tag:blogger.com,1999:blog-60250371188643833962024-03-05T18:03:09.435+08:00Unintelligent NerdA nerd's take on personal finance and investmentUnintelligent Nerdhttp://www.blogger.com/profile/17797052565143872922noreply@blogger.comBlogger101125tag:blogger.com,1999:blog-6025037118864383396.post-25261325903007429302023-04-11T11:12:00.000+08:002023-04-11T11:12:49.649+08:00Farewell, Uncle CW8888<p>On 8 April 2023, I lost a friend.</p><p>To honour the memory of Uncle CW8888, let me share a few nuggets of wisdom I have learned from him as well as some of the awesome and inspirational things he has accomplished:</p><p></p><ul style="text-align: left;"><li>The importance of having a large emergency fund for peace of mind. This sounds simple but many do not practise it. Today, this nugget of wisdom has served me very well.</li><li>In the investment blogosphere, we are treated to success stories after success stories. What about the ugly stories where people lost their entire fortune? Uncle CW8888 has blogged about the devastation wrought by being a market participant as well. He earnestly wishes that his readers are well aware of both the heights and nadirs of investing (In his words: "chop fingers from investing")</li><li>When Uncle CW8888 expressed his desire to retire, his boss persuaded him to stay for yet another year. He could have retired there and then, but he graciously obliged and firmly maintained that it's only for 1 more year. It takes a man of stature to do this.</li></ul><div>Rest in peace friend. We will miss you.</div><p></p>Unintelligent Nerdhttp://www.blogger.com/profile/17797052565143872922noreply@blogger.com2tag:blogger.com,1999:blog-6025037118864383396.post-78440835798907418842021-03-26T13:47:00.002+08:002021-03-26T17:34:09.529+08:00Q1 2021 Portfolio Update<p>Without realizing it, the last time I did a portfolio update was <a href="https://unintelligent-nerd.blogspot.com/2020/07/q2-2020-portfolio-update_11.html" target="_blank">9 months ago</a>. The initial plan was to do up a year end post to make up for the dearth of portfolio updates, but my <a href="https://unintelligent-nerd.blogspot.com/2021/01/an-extended-reflection-on-2020.html" target="_blank">philosophical reflections</a> got the better of me and I got lazy after that.</p><p>Moving forward, my quarterly updates will take a different format. Instead of going into the specifics, I will touch on broad generalities concerning each subsector in my portfolio.</p><p><br /></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqXZPP4whmFvXc83lxqeHP0hLk2ZXIMZSH_X_alMb7ytvQAFIeK4gWIgOpL3mBTUxoZ3l72cX2I20ZKAJ1GqTL-2W6fcIzwZiEsEDtzX4K7I0TAuiMC_WI-L9rpppCO2OQTUrME8A5he4/" style="margin-left: 1em; margin-right: 1em;"><img alt="Networth Breakdown" data-original-height="289" data-original-width="480" height="241" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqXZPP4whmFvXc83lxqeHP0hLk2ZXIMZSH_X_alMb7ytvQAFIeK4gWIgOpL3mBTUxoZ3l72cX2I20ZKAJ1GqTL-2W6fcIzwZiEsEDtzX4K7I0TAuiMC_WI-L9rpppCO2OQTUrME8A5he4/w400-h241/image.png" width="400" /></a></div><br />Cryptocurrencies as a percentage of networth has blossomed since the last portfolio update. This is attributed to capital gains, interest income, and remuneration from my 2 crypto part-time jobs. Of which, interest income contributed the most to the gains (surprise surprise! It is <b>not</b> capital gains).<div><br /></div><div>Some friends have asked how do I manage my day job, 2 crypto part-time jobs, and my postgraduate studies. Initially, weekday nights and weekends are allocated to my part-time jobs. As I got into the groove of things, I began optimizing and tweaking how I use my time. I am also a fan of automation and have automated quite a fair bit of my day job.</div><div><br /></div><div>What resulted from all that optimizing and tweaking is that my day job tends to run on its own. During that period, I focus on my part-time jobs, leaving most of my weekday nights and weekends free.<br /><br /></div><div>This arrangement has led to a faster pace in wealth accumulation, which was previously not possible for me. In my industry, there is a cap on my salary unless I am a PhD holder. My part-time jobs provides me with an alternative path to break this salary cap and to achieve a higher remuneration.</div><div><p>Recently, I was offered another crypto part-time job. Unfortunately, I had to turn it down because I do not have the necessary skillset for it (grrrr! one day I shall learn this skillset!).</p><p>Let's move to the portfolio update. Do note that I'm a Crypto Native, so the strategies I employ is vastly different from non-Crypto Natives and my thought process may sound extremely foreign. </p><p><br /></p><p><b><u>Layer 1s</u></b></p><p>I hold large positions in Layer 1s. To manage platform-related risk, around 1/3 of my layer 1 positions are kept in cold storage while the rest is out earning yield across both CEXes and DEXes. The selection of multiple CEXes and DEXes is to diversify risk from any one platform. Each CEX and DEX comes with their own risk profiles as well.</p><p>I don't spend much time valuing Layer 1s because of the myriad of contentious opinions concerning them. If one really wants to go down this, in my opinion, fruitless path, it is best to ask yourself questions pertaining to the hash rate, transaction volume, cost of transactions, the various players involved, as well as the network effects of a given layer 1.</p><p><br /></p><p><b><u>Layer 2s</u></b></p><p>If you are a crypto native, you know that transaction fees on layer 1s have been skyrocketing due to huge demand for blockspace. Layer 2s aim to solve the issue of transaction fees by bringing it down to near-zero. This comes with trade-offs, of course.</p><p>I have been playing around with a couple of layer 2s to get a feel for them. Various layer 2s have rewarded early adopters for doing so; I received some tokens for using them.</p><p>The qualms I have concerning Layer 2s are their tokenomics (token economics). From the layer 2s that I've used, their tokenomics don't seem well thought out enough.</p><p>Just a little bit of trivia, whenever someone says that "blockchain helps the poor by reducing transaction fees", it is a straight giveaway that their experience with crypto is theoretical/minimal and they do not know what they are talking about. Plenty of crypto natives from developing countries have been priced out because it cost too much to pay for transaction fees on layer 1s. Hence, the often-asked questions of "Will there be a layer 2 solution? What layer 2 solution will your team be adopting?"</p><p><br /></p><p><b><u>CeFi Play</u></b></p><p>Crypto is difficult enough. The technical competency required. The exploits. The learning curve. The first point of contact that people have with crypto is with Centralized Finance (CeFi) and Centralized Exchanges (CEX). There is a lot more handholding. More assurance. And if things go wrong, there is some firm to litigate against.</p><p>I got this idea from reading <a href="https://gotmoneygothoney.blogspot.com/" target="_blank">GMGH</a>'s tweets. When the masses come, it is CeFi that provides them with a gentle onboarding process. Some of these individuals may then develop into full-blown crypto natives. But for the large majority of them, CeFi is their first and final stop. CeFi Plays revolve around profiting from the increased onboarding of the masses to CeFi. I have a lower-mid position size in CeFi plays.</p><p><br /></p><p><b><u>DeFi</u></b></p><p>Decentralized Finance, or DeFi, is a large catch-all term that includes financial instruments from money market funds and derivatives to options, robo-advisors and crypto indices. </p><p>The things to look out for in the DeFi subsector is the earnings, the sustainability of the earnings (aka. moat), the tokenomics of a given protocol, and the effect of competitors on a given protocol. </p><p>Taken together, my entire DeFi exposure should be the largest in my portfolio. I maintain larger positions in DeFi projects that have proven themselves and extremely small positions in more speculative projects.</p><p><br /></p><p><b><u>Middleware Solutions</u></b></p><p>The simplest analogy of middleware solutions is the selling of pickaxes in a goldrush. More technically, middleware gets a percentage of cashflow when real-world data is brought into the blockchain and when blockchain data is brought back out into the real-world.</p><p>Middleware solutions are targeted at enterprises. Hence, retail investors do not see the benefits they bring because they do not have to pay middleware solutions for the services they provide; it is the enterprise that has to pay for it. This would appear as operating expenses on a crypto project's income statement.</p><p>I have mid-size positions in middleware solutions.</p><p><br /></p><p><b><u>Interoperability Solutions</u></b></p><p>Blockchains exist as individual silos. Interoperability solutions are required to get them to communicate with one another. They facilitate the flow of liquidity across blockchains and, simultaneously, capture some value of that flow.</p><p>They are blockchain-agnostic. Hence, their survivability is not tied to any particular layer 1.</p><p>I have mid-size positions in interoperabability solutions.</p><p><br /></p><p><b><u>Gaming</u></b></p><p>Blockchain gaming is a heterogenous category. Each game has to be assessed on its own merits. </p><p>Questions to ponder on blockchain gaming include the business model of the game, the remuneration for the developers, the tokenomics of the game, the community, the accessibility of the game, the cost to play the game, the popularity of the game, and how fun the game is.</p><p>I have mid-size positions in blockchain gaming. This is the dark horse in my portfolio. It completely outperformed and crushed every single crypto asset that I have.</p><p><br /></p><p><b><u>Art</u></b></p><p>Blockchain art should be treated the same way as traditional art: illiquid alternative investments. I have bought a couple of pieces for both my enjoyment as well as an investment. The latter does not seem to be working out well for me though. Through this experience, I think I have a better eye for what makes a good art investment.</p><p><br /></p><p><b><u>Virtual Worlds</u></b></p><p>Virtual worlds can be classified into one of two categories: (1) predominantly social worlds, with gaming functions that may or may not be added to them in the future; or (2) worlds that serve as the backdrop of blockchain games. I have some exposure to the latter.</p><p>The investment thesis behind them are that they are nascent form of virtual REITs. With that said, renters must derive a return above and beyond what they pay virtual landlords to make it worthwhile for them. For some of these virtual worlds, there is not only rent income, but royalty income to look forward to as well.</p><p><br /></p><p><b><u>Stablecoins</u></b></p><p>Stablecoins are coins that are pegged to a given fiat currency (mostly USD). The pegging mechanism differs across stablecoins, with each having its own risk profile. I have some exposure to stablecoins in my portfolio. They are spread out across various CEXes and DEXes to reduce platform-related risks.<br /><br /></p><p>I hope I have not missed out anything. That's all for now.</p><p>Thanks for reading!</p></div>Unintelligent Nerdhttp://www.blogger.com/profile/17797052565143872922noreply@blogger.com4tag:blogger.com,1999:blog-6025037118864383396.post-60654307495015825912021-01-02T17:40:00.002+08:002021-01-02T17:40:38.973+08:00An extended reflection on 2020<p>This year has been a wild ride. It has been filled with new experiences and added responsibilities. It was also a time for deep reflection. Issues that I have never considered before surfaced. These issues are philosophical in nature and have no straightforward answers. The provisional answers I have come up with are but a reflection of the stage of life I am currently in. I will address them through the course of this post.</p><p><br /></p><p>The first half of the year was marked by the shift to Work From Home (WFH) arrangements. All across the world, people panicked in varying degrees. In response, many institutions initiated some form of support to be delivered to the public. Of which, MOOC providers such as Coursera offered quite a number of their Verified Certificates at no cost to interested individuals. Locally, NTUC LearningHub provided something similar as well. During this period, I completed 17 MOOCs (see <a href="https://unintelligent-nerd.blogspot.com/2020/05/key-takeaways-from-moocs-part-1.html">here</a> for a review of some of them).</p><p><br /></p><p>Concurrently, I was on a training programme provided by my company. I had to manage this on top of my postgraduate studies. The first half of the year ended with the end of an exam paper I had to sit for. It was one of the toughest paper I had sat for (Machine Learning) and if not for an open-book online exam brought about by COVID, I definitely would have failed the paper.</p><p><br /></p><p>The sedentary lifestyle that I have developed came back to bite me. In my routine health check-up, I came to learn that my cholesterol level has increased quite significantly. Following the report, I started combining exercising with gaming to make exercise more palatable. So far, it has been working out.</p><p><br /></p><p>With my studies temporarily out of the way, the second half of the year was marked by new experiences. A friend invited me to join him in his business, with me handling all things tech-related. I got to learn a bit of hands-on stuff, but gaining traction for a new business is difficult, with COVID exacerbating it further.</p><p><br /></p><p>The next two experiences were a serendipitous surprise. Crypto firms need all the manpower and help they can get. While WFH, I thought why not give volunteering at crypto firms a try. I volunteered at two firms. After a month or so, both firms were satisfied with my performance and offered me part-time employment (one firm even wanted me to quit my day job and work full-time with them!). I took up both offers, lol. Until now, I'm not sure how I'm going to manage a day job + 2 part-time jobs + postgraduate studies, but I'll try, lol. The worst case scenario would entail taking fewer modules each year and extending the duration of my postgraduate studies.</p><p><br /></p><p>Another whammy came from the US Internal Revenue Service (IRS). One of those crypto firms was incorporated in the US. As a foreigner, I have to complete the dreaded W-8BEN form. Yes, it's that same form where the US gov eats 30% of your dividends from US stocks. As Singapore does not have a double taxation agreement with the US, this means that I'm taxed a second time (by SG gov) after the hefty 30% tax by the US gov. Oof.</p><p><br /></p><p>For better or for worse, my involvement in the crypto space has resulted in increased exposure for me. With exposure comes unnecessary shit. There has been a case of scammers impersonating me and going around asking for crypto. There have also been attempts to hack my email as well. So stay safe and don't trust any random "Unintelligent Nerd" that attempts communication.</p><p><br /></p><p>Other notable events in the second half of the year include getting rejected by a high quality girl, starting a new hobby which I have been procrastinating into getting into, and building software packages to pad my CV further.</p><p><br /></p><p>I have also grown a thicker layer of skin this year (see <a href="https://unintelligent-nerd.blogspot.com/2020/08/on-human-nature.html">here</a>). Reflecting upon the underlying motivations of these critics made me learn quite a number of valuable life lessons:</p><p><br /></p><p><b><u>An asymmetric risk/reward strategy for every generation</u></b></p><p>One characteristic that is common across quite a number of my critics is their selection of a strategy with an asymmetric risk/reward profile that prediposes them towards financial success in life. The specific strategy varies across generations. There is still a need to take risk to embark on a given strategy and how well the individual executes determines the extent of their financial success. I do not mean that this is a sure-win strategy; it just places the individual in a position that they are highly likely to win, and win big, relative to their generational peers who do not adopt this strategy.</p><p><br /></p><p>I will not be specifying what these strategies are for the past generations. First, they will miscontrue that I am giving them zero credit for their success. This is not true. Their success is a function of their hard work, calculated risk-taking, execution, and riding on the coattails of long-term secular trends, with the secular trend being a huge contributor to their success. Second, they will bring up the rare exceptions who fail to achieve what they did. Again, this does not invalidate my point.</p><p><br /></p><p>I think that it may be possible that the crypto/blockchain space will be the asymmetric risk/reward strategy for my generation. Increasing digitalization, growing adoption by enterprises, and the inflow of funds into the space are some indicators that the crypto/blockchain space is a nascent and growing industry.</p><p><br /></p><p>Take me as an example. Assuming all things equal (effort, time spent at work, etc), the financial rewards I receive from investing and working in the crypto space far exceeds that of my stock investments and my main job. Unfair? Somewhat. One unit of effort takes me much further than before.</p><p><br /></p><p><b><u>When you live long enough, you become the villain?</u></b></p><p></p><div class="separator" style="clear: both; font-weight: bold; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiOA0KZA0cZ4CHmlbs6uTNIFuanrhrFjH1pA2tyMZHvTlCpnp6jqmBWnMRGm4E5d3Yw6IV033faLLfl820vmVdDlALy6dGDYfI95GetynEojjKo-y6iDi60DbLbiRt5vlpimkdNFwtBHKg/s279/harvey-dent.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="181" data-original-width="279" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiOA0KZA0cZ4CHmlbs6uTNIFuanrhrFjH1pA2tyMZHvTlCpnp6jqmBWnMRGm4E5d3Yw6IV033faLLfl820vmVdDlALy6dGDYfI95GetynEojjKo-y6iDi60DbLbiRt5vlpimkdNFwtBHKg/s0/harvey-dent.jpg" /></a></div><br />In "The Dark Knight Rises", this was the infamous last words of Harvey Dent to Batman.<p></p><p><br /></p><p>Success breeds confidence. There is weight and life experiences behind one's words.</p><p><br /></p><p>This year has been an exceptionally good year for me and my multi-year efforts have finally bore fruit. My words pack more punch now. I have noticed my words have become a tinge bit more forceful. This is not ideal. I am slowly becoming the very critics whom I dislike.</p><p><br /></p><p>It is not just me. There are others who share a similar dislike for some of these critics. The critics may have the real-world experience and success backing their words, but people dislike being talked down to. Especially so when the recipients did not ask for their advice.</p><p><br /></p><p>I must learn to shut-up and talk only when asked.</p><p><br /></p><p><b><u>Vicarious experiences doth not maketh a man</u></b></p><p>Similar to forceful words, name-dropping is equally grating on the ears. The curious thing about such a phenomenon is its lack of representativeness in constructing an accurate picture of reality. </p><p><br /></p><p>There are two layers of analysis to this. First, is your network an accurate reflection of a given sector? Often, the information provided by a contact is idiosyncratic. The listener has to isolate the pertinent information and, if need be, supplement it with the inputs of other contacts from the same sector. Second, you are not your contact. Information-seeking conversations are but a condensed droplet of the speaker's life. It is much more fuzzy than we would like to admit.</p><p><br /></p><p>Wallstreetplayboys made it quite clear that it is unwise to speak on the behalf of another industry just because we have contacts from that particular industry. What more about making decisions on semi-solid ground? </p><p><br /></p><p>I have observed these conquerer types who, spurred on by their personal success, attempt to conquer adjacent fields. Some have blundered badly because they did not realize the playing field has changed.