Dear Investors,
This earnings season has turned out rather well so far, as Google led the way to dispel investors’ concerns about its search monopoly. The company also made inroads into segments including cloud and YouTube.
We also have decent results from PayPal, which continues its turnaround under new CEO Alex Chriss. The 2 major insurers, Markel Group and Berkshire, reported mixed earnings mainly due to lower gains from investments as well as claims from the California wildfires.
The Wave of AI Spending
As of this writing all of the major Hyperscalers have reported their earnings. To sum it up, Google, Microsoft, Meta and Amazon are all going to keep on increasing their AI capex.
The news eventually is positive on the likes of Nvidia and TSMC. Without these 2 names in our portfolio, I am sorry to admit is one of the reasons we have gave back our lead to the S&P 500.
The Fall of Healthcare
The second reason why MyNest US Fund fell behind is due to major hits to the healthcare sector. Our Novo Nordisk investment fell 20% due to poor earnings forecasts and intense competition.
MyNest US Fund Portfolio Compositions
MyNest US Fund Performance
The S&P 500 overtook our Funds due to stellar results from Microsoft and Meta. Also, very positive sentiments towards Nvidia and TSMC. MyNest US Fund was up 7.42% versus the S&P 500 7.78%. Investors, however, should refrain from drawing short-term conclusions from the month-to-month fluctuations and focus on the strength of businesses in the portfolio.
Segment Chart
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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 