Tariff Anticipations
As the new US president gets to work. The world is anticipating his policies that will likely impact many businesses and countries. As a global trade hub, Singapore and its businesses are closely monitoring this development and will try to adapt accordingly.
One area I feel Singapore should start early is in the field of cryptocurrency. As a financial hub, Singapore depends on the free flow of currencies for trade and businesses. Any new form and development should be considered and experimented with for the country to be a leading financial hub in this part of the world.
The SRS Fund continued its momentum from last year as it moved up 1.6%. This is fairly inline with the STI Benchmark of 1.8% increased.
In January, iFast was added to the SRS Fund. The addition of iFast is an admission of a long-drawn mistake of trading within the SRS Fund many years back.
iFast was a component of the SRS Fund many years back and bought around $1.00, and its potential as a business was already apparent. The stock was subsequently sold for $1.20 due to my impatience with their slow China venture.
In the end the SRS Fund can only buyback 1/10th of its holdings at a price more than 6 times it has sold for. It is indeed a painful lesson.
Portfolio Segments
With iFast in the portfolio, the SRS Fund is even more skewed towards the finance sector. This can be explained by the fact that Singapore is a financial hub and there is robust growth in this sector. Hence I am not too concerned about the overweighting of this sector in particular.
Dividends
No dividend was received as we head into the busy earnings season. Dividends are expected to match or even exceed 2024 in the year ahead.
SRS Fund Value
With the expected dividend collected and reasonable growth, the SRS Fund will likely move past the half-million mark for the first time in 2025.
Cash Levels
The cash level remains low at around 2.9% and is expected to grow with dividends streaming in after the earnings reporting period.
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The SRS Fund Mar 2026
It is an enduring market reality that a concentrated minority of holdings drives the vast majority of returns. For years, DBS (currently the largest individual holding at 20.6%) has served as the compounding engine of the SRS Fund.
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MyNest US Fund Mar 26
March shattered any lingering market complacency, pivoting sharply from the localized damage of the “SaaS-pocalypse” to a systemic shock driven by the war in Iran.
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The SRS Fund Feb 2026
The Singapore Budget 2026 has set a robust backdrop for local investors. For the third consecutive year, the government is operating from a position of immense “dry powder,” with an overall fiscal surplus of $8.5 billion projected for FY2026.
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MyNest US Fund Feb 26
February 2026 proved to be one of the most challenging months for our fund since its inception. A wave of “AI anxiety” swept through the Software-as-a-Service (SaaS) sector
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The SRS Fund Jan 2026
After a blockbuster 2025 that saw GDP growth hit a surprise 4.8%, the first month of 2026 has proven that the momentum is far from a fluke. Between record-breaking stock market performance and massive industrial investments, the “Little Red Dot” is making a very big noise.
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MyNest US Fund Jan 26
I have a confession to make. After reading Chip War at the end of 2022, I fully grasped the strategic importance of TSMC and ASML in the global semiconductor supply chain.
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