</p><p><br /></p><p><b><u>On armchair philosophizing</u></b></p><p>For many bloggers, it is quite telling when they reach the tail-end of their investment journey. Their blog content shifts from money-making to philosophical reflections (No, I'm still a very long way from building a sufficient nest egg). </p><p><br /></p><p>Sometimes, philosophizing is productive. It leads to the blogger using their financial firepower, social capital, and cultural capital to effect the Grecian <i>arete</i> into a particular activity in society, benefiting others and society in the process.</p><p><br /></p><p>At other times, it is mere diagnosis. Pointing out the ills of society and throwing out normative statements ("what ought to be") when one has the power to effect a positive change is such a downer. The very people who could do something about "it" (whatever "it" represents) ends up not doing anything at all.</p><p><br /></p><p>Is this a corollary of success?</p><p><br /></p><p>I think so.</p><p><br /></p><p>From what I observed, many end up pontificating, but the ones that got insulted by their readers are the ones who do not use their success productively. Readers aren't stupid. Readers can tell.</p><p><br /></p><p>I've spent quite some time thinking about the possible solutions to unproductive armchair philosophizing. The provisional solution is to be a man of action, to create increasingly difficult challenges for oneself to surmount. When there is skin in the game and the stakes are high, one will be razor-sharp focused on the task at hand and be too busy to go around airing their partially-formed views to everyone.</p><p><br /></p><p>During the necessary times of reflection, these individuals should challenge the subject matter experts of their choosing. This introduces humility and allows them to clash swords with the elites in the chosen field. Thus, they will finally get to know whether their reflections hold water or are they just a regular dilettante whose views aren't even worth listening to.</p><p><br /></p><p><b><u>Generativity vs Stagnation</u></b></p><p>Psychology majors will be familiar with this heading. Erik Erikson, a developmental psychologist, proposed that at every life stage, humans are confronted with a particular developmental challenge that they must resolve.</p><p><br /></p><p>For those in middle adulthood, they are confronted with the challenge of Generativity vs Stagnation. This challenge entails contributing to the younger generation or things that may outlast them. In other words, leaving a legacy. A failure to do so results in one being a statistic, a mere cog in society's machine.</p><p><br /></p><p>I was particularly impressed with two online friends I got to know while working part-time in crypto. Because of their enthusiasm, teachability, and positive attitude, I successfully pushed for them to get part-time positions as well. I realized I liked seeing the young, driven, humble, and capable succeed.</p><p><br /></p><p>Is this the uncle/boomer/lao kok kok in me speaking? I decline to comment further.</p><p><br /></p><p>What I know is that I'm no armchair philosopher. I will push for the success of those whom I deemed worthy and will cheer alongside with them.</p><p><br /></p><p><b><u>An Economic Loser</u></b></p><p>Life isn't all bright and cheery. There is a dark underbelly to it as well. Just as there are high-flying young shoots that require nurturing and time to grow, so are there dwellers of the river styx.</p><p><br /></p><p>These denizens of the deep bring to mind Venkatesh Rao's Gervaise Principle. Simply put, Rao's premise is that there are 3 categories of individuals within a firm: The psychopath, the clueless, and the loser.</p><p><br /></p><p>The psychopath is upper management. The stakes are all designed in their favour. Heads they win a lot; tails, they also win (just not as much). They are smart and cunning and they run circles around others.</p><p><br /></p><p>Next, we have the loser, with loser being defined in economic terms. They are not paid in accordance to their contributions to the organization. If they were fairly paid for their efforts, the profit margins of the firm would shrink and there is less for the taking by the psychopaths and/or shareholders. Duh!</p><p><br /></p><p>So what can the economic loser do? They can respond in one of three ways:</p><p><br /></p><p>1). Eat snake. Do the bare minimum since the cards aren't in your favour and there's not much upside for you.</p><p>2). Work moar! Get promoted to middle management and manage the losers! Losers will laugh at you for doing this though. The responsibilities/stress growth > pay growth. ....And you are also indicating to the psychopaths that you don't know how to value yourself. You turned an already bad deal into an even worse deal. Hence, the "promotion" from the Loser group to the Clueless group.</p><p>3). You know your own self-worth, young psychopath-in-training. You have the competency and you refrain from bringing more to bear than what you are paid. Psychopaths recognize psychopaths and up you go on the corporate ladder!</p><p><br /></p><p>I'm a Clueless-Loser (if there ever was such a group). Losers shoot me funny looks for trying too hard and I understand their point. It makes economical sense to do less, rather than do more. Doing more means getting a lot more shit and only a slight pay increase.</p><p><br /></p><p>Psychopaths, on the other hand, require a complete shift in mindset and modus operandi. I suck at being cunning and ruthless. Oh well.</p><p><br /></p><p><b><u>Comparison is a stealer of joy</u></b></p><p>One advantage that the Clueless have over the Loser is their improved financial status. The next question is to ask how much is enough?</p><p><br /></p><p>This is a seemingly straightforward question but the answers to it are buried deep within our psyche. We need to know ourselves. We need to consciously and vehemently not compare with others on things that do not matter to us.</p><p><br /></p><p>On-and-off, I have encountered the vile and ugly side in the SG Investment Blogosphere as well as Crypto Twitter.</p><p><br /></p><p>One blogger cursed another blogger's entire family to get cancer because the latter outperformed the former in investment.</p><p><br /></p><p>Another blogger said their spouse is inferior to another blogger's spouse.</p><p><br /></p><p>A third blogger emphasized that it is better to underperform the market by having a loving family (Err.......False dichotomy.....)</p><p><br /></p><p>A fourth blogger said that those who do not follow a particular investing strategy is a fake investor/fake trader/fake speculator.</p><p><br /></p><p>A few gloated for the impending bankruptcy of growth investors (in 2020 where growth triumphs everything else).</p><p><br /></p><p>The thing is.........all the above-mentioned are successful individuals. What's with the envy and mental gymnastics? </p><p><br /></p><p>You then come to realize that worldly success and wealth are not a panacea for envy......</p><p><br /></p><p>Contentment has to come from deep within.</p><p><br /></p><p><b><u>Financial freedom from toxic people</u></b></p><p>In my more-naive days, I wanted to get to know more bloggers. I thought it was a good thing to have more friends. </p><p><br /></p><p>Now? Not so. I have a core group of wisdom bloggers as friends and my cup overflows with their goodness. I don't need many friends; I only need a few really good ones.</p><p><br /></p><p>One underrated thing that I learned this year is that Financial Freedom (or, more appropriately, financial security) allows one to choose who they want to mix with. I do not need to keep up pretences. I can actively choose to avoid the toxic people I mentioned in the previous section. This is implied power.</p><p><br /></p><p><b><u>A gradual disappearance</u></b></p><p>A blogger friend highlighted that COVID has worsened inequality. The gulf between the rich and the poor has widened considerably. During this period, certain insensitive bloggers continue to harp about their glorious riches from growth stocks and cryptocurrencies. For personal safety, he deleted his own blog and erased his online trail and advised me to do the same.</p><p><br /></p><p>As a privacy-focused individual, I agree with him. However, I also said to him that there are a number of individuals in the blogosphere who would make good friends. As a result, I would be staying, but remaining low-profile. Furthermore, I don't offend with clickbait blog titles, lol. </p><p><br /></p><p>Anyway, my three jobs will take up much needed time for blogging. Thanks for reading friends! I'll still be around in the shadows. Cheers and let's rock it in 2021!</p>Unintelligent Nerdhttp://www.blogger.com/profile/17797052565143872922noreply@blogger.com17tag:blogger.com,1999:blog-6025037118864383396.post-7319345592683462152020-10-16T17:22:00.000+08:002020-10-16T17:22:30.145+08:00Aavegotchi: Making your Virtual Pets work hard for you!<p>Post submitted in fulfilment of Aavegotchi Mission 9.</p><p>Disclaimer: Vested in GHST Token and volunteering as an <i>aapprentice</i> (moderator) for the Aavegotchi project.</p><p><br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEil9aHv5BJcVVVHCX4IoM7aD930JO9UI_AsFJ08b6PzmuL9N8jAmEE_MVIVhZZTvrZVmPe20W2pPbyyrMiAj3O2yRor-S12O5apCBNQtgCDNTaViPmgasczfkpKGSQqx1l5BjJjwL6pP2Y/s406/aavegotchi.png" style="margin-left: 1em; margin-right: 1em;"><img alt="aavegotchi" border="0" data-original-height="304" data-original-width="406" height="300" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEil9aHv5BJcVVVHCX4IoM7aD930JO9UI_AsFJ08b6PzmuL9N8jAmEE_MVIVhZZTvrZVmPe20W2pPbyyrMiAj3O2yRor-S12O5apCBNQtgCDNTaViPmgasczfkpKGSQqx1l5BjJjwL6pP2Y/w400-h300/aavegotchi.png" width="400" /></a></div><br /><p>Remember Tamagotchi from eons ago? Those cute little handheld virtual pets that need your love and care? You have to feed them, play with them, and clean up after them. It was a joy to see them grow, as they mature from a baby to adulthood.</p><p><br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQG_llUm5Nl15c88UnPH_dq0nGATVp3t-qQjKVKbEhd4DyxH48hKPhRQ62nKMjwbCadaqu0pRuzNJ2io42gYzQD9hZsKczj7NfuENzJbaJoktcADkY3uOC_BIPl3HWxzW1_3qZh5dR0s0/s320/tamagotchi.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="213" data-original-width="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQG_llUm5Nl15c88UnPH_dq0nGATVp3t-qQjKVKbEhd4DyxH48hKPhRQ62nKMjwbCadaqu0pRuzNJ2io42gYzQD9hZsKczj7NfuENzJbaJoktcADkY3uOC_BIPl3HWxzW1_3qZh5dR0s0/s0/tamagotchi.jpg" /></a></div><br /><p>Then the craze ended. Zero. Zilch. Nada. Never to be heard of again except in stories of yore.</p><p><br /></p><p>No longer do we need to reminisce about the past. Aavegotchi, a crypto gaming/savings project, is here to soothe your nostalgia.</p><p><br /></p><p>The Aavegotchi project is a recipient of an Aave Ecosystem grant. Aave is a money market protocol on the Ethereum blockchain. Users of Aave include both depositors and borrowers, with depositors receiving interest income from lending out their cryptocurrencies and/or stablecoins to borrowers. Using smart contracts to manage borrowing/lending and automatically liquidating defaulting borrowers is a novel use case in its own right. </p><p><br /></p><p>The Aavegotchi project expanded on this concept further...........what if the stream of interest income could be embedded in a game?</p><p><br /></p><p>The lines are now blurred:</p><p></p><ul style="text-align: left;"><li>Huh? You can now play games with your bank?</li><li>Wut? Your virtual pets are making your money work hard for you?</li></ul><div><br /></div><div><b><u>How it all works</u></b></div><div><b><u><br /></u></b></div><div>Your Aavegotchi frens are summoned through portals. In turn, portals are purchased using the GHST Token, the native token of the Aavegotchi ecosystem. Besides the GHST token, gamers are required to provide a collateral in the form of an aToken from the Aave ecosystem. This ensures that your Aavegotchis are constantly generating interest income for you, which I have shared above.</div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgyxFQMrZ0W1ZRdnYIy4CfwEeel2Vf7gRUG4YOWNfBti_xuGJtnx3yCiNPUqDeeL3k1_WQOnPzviLMIJrlUMaw-JlxUFqm5E5dxKfp1X9UuC25q-ZaOkdSk117z1alTdk9Ub_DXV7KDtNM/s680/Aavegotchi+gang.png" style="margin-left: 1em; margin-right: 1em;"><img alt="aavegotchi" border="0" data-original-height="679" data-original-width="680" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgyxFQMrZ0W1ZRdnYIy4CfwEeel2Vf7gRUG4YOWNfBti_xuGJtnx3yCiNPUqDeeL3k1_WQOnPzviLMIJrlUMaw-JlxUFqm5E5dxKfp1X9UuC25q-ZaOkdSk117z1alTdk9Ub_DXV7KDtNM/w400-h400/Aavegotchi+gang.png" width="400" /></a></div><br /><div>The game is still not available yet. It will be out sometime in Q4 2020 or Q1 2021.</div><div><br /></div><div><b><u>Investment Merits & Risks</u></b></div><div><b><u><br /></u></b></div><div>Analysis of Aavegotchi as an investment could be approached from multiple angles. First, the aTokens themselves accrue interest income from borrowers. The interest income fluctuates depending on borrowing demand and the supply of liquidity, with each currency exhibiting a different interest rate profile. Over the long haul, yield compression will continue as the low/zero/negative interest rates from TradFi (Traditional Finance) pushes investors towards Decentralized Finance (DeFi) on Ethereum. </div><div><br /></div><div>Second, GHST Token price will increase in lockstep with the growth of the Aavegotchi Ecosystem. Participation in the Aavegotchi Ecosystem (be it as speculators, investors, gamers, artists, etc.) require GHST Tokens to be bought off the bonding curve. The bonding curve was mathematically programmed to increase the price of the GHST Token whenever purchases are made from it and vice versa. While it is possible to acquire GHST Tokens off the secondary markets, new issuance and subsequent circulation of the token is only possible through interaction with the bonding curve. This will facilitate a gradual rise in the token price as the community grows.</div><div><br /></div><div>Third, Aavegotchis and their wearables (hats, sunglasses, etc.) are collector's items. Aavegotchis themselves come with randomly-and-fairly generated levels for each of their traits (aggressiveness, intelligence, transparency, etc), with each trait excelling in particular mini-games. In a similar <i>fashion</i>, Aavegotchi fashion are collectibles too, with some wearables available in limited quantities.</div><div><br /></div><div>Finally, did I mention this is a game? There will be mini-games to be played by your Aavegotchis, with rewards to be earned.</div><div><br /></div><div>Now, let's talk about the risk. With all things crypto/blockchain, there will be risks. The term "money legos" is a frequently used term in the DeFi sphere. What this means is that newer technology is built upon the shoulders of existing technology. </div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhkTRYEoCSRimFPGnoh8Vyb1w4V-BfJIvPtYTd7Vd2E2gKiXI0mYpwfwZHrTnRlk3GGXwcDbD9LbyGVImjroESZkp0PSVPxOyMZwsr0WRg2C2TDwjXJT_8i8kbRGGMUPAOGj1fepAULiz4/s700/DeFi+money+legos.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="381" data-original-width="700" height="217" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhkTRYEoCSRimFPGnoh8Vyb1w4V-BfJIvPtYTd7Vd2E2gKiXI0mYpwfwZHrTnRlk3GGXwcDbD9LbyGVImjroESZkp0PSVPxOyMZwsr0WRg2C2TDwjXJT_8i8kbRGGMUPAOGj1fepAULiz4/w400-h217/DeFi+money+legos.png" width="400" /></a></div><div><br /></div><div>This is all fine and dandy when everything is working well. What happens when problems arise at the lower layers? I will enumerate a couple of risks for each layer.</div><div><br /></div><div><ul style="text-align: left;"><li>Ethereum: Failure of Ethereum risk, Blackswan risk, Network Congestion/Spike in transaction fees</li><li>Aave: Failure of Aave Ecosystem risk, Smart Contract exploitation risk, Liquidity risk</li><li>Underlying currency of aToken: Failure of underlying currency risk, Debasement of underlying currency risk</li><li>Aavegotchi: Smart Contract exploitation risk, Risk of Aavegotchi not catching on</li></ul><div>I have some more stuff to say, but nah, don't wanna leak investment alpha. =P</div></div><div><br /></div><div>I shall leave readers with two highly entertaining youtube videos by Daniel Mathieu, the CEO of Aavegotchi. Besides being a CEO, he is also a youtube celebrity:</div><div><br /></div><p></p>
<div style="text-align: center;"><iframe allowfullscreen="" frameborder="0" height="270" src="https://www.youtube.com/embed/0DSLNtZi93A" width="480"></iframe></div><div style="text-align: center;"><br /></div>
<div style="text-align: center;"><iframe allowfullscreen="" frameborder="0" height="270" src="https://www.youtube.com/embed/hDHU-qZuNo8" width="480"></iframe></div><div style="text-align: center;"><br /></div><div style="text-align: left;">For those who are interested in Aavegotchi, the following links will be helpful:</div><div style="text-align: left;">Medium/Blog: <a href="https://medium.com/@aavegotchi">https://medium.com/@aavegotchi</a></div><div style="text-align: left;">Twitter: <a href="https://twitter.com/aavegotchi">https://twitter.com/aavegotchi</a></div><div style="text-align: left;">Discord: <a href="https://discord.gg/rttCTkZ">https://discord.gg/rttCTkZ</a></div><div style="text-align: left;">Telegram: <a href="https://t.me/aavegotchi">https://t.me/aavegotchi</a></div>Unintelligent Nerdhttp://www.blogger.com/profile/17797052565143872922noreply@blogger.com4tag:blogger.com,1999:blog-6025037118864383396.post-39690190431698946382020-08-23T18:18:00.001+08:002020-08-23T18:18:46.140+08:00On Human NatureOne piece of advice that my veteran trader friend <a href="https://singaporemanofleisure.blogspot.com/">SMOL</a> gave me when I started out investing is to keep a diary of the emotions that I am feeling at the point of a trade. Since then, I have paused before every buy/sell trade, collected myself and recognize the emotions at play, before hitting the trigger. Over the past couple of months, I realized that my emotions were less calm than before. Not because of the volatility in crypto prices, but because of the reactions and meta-reactions of others.<div><br /></div><div>1). You receive a lot of hate</div><div><br /></div><div>Through non-public channels, I have received my fair share of hate from traditional finance (tradfi) bloggers. I was very disappointed, to say the least. I have shared what I have learned with openness and some of the questions and responses were hostile and combative. This taught me the importance of differentiating genuine enquiries from keen learners against the toxic vitriols of trolls who are out baying for blood.</div><div><br /></div><div>Without realizing it, I bore a grudge against these bloggers and wanted to prove them wrong. With time, I realized this was pointless and that it is more important to ignore and move on. </div><div><br /></div><div>2). I keenly understand the arrogance of successful crypto investors</div><div><br /></div><div>The crypto bull market has just started. Over the past 1 year, crypto investors who adopted a fundamentals-based approach ended up as the laughing stock in the investment community. This year, these crypto investors returned with a vengeance. As such, I can empathize with their need to flex their winnings. Not that this is the right thing to do, but one way or another, the pent-up frustration needs to be released. This is entirely human and normal.</div><div><br /></div><div>3). Trolls respond by concern trolling</div><div><br /></div><div>"What if your success is temporary?" and "Careful now, success comes before a fall" are some rather pointless statements that I have seen being made. The truth is that a discerning student of the market knows this; every asset class has its day.</div><div><br /></div><div>4). Some trolls turned "friends"</div><div><br /></div><div>Some of the more adaptable trolls learned that they were wrong, pretended that the past did not exist, and that they have your back all along. Beneath the facade, it is still possible to glean their bitterness and envy bubbling under the surface. Now, they want you to hold their hand and help them profit, without regard for how things work. When sentiments turn negative again, do not expect that your back remains free of stab wounds.