The Singapore Budget
As we head towards the end of the current government term, Singapore was pleasantly surprised with a budget surplus as its economy grew by 4.4% in 2024. The robust performance enables the government to return substantial funds to citizens through vouchers.
Vouchers work like a charm in Singapore as they boost the economy directly. This is especially so when there is an expiration date to them. The multiplier effect will do its magic as consumption increases due to these vouchers.
Much of these consumption stimulus coupled with high infrastructure and foreign direct investment will boost Singapore’s economy in the year ahead. From a macro perspective, companies in the SRS Fund will stand to benefit from the above actions and hopefully boost their earnings in the year to come.
The SRS Fund, powered by the continued turnaround of China-related stocks, is up 3.8% year to date. This gain allows The SRS Fund to move ahead of the STI 2.8% gain and hopefully improve on the lead as the year moves on.
In February, more funds were invested into SATS, making it the 4th largest position in The SRS Fund after the local three banks. This investment marks my confidence in the company’s prospects for years to come as it successfully transforms itself into a global air service player.
Portfolio Segments
Finance, being a big part of the Singapore economy continues to dominate The SRS Fund segments. I am personally comfortable with finance being around 50% of portfolio.
Dividends
$1,180 was collected in dividends in the month of February. This amount will rise when more dividend is collected in March. However, dividend collection will be somewhat less in Q1 of 2024 due to the different companies mixed.
SRS Fund Value
The SRS Fund value reached a record high of $488,066.46 as the upward trajectory gained momentum in the recent year. I would expect the trend to be in place notwithstanding any drawdown in The SRS Fund value.
Cash Levels
The cash level remains low at around 1.1% reflecting my confidence in the year ahead as The SRS Fund remain fully invested.
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