The above 15 US counters take up about 30% of my portfolio. Except for a few prominent counters, my exposure to each is relatively small as compared to my SG stock. So while I read their quarterly reports, I do not track them as closely. Overall, I am satisfied with their quarterly performance. Wall Streets typically do not agree with me, so some of my counters’ price has jumped, while others have plunged after the results.
Looking at the overall portfolio performance, it has been a strong year. Year to date, it is up by 34% as compared to SPY’s 19%. A few notable counters that have shored up the portfolio are ANET (+72%), SHOP (+99%), AAPL (+47%) and MSFT (+57%).
On the other end of the spectrum, I have NVCR (-79%) and INMD (-37%), but luckily their position size are relative much smaller.
Despite the strong performance this year, the portfolio has yet to recover from the disastrous 2022. Basically, all the gain from 2020 to 2021 was wiped out last year! It must be devastating for me then but truth to be told, I don’t quite remember the feeling now.
Well, I have to live up to my nick ThinkForwardInvestor. I would not wallow in self-pity and move forward by adjust my strategies accordingly from the expensive lesson. My foggy mind can only vaguely remember my reflection then. It’s during such moments that I am glad I blog, as re-reading what I wrote last year improves the resolution.
In short, I am now more selective with the counters to invest in. The make up of the portfolio still leans towards technology companies but most of them are either already in profit or at least have strong balance sheet. 70% of them are large cap with market cap of more than US$20b, and I have a couple of smaller cap, meant for future growth.
Recent Action
With the strong run-up by the US market in November, I decided to make slight adjustments to my portfolio. I mainly wanted to reduce my position in SHOP. I am pleased with its latest results and still think it will do well in the future. However, I was over enthusiastic about it a few years ago and my exposure to the counter was a tad high for my comfort.
As for TSCO and VEEV, the adjustments are more cosmetics than anything else. With the sales proceed, I decided to add more to SWAV. It was sold down by the market due to the uncertainty of insurance payment on one of its products. I think that will weigh on it in the near future but longer term, it should be a non issue.
I have wanted to add back some ISRG too but its price ran up too fast recently, so I am just going to wait a while. Finally, another counter that I might add more is United Hampshire REIT. Yes, it is listed on SGX but since all is properties are in US, I decided to put it in the US portfolio.
It reported a decent Q3 quarter with distributable income down by 5%. Hopefully the opening of Academy Sports will improve the distribution going forward.
During the SGX REITAS Webinar held on 14 November, CEO shared that it was just opened a day ago and the REIT will start to receive rents for the property.
At the current price of $0.41, the yield is north of 13% which is attractive for its current fundamentals.
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