</div><div><br /></div><div>5). The value of time</div><div><br /></div><div>While the above is happening, Ethereum is undergoing a Cambrian explosion. The decentralized finance (DeFi) sector has been pushing the boundaries of innovation on a daily basis. On one particularly crazy week, a few crypto personalities on Twitter mentioned that they are experiencing sleep deprivation as there is money to be made. Some of these individuals rely on speed for alpha; they need to exploit opportunities earlier than others do. While I do not practise this form of investing, the speed of the developments still mean that I have to constantly keep myself updated on developments within the space. Crypto has heightened my perception of the importance of time. Wasting time on trolls is the last thing I want to do.</div><div><br /></div><div>6). Be careful who you pay attention to</div><div><br /></div><div>This is particularly important for people who are new to the space. Following the "advice" of some influencers could lead to financial ruin. What has worked for me is to develop my investing competency first and then carefully curating the works of reasoned, sound, and savvy investors from the crypto space for further analysis. For those with minimal personal finance or investing background, tread carefully. Off the top of my head, I have heard of "savings accounts are a ponzi scheme" and "equity is whatever you want it to be" from high-profile influencers. Either they are ignorant of finance/investments (unlikely) or they are deliberately redefining terms and misleading people.</div><div><br /></div><div>7). The dilemma of assisting newbies</div><div><br /></div><div>With increasing prices come new blood. New blood differ in their abilities. Some require a lot of hand-holding and spoon-feeding while others are independent learners. When things are swell and everyone is raking in profits, no one cares. When fortunes turn, there will be finger-pointing and accusatory statements. Some influencers have started to brush off questions. Why burden yourself with the financial health of others? This is a thankless job.</div><div><br /></div><div>8). Completely missing the point</div><div><br /></div><div>What is the purpose of investing? To earn a return. That's it! Plain and simple. Instead of preparing for the next trade, I observed people who kept over-analyzing, writing dainty essays, have long-standing discussions with other investors and did.........precisely nothing. So-and-so stock/crypto has 5 pros and 4 cons, oh noes! What do we do? Another stock/crypto has 4 pros and 1 cons and have shot up in price. Will it come down because of that 1 drawback?!?!?</div><div><br /></div><div>Su Zhu, CEO of Three Arrows Capital, said it best with the following:</div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjrrRMl2KWQZnRbxTzevKHD32VRB0osXgw4av1fwgVPLtVTrG9oOJpqqrlLseuH91rZhw9gdnpdWZjLS2U9AwzuVhwHJ7GkFKk5eS2EnKswG7tns3G0_e1X6MYB0NqtfxAqGT2KYme_aic/s650/su+zhu+pontificate+your+mother.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="su zhu" border="0" data-original-height="379" data-original-width="650" height="187" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjrrRMl2KWQZnRbxTzevKHD32VRB0osXgw4av1fwgVPLtVTrG9oOJpqqrlLseuH91rZhw9gdnpdWZjLS2U9AwzuVhwHJ7GkFKk5eS2EnKswG7tns3G0_e1X6MYB0NqtfxAqGT2KYme_aic/w320-h187/su+zhu+pontificate+your+mother.png" width="320" /></a></div><div><br /></div><div>9). You do not have to participate in every single trade</div><div><br /></div><div>I know. I know. There is plenty of money-making opportunities in Ethereum and new ways to make money is popping out left, right, and centre. This bears repeating again. If you do not know what you are doing, it is alright to miss out on some of these returns or take smaller returns with lesser risk. </div><div><br /></div><div>10). The importance of humility and opsec</div><div><br /></div><div>Yes, yes, I know. Crypto and US Tech investors are rolling in money right now. But please be sensitive. COVID-19 has displaced many from their jobs and inequality is on the rise. There is no need to aggravate others and unnecessarily place a large target board on one's back. The following is a <a href="https://twitter.com/Fiskantes/status/1292761357692141570">good reminder</a> from Fiskantes.</div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiOXCNyni6SvSjqNiytigkZUctW2kHvlJMTLfaRaFeheP3rK10uatfIrgXnlTTThwOs1KfyqNO2ws2kDrfU8ccHupvbtdWzC5_BIIaykYBa24yj9oVvM2cjv1sBxWg-8F0pgv150_uJU6E/s664/fiskantes.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="fiskantes" border="0" data-original-height="534" data-original-width="664" height="258" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiOXCNyni6SvSjqNiytigkZUctW2kHvlJMTLfaRaFeheP3rK10uatfIrgXnlTTThwOs1KfyqNO2ws2kDrfU8ccHupvbtdWzC5_BIIaykYBa24yj9oVvM2cjv1sBxWg-8F0pgv150_uJU6E/w320-h258/fiskantes.png" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: left;">Alright. Enough time has been spent writing this post. Ignore the naysayers and invest safely people!</div>Unintelligent Nerdhttp://www.blogger.com/profile/17797052565143872922noreply@blogger.com13tag:blogger.com,1999:blog-6025037118864383396.post-4764392069249708072020-07-11T12:05:00.000+08:002020-07-11T12:05:57.064+08:00Q2 2020 Portfolio UpdateQ2 2020 has been a wild ride. The COVID-19 pandemic and its accompanying stock market crash has left many bewildered and fearful. There have been reports of job losses and some people have suffered tremendously from this blackswan. Governments all over the world have responded to this crisis, ameliorating some pain points here and there.<br />
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This whole crisis underscores the importance of preparedness. Not just from a health perspective, but from a social and financial perspective as well. One has to make a conscious effort to keep healthy, in order to keep sicknesses and diseases at bay. Sure, it is not a foolproof plan, but what needs to be done, is done. The same applies for maintaining strong social ties and a financial buffer as well. There are things that are in one's control and there are things that are outside one's control. Focus on the former and avoid ruminating on the latter.<br />
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Let's move on with the portfolio review.<br />
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<b><u>Dividend Income</u></b><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVdL1hO7euneTZHp-7ZK_JZnWNkZ4OTw7RIXrlgssyevGR81Tu7SI_GPKxU5ENzQqVWRwrzwHJ40v_mv9LD_aa6K9O0tL3Fdgd-nPPvGZYAYrW6nb54OkItIKHH29NdVGownuPMNQY3cA/s1600/SG_plot.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Q2 2020 SGD Dividend Income" border="0" data-original-height="1028" data-original-width="1600" height="256" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVdL1hO7euneTZHp-7ZK_JZnWNkZ4OTw7RIXrlgssyevGR81Tu7SI_GPKxU5ENzQqVWRwrzwHJ40v_mv9LD_aa6K9O0tL3Fdgd-nPPvGZYAYrW6nb54OkItIKHH29NdVGownuPMNQY3cA/s400/SG_plot.png" title="" width="400" /></a></div>
<b><u><br /></u></b>SGD-denominated dividends received in Q2 2020 fell compared to the same quarter last year. This could be attributed to lower dividends declared during this period as well as some divestments I've made (discussed in transactions section below).<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYk3J897-Vc82NkYCzvu0BGXOWb1UV_luRWUUI6Jb_sv0NFI4WiUpprzimu9_ez4p6dF1eZXyBpMgGuqFY1GIjsPMyEbMWrsDBTawKfkD9imxM-P6cs4cfA7awJyP7rBPgUJkEz_FkLTE/s1600/US_plot.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Q2 2020 USD Dividend Income" border="0" data-original-height="1028" data-original-width="1600" height="256" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYk3J897-Vc82NkYCzvu0BGXOWb1UV_luRWUUI6Jb_sv0NFI4WiUpprzimu9_ez4p6dF1eZXyBpMgGuqFY1GIjsPMyEbMWrsDBTawKfkD9imxM-P6cs4cfA7awJyP7rBPgUJkEz_FkLTE/s400/US_plot.png" title="" width="400" /></a></div>
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On the other hand, my USD counters are looking good as dividend growth is starting to compound.<br />
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<b><u>Transactions</u></b><br />
In this quarter, I took partial profits off SGX when it ran up to its 5-year high. Still holding the remaining for dividend yield.<br />
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Next, I cut loss and closed my position in First REIT. A back of the envelope calculation revealed that I have lost 4% per annum since initiating my position in year 2015 (after including dividends). The incongruency between their company announcement and their parent company's announcement is yet another red flag that highlighted that there might be further issues down the road. Thanks to my blogger friends who notified me of this. I still have some odd lots of First REIT remaining that are a hassle to sell.<br />
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Third, I took partial profits off Riverstone due to the crazy run-up in prices. I was questioning myself whether the run-up in price is an accurate reflection of future earnings. At that juncture, my answer was a negative and that earnings are temporarily fueled by the COVID-19 pandemic. In retrospect, I was wrong. With this transaction, I've recouped > 80% of my initial investment principal. In a few years' time, my investment in Riverstone would become "free" through the dividends received. I remember reading <a href="https://singaporeanstocksinvestor.blogspot.com/">AK's</a> and <a href="https://dividendsrichwarrior.blogspot.com/">Dividend Warrior's</a> blogs and thinking to myself how long I would have to wait until any one of my investment becomes free. Well, I more or less joined the club with my Riverstone position. Woot! (Remaining position is at 220% profits :D)<br />
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Fourth, I initiated a position in Livongo Health. I think my Riverstone victory (albeit small) has been messing around with the dopamine levels in my brain. I was looking to find a company with strong fundamentals that could double quickly, recoup my investment principal, and let the remaining position run for "free." I have been doing a small bit of research on Livongo since January and finally pulled the trigger due to my greed? As Livongo is still not profitable (but revenue has been growing by leaps and bounds), I have kept my position size small in case the trade blows up in my face. I think I did decently as a dividend investor, but growth investing is another game altogether which requires a different mindset and skillset compared to what I have been using thus far.<br />
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That's all for equities. Let's move on to cryptocurrencies, which I have more to discuss actually.<br />
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I added to my Bitcoin position. The rationale is to capture the upside of the Bitcoin halving that happened in May 2020. The halving occurs once every 4 years, where supply of new bitcoin into the market has been programmatically reduced by half. Assuming the same demand and a known-beforehand supply shock, theorists have modelled that the price of Bitcoin would shoot up in response to the halving. This was the case for past bitcoin halvings where, after a period of time after the halving event, the price of bitcoin skyrocketed.<br />
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For those interested, do refer to Plan B's, a quantitative investor, article on the <a href="https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25">matter</a>.<br />
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The thing to note is that the <b>lag time</b> between the halving event and price increases has been increasing with each halving cycle. Plan B himself mentioned on twitter that the <b>maximum lag time</b> for price increases following the May 2020 halving would be around December 2021. The lower and upper bound of returns if the model works is 200% and 3300%, respectively (I am skeptical of the upper bound returns though). This is an asymmetrical risk/reward position I am willing to take; a lower probability and consequence of 100% loss (100% loss based on anti-crypto individuals) versus a higher probability and consequence of minimum 200% returns.<br />
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If the model breaks and bitcoin either stays flat or drops in price, I am still okay with this outcome as a portion of my bitcoin has been loaned out for interest income.<br />
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I added to my Ether position in this quarter. To reuse a phrase I have used in my previous blog posts, Ethereum has been improving by leaps and bounds, with new developments every few days. However, there are still fundamental issues that remain unsolved (e.g. Ethereum clogging up, increasing transaction cost, low transaction speed). Ethereum 2 is supposedly designed to solve these problems, but there have been delays again, lol (Ethereum 2 delaying has become a running joke in crypto).<br />
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I added to my position in Chainlink (refer to my Q1 2020 post on Chainlink <a href="https://unintelligent-nerd.blogspot.com/2020/04/q1-2020-portfolio-update.html">here</a>). Compared to other cryptocurrencies, Chainlink is relatively obscure (until the recent price surge). Behind the scenes, their team has been quietly building and forging partnerships with large multinational companies and governments. Building "infrastructure" isn't sexy stuff. This is similar to people not appreciating their internet connection and taking it for granted until.......their internet service provider suffers an outage. Another possible reason for their relative obscurity is that they are more B2B-facing than B2C-facing. As a result, most of their work goes undetected by people. Unfortunately, I have not accumulated enough Chainlink; I intend it to be an upper-middle position size instead of a middle position size that I currently have. Looks like I have to slowly average up my position while still being mindful to maintain a low average price.<br />
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I added to my position in Synthetix Network Token (refer to my Q4 2019 post on SNX <a href="https://unintelligent-nerd.blogspot.com/2019/12/q4-2019-cryptocurrency-allocations.html">here</a>). Same thing as the others; the Synthetix team has been delivering week after week. Management is proactive and readily engages the community in their discord chat. The community is made up of equally strong and savvy investors who know their stuff well. The recent surge in SNX made me reconsider the following: On one hand, it is indeed comfortable to have large percentage gains, but small absolute gains. On the other hand, smaller percentage gains, but larger absolute gains are the real game changer. Hence, I added to SNX while still maintaining my average price at a low level. Currently sitting on 214% capital gains and have collected ~30% yield of dividend income after averaging up. Unlike equities, I would not be willing to take profit as the Synthetix team still has a long runway of growth. Currently comfortable with a mid size position in SNX.<br />
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I have initiated a new medium-size position in Thorchain (ticker: RUNE) in order to learn more about them. Blogger <a href="https://gotmoneygothoney.blogspot.com/">Got Money Got Honey</a> has been promoting it on his twitter account and, like what I did for Synthetix, I finally got round to analyze it. Blockchains, as they are, operate in silos. Bitcoin exists on the Bitcoin blockchain. Ether exists on the Ethereum blockchain. They do not interact with each other. Thorchain provides interoperability and enables one blockchain to "communicate" with another blockchain. Thorchain also functions as a decentralized exchange. There is execution risk with Thorchain as they have yet to "officially launch." If/when they manage to pull it off, price would naturally follow the project's fundamentals. Another interesting titbit is that Thorchain publishes their treasury report on a monthly basis.<br />
<br />
(Lol. After that wall of text, I'm still not done yet.)<br />
<br />
<a href="https://www.blogger.com/blogger.g?blogID=6025037118864383396&useLegacyBlogger=true" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a>And yes, you did not read wrongly when I mention about the project's <u style="font-style: italic; font-weight: bold;">fundamentals</u>. Slowly but surely, the cryptocurrency sphere has developed to the point that there is nascent usage of valuation models from traditional finance. Hence, it is no surprise to see coins/tokens being evaluated by P/E ratio and DCF models. This is particularly relevant for tokens that underpin decentralized exchanges, where holders accept varying levels of risk to earn fees that users pay them for usage of said exchanges. With these developments, current volume, future volume growth, the underlying economics of the given exchange, and security are some examples of where analysis could be conducted. Sure, valuation models are imperfect and irresponsible speculators abound, but these are constraints that we have to live with, even in traditional stocks investing.<br />
<br />
I have also opened my warchest to take advantage of the increase in interest rates across crypto money market funds and decentralized exchanges.<br />
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I have bought more <a href="https://unintelligent-nerd.blogspot.com/2019/08/first-impressions-axie-infinity.html">crypto gaming assets</a>.<br />
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I have also learned about the existence of a vibrant art market on Ethereum and have started investing in a few pieces of artwork as well. This requires another full post to flesh out the details.<br />
<br />
I have also introduced a non-custodial crypto wallet to my mum and have seeded her account with some stable coins to earn some interest income.<br />
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<b><u>Networth Breakdown</u></b><br />
Now, I'm not even sure whether the Networth Breakdown is accurate. To manage risk, I have kept my cryptocurrencies across multiple platforms, so it starts to get difficult to account for them properly.<br />
<br />
The major change compared to the last quarter (see <a href="https://unintelligent-nerd.blogspot.com/2020/04/q1-2020-portfolio-update.html">here</a>) is the huge increase in asset allocation to cryptocurrencies (12% to 24%). I have included stable coins under the banner of cryptocurrencies.<br />
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<div style="text-align: center;">
<img alt="Networth Breakdown" border="0" data-original-height="289" data-original-width="480" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhytXNyCR5sQuRCsoPlgpNYtIgTa8Sw9U-p44aVkmEitnTPQEEVIaCF_AbIDL5Ta1K5t5ulXJ57It04oepjoWKlrxrIpDTzcdrowycDxVeQ0S0wSmuahzAKKrhyphenhyphenW949nzDjVMVIt45zneo/s400/Networth.png" title="" width="400" /><br />
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<b><u>Debt Levels</u></b></div>
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Interest Coverage Ratio: 27</div>
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Debt-to-Equity Ratio: 0.008</div>
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<br /></div>
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Leverage has decreased considerably compared to the previous quarter. The only contributor to leverage is the use of my credit card to purchase cryptocurrencies.</div>
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<b><u>Current Holdings</u></b></div>
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After converting all my USD and HKD holdings to SGD at the end of the quarter, the following table shows the percentage of each stock from <b>only</b> the <b>equities allocation</b> of my net worth (arranged in descending order).</div>
