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It has been a long while since my last post. It has been quite hectic for me in the past three months, focused on the consulting project. Nevertheless, I might have a bit more time or break to pace my life a bit. My top priority is to be financially independent as soon as possible but I should keep the mantra as being patient to accumulate wealth bit by bit. Not to speculate and take unnecessay risk to increase the possibility of permanent capital loss.
Update on the Portfolios (June 30, 2019)
The YTD returns (June, 2019) for both TW portfolio and SG REIT portflio is quite similar in the range of 15%-20%. As my long-term target return is 10% per annum, I am humbly satsified for the 1st half year though there are still a lot of uncertainties ahead: escalating trade war, Hong Kong unrest, likelyhood of economic slowdown, etc.
The TW portfolio is run like a long-only hedge fund, so the cash drag will also play a part of it. At this given time, the cash position is approximately 5%. As such, the impact on performance figures is quite limited. The key performance driver (sector) is from the financial sector and the key investment driver (company) is La Kaffe, which was mostly divested. The SG REIT portfolio is run based on invested capital, without taking into consideration the cash drag. This calculation methodology is by design as I intend to re-invest in REITs when the distributions are recieved. However, unit price is also one determining factor to consider when re-investing. Sustainable distributions, not the unit price appreciation, are the most important gauge for REIT investments. As such, I rarely trade unless the REITs have some fundamental issues. I paired down FIRST REITs due to the sponor undergoing liquidity problems.