Take on performance and portfolio
作者：老查理 時間：2019-05-31 22:29:46
It’s time to see how my two seperate portfolio fare to date. I have adopted a slightly different approach to calculate my Taiwan stock portfolio and S-REIT portfolio. For the former, I view it as a long-long hedge fund, which includes cash balance as one investment line. I aggregate the market value of all the stocks in the portfolio plus cash as NAV at a given time. Any top-up cash is considered as the cash balance in the beginining of the year. For S-REIT portfolio, I only use the invested cost, units, market price and distributions to determin the adjusted NAV for calculations. Cash balance is excluded from considerations. The main reason is that S-REITs is dividend strategy that any top-up investment or re-investment are ways to increase the number of units. The pool gets larger and dividends get larger. I am quite satisfied with the positive returns (supposedly above the benchmark by some margins). The issue I have is to find good stocks at reasonable price to add to these portfolios that are worthwhile holding for mid-to-long term. I like the auto sector which has come down quite a bit but given my relatively large exposure to the auto sector, I’d refrain from making more investments. Similarly, industrial REITs dominated by S-REIT portfolio. The average yields in the industrial REITs are still at reasonable prices. I’d like to add neihbourhood shopping malls REITs or shopping malls REITs, but the yield is not high enough. I still like EC World REIT, which is exposured to port, logistics, e-commerce in China. I may selectively add units when the price drops a ittle bit. I understand the market cycle is at the end of the bull market. No one really knows when it will burst. Trade war may be a catalist but who knows. The best way is to remain vested with divideds coming back to you on a quarterly basis while I continue to remain disciplined to invest. Investable cash will grow when the salary comes in and without spending. When crisis comes, I will have ammunition to grab great opportunities.