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 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.
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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.
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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.
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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?
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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.
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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.
