Dear Investors,
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.
The theme continues from September with AI-related stocks leading the charge. A slew of news with AI companies making rounds of deals with each other led the S&P 500 higher.
Fortunately for the MyNest US Fund, our position in Google did most of the heavy lifting. Google’s returns alone for the month enable the fund to continue outperforming our benchmark after winning several deals on the AI front.
Iniutive Surgical
While we did not meaningfully deploy cash during the month, we did initiate a starter position in Intuitive Surgical. It was one of the most expensive valuations the fund had invested in since inception.
To justify the lofty earnings ratio of 50x requires certain faith ISRG can continue its mid-teens growth over the next 5 to 10 years. This requires detailed analysis to determine whether such a scenario is a high probability event.
In the end, I concluded that the company does have a big enough moat to continue leading the robotic surgical industry and sustain its growth over a very long period of time.
MyNest US Fund Portfolio Compositions
MyNest US Fund Performance
Mynest US Fund continues to outperform our benchmark, being up 18% for the year.
Segment Chart
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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 