The Return of the SG Bull Market
The government drummed that a world class financial sector should include a vibrant stock market. In the month of July this was finally put into action as 2 funds were appointed to invest in the Singapore stock market.
News of such an action improved investors sentiments as funds poured in to kick the STI index into historical high. This couple with the ever dropping SGD interest rate create a perfect storm sending non blue chip stocks to new high
Small cap companies in the SRS Funds benefitted immensely with stocks like Food Empire, Kimly and Haw Par surged.
SATS – AGM of the Year
There are AGMs and then there is AGM where the true quality of the business and shareholders shines. The recently concluded SATS is one of the best I have attended.
Quality questions were asked and met with quality answers. SATS delivered exceptional results and will likely morph into a global aviation logistical force.
During AGM, management explains exactly how they are executing to achieve their target. The best companies have opportunities to reinvest large sum of capital at high returns. SATS is in such a spot. While debt is still high, management indicated its focus is on reducing debt over time. SATS is the company in the SRS Fund with the best growth potential over the next 3 years.
Changes in the SRS Fund
The main change in the SRS Fund in July was the sale of Capitaland India Trust. While the fund has had decent growth, the strength of the Indian rupee is a cause for concern. The proceeds are reinvested in a new IPO called Info-Tech Systems. The business is a provider of human resource software for local SMEs. Being a user of the software, I get to see the good economics of the business model first-hand.
Portfolio Segments
The property segment fell to 14.2% after the sale of Capitaland India Trust. With the investment in Info-Tech, services now make up 20.7% of the SRS Fund.
Dividends
Q3 dividend collection started with $300. With the earnings announcement on the way total dividend in Q3 should exceed that of 2024 despite a likelihood of dividend cuts by major local banks.
SRS Fund Value
Total SRS Fund value hit another record high at $533,303.40. This is up 13.45% for the year versus the STI 10.1%.
Cash Levels
Cash level continues to remain low as we stay fully invested during this bull run. Going forward, I will pay close attention to share prices. I may choose to increase the SRS Fund cash position if the market continues to move further upwards beyond its fundamental.
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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
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The SRS Fund Jan 2026
After a blockbuster 2025 that saw GDP growth hit a surprise 4.8%, the first month of 2026 has proven that the momentum is far from a fluke. Between record-breaking stock market performance and massive industrial investments, the “Little Red Dot” is making a very big noise.
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MyNest US Fund Jan 26
I have a confession to make. After reading Chip War at the end of 2022, I fully grasped the strategic importance of TSMC and ASML in the global semiconductor supply chain.
MYNEST.SG 