Portfolio – Q214

Portfolio Breakdown

My portfolio (at cost) of S’pore stocks for Q214 close,

Note : Stocks are arranged in descending order of % holdings

 

Summary

The STI closed at 3256.67, +2.786% from end 2013. Using cost as a reference, my portfolio stats (vs 2013),

• Size (Stocks Only) : -7.93% (Cost) / -12.34% (Market Value)
  
• Portfolio Performance (Includes Cash) vs End-2013 Mkt Value : -4.46% (Unrealised Losses) + 3.27% (Realised) + 3.35% (Div) = +2.16%
  
• Further Breakdown of Realised P&L : 2.06% (Stocks Bought before 2014) + 1.21% (Stocks Bought in 2014)
  

So, +2.16% vs +2.786% (STI), worse than STI. My worst fears happened… falling down to earth due to the sell-down of UMS by CEO and AMAT. The fears continue to linger… CEO seems intent on divesting his entire stake…

For Q214, I decided to take profits for Popular Hldgs & Neratel. For Popular Hldgs, I have divested my entire stake due to my fears of their continued weakness in profitability. As for Neratel, I’d previously amassed a huge extra in anticipation of their year end 4ct dividend. As there were no positive surprise and mgmt appeared to have changed their intention to realise shareholder value (by spinoff + more aggressive growth plans), I have since sold the extras plus some of the original ones.

Current market fears is focused on Iraq as the fighting there may cause a bigger oil crisis. But, somehow, I think US is playing a bigger game there and I doubt that they’ll allow it to develop into a bigger crisis.

For Q314, I’ll start with the usual focus on REITs Quarterly reporting. As for UMS, I’ll likely focus on the 1-mth Blackout period from B-Jul to B-Aug for action, if any. Fundamentally, UMS look better by the day (due to price drop) and the main danger now is irregularities ie CEO knows something we don’t… I’ll likely be spending lots of time on this dilemma…

 

Portfolio Changes (vs Q114)

• New Additions : FCOT, Kingsmen
  
• Increases : UMS, Genting, Saizen
  
• Decreases : NeraTel
  
• No Change : Forterra
  
• No More : Popular, A-HTrust, SB REIT, STEng, SIAEC, FCT, SBSTransit
  

 

Exchange Rates

• IDR (Indonesia Rupiah) -6.58% : LMIR – Don’t look good
  
• AUD (Australia $) +0.77% : A-Htrust, Singtel – Mildly +ve
  
• JPY (Japanese Yen) +0.88% or +2.48% (vs end-Dec): Saizen – Slightly +ve for Jun DPU