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<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184; width: 303px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" valign="bottom" width="209"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Stock
Name<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Percentage<o:p></o:p></span></b></div>
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<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" valign="bottom" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">AIMS APAC REIT<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">7.49<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" valign="bottom" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Parkway Life REIT<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">7.13<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" valign="bottom" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Hongkong Land<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">7.13<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" valign="bottom" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Frasers Centrepoint Trust<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">6.52<o:p></o:p></span></div>
</td>
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<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" valign="bottom" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">OCBC<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">6.12<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" valign="bottom" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Mapletree Industrial Trust<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">5.65<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="background: #FAFAFA; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Hong Kong Tracker Fund<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">5.12<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="" style="background: #FAFAFA; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">BlackRock<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">4.89<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" valign="bottom" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">DBS<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">4.58<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 10;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" valign="bottom" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">SPH REIT<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">3.72<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 11;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" valign="bottom" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Mapletree Commercial Trust<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">3.32<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 12;">
<td nowrap="" style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Livongo Health<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">3.11<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 13;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" valign="bottom" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Thai Beverage<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">2.98<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 14;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" valign="bottom" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Frasers L&C Trust<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">2.88<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 15;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" valign="bottom" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Capitaland Mall Trust<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">2.14<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 16;">
<td nowrap="" style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Medtronic<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">2.14<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 17;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" valign="bottom" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">ST Engineering<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">2.13<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 18;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" valign="bottom" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Singtel<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">2.12<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 19;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" valign="bottom" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Riverstone<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">2.07<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 20;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" valign="bottom" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Raffles Medical<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">2.01<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 21;">
<td nowrap="" style="background: #FAFAFA; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">JM Smucker<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">1.86<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 22;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" valign="bottom" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Capitaland<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">1.85<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 23;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" valign="bottom" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">SATS<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">1.83<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 24;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" valign="bottom" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">SGX<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">1.77<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 25;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" valign="bottom" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Sheng Siong<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">1.72<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 26;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" valign="bottom" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Dairy Farm<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">1.43<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 27;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" valign="bottom" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Japan Foods<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">1.4<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 28;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" valign="bottom" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Frasers Property<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">1.3<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 29;">
<td nowrap="" style="background: #FAFAFA; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Kraft Heinz<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">0.95<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 30;">
<td nowrap="" style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">General Mills<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">0.93<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 31;">
<td nowrap="" style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Welltower<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">0.74<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 32;">
<td nowrap="" style="background: #FAFAFA; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Hormel Foods<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">0.71<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 33;">
<td nowrap="" style="background: white; border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Abbott Laboratories<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">0.27<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 34; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 157.0pt;" valign="bottom" width="209"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">First REIT<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.0pt;" valign="bottom" width="93"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">0.02<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
</div>
<div style="text-align: left;">
<br />
Just a few shuffle in the positions of the top 10. Nothing much to see here.</div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
<b><u>Strategy moving forward</u></b></div>
<div style="text-align: left;">
I will be allocating more of my networth towards cryptocurrencies. At this juncture, I could come up with at least 4 ways to generate alpha in the crypto market. </div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
Even if the crypto market crashes, I am okay with it. I am able to take the ups and downs as the coins/tokens I am invested in have strong teams behind them.</div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
To give an example, somewhere in Q4 2019, I got a double bagger (100% returns) on SNX. Following which, I suffered a 50% loss based on my <u style="font-weight: bold;">average price</u> (or, to put it in another way, 75% loss from peak) in Q1 2019. Now? It is up 214%. Would I be okay if I go through the same rollercoaster ride again? Yup. </div>
<div style="text-align: left;">
<br />
Meanwhile, cash (not including emergency funds) continues to serve as the base layer of my networth, enabling me to promptly react to any external events. Next up, cash flow from employment and dividend stocks (and dividend crypto?) could be used to pare down debt or be used as funds for additional investment while precious metals (and crypto?) serve as a hedge against a market crash.<br />
<br />
Finally, interest income and dividend income from crypto looks set to overtake SGD-denominated dividend income in the next couple of months. However, it will not make much sense to convert between crypto (specifically, stable coins) and SGD due to the hassle and transaction fees unless one really has an obscene amount of money in them.</div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
<b><u>Disclaimer</u></b></div>
<div style="text-align: left;">
This is not the first time I am blogging about cryptocurrencies. I have been blogging about them for quite a while. I believe I have laid out both the risks and the rewards with minimal hype. If you do not understand what you are doing, <b><u>stay away from</u></b><u style="font-weight: bold;"> cryptocurrencies</u>. In the past 2 weeks alone, newbie speculators on crypto twitter have lost USD 20k and USD 400k because they do not know what they are doing. Critics would be quick to point out that throwing the baby out together with the bathwater is acceptable. This mindset is also correct, as each individual has different financial goals and would use different financial instruments that they are comfortable with to help them achieve those goals.<br />
<br />
However, this does not mean that I will tolerate combative, guai lan, intellectually dishonest, or supercilious responses towards cryptocurrencies, which I have been receiving of late. Such comments would be ignored.<br />
<br />
That's a long post.<br />
<br />
Thanks for reading!<br />
<br />
P.S. I am more active on Crypto Twitter now. You can find me on Twitter <a href="https://twitter.com/sl0wNpurp0seful">here</a>. </div>
</div>
Unintelligent Nerdhttp://www.blogger.com/profile/17797052565143872922noreply@blogger.com6tag:blogger.com,1999:blog-6025037118864383396.post-39082335919754293982020-05-23T18:11:00.000+08:002020-05-23T18:18:06.963+08:00Key takeaways from MOOCs (Part 1)During this period, plenty of MOOC providers are offering their paid certificates at no cost to learners. I have been racing against time to complete as many courses as I possibly can. I will be sharing the key takeaways from the courses I have taken in this, and subsequent, posts.<br />
<br />
For those interested, please refer to this <a href="https://www.classcentral.com/report/free-online-learning-coronavirus/">post</a> by Class Central for a compilation of MOOC resources.<br />
<br />
<div class="MsoNormal">
<b><u><a href="https://www.ntuclearninghub.com/courses/courses-by-category/online-learning/">Blockchain for Business (NTUC LearningHub & GO1)</a></u></b><br />
<br />
<ul>
<li><span style="text-indent: -18pt;">Blockchain and its impact on Commercial and
Investment Banking functions</span></li>
<li><span style="text-indent: -18pt;">Commercial Banking:</span></li>
<ul>
<li><span style="text-indent: -18pt;">Blockchain as an alternative for the unbanked to
store their money</span></li>
<li><span style="text-indent: -18pt;">International money transfers could be sped up
using the blockchain</span></li>
<li><span style="text-indent: -18pt;">Using smart contracts for escrow services,
buyers and sellers do not need to use banks as intermediaries</span></li>
<li><span style="text-indent: -18pt;">Using blockchain for post-trade settlement to
reduce settlement time</span></li>
</ul>
<li><span style="text-indent: -18pt;">Investment Banking:</span></li>
<ul>
<li><span style="text-indent: -18pt;">Capital markets: Equity and debt securities
could be represented as tokens on the blockchain for easy clearing and
settlement</span></li>
<li><span style="text-indent: -18pt;">Advisory services: too early to tell how the
industry would develop</span></li>
<li><span style="text-indent: -18pt;">Asset Management: Gaining recognition among
institutional and retail investors (e.g. bitcoin futures)</span></li>
</ul>
<li><span style="text-indent: -18pt;">Blockchain and its impact on Tech companies
(Google, Facebook, Amazon, Apple)</span></li>
<li><span style="text-indent: -18pt;">Blockchain and Google:</span></li>
<ul>
<li><span style="text-indent: -18pt;">Google Search: Very hard to disrupt Google
search dominance. Brave Software is attempting it with the Brave Browser and
its native token, Basic Attention Token (BAT)</span></li>
<li><span style="text-indent: -18pt;">Y</span><span style="text-indent: -18pt;">outube: Similar to Google search, it is hard to
compete with Youtube for dominance. Disrupting Youtube requires providing
strong incentives for creators and viewers through the offering of tokens. DTube
from the Steem blockchain is an alternative to Youtube</span></li>
<li><span style="text-indent: -18pt;">Adsense: Steemit empowers creators to retain more
of their earnings instead of Google taking a cut from it</span></li>
</ul>
<li><span style="text-indent: -18pt;">Blockchain and Facebook:</span></li>
<ul>
<li><span style="text-indent: -18pt;">Of the 4 tech companies, Facebook is the firm
that is most threatened by blockchain technology the most</span></li>
<li><span style="text-indent: -18pt;">Facebook: Steemit empowers creators to retain
more of their earnings instead of Google taking a cut from it</span></li>
<li><span style="text-indent: -18pt;">Instagram: Same as Facebook above</span></li>
<li><span style="text-indent: -18pt;">Facebook Messenger & WhatsApp:
Blockchain-based messaging apps will challenge their dominance</span></li>
</ul>
<li><span style="text-indent: -18pt;">Blockchain and Amazon:</span></li>
<ul>
<li><span style="text-indent: -18pt;">Biggest disruption to Amazon is decentralized peer-to-peer
marketplaces built on the blockchain. One example of decentralized marketplace
is OpenBazaar, which has zero platform fees and does not control user data. It
is less feature-rich compared to Amazon</span></li>
<li><span style="text-indent: -18pt;">Amazon Web Services provide very competitive
pricing and is reliable. Will be difficult for blockchain storage services (Filecoin,
Storj, etc) to compete with Amazon</span></li>
</ul>
<li><span style="font-family: "symbol"; text-indent: -18pt;"><span style="mso-list: Ignore;"><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span style="text-indent: -18pt;">Blockchain and Apple</span></li>
<ul>
<li><span style="text-indent: -18pt;">Among the 4 companies, Apple is the least
threatened by blockchain technology as it deals with hardware technology as
well</span></li>
<li><span style="text-indent: -18pt;">Apple’s centralized ideology is in conflict with
the decentralized ideology of blockchain</span></li>
</ul>
<li><span style="text-indent: -18pt;">Course syllabus is already outdated as the
blockchain space moves very fast</span></li>
</ul>
</div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo1; text-indent: -18.0pt;">
<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><u><a href="https://www.coursera.org/learn/personal-branding">Introduction to Personal Branding (Coursera)</a></u></b><br />
<br />
<ul>
<li><span style="text-indent: -18pt;">Creating Alerts in Search Engines allow you to
keep track of keywords and phrases of your choosing; users will be notified of
any mentions of the keywords/phrases on the given search engine via email</span></li>
<li><span style="text-indent: -18pt;">Importance of creating your own “board of
directors” whom you would consult for advice/as a sounding board for your ideas</span></li>
<li><span style="text-indent: -18pt;">Preferably, the number of board of directors
should be an odd number in order to resolve ties in decision-making</span></li>
<li><span style="text-indent: -18pt;">If you do it solo, limit the number of social
media platforms to two</span></li>
<li><span style="text-indent: -18pt;">Research the various social media platforms
before launch. Ensure that the selected social media platforms are home to your
target demographics before proceeding</span></li>
<li><span style="text-indent: -18pt;">Do not just copy/paste your social media updates
across the various social media platforms you are on. Followers who follow you
across multiple platforms will be notified of the same update multiple times
without any value-add. Tweak them to differentiate them from one another</span></li>
<li><span style="text-indent: -18pt;">In your updates, remember the 80/20 rule. 80% of
your updates should be content that is of interest to your followers. Cap
self-promotion to the remaining 20% so as to prevent yourself from oversharing about your achievements which your followers may not be interested in</span></li>
</ul>
</div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l2 level1 lfo2; text-indent: -18.0pt;">
<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><u><a href="https://www.coursera.org/learn/cloud-computing-basics">Cloud Computing Basics (Coursera)</a></u></b><br />
<br />
<ul>
<li><span style="text-indent: -18pt;">Cloud computing allows firms to save cost on hardware
by renting only the amount of computing power they need from cloud providers</span></li>
<li><span style="text-indent: -18pt;">Function-as-a-Service (FaaS) provides app
development environments in the form of microservices. Customers only pay for
the time that the environment is used. There is no storage for FaaS. Hence, if
data needs to be stored, it would be at an extra cost. FaaS also requires a few
seconds of start-up time</span></li>
<li><span style="text-indent: -18pt;">Docker provides OS environments called
containers and applications could be installed on these containers. Containers
run independently and it could be difficult to keep all containers synchronized</span></li>
<li><span style="text-indent: -18pt;">Kubernetes automates app deployment, scaling and
maintenance. It supports Docker containers as well</span></li>
<li><span style="text-indent: -18pt;">Edge computing is a variation of cloud computing
where computing services are brought physically closer to the customer. Popular
in gaming, IoT, and healthcare where response time is important</span></li>
</ul>
</div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo3; text-indent: -18.0pt;">
<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><u><a href="https://www.coursera.org/learn/uva-darden-market-analytics">Marketing Analytics (Coursera)</a></u></b><br />
<br />
<ul>
<li><span style="text-indent: -18pt;">Brand value could be destroyed if the acquirer does
not know how to manage the acquired brand within their existing portfolio of
