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
-
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.
-
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.
-
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.
-
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?
-
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.
-
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.
