My portfolio of local stocks was up 0.78% on
a price basis but it was up 1.39% after taking dividends into account at the
end of June 2014. Overall, my holding period returns translate to 10.48% pa
since beginning of 2010.
STI is currently trading at a PE ratio of
13.77 which is quite low as compared to the valuation in the US market. I can
that say that the downside risk of STI is low unless there is a new financial
crisis that emerges. Even though STI was slightly down last month, a number of the
smaller cap stocks continue to move higher. It is no surprise as some of the
smaller cap stocks have reported good financial results compared to the bigger
cap stocks.
Raffles Medical, Silverlake and Riverstone
were the biggest movers in my last month portfolio. I took partial profits in
Silverlake and Valuetronics to lock in some gains so as to increase my cash
level. I will continue to move my stocks into cash if any of the smaller cap stocks
continue to outperform. I am interested to watch Valuetronics movements in the
next few weeks as a number of brokerage houses have raised the target prices of
this manufacturing company. Currently, the stock is trading near its all-time
high and it is going to go XD in the next few weeks.
Here is a summary of the transactions made
in the month of June 2014.
Sold partial Silverlake Axis, at 103.13%
gain (excluding dividends)
Sold partial Valuetronics, at 57.19% gain
(excluding dividends)
I did mention that I have started trading
in the US market in the beginning of the year. That trading portfolio weighs
about 10% of my overall stocks portfolio. It was a good experience with
Interactive Brokers so far as the platform provides me with many useful order
types that I have never tried before with my local brokerage accounts. As a
short term trader, some of the order types are really necessary as part of my
risk management plan. My strategy in the US market is basically to buy stocks
with strong earnings or technical momentum. After trading for a period of
nearly 6 months, my US stocks portfolio has gained nearly 18% outperforming all
of my benchmarks. I attach below a cumulative performance of my US portfolio
compared to its benchmarks.
| 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% | 2.58% | 2.99% | 3.52% | 1.39% | |||||||
| Annualised Return = 10.48% | |||||||||||||
| Stock | Mode | Unrealised P/L (SGD) | Stock | Mode | Unrealised P/L (SGD) |
| ARA | CASH | 41.18% | RAFFLES MEDICAL | CASH | 57.76% |
| CAPITAMALL TRUST | CASH | 9.04% | RIVERSTONE | CASH | 99.14% |
| CDL HOSPITALITY | CASH | 6.78% | ROXY PACIFIC | CASH | 77.90% |
| CHINA MILK * | CASH | -100.00% | SATS | CASH | 5.81% |
| FIBRECHEM * | CASH | -100.00% | SIA ENGG | CASH | 37.25% |
| FAR EAST HOSPITALITY | CASH | -11.82% | SILVERLAKE AXIS | CASH | 125.73% |
| FIRST REIT | CASH | 40.44% | STARHILL GLOBAL | CASH | -1.25% |
| FRASERS CENTREPOINT | CASH | 13.85% | STARHUB | CASH | 60.69% |
| FRASERS COMMERCIAL | CASH | 2.00% | ST ENGINEERING | CASH | -0.17% |
| KEPPELCORP | CASH | 206.80% | TECK WAH | CASH | 39.17% |
| KINGSMEN CREATIVES | CASH | 14.18% | VALUETRONICS | CASH | 55.70% |
| MAPPLETREE GCC | CASH | -7.19% | CAPITAMALL TRUST | CPF | 2.60% |
| MTQ | CASH | 17.94% | PARKWAY LIFE | CPF | 5.72% |
| OSIM | CASH | 18.72% | SIA ENGG | CPF | 6.36% |
| PARKWAY LIFE | CASH | 24.58% |
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