brands (e.g. Quaker acquiring Snapple and treated it the same way as Gatorade;
quirky products, Wendy the Snapple lady, and mom-and-pop distributors for
Snapple in contrast to Gatorade for sports)</span></li>
<li><span style="text-indent: -18pt;">Brand Personality: what if the brand is a
person? What age would the brand be? Would the brand be male or female? What
traits would the brand have?</span></li>
<li><span style="text-indent: -18pt;">Interbrand Brand Valuation Model: Interbrand is
a consulting company that came up with a ranking system to rank brands. Their
valuation model is used for mergers and acquisitions</span></li>
<ul>
<li><span style="text-indent: -18pt;">I</span><span style="text-indent: -18pt;">t comprises of three aspects: (a) financial
analysis of balance sheet for residual earnings, (b) market analysis of the
sector the brand is in, and (c) brand analysis through conducting surveys on
consumers’ perception of the brand. Brand value is then determined through
future earnings and the volatility (risk) of future earnings materializing</span></li>
</ul>
<li><span style="text-indent: -18pt;">Young & Rubicam Brand Asset Valuator: More
for marketers, based on consumer surveys</span></li>
<ul>
<li><span style="text-indent: -18pt;">Four elements of a brand: (a) relevance to
consumers, (b) product differentiation from competitors, (c) esteem of the
brand by the public, and (d) consumers’ knowledge of the brand. Each brand will
have varying levels on those 4 elements</span></li>
</ul>
<li><span style="text-indent: -18pt;">I</span>mportance of knowing brand value: have to know
the trade-offs in marketing investment between long-term brand value vs
short-term price promotions</li>
<li>Revenue premium as a measure of brand equity: attempts
to combine Interbrand Brand Valuation Model and Young & Rubicam Brand Asset
Valuator. More suitable for valuing grocery store products. Central idea is to identify
the premium that a brand earns over a private label</li>
<li><span style="text-indent: -18pt;">Customer Lifetime Value (CLV): the dollar value of
an individual customer relationship with the firm. Use past data in order to project
forwards. Allows the firm to make marketing investment decisions (e.g. if the
cost of acquiring or retaining customers is greater than the value customer
brings to the firm, it would not make sense to proceed)</span></li>
<li><span style="text-indent: -18pt;">For marketing experiments, have to try your best
to make sure the test and control groups are comparable. If possible, capture the
pre-existing differences (if any) between the test and control groups</span></li>
<li><span style="text-indent: -18pt;">The internet age has helped marketing
experiments to flourish. Experiments could be done quickly, with minimal cost, and
allows for the manipulation of many variables. Moving from the brick-and-mortar
world to the digital world has resulted in marketing cost changing from a fixed
cost to a variable cost, allowing firms to have more flexibility in their
marketing investments</span></li>
<li><span style="text-indent: -18pt;">Online marketing campaigns can have a carry-over
effect in sales even after the campaign has ended</span></li>
<li><span style="text-indent: -18pt;">A marketing mix regression model could include
variables such as Product, Price, Placement, and Promotion (4 Ps of Marketing)</span></li>
<li><span style="text-indent: -18pt;">Important to differentiate between statistical
significance and economic significance in regression models used in the
marketing context. Economic significance refers to whether the benefits from
the marketing campaign outweighs the cost of the campaign. Statistically,
economic significance is known as “effect size.” It could be determined by plugging
in numbers into the regression equation and identifying whether the benefit is
greater than the cost of the marketing campaign</span></li>
<li><span style="text-indent: -18pt;">Tips in modelling retail data (e.g. grocery
stores): running regression analyses by customer types (e.g. a regression model
for price-sensitive customers who tend to use government subsidies/coupons,
reduce prices for them, and reach out to them)</span></li>
</ul>
</div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l3 level1 lfo4; text-indent: -18.0pt;">
<o:p></o:p></div>
<br />Unintelligent Nerdhttp://www.blogger.com/profile/17797052565143872922noreply@blogger.com2tag:blogger.com,1999:blog-6025037118864383396.post-64119494617968793692020-04-06T17:47:00.004+08:002020-04-06T17:47:42.720+08:00Q1 2020 Portfolio UpdateIt has been a while.<br />
<br />
Assignments have been submitted and exams are up next (or would they be postponed in light of the current virus situation?).<br />
<br />
The important question that I have asked myself is what sort of pattern do I see the markets and the real economy settling into. I have come up with three possible scenarios:<br />
<br />
<br />
<ol>
<li>A V or a U shape recovery</li>
<li>A GFC-like scenario</li>
<li>A Great Depression-like scenario</li>
</ol>
<div>
<br /></div>
<div>
My focus is on its impact, not on the probabilities of each scenario. That is, if a given scenario materializes, how should I conduct my life such that I am not blind-sided and caught off-guard. Personally, I lean more towards scenarios 2 and 3 due to my reading of both bullish and bearish investment articles. </div>
<div>
<br /></div>
<div>
Scenario 2 is what I have (kinda) prepared for for the past couple of years. A balanced mix of cash (excluding emergency funds since they are accounted for separately), precious metals, and equities. I have indirect exposure to bonds as well through the giving of SSBs to my mum. My equities allocation will obviously be destroyed in scenario 2, but that is a given and I have made peace with it a few years back. There are ways to reduce the impact of equity destruction. The first is to take partial profits (which I have done with varying success in the past 2 years) and the second way is to market time, which I decided not to do as an income investor.</div>
<div>
<br /></div>
<div>
In terms of the impact of scenario 3, it would be all the more devastating. If I were to give my honest opinion, I think, by then, most people would be having trouble with daily subsistence; investing would be the last thing on their minds. To mitigate the impact of scenario 3, I have been building up an emergency fund for my mum and myself, a concentrated position in precious metals, and (soon) a concentrated position in cryptocurrencies. This is not new; regular readers would know that I have been building up my emergency fund for a couple of years already and that I have a sizeable position in precious metals as well. If scenario 3 unfolds, we would be hurt, but we wouldn't be the first to hit rock bottom.</div>
<div>
<br /></div>
<div>
But before we get into the knitty-gritty, we'll start with the usual.</div>
<br />
<br />
<b><u>Dividend Income</u></b><br />
<b><u><br /></u></b>
<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMDh3lKV-xIBKcKzsOdcE4Y10gYDj-glc4mHAArVUrRxxGI72yqREEkK18ofrWVRYk127wDh5A1NbhWg5JWIciF190rjvEOwmWq5dJHATd-WLj4iFFM51u5eN4c2kcwX1D6YNTxLOgB-0/s1600/SG_plot.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Q1 2020 SGD Dividend Income" border="0" data-original-height="1028" data-original-width="1600" height="256" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMDh3lKV-xIBKcKzsOdcE4Y10gYDj-glc4mHAArVUrRxxGI72yqREEkK18ofrWVRYk127wDh5A1NbhWg5JWIciF190rjvEOwmWq5dJHATd-WLj4iFFM51u5eN4c2kcwX1D6YNTxLOgB-0/s400/SG_plot.png" title="" width="400" /></a></div>
<b><u><br /></u></b>
Dividends received in Q1 2020 fell slightly compared to the same quarter in the previous year. This was due to a reduction in my Singtel position some time back.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjWMluwm_N8dh8iTH_qKsLQl89Gu2ABoTH0N2Cd0-s-mhfKfHfXEEvwMQ9dBiE-RHSfAXaSt5eQk2vw3G3pYBUc_KKBA9AsFrqKEsU2SaGzOALedlm0gzzZdyu7klHpvKXcn2vly4X8XN4/s1600/US_plot.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Q1 2020 USD Dividend Income" border="0" data-original-height="1028" data-original-width="1600" height="256" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjWMluwm_N8dh8iTH_qKsLQl89Gu2ABoTH0N2Cd0-s-mhfKfHfXEEvwMQ9dBiE-RHSfAXaSt5eQk2vw3G3pYBUc_KKBA9AsFrqKEsU2SaGzOALedlm0gzzZdyu7klHpvKXcn2vly4X8XN4/s400/US_plot.png" title="" width="400" /></a></div>
<br />
In contrast, USD-denominated dividends increased slightly due to a dividend increase from Blackrock.<br />
<br />
Moving forward, I expect dividends to fall further. Dividends received would be used to pare down credit card debt from buying cryptocurrencies.<br />
<br />
<b><u>Transactions</u></b><br />
In this quarter, all of my investment actions were cryptocurrency-related.<br />
<br />
I have added to my positions in bitcoin and ether when the price crashed.<br />
<br />
I have initiated a new but smallish position in Binance Coin (BNB), the in-house coin of Binance (the company). The rationale is that Binance (the company) has been growing by leaps and bounds in the cryptocurrency sphere. Their business model involves being the one-stop shop for pretty-much everything cryptocurrency-related. Would you like to purchase/sell cryptocurrencies? You could use BNB to defray your trading cost. Would you like to participate in initial coin offerings (ICOs) or initial exchange offerings (IEOs) on Binance? You need BNB to participate as well. Would you like to swap coins on Binance dex? You need BNB as well.<br />
<br />
Hence, Binance (the company) stimulates demand for BNB by offering a compelling variety of choices to users in the ecosystem. These choices compete for a limited number of BNB that are available. Theoretically, demand would encourage the growth in BNB price over the long haul.<br />
<br />
For risk management, I have kept the size of my BNB position small. It is a centralized coin and there are mixed comments on Binance (the company) and BNB online.<br />
<br />
Next, I initiated a new position in Chainlink (LINK). Oh boy, this will be something pretty complicated to explain. Lemme try using a simplified example to illustrate how chainlink works instead.<br />
<br />
Imagine that there is no such thing as SGX and you have to trade shares with your neighbours. How do you know what price is a fair price to use?<br />
<br />
For example, Singtel shares last changed hands at Bedok at $3.02 between John and James. Concurrently, Singtel shares last changed hands at Ang Mo Kio at $2.98 between Mary and Julie at Ang Mo Kio. How do you know what is the "actual price" of Singtel shares? How do you reconcile the differences in the prices of trades at different geographical locations? Enter Chainlink, a decentralized data provider/aggregator/relayer of information.<br />
<br />
In decentralized blockchain systems, it is very important to ensure that your data provider/aggregator/relayer of information provides accurate and timely information. If information comes from a single source, it is more susceptible to manipulation if there is malicious intent behind it. Chainlink attempts to solve this issue by requiring multiple independent providers/aggregators/relayers of information and introducing financial penalties if any of these providers/aggregators/relayers provide inaccurate information.<br />
<br />
Lastly, I initiated a small position in Kyber Network Crystal (KNC), the underlying token of Kyber Network, a liquidity protocol, in order to test out something.<br />
<br />
I have also added to my position in Synthetix Network Token (SNX) following its fall from grace from its all-time high due to BBs taking profits, leading to a cascade after cascade of sells (there goes my 2nd double-bagger in my portfolio, lol). There have been plenty of developments at Synthetix Exchange to the point that I can't keep up with their updates anymore. Just recently, they launched the synthetic FTSE 100 and Nikkei 225 indices. Coming up shortly is synthetic brent crude oil.<br />
<br />
I have also taken partial profits off Small Love Potions.<br />
<br />
<b><u>Opportunistic Trades</u></b><br />
As an income investor, I rarely engage in opportunistic trades.<br />
<br />
In this quarter, bZx exchange suffered an exploitation and there was a "bank run." The yield for Ether shot up to around 70% per annum in the early hours of the bank run as depositors began to withdraw their assets. While people began to rush out, I rushed in to eat the high yield. The rationale is to eat the yield for a day or two and exit before the remaining mass of people realize what was going on and exit.<br />
<br />
Management has been prompt in responding to the crisis. A day after, a second exploit happened, revealing that management did well to allay fears but were less capable in handling technical matters. Uh oh. Trouble, indeed, comes in pairs (insolvency and management incapability). For a while, I thought that I would have to write-off my principal. Thankfully, there were more aggressive individuals who added their assets into the pool to arbitrage the situation, which allowed me to escape with my principal intact. For all the trouble, I came out with a net negative SGD $2 due to the transaction fees.<br />
<br />
A second opportunistic trade came when all the markets crashed (equities, crypto, metals, etc). Leverage always appear to be fine when the sun's out and everything is fine and dandy. When dark clouds suddenly gather, one might not have enough time to react and delever.<br />
<br />
This was what happened when the cryptocurrency market crashed along with the equity markets. Those who leveraged up by minting the DAI stable coin found their ether collateral values going south. Unfortunately, the ethereum blockchain was clogged up at that point. Hence, they could not delever even if they wanted to. As programmed, the inbuilt system auctioned off their ether assets at fire sale prices. If I am not wrong, bidders couldn't even bid on these assets due to the network lag. The end result was that assets were priced at 0. Those who managed to high-ball the transaction fees and get the Ethereum blockchain to prioritize their transactions would get these ether collateral for "free."<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4w7L0ASIVL1Rp9lS0sZz1RSDFmcCQ0WeGPx39t7isVHZ4aT4JlkwSUUWBKCFtr1cVddVsmf-ppCSTLtRU9Z8d5isdbs8eh4UkuHnWHtUVStHI2BsoOzsJonhKyCc5XJRdyvOwSsZZUoM/s1600/makerdao+issue.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="makerdao liquidation" border="0" data-original-height="817" data-original-width="767" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4w7L0ASIVL1Rp9lS0sZz1RSDFmcCQ0WeGPx39t7isVHZ4aT4JlkwSUUWBKCFtr1cVddVsmf-ppCSTLtRU9Z8d5isdbs8eh4UkuHnWHtUVStHI2BsoOzsJonhKyCc5XJRdyvOwSsZZUoM/s400/makerdao+issue.png" title="" width="375" /></a></div>
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This is crazy man. Assuming the lowest ether price of SGD $127, the affected user just "gave" SGD 217k for "free."</div>
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For those folks whose assets did not get caught up in the fire sale and auctioned off at $0, they had to quickly get their hands on the DAI stable coin to delever. 1 DAI is pegged to 1 USD. Due to the insane demand for DAI, 1 DAI went up to even USD 1.20.</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCEdZhY8XyJWY-YnZmO2ZwApdP0s80a6tewsf-aAQuQQ0BEtjfc6wt9REHVUzM298g4ISybpePqkZ2exuSjPV9aQIjqDhsH9lmeLp5yZu4P7v6M_myieYOZ3XNBTM02a9ZAdOnBr0POao/s1600/dai+price.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="DAI coin price" border="0" data-original-height="951" data-original-width="827" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCEdZhY8XyJWY-YnZmO2ZwApdP0s80a6tewsf-aAQuQQ0BEtjfc6wt9REHVUzM298g4ISybpePqkZ2exuSjPV9aQIjqDhsH9lmeLp5yZu4P7v6M_myieYOZ3XNBTM02a9ZAdOnBr0POao/s400/dai+price.png" title="" width="347" /></a></div>
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As I have some DAI with me, I took profits. In other words, I managed to sell USD $1.00 for USD $1.06. </div>
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<b><u>Networth breakdown</u></b></div>
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Due to the sharp fall in equity prices, asset allocation to equities fell from 41% at Q4 2019 to 33% currently. Cash level is similar to Q4 2019 (29%) even though I have been purchasing cryptocurrencies throughout this quarter. Percentage of cryptocurrency as part of networth doubled from 6% to 12%.</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-DynPW2WO9GWZdmYJujyyRXErmJayXKsHjvg7ezcCwCsM7NkyZ9Tz0rv854WS-dIZGamwhzCNiAjDC-keanQrmKsZe5jaCQuMKtVa1fNE34VUie0NmmkvwOqlLo2Tec01i2XU3AjtHjk/s1600/Networth.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Networth breakdown" border="0" data-original-height="287" data-original-width="480" height="238" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-DynPW2WO9GWZdmYJujyyRXErmJayXKsHjvg7ezcCwCsM7NkyZ9Tz0rv854WS-dIZGamwhzCNiAjDC-keanQrmKsZe5jaCQuMKtVa1fNE34VUie0NmmkvwOqlLo2Tec01i2XU3AjtHjk/s400/Networth.png" title="" width="400" /></a></div>
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<b><u><br /></u></b></div>
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As per before, "the pie chart depicts the breakdown in my net worth across the various asset classes in percentage (pie chart neither includes my CPF nor my emergency fund). To be conservative, I computed my precious metals allocation at spot price even though I am holding everything in physicals."</div>
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<b><u>The curious case of physical and paper metals decoupling</u></b></div>
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Recently, while on twitter (yes, I recently got a <a href="https://twitter.com/sl0wNpurp0seful">twitter account</a>), I came across a curious tweet stating that the physical gold/silver market has decoupled from their paper equivalents. Shortly after, I received an email from GoldSilverCentral, a local bullion dealer, bringing attention to the same thing.</div>
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A cursory review of the websites of all major bullion dealers in Singapore showed that physical metals (especially silver) are trading at a much higher price than their paper counterparts.</div>
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From GoldSilverCentral's website:</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwRlYT0l2zr0T0qNjpyID_MREZLTnKU7JQv3gtuBDG-X1LdraXep1LR1vQbjhju8ex7NwAQ8BmcqWKymZeJLIy-Apfw3gGiuVjOlBT_k7jkAJp3quD6xZwsC9j4SddBSsva-YAtCiouL0/s1600/GSC+Announcement1.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="915" data-original-width="899" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwRlYT0l2zr0T0qNjpyID_MREZLTnKU7JQv3gtuBDG-X1LdraXep1LR1vQbjhju8ex7NwAQ8BmcqWKymZeJLIy-Apfw3gGiuVjOlBT_k7jkAJp3quD6xZwsC9j4SddBSsva-YAtCiouL0/s400/GSC+Announcement1.png" width="392" /></a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7cVGuMxAaMO1MJ1c5WDDmZ9m-hgHzHeGv_RF7_S4ngxAQ3OQfJud5Ts39OnzBsCa57W1slppug_RVUwG9Hcx1Z3xXB4ERphnOxTk9o-sViuPbmkfwt-FBJytadUH23lnTrwMmNWE6kGA/s1600/GSC+Announcement2.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="773" data-original-width="880" height="351" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7cVGuMxAaMO1MJ1c5WDDmZ9m-hgHzHeGv_RF7_S4ngxAQ3OQfJud5Ts39OnzBsCa57W1slppug_RVUwG9Hcx1Z3xXB4ERphnOxTk9o-sViuPbmkfwt-FBJytadUH23lnTrwMmNWE6kGA/s400/GSC+Announcement2.png" width="400" /></a></div>
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From Bullionstar's website:</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjqqLueyo1UjccXmmdIWfGy7GEsw7w8AK3ePXu_DlQGG7v1HW0bhFIOyV_LX9WY1lv52X6bbTskdcR1I_mU42hCX5UsZx4nLNOlAtMhgX6slsJ602TmjOWPlPThH1QmABD860KUQ3qOsdI/s1600/Bullionstar+25+March+Update.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="102" data-original-width="1241" height="32" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjqqLueyo1UjccXmmdIWfGy7GEsw7w8AK3ePXu_DlQGG7v1HW0bhFIOyV_LX9WY1lv52X6bbTskdcR1I_mU42hCX5UsZx4nLNOlAtMhgX6slsJ602TmjOWPlPThH1QmABD860KUQ3qOsdI/s400/Bullionstar+25+March+Update.png" width="400" /></a></div>
