Portfolio Update for August 2025

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

For the month of August, it was a jittery month.  For a large part of the month, the markets were anticipating the FED to cut interest rates in September, and the probability of it materializing was near 100%.  However, markets were thrown with a set of much hotter than expected PPI numbers, which meant that the tariffs-linked inflation is creeping in.   However, even with such unfavourable news, the US market decided to largely ignore it, and continue with its slow and steady uptrend.  It seems cautiously optimistic, but at the same time, the jitters and uneasiness may mean that cracks are happening beneath the rise.

I do not really know what to make out of the numbers, as all these reports and numbers were out of my control.  I can only do what I could, which is to remain invested and hope for the best.  My US Portfolio, although small in percentage terms, remains largely positive, and is still slowly creeping up in value, so I am not too concerned with it, and in fact, I am slowly but surely reducing my exposure to the US market and directing more funds to SG Dividend Portfolio.

Closer to home, the  SG markets were not a pretty sight.  All the companies in my portfolio have reported their earnings, and by the end of the month, all have XD, which largely explains the fall in portfolio value.  All the 3 banks announced their earnings, which were all quite expected.  Both United Overseas Bank (UOB) and Oversea-Chinese Banking Corporation (OCBC) announced a slight decrease in half-yearly dividends (excluding any special dividends) while Development Bank of Singapore (DBS) maintained its quarterly dividends (excluding any special dividends).  Hong Leong Finance (HLF) performed way below market expectations and was met with fierce sell-down.  ComfortDelgro and HRNetGroup have also announced a good set of results, and their dividends have increased year on year.  The main drag on my portfolio this month was ironically the best performer last month, Singapore Technologies Engineering (STE).  STE has also reported a good set of earnings, but it's share price probably had outrun its valuations, hence the rather severe correction in share price even before XD.  Although that pulled down my portfolio largely (and it has retreated from top allocation to overall second behind OCBC with the recent crash), but the beauty of having a diversified portfolio has helped to support my overall portfolio value for this month.  Overall I am pleased with the performance of the shares in my portfolio this quarter, especially with the dividends collection.  I will give the detailed update of dividends collected for this quarter in the quarterly update next month.

For this month, I injected approximately SGD 800 capital into the portfolio, and also used the sales proceeds to buy the following shares:

SGX:    CapitaLand Integrated Commercial Trust

             ComforDelgro

             Kimly

US:       FXI ETF

In addition, I have also reinvested dividends on the following shares:

SGX     CapitaLand Ascott Trust


On the other hand, I have sold the following shares:

SGX:    Singapore Technologies Engineering

US:       Apple

             Google-C

             JP Morgan

             VTV ETF

Total Portfolio Value has decreased by approximately 0.4% to around SGD 717K including capital injection.  I expected this month to be a month of decline due to XD as mentioned above, and with the sharp decline in STE's share price.  Nonetheless, I am quite happy that the portfolio value is able to maintain above SGD 700K for the second consecutive month.  Hopefully, the SGD 700K level can be a strong support level for my portfolio as we enter the last month of the third quarter, where the rate cut may resume.  With that, I optimistically hope that by the end of this year my portfolio can creep towards SGD 750K value with any possible recovery in REITs.  For now, I will just sit back, relax, and wait for the remaining dividends to come into my bank account.

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