Portfolio allocation as of Mar '21.
SG Shares: DBS, SGX, Valuetronics
SG Reits: MCT, Lion-Phillip S-Reit ETF
US Growth: BABA, INMD, PINS, PYPL, SHOP, TDOC, TTD, UPST
Crypto: BTC, ETH, FTM, LINK, SOL
New positions were initiated through February and March. Most of the new US Growth positions were purchased in February. In March, mainly added to HSI and HST ETF positions and a bit of IQLT (2.4% of portfolio, not labelled in chart). There's considerable fear among market participants when it comes China exposure, as evident from Stashaway's reduction in KWEB holdings right before the rebound in Chinses Tech. Personally, I am still comfortable with keeping my exposure to about 20% of portfolio, and have continued to DCA into HSI/HST.
There's a quote from Ben Graham, that "An Intelligent Investor is one who realises that the stock becomes riskier, not less as their price rises; and less risky, not more, as their prices fall." A caveat I would add is that I believe this should apply more to broad market indices, rather than individual stocks. For example, investors who held Enron or Lehman stock would have found little comfort in this quote; as the stock prices fell drastically at first, then eventually their entire holdings were wiped out. However, I think the quote makes complete sense when applied to ETFs - buying SPY at $420 in March '22 is indeed less risky than buying SPY at $479 in Dec '21 - even if it may not have felt that way. Simply because $420 is lower than $479. Thus, even with the regulatory overhang, I continue to DCA into HSI/HST. For HST, I have bought the Lion-OCBC HST ETF at $1.25, $0.99, $0.92 and most recently at $0.65 a few days before the reversal, with an average price of $0.90. Currently still underwater but I'm indifferent to the short term price fluctuations.
Looking ahead, the macro outlook is rather uncertain with war, inflation and rate hikes contributing to the pessimism. An interesting read I came across was a note by Credit Suisse's Zoltan Pozsar, on the potential longer term implications for the US Dollar as a result of the Russia-Ukraine war. If you're keen to read it, you can search it up on LinkedIn as there are people sharing the actual report.
Lastly, I'm pleasantly surprised to learn that I'll have a small bonus paid out in April. It's not much but it does give me more dry powder, as I often feel that there are opportunities abound, but capital is the constraint.
Note: Please follow my Instagram page @alpacainvestments for monthly portfolio updates.
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