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The price of paper silver when the screenshot was taken:</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEicr3Tp5dSg6EeacdH3nDFc_JnzNS_MeXBmH4pxXXlrJ8HHOItu9FZPoxqA0rFn2vZ_dHf4MtQHKM502QL8gckpXzM_AP52Ac8u_WQCmGxvDiph6Bc8fJfTHTnSMYHmJzjdI3_r9mV565M/s1600/Silver+Price+%2528Paper%2529.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="502" data-original-width="335" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEicr3Tp5dSg6EeacdH3nDFc_JnzNS_MeXBmH4pxXXlrJ8HHOItu9FZPoxqA0rFn2vZ_dHf4MtQHKM502QL8gckpXzM_AP52Ac8u_WQCmGxvDiph6Bc8fJfTHTnSMYHmJzjdI3_r9mV565M/s400/Silver+Price+%2528Paper%2529.png" width="266" /></a></div>
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The price of physical silver on that same instance:</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhzfWcIZj4RC7JpbRGsgL-XxGjk7dz1Cjk5mAzYBWEdRkdS7Ixi3F-iZtnEX2FsjZu179OBf-4BowT2THE5837MpOhef7ParT2_dpTKqrh0O9X38kHScydDklzI3HhdZ7WXIpKuHcCjLPE/s1600/Silver+Price+%2528Heraeus+Silver+Bars%2529.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="745" data-original-width="847" height="351" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhzfWcIZj4RC7JpbRGsgL-XxGjk7dz1Cjk5mAzYBWEdRkdS7Ixi3F-iZtnEX2FsjZu179OBf-4BowT2THE5837MpOhef7ParT2_dpTKqrh0O9X38kHScydDklzI3HhdZ7WXIpKuHcCjLPE/s400/Silver+Price+%2528Heraeus+Silver+Bars%2529.png" width="400" /></a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiXqKyFyEsHKcprdgpB9aWaVNdHIpUu2FXAs_Jf_x1EhXhFbTYijMobxx-yfpBEQeG5wppygVpzO_RMVTpGLmnAtamK6O3C7JkMpKYcfN9al2PQktv54uLq7wXhwST09JwXDCQqOG_1rzM/s1600/Silver+Price+%2528Silver+Maples%2529.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="636" data-original-width="873" height="291" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiXqKyFyEsHKcprdgpB9aWaVNdHIpUu2FXAs_Jf_x1EhXhFbTYijMobxx-yfpBEQeG5wppygVpzO_RMVTpGLmnAtamK6O3C7JkMpKYcfN9al2PQktv54uLq7wXhwST09JwXDCQqOG_1rzM/s400/Silver+Price+%2528Silver+Maples%2529.png" width="400" /></a></div>
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From SilverAG's website:</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi8apDg5NIDaN_Xwo03MyYU_Ms7lZaOlnNyODLD-eT0ATFmxGBCQljmZuN9lfbKd9-fDg_sGi7Bkw3NXWuFRtM8vsFEOMHKwsPF6bY3bZuMYrF22U4P-emhx6qA_zURDFQEu7cJj7AEyOY/s1600/silverag+outofstock.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="810" data-original-width="1600" height="201" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi8apDg5NIDaN_Xwo03MyYU_Ms7lZaOlnNyODLD-eT0ATFmxGBCQljmZuN9lfbKd9-fDg_sGi7Bkw3NXWuFRtM8vsFEOMHKwsPF6bY3bZuMYrF22U4P-emhx6qA_zURDFQEu7cJj7AEyOY/s400/silverag+outofstock.png" width="400" /></a></div>
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With the closure of the 3 largest refiners in the Swiss Canton of Ticino due to the virus, supply is not able to keep up with the increased demand. As a result, the prices for physical metals have increased to reflect this.</div>
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This is a pleasant surprise. As my exposure to precious metals is entirely physical and I have a concentrated position in the asset class, it has helped to completely negate the sudden crash in equity prices.</div>
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This also underscores the differences between the different "classes" of precious metals. Many people do not seem to get this because of their lack of familiarity with the precious metals market. At the top of my head, there are: (a) paper metals, (b) bullion bars/coins, (c) "semi" bullion bars/coins, (d) antique bullion bars/coins, (e) numismatics/proof coins, (f) bullion jewellery, (g) jewellery, and (h) jewellery with low workmanship cost.</div>
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For example, one "semi" bullion silver coin that I have trades at 900% premium above paper silver price at one of the local bullion dealers. </div>
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Depending on the class of precious metals purchased, your returns may vary.</div>
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<b><u>Debt Levels</u></b></div>
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Interest Coverage Ratio: 24</div>
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Debt-to-Equity Ratio: 0.012</div>
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Similar to the previous quarter, leverage in relation to overall networth has been increasing due to my use of credit card to purchase cryptocurrencies.</div>
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<b><u>Current Holdings</u></b></div>
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After converting all my USD and HKD holdings to SGD at the end of the quarter, the following table shows the percentage of each stock from <b>only</b> the <b>equities allocation</b> of my net worth (arranged in descending order).</div>
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<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184; width: 321px;">
<tbody>
<tr style="height: 15.75pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid windowtext 1.0pt; height: 15.75pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" width="208"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Stock Name<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Percentage<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 1;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Hongkong
Land<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">8.18<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 2;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Parkway
Life REIT<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">7.52<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 3;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">AIMS
APAC REIT<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">7.19<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 4;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" valign="bottom" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">OCBC<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">6.38<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" valign="bottom" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Hong
Kong Tracker Fund<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">5.28<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Frasers Centrepoint Trust<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">5.19<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Mapletree
Industrial Trust<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">4.64<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">SGX<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">4.42<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">BlackRock<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">4.39<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 10;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" valign="bottom" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">DBS<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">4.36<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 11;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">SPH
REIT<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">3.31<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">First
REIT<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">3.29<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 13;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Thai
Beverage<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">2.92<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 14;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" valign="bottom" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Mapletree
Commercial Trust<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">2.92<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 15;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Singtel<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">2.51<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" valign="bottom" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Medtronic<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">2.42<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 17;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">JM
Smucker<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">2.36<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 18;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">ST
Engineering<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">2.14<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 19;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" valign="bottom" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">SATS<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">2.06<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 20;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" valign="bottom" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Capitaland<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">1.91<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 21;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" valign="bottom" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Raffles
Medical<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">1.88<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 22;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Capitaland
Mall Trust<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">1.85<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 23;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Dairy
Farm<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">1.51<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 24;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Sheng
Siong<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">1.48<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 25;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Japan
Foods<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">1.46<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 26;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Frasers
Commercial Trust<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">1.34<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 27;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Frasers
Property<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">1.28<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 28;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" valign="bottom" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Riverstone<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">1.19<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 29;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">General
Mills<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">0.99<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 30;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Frasers
Logistics Trust<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">0.98<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 31;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Kraft
Heinz<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">0.89<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 32;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Hormel
Foods<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">0.85<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 33;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Welltower
REIT<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">0.65<o:p></o:p></span></div>
</td>
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<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 155.7pt;" width="208"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Abbott
Laboratories<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">0.28<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
Quite a number of changes in positions, but I am not too worried about it.<br />
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<b><u>Areas for Improvement</u></b></div>
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Some blogger friends indicated that I could improve on my generally buy-and-hold strategy. Upon reflection, what I could have done better is to include more instances of partial profit taking. I have executed on a number of them in previous years for non-REIT counters in my portfolio. What I could have done better is to apply the same to REITs in my majority REIT portfolio. My hesitancy stems from my preference for income and taking partial profits would mean killing the golden goose for dinner. To facilitate partial profit taking, I could increase the position sizes of each transaction. That way, capital gains would be more meaningful (in absolute terms).</div>
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<br /></div>
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Another recurring point of contention is the presence of cryptocurrencies in my networth. From a portfolio perspective, it is but one among many other asset classes. Sure, volatility is a concern, but in the grand scheme of things, each asset class balances the other out since I have exposure to all major asset classes (equities, precious metals, cryptocurrencies, cash, and, indirectly, bonds). </div>
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<br /></div>
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In the initial stages, it was a wild ride of insane ups and downs. There was angst when it went up and I haven't accumulated enough. What helped me at this point was a concept that I have learned from Finance Smith on <a href="http://financesmiths.com/index.php/2016/09/16/have-i-been-value-cost-averaging/">Value Cost Averaging</a>. When prices came down again, it was another opportunity to accumulate. When it went down further, I wasn't spooked. I have kept myself up-to-date with cryptocurrency developments and it was time to accumulate more, with a larger time interval between transactions to manage risk from buying too fast, too furiously. The feeling I got back then was not fear, but sian that prices were not reflective of developments.</div>
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<br /></div>
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After awhile, you will get used to it. You wouldn't bat an eyelid at 50% ups or downs anymore.</div>
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<br /></div>
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<b><u>The Same Game plan</u></b></div>
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Dividends received, albeit reduced, goes back into investments. REITs and employment income continue to form and strengthen the financial base from which I expand into other non-REIT income stocks, growth stocks, or cryptocurrencies. </div>
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<br /></div>
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To strengthen the financial base further, continue adding to emergency funds and investments at the same time. </div>
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<br /></div>
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Next up is to observe how my US dividend growth stocks fare. Will there be dividend cuts or will they remain as stalwarts? We shall see.</div>
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<br /></div>
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It has been a long post.</div>
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Thanks for reading!</div>
Unintelligent Nerdhttp://www.blogger.com/profile/17797052565143872922noreply@blogger.com4tag:blogger.com,1999:blog-6025037118864383396.post-42299639819180811272020-01-01T15:51:00.001+08:002020-01-01T15:55:58.484+08:00Year 2019 Portfolio Performance and Dividend IncomeAlrighty. The markets have closed for 2019 and it is time to review my investment performance for the year.<br />
<br />
<b><u>Dividend Income</u></b><br />
<b><u><br /></u></b>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjaHy9DG-nK-Wm17NcCahBZnoG2AjNa7n34XC3cRueHDCLtoipkYMO0Dn15S3syrPeUfSV7-TOuBqvebVDE_0bgj7sEcIRddM1laH4Ner0dBHs6NiC2Dcr4jhlF8b-G4WmmrwsRyQrzfxM/s1600/SG_plot.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Q4 2019 SGD Dividend Income" border="0" data-original-height="1028" data-original-width="1600" height="256" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjaHy9DG-nK-Wm17NcCahBZnoG2AjNa7n34XC3cRueHDCLtoipkYMO0Dn15S3syrPeUfSV7-TOuBqvebVDE_0bgj7sEcIRddM1laH4Ner0dBHs6NiC2Dcr4jhlF8b-G4WmmrwsRyQrzfxM/s400/SG_plot.png" title="" width="400" /></a></div>
<b><u><br /></u></b>
Dividends received from my SGD-denominated portfolio in Q4 2019 was an improvement over Q4 2018. Regular readers would know that I have been pruning the weaker counters from my portfolio for over the past 1+ year and substituting them with stronger counters (mainly large caps). This appears to be bearing fruit but I'm not sure how sustainable this is going forward.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiuCOIBM2N7WYU8SZyv1qj4GxYjigBDmw_96UL64dGmrOdd8zPcloVrH5t3psD6-ADdngw64dzzZo74G-ux32YbWy_XjIbOlez-N_IJpwP6vuDOvTkw6a4YgrFUuUStcw3iuGkzhyeVSus/s1600/US_plot.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Q4 2019 USD Dividend Income" border="0" data-original-height="1028" data-original-width="1600" height="256" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiuCOIBM2N7WYU8SZyv1qj4GxYjigBDmw_96UL64dGmrOdd8zPcloVrH5t3psD6-ADdngw64dzzZo74G-ux32YbWy_XjIbOlez-N_IJpwP6vuDOvTkw6a4YgrFUuUStcw3iuGkzhyeVSus/s400/US_plot.png" title="" width="400" /></a></div>
<br />
As SG REITs and income stocks have been trending higher and higher, I have been increasingly hesitant to add to them. Instead, I have been placing some spare cash into boring old US dividend growth stocks from 2018 and early 2019. This appears to be bearing fruit now.<br />
<br />
I have also received my first dividend payout from the Tracker Fund of Hong Kong in Q4 2019. No graph for my HKD-denominated portfolio this time as it's just one bar on a bar chart.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<b><u>Q4 2019 Transactions</u></b><br />
In the last quarter of 2019, I subscribed to the Mapletree Commercial Trust rights issue (with excess) to enlarge my position in the counter.<br />
<br />
I have also chosen to receive scrip dividends from OCBC instead of dividends.<br />
<br />
I have accepted the general offer from ISEC. For a holding period of 2 years and 9 months, my annualized returns were 11.20%.<br />
<br />
That's all for "traditional investments." In contrast, I have been making plenty of strides into the cryptocurrency markets. For those interested, do refer to <a href="https://unintelligent-nerd.blogspot.com/2019/12/q4-2019-cryptocurrency-allocations.html">this post</a> I specifically made to share what I have been doing in cryptoland.<br />
<br />
<b><u>Performance</u></b><br />
For my SGD-denominated portfolio:<br />
Returns for Year 2019: 22.82%<br />
Annualized returns since portfolio inception (March 2015): 10.03%<br />
<br />
For my USD-denominated portfolio:<br />
Returns for Year 2019: 4.55%<br />
Annualized returns since portfolio inception (March 2016): 4.88%<br />
<br />
For my HKD-denominated portfolio (portfolio started in May 2019):<br />
Returns for Year 2019: 9.15%<br />
<br />
Unrealized gains from gold: ~15%<br />
Unrealized gains from silver: slight profits<br />
<br />
Unrealized losses from Bitcoin: ~ -10% (excluding dividends)<br />
Unrealized losses from Ether: ~ -30% (excluding dividends)<br />
Unrealized gains from SNX (Synthetix Network Token): ~ 70% (including dividends)<br />
<br />
<b><u>Thoughts on Performance</u></b><br />
Generally, I am satisfied with my performance across all my portfolios. When one portfolio or asset class is down, another pulls it up. This is what I have been working on; a diversified portfolio that emphasizes stability and survivability over returns. Come rain or shine, it is dependable, a bastion of strength with layers upon layers of defence.<br />
<br />
REITs and income stocks provide me with the cashflow. Cashflow provides me with the liberty to swing for alpha (cryptocurrencies). Gold and cash provides me with peace of mind, a hedge against catastrophic crashes and dry powder to use when wildfires grow out of control and liquidity (pun intended) is scarce.<br />
