Elections in a Trumphant World
The US Presidential Election took centre stage for the month of November. Global stocks then rallied on the back of Donald Trump’s return to the white house. The euphoria took place across all asset classes, led by crypto, as bitcoin rallied past the 100k mark.
The spillover effects are evident in the equity markets as indexes hit all-time highs in anticipation of an overall boost to the business environment despite threats of a looming trade war.
Closer to home, the Straits Times Index inch closer to its all-time historical high, led by the banking sector as the optimism spread across markets. The SRS Fund which has a significant banking component benefited from this rally.
The SRS Fund has gained 18.2% year to date versus the STI benchmark of 16.3%. While it seems The SRS Fund has outperformed, the truth is the result only matches the benchmark return at best since I have not included the dividend payout for the STI, which will likely be in the range of 3.5% – 4.5%.
Portfolio Segments
With the rally in the bank stocks, several past investments had lagged behind. Aztech Global had a really big drawdown due to orders drying up and the manufacturing sector took a beating.
While near-term results for manufacturing seem bleak including stocks like Venture, Powermatic and Aztech, I still believe the looming trade war may till the balance again to these non Chinese manufacturers.
Dividends
The dividend collected so far is $1,530 in the 4th quarter. The full-year dividend is expected to come in at around $18k, making another year of record for The SRS Fund.
SRS Fund Value
The SRS Fund rallied to an all-time high of $450,424.38. Making the most gain in a single year during its 16 years history.
Cash Levels
Cash level remains low as The SRS Fund is fully invested in this historic equity market rally.
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