Portfolio Updates

Portfolio Update March 2023 – Portfolio Rallying Along With Markets

Calvin Lo

It’s the end of the Q1 already! Markets raced upwards to end the quarter strong, especially for the tech-heavy Nasdaq. Family portfolio performed largely in line with S&P 500, but lagged Nasdaq 100 significantly. Personal portfolio lagged and was down for the month.

The highlight of last month has to be the banking crisis triggered by the collapse of Silicon Valley Bank on 9th March, followed closely by Signature Bank. Subsequently, First Republic Bank and Credit Suisse across the pond. both also became a going concern in quick succession. Credit Suisse in particular was a bigger global concern, since it is considered one of the 30 global banks that are too-big-to-fail.

I covered briefly about the banking crisis and possible investment ideas in my previous post: Where To Invest Amidst The Banking Crisis.

However, the markets always surprise us as usual and decided to rally in the midst of all these concerns. Adding fuel to the rally were slower-than-expected inflation and consequently the Fed also slowing rate hikes to just 25 bps at FOMC on 22nd March. Markets took it as a signal that the rate hike cycle is close to its end and blasted off. As of time of writing, Nasdaq had just crossed into bull market territory (20% above its bear market lows).

Despite all that was happening, I didn’t trade much last month despite the infusion of cash from our annual bonuses towards the end of the month. Although inflation and rate hikes are slowing, and the banking crisis seems to be under control for now, I don’t think the risks have cleared up as much as the market thinks. Maybe I’m too bearish, but I’m in no rush to invest when fixed income is still offering ~4% yields.

Read also my post on Why I think you should consider locking in fixed deposit and SSB rates and my Fixed Income Tracker which I just created recently.

Last month, I also laid out my Portfolio Strategy for 2023, and shared my thoughts on the semi-annual Syfe REIT+ rebalancing and Endowus launch of Amundi funds for CPF.

In terms of cash management, subscribed and was fully allotted $19K worth of SSB April issue yielding 3.15% average over 10 years.

See also my SSB tracker for more info on SSBs.

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

Family Portfolio

  • Value as at end March: S$165K
  • March performance: +4.4% vs SPX +4.0% vs NDX +10.4%
  • YTD performance: +17.3% vs SPX +7.0% vs NDX +20.5%
  • All-time performance (since Aug 2016): -0.1% (-1.2% including dividends)
  • March dividends: S$234 (+17% yoy)
  • Bought: VT, QQQ, ARKK, SGX:HST
  • Sold: VT, QQQ
Family portfolio as at 4th April 2023

Last month, we made the decision to transfer out some of the bigger ETF positions VT and QQQ from Tiger Brokers back into our main brokerage account with SC Online Trading. Since hitting Priority Banking status with SC, we no longer have to pay minimum brokerage amount and will just be charged commission of 0.18% (for SGX) and 0.20% (for all other markets). These rates are competitive with low-cost brokers but the downside is that SC charges much more for FX. Nevertheless, we feel safer with the bulk of our investments at an established bank rather than a Chinese brokerage.

RSP into the 4 ETFs through FSMOne running on auto as usual.

Read my previous post on Automating Your Investments With FSMOne.

Syfe managed portfolios is currently valued at $5,865 with total returns of $62 (as at 5th April 2023). No change to regular monthly contributions of $200 into each of the Core Equity100 and REIT+ portfolios. Both Syfe Core Equity100 and REIT+ portfolios are now up after a recovery in REITs last month.

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

Personal Portfolio

  • Value as at end March: S$36.5K
  • March performance: -1.9%
  • YTD performance: +40.4%
  • All-time performance (since July 2020): -6.2%
  • March dividends: $15
  • Bought: TSLA, SQQQ
  • Sold: None
Personal portfolio as at 4th April 2023

Tesla (TSLA) stock was relatively flat in March, and Palantir (PLTR) was actually up slightly. However, SQQQ has fallen quite a bit last month because of the Nasdaq surge (SQQQ is not meant for long term holding anyway). In the event that this bull run does turn out to be sustained, I’ll have to just cut SQQQ at a loss. For now, my conviction is that this is yet another bear market rally so I’m hedging for a market sell-off.

I’ve been buying back TSLA in small quantities while the stock consolidates, but I’m not going in strong unless there’s a sell-off. TSLA moves in vicious cycles so I’m not surprised anymore if it moves up or down significantly for whatever reason.

Read my investment thesis on TSLA here.

As for Palantir (PLTR), I’ll probably look to add to my position as the price falls below $8. The 200 day MA has finally caught up with the share price, so this might be a good level to accumulate shares while the stock forms a base.

How did your portfolio perform in March and what are your plans for April?

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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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