<br />
Camaraderie is important. When HongKong Land, our star player in the USD-denominated portfolio, fell from grace this year, fellow USD-denominated soldiers like BlackRock along with Medtronic did a good job in holding the fort. The larger positions in my portfolio are higher-conviction plays. If they flop, the mid-tier and small-tier positions are there to lend support. A bundle of sticks is not easily broken. They will survive and then thrive.<br />
<br />
Note: returns for SGD/USD/HKD portfolios are computed using Excel's XIRR function. In contrast, gold/silver/cryptocurrencies returns are computed as the difference between market price and average purchase price.<br />
<br />
<b><u>Net Worth breakdown</u></b><br />
Not much changes to my networth breakdown. Still in the accumulation phase for cryptocurrencies.<br />
<b><u><br /></u></b>
<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiL6CApnIjMV-S5YODa5ccj9Q8sP0jEP4rwLyiIeR7Yw1fMvxGZdU8AhWDmlISsNm9wxhyNVazqYSaFnbxjL2KavZ3n4UUFzINsK6dfGzH3478iragRWIrK8FZtByO_fyfEw6elCpBRw2Q/s1600/Net+Worth+Breakdown.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Net Worth Breakdown" border="0" data-original-height="291" data-original-width="480" height="242" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiL6CApnIjMV-S5YODa5ccj9Q8sP0jEP4rwLyiIeR7Yw1fMvxGZdU8AhWDmlISsNm9wxhyNVazqYSaFnbxjL2KavZ3n4UUFzINsK6dfGzH3478iragRWIrK8FZtByO_fyfEw6elCpBRw2Q/s400/Net+Worth+Breakdown.PNG" title="" width="400" /></a></div>
<b><u><br /></u></b>
As per before, "the pie chart depicts the breakdown in my net worth across the various asset classes in percentage (pie chart neither includes my CPF nor my emergency fund). To be conservative, I computed my precious metals allocation at spot price even though I am holding everything in physicals."<br />
<b><u><br /></u></b>
<b><u>Debt Levels</u></b><br />
Interest Coverage Ratio: 22.28<br />
Debt-to-Equity Ratio: 0.013<br />
<br />
Leverage in relation to overall net worth has been increasing due to my use of credit card to purchase cryptocurrencies.<br />
<br />
<b><u>Current Holdings</u></b><br />
After converting all my USD and HKD holdings to SGD at the end of the quarter, the following table shows the percentage of each stock from <b>only</b> the <b>equities allocation</b> of my net worth (arranged in descending order).<br />
<br />
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184; width: 321px;">
<tbody>
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<td nowrap="" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" valign="bottom" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Stock Name<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Percentage<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Hongkong Land<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">8.5<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">AIMS APAC REIT<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">7.83<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Frasers Centrepoint Trust<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">6.67<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" valign="bottom" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">OCBC<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">6.27<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Parkway Life REIT<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">6.06<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" valign="bottom" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">DBS<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">4.72<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Hong Kong Tracker Fund<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">4.48<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Mapletree Industrial Trust<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">4.27<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">SPH REIT<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">3.91<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 10;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">BlackRock<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">3.72<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 11;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">First REIT<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">3.66<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 12;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" valign="bottom" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Mapletree Commercial Trust<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">3.49<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 13;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" valign="bottom" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Thai Beverage<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">3.25<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 14;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">SGX<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">3.23<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 15;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" valign="bottom" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">SATS<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">2.77<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Singtel<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">2.46<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 17;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Capitaland Mall Trust<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">2.24<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 18;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" valign="bottom" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Medtronic<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">2.24<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 19;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">ST Engineering<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">2.16<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 20;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" valign="bottom" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Capitaland</span></div>
</td><td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">2.05<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 21;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" valign="bottom" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Raffles Medical<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">1.87<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 22;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Japan Foods<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">1.82<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 23;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Frasers Property<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">1.54<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 24;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">JM Smucker<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">1.54<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 25;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Frasers Commercial Trust<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">1.51<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 26;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Dairy Farm<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">1.41<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 27;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Sheng Siong<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">1.13<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 28;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" valign="bottom" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Frasers Logistics & Industrial
Trust<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">1.13<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 29;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Welltower<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">1.01<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 30;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" valign="bottom" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Riverstone<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">0.84<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 31;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Kraft Heinz<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">0.79<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 32;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">General Mills<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">0.66<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 33;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Hormel Foods<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">0.56<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 34; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 165.0pt;" width="220"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Abbott Laboratories<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 75.75pt;" valign="bottom" width="101"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">0.21<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<br />
<div class="MsoNormal">
<br /></div>
BlackRock joined the top 10 stock holdings due to its 2019 good performance, kicking First REIT off the list.<br />
<br />
That's all for now. Thanks for reading!<br />
<br />
Non-financial updates coming up next!Unintelligent Nerdhttp://www.blogger.com/profile/17797052565143872922noreply@blogger.com9tag:blogger.com,1999:blog-6025037118864383396.post-19935342211133378562019-12-20T16:34:00.000+08:002019-12-20T16:34:50.990+08:00Q4 2019 Cryptocurrency AllocationsThe end of the year is upon us soon. This is the time when bloggers turn pensive and begin to pen their reflections. In order not to clog up my upcoming year-end review post, I will be detailing my crypto transactions for the quarter first.<br />
<br />
In this quarter, I initiated a position in Synthetix Network Token.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7kSNVKlf7lHRXGtG9T3a98wrih-V4FlFTY4mJ5AFST1yQ0M54LVx2B54cpfSkwc6e-6Tr3dQnUVwa_udACmthH8zNWZZ-cRvZBii25igVx9DJT7kr0JNvbSylkDmGHIK25PzpRYf2BrY/s1600/synthetix+network+token.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Synthetix Network Token" border="0" data-original-height="400" data-original-width="400" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7kSNVKlf7lHRXGtG9T3a98wrih-V4FlFTY4mJ5AFST1yQ0M54LVx2B54cpfSkwc6e-6Tr3dQnUVwa_udACmthH8zNWZZ-cRvZBii25igVx9DJT7kr0JNvbSylkDmGHIK25PzpRYf2BrY/s200/synthetix+network+token.jpg" title="" width="200" /></a></div>
<br />
For those who follow blogger Got Money Got Honey on his <a href="https://gotmoneygothoney.blogspot.com/">blog</a> and <a href="https://twitter.com/DegenSpartan">twitter</a> account, Synthetix Network Token would no doubt be a familiar name to you.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-8krO2gOJ8pPRRXvt_BdZAq53Hn3ibri67QogoYt7hrtZ27mkBXaZd2TlIXkGrmssQxbG-tCQ2BhEY5-QPAcQ1zJxj-xYNSevgkjvjz_dkYPEImgqbxIys2L-Zuny6S0Yw0VEl7yPHtY/s1600/snx+yield.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="synthetix network token degenspartan" border="0" data-original-height="742" data-original-width="588" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-8krO2gOJ8pPRRXvt_BdZAq53Hn3ibri67QogoYt7hrtZ27mkBXaZd2TlIXkGrmssQxbG-tCQ2BhEY5-QPAcQ1zJxj-xYNSevgkjvjz_dkYPEImgqbxIys2L-Zuny6S0Yw0VEl7yPHtY/s400/snx+yield.PNG" title="" width="316" /></a></div>
<br />
Look at the above screenshot. The number of times I muttered "simi sai" (what is this shit) under my breath when I view his twitter posts is uncountable. Where got 122% dividend yield per annum one? How come got free lunch in investing? Where is this supposed free lunch coming from?<br />
<br />
It was not easy trying to wrap my head around the Synthetix Network Token. I had to read their whitepaper multiple times before I could get a basic understanding of how it works. Even then, I still think my understanding of it is at a superficial level. Well, at least I understand the risks inherent in the system now.<br />
<br />
How do you get the juicy yields? First, you need to stake/lock-up Synthetix Network Tokens (SNX) in the mintr application to qualify for the rewards. However, in doing so, you create "debt" (awkward phrasing by their team, I know). The more SNX locked-up and debt you create, the more rewards you qualify for. Yes, you <u style="font-weight: bold;">cannot</u> lock SNX but choose not to create debt; it's not an either-or thing.<br />
<br />
What is debt? Synthetic assets serve as the debt in their system. For example, people new to the system normally mint synthetic USD (sUSD), which is a proxy for the US Dollar, by locking up their SNX. Other synthetic assets include synthetic Bitcoin (sBTC) and synthetic Ether (sETH). Their exchange also accommodates fiat currencies and commodities. For example, synthetic Japanese Yen (sJPY), synthetic Australian Dollar (sAUD), synthetic Gold (sXAU), synthetic Silver (sXAG), etc.<br />
<br />
There is a limit to how much debt/synthetic assets you can create. Currently, the collateralization ratio is set at 750% (e.g. for every $750 worth of SNX collateral, you can mint $100 worth of debt/synthetic assets). If the ratio is not maintained above 750% because the price of SNX falls, your rewards are forfeited until you top-up your wallet with enough SNX to bring that ratio above 750%.<br />
<br />
Still with me? I did my best to simplify things, lol.<br />
<br />
Let's introduce two characters to understand how the rewards work.<br />
<br />
Xiao Ming buys $750 worth of SNX and uses it to mint $100 worth of sUSD.<br />
<br />
Da Ming buys $750 worth of SNX and uses it to mint $100 worth of sBTC.<br />
<br />
Assuming that there are only two participants in the system, the total "debt"/AUM of the system is now $200, with Xiao Ming contributing $100 or 50% of the AUM and Da Ming contributing $100 or the other 50% of the AUM.<br />
<br />
Let's say Bitcoin doubles in price while USD remains flat. Following this change, the total "debt"/AUM of the system grows to $300.<br />
<br />
To withdraw your SNX collateral from the system, you are required to pay back the debt/synthetic assets in proportion to your initial contribution to the pool. As stated above, each individual contributed to 50% of the AUM at the start. With the increase in the overall debt/synthetic asset pool to $300, each individual has to pay $150 worth of synthetic assets before they are able to withdraw their SNX from the system. Hence, Da Ming's profits come at the expense of Xiao Ming.<br />
<br />
That's Synthetix in a nutshell. I have left out plenty of details as it is a complicated system with high risks and high rewards and I do not want to reveal how I am going to position myself such that I am closer to the hypothetical Da Ming's position than Xiao Ming's position.<br />
<br />
In terms of risk management, I have capped my exposure to Synthetix Network Token to a lower-middle size position. I have also overcollateralized above and beyond the 750% collateralization ratio.<br />
<br />
The interesting thing is that SNX is standing strong in this current crypto bear market. Maybe the ~1.xx % dividend yield per week/fortnight serves as a price floor? If the price increases a <i>teeny weeny bit </i>more and stays there, SNX will be the second double bagger in my portfolio (not including the accumulated ~10% dividend yield I have received over the past 2 months). =D =D =D<br />
<br />
In this quarter, I initiated a position in RealT tokens.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEitZya5YKCN-vNII2lxF1QeSZUceS8A0CUe7DgYlvf_sx2Cfjow3Nedip54Rj3GOgY2nqr0k120z6A482t_EvmaCgsnXqPIm-c6RaOBHxbf64MA2j9FAr6T7QWpbwk-ugtzLmqG3Wml7JY/s1600/realt.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="RealT" border="0" data-original-height="138" data-original-width="317" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEitZya5YKCN-vNII2lxF1QeSZUceS8A0CUe7DgYlvf_sx2Cfjow3Nedip54Rj3GOgY2nqr0k120z6A482t_EvmaCgsnXqPIm-c6RaOBHxbf64MA2j9FAr6T7QWpbwk-ugtzLmqG3Wml7JY/s1600/realt.PNG" title="" /></a></div>
<br />
<br />
RealT is an ethereum-based company that offers tokenized US Real Estate to investors. Each property is owned by a LLC, with token holders of that particular property owning that LLC. Rent is paid daily in the DAI stable coin (1 DAI = 1 USD) to token holders.<br />
<br />
The properties are based in Detroit, so some caution is warranted. As a result, I have sized my position to the absolute minimum.<br />
<br />
In this quarter, I bought a couple of Gods Unchained booster packs.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhK3iWB8dvXYdRaDfgYxnUacoCGluhIyU-neDYtscoPoFRDSTGDpgtNSl9sR3qoJGuRmlb2G6ja-44cAUEezkfeqsg3cw2bKTGTIyV_WvyQ9QyGZJ48ocnnhAqjIcbWmNZd-2-xDCPkcas/s1600/gods+unchained.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Gods Unchained" border="0" data-original-height="382" data-original-width="686" height="178" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhK3iWB8dvXYdRaDfgYxnUacoCGluhIyU-neDYtscoPoFRDSTGDpgtNSl9sR3qoJGuRmlb2G6ja-44cAUEezkfeqsg3cw2bKTGTIyV_WvyQ9QyGZJ48ocnnhAqjIcbWmNZd-2-xDCPkcas/s320/gods+unchained.PNG" title="" width="320" /></a></div>
<br />
Gods Unchained is an online trading card game. However, its underlying assets (the cards) are traded on the ethereum blockchain as tokens. There are multiple benefits to tokenizing game assets on the blockchain. First, it creates transparency as to the supply of a given game asset; gamers could verify for themselves whether the game developers have inflated certain assets. Second, the assets remain your property even if the game company cease to exist. Third, the sprouting of new game companies that use existing assets belonging to you may earn royalty income or confer in-game advantages in new games.<br />
<br />
Consider the following hypothetical scenario where you are the owner of the "Iron Man" token.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgt1u2Nuqi1KCaj8Z09s_6aXsen1GAwKELxb-c9NTuaaTSjyO8sYwlojtSTZuhBihtaKgLelMRmiiGH7OrBwpApsri1hSLbKVdgIjjWvO-CLZKQ1xf21MoOVBa6HcaRaazGvNrkxHlefMY/s1600/token.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="323" data-original-width="557" height="185" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgt1u2Nuqi1KCaj8Z09s_6aXsen1GAwKELxb-c9NTuaaTSjyO8sYwlojtSTZuhBihtaKgLelMRmiiGH7OrBwpApsri1hSLbKVdgIjjWvO-CLZKQ1xf21MoOVBa6HcaRaazGvNrkxHlefMY/s320/token.PNG" width="320" /></a></div>
<br />
You have bought the rights to it in a Marvel game. Somewhere along the line, there is a collaboration between Marvel and Capcom, producing the game Marvel vs Capcom. Oh look! Your Iron Man token got used by them.<br />
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgirq8v863PZnhaeKCmZz07aa1uJH0RZ5V6eiSSv-S7CsC1ZLVFoLTE_hbgEfJFZNCt25yDg2l1oaFuaJU3vvyH6rA9Q60MREmffre9BKx0bW9OdpDLYY9-1ojhp2lD7ryGYi1Ar14b9Ao/s1600/mvc.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="667" data-original-width="1244" height="171" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgirq8v863PZnhaeKCmZz07aa1uJH0RZ5V6eiSSv-S7CsC1ZLVFoLTE_hbgEfJFZNCt25yDg2l1oaFuaJU3vvyH6rA9Q60MREmffre9BKx0bW9OdpDLYY9-1ojhp2lD7ryGYi1Ar14b9Ao/s320/mvc.PNG" width="320" /></a></div>
<br />
Oh? What's this? Lego is collaborating with Marvel for a Lego Marvel game? Hey, that's Iron Man again!<br />
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhykdEO2EX7AI-zdtor0cW7Ndcuh0DXSaI125M1mrhDhJd0Nd1TWxfL8_GfdYSJzATg8ioR25c9kLcz1asNSO4dbh6wex52AnUfkmIgsLXbh4xWn_Iml9WwRreGI6XxqcapZXhxxiTAZJc/s1600/lego.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="626" data-original-width="1177" height="170" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhykdEO2EX7AI-zdtor0cW7Ndcuh0DXSaI125M1mrhDhJd0Nd1TWxfL8_GfdYSJzATg8ioR25c9kLcz1asNSO4dbh6wex52AnUfkmIgsLXbh4xWn_Iml9WwRreGI6XxqcapZXhxxiTAZJc/s320/lego.PNG" width="320" /></a></div>
<br />
