Portfolio Updates

Portfolio Update March 2024 – Divergent Performance Between Portfolios

Calvin Lo

This update is super late this month because I was away on vacation in Japan with my family in the first 2 weeks of April (and spent a bomb). Side note, Japanese Yen is very low now so take advantage if you can.

In March, the performance between the Family and Personal portfolios have started to diverge. Tesla (TSLA) was the main drag on Personal portfolio, but also not helped by the tech sector declining. On the bright side, gains have begun to broaden out to the rest of the market which is a good sign.

While I was away, I didn’t keep much of an eye on markets but from what I’ve gathered since I got back is that inflation is stickier than anticipated. The Fed has more or less signalled that they are willing to push rate cuts back even further.

Naturally, equities and bonds tanked. Crypto seems to be holding up though with hopes of Bitcoin surging on the halving. S-REITs though have been weak.

On the fixed income front, SSB yields have risen back above 3%, to 3.06% average 10Y yield for the May 2024 issue. T-bill yields have been pretty stable, with the last 6-month T-bill auction on 11 Apr 2024 having a cut-off yield of 3.75%. 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.

I’ve decided to rename the portfolios to Family Retirement Portfolio (FRP) and Personal Trading Portfolio (PTP) to better differentiate the two, and to remind myself not to trade actively on the FRP. Going forward, I intend to only rebalance once a quarter with the long-term aim of rebalancing only once a year, likely in April after bonus payouts. No such restriction for PTP.

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 Mar: S$276K
  • Mar performance: +3.1% vs S&P 500 +2.9% vs Nasdaq 100 +1.4%
  • YTD performance: +13.1% vs S&P 500 +10.6% vs Nasdaq 100 +10.6%
  • All-time performance (since Aug 2016): +15.0% (+17.3% including dividends)
  • Mar dividends: S$286 (+20% yoy)
  • Bought: VT, QQQ, ARKK, SGX:HST
  • Sold: None
Family Portfolio as at 18 Apr 2024

This portfolio managed to outperform S&P 500 slightly. Tech didn’t do well in March, so I guess DBS and index funds managed to keep the portfolio afloat. Tesla (TSLA) continues its horrible run, which has been a drag.

Not shown here, but I had previously took some profits off crypto and have redeployed into Syfe REIT+ and Income+ portfolios (see below). No other activity besides the usual RSP into ETFs on FSMOne.

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 18% cash, aligned with my target cash allocation of 18%. As markets correct, my target cash allocation should fall, thus necessitating cash deployment.

Syfe managed portfolios is currently valued at S$20.5k, up from S$17.6k in Mar but mainly due to injection of S$3k funds. 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 Mar: S$48.7K
  • Mar performance: -11.3%
  • YTD performance: -14.9%
  • All-time performance (since July 2020): -4.6%
  • Bought: TSLA
  • Sold: None
Personal Portfolio as at 18 Apr 2024 (spoiler alert!)

Another horrid month for this portfolio, dragged down by Tesla (TSLA) which fell -13% in March. Palantir (PLTR) didn’t save the portfolio this time, falling -9% also.

Tesla seems to be going through a really rough patch, with more price cuts indicating potential further slowdown in sales. Recently, Tesla announced layoffs which the market read as further demand issues. There are now also doubts about Model 2 timeline.

That said, I’ve not capitulated just yet despite the pain. I’m still adding to my TSLA position slowly, taking advantage of the price weakness. Just hope that TSLA can rebound as it has done in the past. Fingers crossed.

Read my investment thesis on TSLA here.

How did your portfolio perform in March 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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