Dear Investors,
Generative AI is increasingly giving knowledge workers the leverage to be more and more productive. As we embrace the use of ChatGPT, Gemini, Grok etc we are now getting information on not just what we need but also on a secondary level which is the follow up.
It is obvious that people are going to increasingly change the way they search for information and at the center of search is the company call Google.
Alphabet, the parent company, demonstrated during Google I/O that it is fully aware of what is to come and how AI will transform the way people search, including how future advertisement revenue will be generated.
How much is Google Worth Without its Search Monopoly
Google, as a player in this AI evolution, will participate in this complete reset of the search market. Instead of being the monopoly in the search market, the reset will downgrade it to a mere participant.
How well or how profitable Google will be in this new era remains to be seen. What is undeniably true is that the pie for search will be increased exponentially.
Other Components of Google
Besides search, Google is now deriving half of their revenue through other means. YouTube, Google Cloud, Android, Deepmind, Waymo and other businesses are seeing healthy growth.
When all of Google non search components are put together, one can conclude that it is now trading at an inexpensive valuation. As such, I have made Google one of the cornerstones of this portfolio.
MyNest US Fund Portfolio Compositions
The portfolio sees a new addition of Novo Nordisk. While my circle of competence is rather narrow for the healthcare sector, I believe the company has a significant moat with its weight loss drug.
MyNest US Fund Performance
Our benchmark, the S&P 500, rebounded strongly during the month of May, driven by the Magnificent 7. Our portfolio struggles to keep pace with the gains, but nevertheless still leads by roughly 4%. I expect volatility to continue throughout the year, which will offer great opportunities to add.
Segment Chart
MyNest US Fund cash level continues to grow as family investors continue to show strong support for MyNest US Fund. I expect the Fund to take another round of funding in Jun to take cash to around the 20% mark. Any deployment of this newly injected cash, however, will depend on the availability of opportunities.
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The SRS Fund Dec 2025
If someone had told me at the start of the year that the Singapore stock market would deliver returns in excess of 20%, I would have shrugged it off as wishful thinking.
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MyNest US Fund Dec 25
MyNest US Fund rounded the first year of inception with a slight outperformance to our benchmark the S&P 500. The first year of operation tested to resolve in knowing what we own as we navigated volatility which started on Trump’s Liberation Day.
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The SRS Fund Nov 2025
If you’ve been watching the Singapore market this past month, the narrative has been impossible to ignore: it is a tale of three banks, and unfortunately for UOB, it has found itself lagging its peers.
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MyNest US Fund Nov 25
November tested the patience of the broader market, defined by a distinct shift in sentiment regarding Artificial Intelligence. The narrative of an “AI Bubble” finally took hold,
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The SRS Fund Oct 2025
Many of us in Singapore watch in dismay as interest rates from T-bills, fixed deposits and high-yield bank accounts plummet to new lows in recent months. Three months Sora now stands at 1.29%.
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MyNest US Fund Oct 25
October is usually the worst month of the year for stocks but somehow this year the stock market failed to provide any opportunities for us to deploy meaningful cash to work.
MYNEST.SG 