Portfolio Allocation June 2023

With the various buys and sells in April and May, there are some changes to the portfolio. In short, I have fully divested Capitaland China Trust, Frasers Logistics and Commercial Trust, SGX, Sheng Siong and UMS (sold in March) and initiated a position in Daiwa House Logistics Trust on the local bourse.

If you have missed what I wrote about them, you can access my previous posts from the following links.

I have also fully divested Airbnb and Semler Scientific on the US markets. I don’t see myself adding more to ABNB, so I decided to sell and made a loss of 22%. The position is small, so only about a $750 loss.

As for SMLR, it is a painful lesson of $5.5k (-64%) loss. I bought too much and too fast on this small company in late 2021 and early 2022. That went against my usual practice of gradually adding to a new position. In any case, the company did well in the recent quarter but is facing headwind in terms of a change in healthcare regulatory on insurance claim for their product. While there is a 3 years timeline in phasing out the claims and the impact is still unknown, I decided to stop monitoring the progress.

Latest Portfolio Allocation

At the time of writing, the 22 named counters account for more than 92% of the portfolio. SG counters take up about 70% of the portfolio, with US counters making up the rest.

Besides cutting the number of counters from 36 to 30, the other notable change is Micro-Mechanics and AEM are no longer the top 10 positions. They are being replaced by UOB and Raffles Medical Group.

At the moment, I do not foresee much changes in the second half of the year. The caveat is with new information, my thinking might change.


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