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 Update
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Markets have been a roller coster ride in the first few months of 2019 due to escalating Sino-US trade tensions. After being through the market clashes in 2000 and 2008, I have grown stronger mentally. Moreover, I have been focusing on those companies with endurable advantages regardless of whether they are in the cyclincal or non-cyclincal sectors.

My auto portfolios have been doing ok this year. One of my largest positions, LuHai Holdings, dropped sigfinicantly last year but have been doing quite ok this year. 1Q2019 figures has continued to show positive signs of improving operational efficiency. The company continues to invest in capex during the challenging times. The overall auto sector is unlikely to do well this year but the regulatory environment to force all the new vehicles to use TPMS in 2020 is likely to drive the demand. When the auto market turns bullish again in the next cycle, Luhai should be in the good position to capture the growth. Nevertheless, the company has shown its capability to earn money during the GFC as well as the hike of copper price in 2018. It is a testament to its enduring moat. The other auto investment is Actron, which is a clear No.1 in    automotive diode. It is negatively affected by the slowdown of the auto markets. Similarly,  Tayih is no escape from the macro environment. 

My FI portfolios have been doing exceedingly well. As these are long-term core positions, I will continue to hold unless I can find some other core investments. 

My manufacturing portolios are doing just fine. These companies are viewed as derivatives to necessity spending. These companies are generally immune from the trade tensions.

My top performing stock in 2019 is LaKaffa, who has gone from NTD70ish to NTD120ish. These are my satellite portfolios so I’ve exited most of them amid the rising price. I will continue to hold a small position to enjoy the potential upside. This stock has been an uneventful run in the past three years or longer. 

My SREITs portfolio has been doing very well this year. The issue is it is difficult to find attractive opportunities to top on and execute the dividend re-investing strategy. Of note, the portfolio is significantly exposued to industrial/business park sectors in Singapore and Australia. I’d need to balance the sector exposure in the medium to long term. The overall SREITs portfolio is generating an average 6% yield, providing additional ammunition to re-invest in S-REITs. 

YTD, I probably made less than 10 transactions, most of which are purchases, not sales. 
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    老查理的其他動態

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    老查理

    會員等級:一般會員

    註冊日期:2019-02-12

    登入日期:2020-07-19

    發表文章:21

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    • 老查理 The CIO and the investment team had done a good job of investing in TSMC and Berkeshire and other qu

      短評_龍巖   • 1387天前

    • 老查理 Thanks for the message. You are the first to leave it on my blog which I did not do a good job manta

      短評_龍巖   • 1387天前

    • cml425 good analysis, any update on the EV or your view? think the CIO is smart to redeploy the proceeds in

      短評_龍巖   • 1387天前

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