Portfolio Updates

Portfolio Update February 2024 – Combined Portfolio Breaks $300K

Calvin Lo

With risk assets rallying hard recently, our combined portfolio has broken the S$300k mark for the first time. Slowly but surely, our portfolio is growing. Glad to hit these milestones as it encourages me to stay the course, and to stay strong and in the market when things turn south.

2023 was a good year, and 2024 seems to be turning out well too. That said, we must always be prepared for a year that could be worse than 2022. Markets are probably bordering on euphoric real soon so now is not the time to throw caution into the wind, despite the celebratory milestones.

Market Update – Stocks, S-REITs, Crypto

Stocks continued their march higher and is now up ~25% from Oct 2023 lows. There’s been some divergence in the Magnificent 7, with Tesla, Apple and Google starting to underperform.

S-REITs continued on its downtrend after peaking end 2023 due to delayed expectations of a Fed rate cut. The iEdge S-REITs Leaders Index has fallen down the ~1,040 level.

An almost forgotten asset class has suddenly revived though – Crypto! Social media is abuzz again about crypto, triggered by Bitcoin ETFs. The familiar scam-ish crypto messages are back. Many speculators are back into alt coins. The cycle repeats.

On the fixed income front, SSB yields have risen back above 3%, to 3.04% average 10Y yield for the April 2024 issue. T-bill yields have risen back to 3.8% (last 6-month T-bill auction on 29 Feb 2024). Bond yields have generally rebounded thanks to sticky inflation figures.

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

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

Note: In this month’s update, I’m including stats from Portseido (a portfolio tracking tool) in parallel with my usual stats. I’m still in the midst of keying in some trades, notably my DCA trades into DBS (a lot of them), so the stats may differ a bit. My goal is to transition to Portseido to track performance, allocation, and dividends instead of having to calculate manually every month.

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

Family Portfolio

  • Value as at end Feb: S$272K
  • Feb performance: +10.1% vs S&P 500 +3.9% vs Nasdaq 100 +4.0%
  • YTD performance: +10.0% vs S&P 500 +7.5% vs Nasdaq 100 +9.0%
  • All-time performance (since Aug 2016): +14.0% (+16.2% including dividends)
  • Feb dividends: S$223 (+64% yoy)
  • Bought: VT, QQQ, ARKK, SGX:HST, TSLA
  • Sold: SGX:D05
Family Portfolio as at 1 March 2024

Family Portfolio stats using Portseido (all holdings excluding DBS):

This portfolio has performed exceptionally well in Feb, likely due to the boost in tech stocks riding the AI wave. Nvidia (NVDA) and Palantir (PLTR) positively contributed, as did crypto. Main detractors were Tesla (TSLA), Chinese Tech (SGX:HST), and bonds.

Last month, I took the opportunity to add some Tesla (TSLA) stock as prices fell. The EV industry as a whole has hit a speed bump, and Tesla was not spared. Nevertheless, I’m still bullish but I can’t go overboard with this portfolio to keep risks in check.

I’ve also trimmed some DBS (SGX:D05) stock last month as prices rose due to optimism over great results and bonus shares. I’m planning to increase DCA amount on DBS, so just a reset and rebalancing exercise to make sure the position doesn’t grow too big too fast.

The usual RSP into ETFs with FSMOne continues uninterrupted. Since FSMOne is still waiving their processing fees for RSP in 2024 (see below), 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%.

Syfe managed portfolios is currently valued at S$17.6k, slightly down from S$17.9k in Feb, mainly due the fall in REIT+ offset by the rise in Equity100. No change to regular monthly contributions of $200 into each of the Core Equity100 and REIT+ portfolios.

Total net worth with Syfe sits at close to S$30k, still some ways from the S$50k required to hit the next tier, Blue.

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

Syfe Managed Portfolios as at 10 Mar 2024

Personal Portfolio

  • Value as at end Feb: S$52.4K
  • Feb performance: +14.7%
  • YTD performance: -6.3%
  • All-time performance (since July 2020): +1.2%
  • Bought: TSLA
  • Sold: PLTR
Personal Portfolio as at 1 March 2024

Personal Portfolio stats using Portseido:

After a horrid for this portfolio in Jan because of Tesla (TSLA), Feb was saved by Palantir (PLTR) which surged >50% for the month. TSLA rose a modest 7% in Feb too, which at least didn’t drag the portfolio downwards.

For some time in a while Tesla is not down so much because of FUD but more because of worries around the EV industry as a whole. Apple recently pulled the plug on their EV project. Although Apple didn’t specify why, the souring sentiment towards EVs and after many years of cash burn probably made more sense for them to finally let go.

Tesla seems all the more attractive IMO, with Apple out of the picture and other smaller EV rivals faltering. Some legacy auto might be close to throwing in the towel, with the exception of Toyota which seems to be making a serious push towards hydrogen. For now though, Palantir and Nvidia appear to be darlings of the current market and Tesla has fallen to the wayside.

Read my investment thesis on TSLA here.

How did your portfolio perform in February 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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