Portfolio Update for November 2022

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This will be a relatively short post, just to update on the transactions for the month.

For the month of November, volatility continues to be the main theme in the world markets.  In the first one and a half weeks of the month, markets were cautiously optimistic.  Although many analysts has mentioned that inflation is on its way down, but the words from FED members kept the markets jittery.

Then came the release of the October CPI numbers, which showed that inflation was better than expected. This immediately propel the markets sky high, with the USD weakening against major currencies.

However, not all is happiness and to the moon.  The FED minutes mentioned that they will still ensure that the job is done.  The increase in interest rates may be of smaller magnitude going forward, but the peak rate may be higher.  This added pressure to my portfolio, as the REITs' income will be adversely affected in the long run, as their debt-servicing cost increases further.

For the month, my portfolio remains in the red (excluding reinvested dividends).  Even as the US 10-year yield remains below 4.0%, the REITs remain under pressure as investors continue to shun the interest rate-sensitive REITs.  As my portfolio is REITs- heavy, thus it remains under pressure this month.

However, I will continue to hold on to all my shares as I believe this is just a macro-hurdle that the REITs have to cross.  Inherently, their operations and businesses are not badly affected.  As mentioned in the previous month, any further capital injection into my portfolio now will be strict, adhering to the rules I set for myself.  REITs will only be bought when its yield is above 6.5%, and non-REITs will only be bought when its yield is above 5%.

For this month, I injected approximately SGD 5.4K capital buying the following shares:

SGX:    Capitaland Integrated Commercial Trust

             Hong Leong Finance

             Frasers Logistic and Commercial Trust

             Mapletree Industrial Trust

US:       Apple

             Google-C

             Microsoft

             Tesla

Total Portfolio Value has actually increased by approximately 4.31% to around SGD 436K (due to the optimistic spike in US market on the last trading day after Powell's speech), which basically means the portfolio is recovering for the month together with capital injection.  All in all, how long will the bear drag on for?  As I stated in the previous post, I remain as clueless as ever, and the only thing I can do, and will continue to do, is to slowly DCA into the market, and also reinvest the dividends back into the market to compound my portfolio, while strictly adhering to the rules I set for myself.  Shall continue to stay positive, collecting my dividends in the upcoming months!

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