Portfolio Updates

Portfolio Update April 2024 – DBS and Tesla Holding the Fort

Calvin Lo

After a pretty good March, the markets turned back down in April. Thankfully for the portfolios, DBS and Tesla held the fort this time, cushioning the decline overall. I took advantage of the weakness in April to deploy cash into equities, details below. Earnings kicked off in the last week of April, and so far seems to be pretty disappointing barring a few exceptions (Tesla, yay!).

REITs seemed to have fallen back into weakness, as expected with rate cuts being postponed indefinitely. The longer we stay at higher rates, consumers might start to buckle more. Those with cash might have opportunities to pick up good REITs or even properties at attractive prices in the near future.

On the fixed income front, SSB yields have risen back above 3%, rising to a very attractive 3.33% average 10Y yield for the June 2024 issue (apply by 28 May). After basically more than a year of paltry yields, this SSB might finally be worth considering. I’ll finally get round to updating the SSB tracker and decide whether to apply for this tranche.

T-bill yields have been pretty stable, with the last 6-month T-bill auction on 25 Apr 2024 having a cut-off yield of 3.74%. Bond yields seemed to have found a plateau thanks to sticky inflation figures.

Take note also that since 1 May 2024, UOB and SCB has reduced their bonus interest rates for their One account and Bonus$aver account respectively. Might be a good time to re-evaluate your cash holdings for potential to move them around. I’ll be looking at it too, and will share my thoughts in a coming post. Stay tuned.

Check out my Fixed Income Tracker and SSB tracker for the latest updates for fixed income and SSB.

On a personal front, I shared last update that my family and I spent the first half of April in Japan. With the Japanese Yen having fallen so low, things in Japan seems a lot more affordable and thus made the trip a lot more enjoyable. As usual when visiting another country, I can’t help the thought of investing in that country, especially in brands that I consume and love. One big obstacle though is the lot size in the Japanese market, so I don’t find it feasible. Maybe Japanese property, who knows (day-dreaming).

See my Portfolio page for more details on my portfolio value, holdings, and strategy.

If you’re interested to track your investment portfolio on Portseido, you can sign up with my referral link.

Family Retirement Portfolio (FRP)

  • Value as at end Apr: S$279K
  • Apr performance: -2.5% vs S&P 500 -4.3% vs Nasdaq 100 -5.3%
  • YTD performance: +10.0% vs S&P 500 +5.8% vs Nasdaq 100 +4.7%
  • All-time performance (since Aug 2016): +13.2% (+15.4% including dividends)
  • Apr dividends: S$62 (>+100% yoy)
  • Bought: VT, QQQ, ARKK, SGX:HST, TSLA, MSFT, AAPL, LSE:VWRD
  • Sold: None
FRP holdings as at 8 May 2024

I’m really glad for the outperformance vs S&P 500, largely thanks to DBS (SGX:D05) which has flown after its 1-for-10 stock dividend and another record earnings. Hang Seng Tech ETF (SGX:HST) has also been performing pretty well, riding the rally in HK stocks. Lastly, Tesla (TSLA) rocketed after Elon Musk dispelled rumours about cancelling the cheaper Model 2, despite earnings missing estimates.

I deployed some cash during the market dip around 22 April into 6 existing positions – Tesla (TSLA), Apple (AAPL), Microsoft (MSFT), and ETFs VWRD, QQQ, and ARKK.

The usual RSP into ETFs with FSMOne continues uninterrupted. Since FSMOne is still waiving their processing fees for RSP in 2024, I’ll still continue my RSPs this year.

Read also: Automating Your Investments With FSMOne

If you’re interested to sign up for a FSMOne account, you can use my referral code P0267058.

In terms of cash allocation, this portfolio is currently sitting at 16% cash, slightly below my target cash allocation of 17%. If the market continues its recovery in May, I may have to rebalance again end of the month.

Syfe managed portfolios is currently valued at S$20.9k, up from S$20.5k in Apr so practically flat considering the monthly $400 injections. No change to regular monthly contributions of $200 into each of the Core Equity100 and REIT+ portfolios.

Read my reviews of Syfe Income+, Syfe REIT+, and Syfe Core Equity100.

Personal Trading Portfolio (PTP)

  • Value as at end Apr: S$57.3K
  • Apr performance: +5.3%
  • YTD performance: -10.0%
  • All-time performance (since July 2020): -1.8%
  • Bought: TSLA, AAPL
  • Sold: None
PTP holdings as at 8 May 2024

Big sigh of relief when Tesla (TSLA) staged a relief rally post-earnings after hitting lows around $140, and followed by Elon Musk’s surprise visit to China leading to approval for FSD testing. Since then, however the stock has been back on a downtrend. I’m not sure how long this overall downtrend will last, but I’ll just be slowly adding to my position on dips and trimming on any large rallies.

Besides current holdings TSLA, PLTR and AAPL, I’m also watching Boeing (BA) and Disney (DIS) for potential entry points for a trading position.

Read my investment thesis on TSLA here.

How did your portfolio perform in April 2024?

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Disclaimer: This is not financial advice. I am not professional financial advisor nor do I work in the finance industry. Anything I write here is purely my personal opinion. Please do your own research and due diligence before investing into anything. All investments come with associated risks. Best to consult a financial advisor if you’re still unsure.

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