Portfolio Updates

Portfolio Update January 2024 – Markets Rally But Portfolio Left Behind

Calvin Lo

Markets continued to rally in Jan 2024, but our portfolios were left behind. Tesla was the huge drag on performance, followed by Apple. The rest of Big Tech is still running away, especially those with exposure to artificial intelligence and semiconductors.

With long-term performance insights from Portseido (a portfolio tracking tool), I might need to consider accelerating the portfolio transition to more indexing.

Market Update – Stocks, S-REITs, Bonds

Stocks continued their run up in the first month of 2024, as the Fed seems closer and closer to a rate cut. The Magnificent 7 continued their march higher, except for Tesla being left out.

S-REITs have been on a downtrend after peaking end 2023 after a strong Q4, despite expectations for a rate cut. The iEdge S-REITs Leaders Index fell ~5% to around the 1,100 level.

On the fixed income front, SSB yields have risen slightly to 2.88% average 10Y yield for the Mar 2024 issue, up fro 2.81% for Feb 2024 issue. T-bill yields have fallen to a lowly 3.54% (last 6-month T-bill auction on 01 Feb 2024). Syfe is currently offering 3.9% for their Cash+ Guaranteed product.

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 Jan: S$248K
  • Jan performance: -0.1% vs S&P 500 +2.9% vs Nasdaq 100 +3.1%
  • All-time performance (since Aug 2016): +7.3% (+9.5% including dividends)
  • Jan dividends: S$143 (+600% yoy)
  • Bought: VT, QQQ, ARKK, SGX:HST
  • Sold: None
Family Portfolio as at 11 Feb 2024

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

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. After a good run in 2023, my FSMOne account is up ~13%.

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 15% cash, aligned with my target cash allocation.

No additional lump sum added to Syfe portfolios last month, just the usual DCA. However, I did rebalance my Syfe accounts by moving $2k from Core Equity100 to REIT+ and Income+ $1k each. With stocks rallying, I wanted to take some profits and move them into S-REITs which were down and into bonds for diversification. Syfe managed portfolios is currently valued at $17.9k, up from $17.4k in Jan, mainly due to the rally in stocks.

No change to regular monthly contributions of $200 into each of the Core Equity100 and REIT+ portfolios. Unfortunately, Syfe recently increased the minimum assets for Black tier from S$20k to S$50k (but expanded to include all assets with Syfe), so I’ll be stuck in Blue tier for a while paying 0.65%. Syfe’s fees are still comparable with Endowus and cheaper than StashAway.

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

Syfe Managed Portfolios as at 11 Feb 2024

Personal Portfolio

  • Value as at end Jan: S$47.3K
  • Jan performance: -16.9%
  • All-time performance (since July 2020): -5.6%
  • Bought: TSLA, PLTR
  • Sold: DIS
Personal Portfolio as at 11 Feb 2024

Personal Portfolio stats using Portseido:

This portfolio was trashed by Tesla (TSLA) tanking -25% in Jan 2024, due to concerns about demand and margins. Tesla reported earnings in late Jan which didn’t help in stemming the selling. On the bright side, Palantir (PLTR) recently reported stellar results in Feb (not reflected here), and shot up quite a bit.

With TSLA down so much, I took the opportunity to sell off my Disney (DIS) shares to pad up my cash position which currently stands at 53%. I never had much conviction in DIS so I’m happy to sell, although the stock has shot up after impressive earnings (seems like a pattern after I sell zzz).

If TSLA continues to fall, I’ll layer in. Many are calling for TSLA to fall down to as low as $100. If indeed that happens, I’ll be in a lot of pain but ready to pounce. So far I’m comfortable with 80/20 TSLA/PLTR in favour of TSLA.

Read my investment thesis on TSLA here.

How did your portfolio perform in January 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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