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 Apr 2026
In my investment journey, there have been three occasions where I witnessed a company deliver a 10x return.
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MyNest US Fund Apr 26
The market rebounded strongly in April as investors appeared to look past geopolitical uncertainty and renewed their focus on earnings, artificial intelligence, and the long-term growth prospects of quality businesses.
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The SRS Fund Mar 2026
It is an enduring market reality that a concentrated minority of holdings drives the vast majority of returns. For years, DBS (currently the largest individual holding at 20.6%) has served as the compounding engine of the SRS Fund.
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MyNest US Fund Mar 26
March shattered any lingering market complacency, pivoting sharply from the localized damage of the “SaaS-pocalypse” to a systemic shock driven by the war in Iran.
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The SRS Fund Feb 2026
The Singapore Budget 2026 has set a robust backdrop for local investors. For the third consecutive year, the government is operating from a position of immense “dry powder,” with an overall fiscal surplus of $8.5 billion projected for FY2026.
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MyNest US Fund Feb 26
February 2026 proved to be one of the most challenging months for our fund since its inception. A wave of “AI anxiety” swept through the Software-as-a-Service (SaaS) sector
MYNEST.SG 