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 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 