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 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.
