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 Sep 2026
Sep brought a modest recovery in the SRS Fund, but it also left me thinking more carefully about how much of Singapore’s current economic and market strength is connected to the AI investment cycle.
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MyNest US Fund Sep 26
The month of Sep brought together two developments that matter to our portfolio: Further progress in the field of AI and a sharp increase in long-term interest rates.
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The SRS Fund Aug 2026
Aug’s economic update provided another reminder of how closely Singapore has become connected to the global investment in AI and semiconductors.
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MyNest US Fund Aug 26
The idea behind the “SaaSpocalypse” was simple: if artificial intelligence could write software, generate content and complete business tasks, what would happen to the software companies charging customers to do those things?
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The SRS Fund Jul 2026
For much of 2026, the market’s attention has been firmly fixed on AI, semiconductors and anything connected to the massive build-out in computing infrastructure.
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MyNest US Fund Jul 26
After spending a long period watching the artificial intelligence infrastructure build-out from the sidelines, we finally decided to join the party—albeit cautiously.
