. Yeah! My first realised profit in IB, and I now see a USD21 realised P&L in my Account Screen.

Conclusion: No more gold trading with IB, especially since I am a bear on gold, and it makes no sense to short gold in IB when I cannot do anything with the USD cash I receive.


Tuesday, February 25, 2014

Ridiculous Initial Margins In IB For 2 Closed End Funds?

Check these out, 0.6% Initial Margin for 2 Closed End Funds?



Newbie's IB Portfolio - Interim February 2014

I have just made significant purchases to my new IB portfolio and I thought I would show how it looks now before the month-end, just in case people would like to follow.

REMINDER: HSBC 8% is going to XD on 26th February, so tonight is the last night to grab it. I managed to grab $45k notional worth at 27.17 yesterday!

So here we go on my new purchases:

6,000 units of 2822 HK at HKD8.51 (I will eventually get rid of this as my intention is for this IB portfolio to be a bond portfolio).
HKD250k notional of HK Government Ibond 2014 at 100.648.
HKD100k notional of HK Government Ibond 2015 at 102.30.
HKD100k notional of HK Government Ibond 2016 at 103.60.
1800 units of AVV 8.25% at USD27.17.
1800 units of HSBC 8% at USD27.17.

Excess liquidity is still above USD100k at this point in time, which I feel is a very comfortable buffer. I will probably continue adding securities into this portfolio whenever I spot anything interesting.


Friday, February 21, 2014

Newbie's IB Portfolio - Problems Encountered

1. There is a wrong realised P&L of -$152k. I have not closed any positions, so why is there a realised P&L?

This was eventually fixed by IB by passing a dummy Buy trade for 150k Leighton bonds at a price of 0.

2. Current Initial Margin is wrong. Simple calculations would be:

16% of $152k Leighton = 24.32k
30% of $5k IDG = 1.5k
30% of $5k HSEB = 1.5k
30% of $5k HSEA = 1.5k
30% of $5k AVV = 1.5k

TOTAL = 30.32k

Yet the screen is showing 27.29k.

Yesterday before I did the trade on IDG and HSEA, the margin impact calculator displayed 1% Initial Margin requirements for IDG and HSEA. The margin impact calculator appears to be fixed now (requires 30% Initial Margin now).