The Higher for Longer Theme
Into the 2nd quarter of the year, the market realised that inflation may not be falling after all. The stock market for one is heating up as earnings from major corporations over the world showed strong growth.
April was also a month full of annual general meetings. I have personally attended meetings of DBS, UOB, Capland India and HR Net. My main takeaway from these meetings is that the Singapore economy together with regional South East Asia will be a bright spot for the year.
With higher interest rates for longer, the local banks are benefitting from high net interest margins as well as non-interest income. The rise in the valuation of the local banks enables them to constitute almost half of the Straits Times Index
With such a huge weighting on the STI, it will likely be much more difficult for the SRS Fund to outperform as it begins to underweight the 3 local banks on a relative basis.
The SRS Fund ended Apr at its all-time high up 0.35% YTD as dividends from investees began their contributions. Strong performance by the 3 local banks also contributed, taking the SRS Fund into positive territory for the year.
Portfolio Segments
Finance will likely continue to play an important driver of the SRS Funds with Singapore being at the heart of the emerging Southeast Asia economy. I will continue to look for more diversification opportunities as the SRS Fund evolve into an all-weather Fund.
Dividends
Dividends continue to trickle in for April with $1080.00. The SRS Fund would expect the record dividend to be received in May as companies approve them during their AGMs.
SRS Fund Value
The SRS Fund hit a historical high of $382,183.32 and is expected to continue its upward trajectory given the heating stock market in May.
Cash Levels
The cash level is expected to increase as dividends begin to contribute in May. Cash level may also see a spike if the Fund can continue divesting its REITs holdings.
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The SRS Fund Jun 2026
The month of Jun provided an important milestone in the Iran conflict. The agreement between the United States and Iran marked a significant step towards reducing geopolitical tension and reopening a clearer path for global energy flows
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MyNest US Fund Jun 26
June was another remarkable month in the evolution of the global capitalism and the artificial intelligence investment cycle.
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The SRS Fund May 2026
Korea, powered by the worldwide shortage and surge in memory demand, was hit directly by the AI wave, with its stock market more than doubling in a matter of 5 months. Taiwan, already the world’s most important advanced chip manufacturing hub has risen to become one of the largest stock market globally.
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MyNest US Fund May 26
May has been an incredibly illuminating month for the MyNest US Fund. Looking across the broader landscape, the S&P 500 Index has continued its steady leg up, gaining +5.15% in the month of May alone to push its Year-to-Date (YTD) gain to +10.73%.
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The SRS Fund Apr 2026
In my investment journey, there have been three occasions where I witnessed a company deliver a 10x return.
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MyNest US Fund Apr 26
The market rebounded strongly in April as investors appeared to look past geopolitical uncertainty and renewed their focus on earnings, artificial intelligence, and the long-term growth prospects of quality businesses.
MYNEST.SG 