The results for my Gods Unchained "investment" so far are mixed. Some of my cards fetched more value than the booster packs that I bought them for while others turned out to be flops. Compared to my "investment" into <a href="https://unintelligent-nerd.blogspot.com/2019/08/first-impressions-axie-infinity.html">Axie Infinity</a>, Gods Unchained is definitely a much better option as it has an active and thriving community.<br />
<br />
In this quarter, I bought an Ethereum Name Service (ENS) domain name.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjHDhP_3ICtVlelE7doSfO1o_YZuuaYhA5kS_lXkAv-apfoDf7P7vqf3iWLAKSfj3olP3ydZlB8v71CmJq0KyzJ3nqBae4UvNuXQtcnADVEQwIQfzcPTBw3HDnVTNurM58FZ9Wk-EhU6rE/s1600/ens.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="421" data-original-width="458" height="183" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjHDhP_3ICtVlelE7doSfO1o_YZuuaYhA5kS_lXkAv-apfoDf7P7vqf3iWLAKSfj3olP3ydZlB8v71CmJq0KyzJ3nqBae4UvNuXQtcnADVEQwIQfzcPTBw3HDnVTNurM58FZ9Wk-EhU6rE/s200/ens.PNG" width="200" /></a></div>
<br />
The rationale is to flip them for capital gains. ;)<br />
<br />
In this quarter, I added to my positions in Bitcoin, Ether, and DAI.<br />
<br />
I have closed my DAI lending positions on Compound Finance and dYdX exchange as lending rates have cratered from 6 - 12% yield per annum to 1.5 - 2% yield per annum due to the inflow of liquidity into these decentralized lending/borrowing protocols.<br />
<br />
I have shuffled my DAI into MakerDAO's DAI Savings Rate for a fixed 4% yield per annum.<br />
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Thanks for reading!Unintelligent Nerdhttp://www.blogger.com/profile/17797052565143872922noreply@blogger.com6tag:blogger.com,1999:blog-6025037118864383396.post-91514068209532203022019-10-25T19:26:00.000+08:002019-10-25T19:26:19.384+08:00Q3 2019 Portfolio UpdateTime flies and another quarter is over. I haven't really been paying attention to the traditional financial markets. Instead, I have been spending more time reading up on the improving fundamentals of the cryptocurrency market and its associated risks.<br />
<br />
<b><u>Dividend Income</u></b><br />
<b><u><br /></u></b>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhss6BRIJTlnno8zoWhLEVHYrM_-gO0ys4Qqd-4ovVydfASf5F08PKcOKH3m6QLZpGpu1TDGORHPyYYLZtiNp7yRa6ymg_7COnp7hBaTXY-2jrrloAC4EzbTkimn8x6wleBjLFqnB8q8K8/s1600/SG_plot.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Q3 2019 SGD Dividend Income" border="0" data-original-height="1028" data-original-width="1600" height="256" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhss6BRIJTlnno8zoWhLEVHYrM_-gO0ys4Qqd-4ovVydfASf5F08PKcOKH3m6QLZpGpu1TDGORHPyYYLZtiNp7yRa6ymg_7COnp7hBaTXY-2jrrloAC4EzbTkimn8x6wleBjLFqnB8q8K8/s400/SG_plot.png" title="" width="400" /></a></div>
<b><u><br /></u></b>For my SGD-denominated portfolio, Q3 2019 dividend income registered a slight fall compared to the same quarter of the preceding year. This is to be expected following my partial divestment of Singtel in Q2 2019 (see <a href="https://unintelligent-nerd.blogspot.com/2019/07/q2-2019-portfolio-update.html">here</a>). I foresee that changes to my forward SGD-denominated dividend income to be minimal. The REITs and income stocks that I am eyeing are on the high side and I am not willing to add to them.<br />
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5hre6u1Qv2373lYYjSvutZ1tZQbyXUT5oLNEZn19EWB8bFU0z7cSG6l-arb5fldNJVe-7XShJmuE11AZB3JYVD-azCYJJJ-FL-e8PmHwcF97KaSd0Yp6PMxOxble1r_B4COf1qllSQXU/s1600/US_plot.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Q3 2019 USD Dividend Income" border="0" data-original-height="1028" data-original-width="1600" height="256" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5hre6u1Qv2373lYYjSvutZ1tZQbyXUT5oLNEZn19EWB8bFU0z7cSG6l-arb5fldNJVe-7XShJmuE11AZB3JYVD-azCYJJJ-FL-e8PmHwcF97KaSd0Yp6PMxOxble1r_B4COf1qllSQXU/s400/US_plot.png" title="" width="400" /></a></div>
<br />
For my USD-denominated portfolio, dividends received hit a new high again when compared to the same quarter of the preceding year. This is mainly due to capital injections over the past 1 year and some dividend growth during this period.<br />
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<b><u>Transactions</u></b><br />
In this quarter, I added to my position in HongKong Land at a PB of 0.34 following the huge drop in price due to the Hong Kong protests. Looking back at my old posts, the last time I added to HongKong Land was in <a href="https://unintelligent-nerd.blogspot.com/2018/12/year-2018-portfolio-performance-and.html">Q4 2018 at a PB of 0.37</a>. Regular readers will know that HongKong Land is one of the pillar stocks in my equities allocation. Still, I'll be looking to add to my position after doing some crude form of risk management (e.g. add to other positions to dilute the significance of HongKong Land in determining my portfolio returns).<br />
<br />
I added to gold (jewellery) as a gift to my mum and silver (fortunately before the run-up in precious metal prices).<br />
<br />
I closed my position in QAF at a 42% loss (after including dividends) over a period of 2 years and 4 months. A combination of "I don't think I want to wait for their primary production business unit to turn around", "QAF is just a small position in my portfolio (<a href="https://unintelligent-nerd.blogspot.com/2019/07/q2-2019-portfolio-update.html">0.69% of equities allocation, based on Q2 2019 post</a>)", and "alternatives with better risk-reward profiles are currently available on the market" contributed to my divestment of QAF.<br />
<br />
I guess it is very obvious by now what "alternatives with better risk-reward profiles" refer to.<br />
<br />
Hence, in this quarter, I added to Bitcoin, Ether, DAI, and USD Coin (USDC).<br />
<br />
<b><u>Salient points regarding the Ethereum Blockchain</u></b><br />
Blogger friends and readers have asked for my take on cryptocurrencies ever since I first mentioned it in <a href="https://unintelligent-nerd.blogspot.com/2019/07/q2-2019-portfolio-update.html">my last quarter's update</a>. Now, this is no easy thing to write. Should the post be comprehensive or lighthearted (I have a lighthearted post on Ethereum <a href="https://unintelligent-nerd.blogspot.com/2019/09/a-whimsical-take-on-ethereum.html">here</a>)? Should I trace out the history or just share what's new in cryptocurrencies? As I eventually will have to tackle this topic, I think it is high time to do it here, albeit in an abbreviated form with plenty of missing pieces for readers to investigate on their own if they are curious enough.<br />
<br />
The Ethereum blockchain has been improving by leaps and bounds, even as the price for Ether trends in the opposite direction. One particular use case that has emerged is Decentralized Finance (DeFi). With this development, ethers and other ethereum-based coins are not held solely for capital gains or losses anymore; coins could be used to participate in a nascent alternative financial system.<br />
<br />
For lenders, yields on DeFi platforms are fairly generous. To put this in proper perspective, the risk premium above the risk-free rate is telling enough. These platforms are new, untested, and have yet to suffer a catastrophic failure. For borrowers, DeFi advocates would generally tout the less onerous interest rates compared to traditional borrowing tools like credit cards. I do not engage in any borrowing through DeFi, so my sharing in this area is limited.<br />
<br />
I am also quite surprised that the majority of people are not aware of stable coins. Stable coins are cryptocurrencies whose prices do not fluctuate. Critics of cryptocurrencies are often quick to point out that the volatility of cryptocurrencies make for very bad currencies. This is where stable coins come in. It facilitates the transaction of goods and services at a fixed price. Two of the more commonly used stable coins in the DeFi environment are DAI and USDC.<br />
<br />
USDC is created by CENTRE, a joint project between Coinbase, a centralized exchange, and Circle. 1 USDC is both <u style="font-weight: bold;">backed</u> and <u style="font-weight: bold;">pegged</u> to 1 US Dollar (USD). USDC could be purchased at exchanges like Coinbase. Monthly audit reports on the US dollar reserves backing the USDC could be found <a href="https://www.centre.io/usdc-transparency">here</a> on CENTRE's website. The risks associated with using USDC are mainly counterparty risks (if you do not trust Centre, their regulators, audit numbers) and regulatory risk (e.g. authorities adopting a stricter stance against it).<br />
<br />
DAI is a decentralized stable coin backed by Ethers. DAI could be obtained through one of two ways: (1) pledging ethers as collaterals to mint DAI, or (2) purchasing DAI minted by others that are sold on the secondary markets. Through a complicated process, 1 DAI is maintained at 1 US Dollar (USD). Hence, DAI is <u style="font-weight: bold;">backed</u> by Ethers and <u style="font-weight: bold;">pegged</u> to USD. However, there have been occasions where the peg to USD broke. This is one risk that DAI holders should be aware of.<br />
<br />
Two of the DeFi protocols which I have been using to earn interest on my stable coins are <a href="https://compound.finance/">Compound Finance</a> and <a href="https://dydx.exchange/">dYdX</a>.<br />
<br />
Compound Finance functions as a money market fund within the cryptocurrency universe. Cryptocurrencies deposited (both volatile coins as well as stable coin) are lended out to borrowers who borrow through the same platform. Lenders lend to an aggregated pool of a particular asset (e.g. USDC) and it is from this pool that borrowers borrow from. The interest earned from borrowers are spreaded across all lenders regardless of whether their portion of the asset pool have been borrowed. Borrowing from the platform requires overcollateralization. This protects lenders as the borrower's collateral could be liquidated to repay lenders once it falls below a certain threshold.<br />
<br />
I have a token sum in the dYdX protocol for diversification (not all eggs in one basket!) and risk management. Other than that, my knowledge of the protocol is superficial.<br />
<br />
The dangers of using decentralized services include bugs, hacks, administrative privilege risk, price oracle risk, and liquidity risk.<br />
<br />
Besides using decentralized services, I use centralized services as well. Specifically, I am on <a href="http://crypto.com/">Crypto.com</a>'s Earn program, earning interest from lending out my Ethers.<br />
<br />
The main risks associated with using centralized services are hacks, the fear of founders running off with the deposited assets, lack of transparency (compared to DeFi protocols), withdrawal delays/issues, and uncertainty about the sustainability of the centralized service's business model.<br />
<br />
I shall stop here for now. There is simply too much to share about cryptocurrencies.<br />
<br />
<b><u>Net Worth breakdown</u></b><br />
Compared to <a href="https://unintelligent-nerd.blogspot.com/2019/07/q2-2019-portfolio-update.html">Q2 2019</a>, precious metals allocation increased from 22% to 25% mainly due to the run up in precious metals prices. As I am in the accumulation phase, cryptocurrency allocation increased from 1% to 4%.<br />
<b><u><br /></u></b>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi3WjVIRFP7Q1B-fJvnxLfRT_y38e_GKMkoRRmS5ciJGjU9LtjlBIaqs17nRR-VjmpZHZDdz9PLizwpBFBNhnKqBzfqGPlEiSAfDGFe5K9C54aUtW2Rv8Zm3aG_XrNKCjOwiBkw-nxHf-c/s1600/Net+Worth+Breakdown.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Net Worth Breakdown" border="0" data-original-height="282" data-original-width="476" height="236" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi3WjVIRFP7Q1B-fJvnxLfRT_y38e_GKMkoRRmS5ciJGjU9LtjlBIaqs17nRR-VjmpZHZDdz9PLizwpBFBNhnKqBzfqGPlEiSAfDGFe5K9C54aUtW2Rv8Zm3aG_XrNKCjOwiBkw-nxHf-c/s400/Net+Worth+Breakdown.png" title="" width="400" /></a></div>
<br />
As per before, "the pie chart depicts the breakdown in my net worth across the various asset classes in percentage (pie chart neither includes my CPF nor my emergency fund). To be conservative, I computed my precious metals allocation at spot price even though I am holding everything in physicals."<br />
<br />
<b><u>Current Holdings</u></b><br />
After converting all my USD and HKD holdings to SGD at the end of the quarter, the following table shows the percentage of each stock from <b>only</b> the <b>equities allocation</b> of my net worth (arranged in descending order).<br />
<b><u><br /></u></b>
<br />
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184; width: 397px;">
<tbody>
<tr style="height: 15.75pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid windowtext 1.0pt; height: 15.75pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" width="264"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Stock Name<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Percentage<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 1;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Hongkong
Land<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">8.54<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 2;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">AIMS
APAC REIT<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">8.13<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 3;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Frasers
Centrepoint Trust<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">6.70<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" valign="bottom" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">OCBC
Bank<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">6.25<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 5;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Parkway
Life REIT<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">5.85<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" valign="bottom" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">DBS
Group Holdings Ltd<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">4.59<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">The
Tracker Fund of Hong Kong<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">4.52<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">SPH
REIT<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">4.10<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Mapletree
Industrial Trust<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">4.06<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 10;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">First
REIT<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">3.87<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 11;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" valign="bottom" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Thai
Beverage<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">3.27<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">BlackRock
Inc<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">3.27<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">SGX<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">3.14<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 14;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" valign="bottom" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">SATS
Ltd<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">2.72<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 15;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Capitaland
Mall Trust<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">2.43<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Singtel<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">2.35<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 17;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" valign="bottom" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Medtronic
PLC<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">2.22<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 18;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" valign="bottom" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Mapletree
Commercial Trust<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">2.18<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 19;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">ST
Engineering<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">2.16<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 20;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" valign="bottom" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Capitaland
Limited<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">1.97<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 21;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" valign="bottom" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Raffles
Medical Group<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">1.91<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 22;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">JM
Smucker Co<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">1.66<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 23;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Frasers
Property Limited<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">1.63<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 24;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Japan
Foods Holding Ltd<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">1.62<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 25;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Dairy
Farm International Holdings<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">1.59<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 26;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Frasers
Commercial Trust<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">1.50<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 27;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" valign="bottom" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">ISEC
Healthcare Ltd<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">1.34<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 28;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Welltower
Inc<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">1.19<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 29;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" valign="bottom" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Frasers
Logistics & Industrial Trust<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">1.16<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 30;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Sheng
Siong Group Ltd<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">1.06<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 31;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" valign="bottom" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Riverstone
Holdings Limited<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">0.89<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 32;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">General
Mills Inc<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">0.69<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 33;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Kraft
Heinz Company<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">0.69<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 34;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Hormel
Foods Corporation<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">0.56<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 35; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 198.2pt;" width="264"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Abbott
Laboratories<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="bottom" width="132"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">0.21<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<br />
<div class="MsoNormal">
Top 5 positions remained the same, with HongKong Land swapping places with AIMS APAC REIT for the top spot.</div>
<div class="MsoNormal">
<o:p><br /></o:p></div>
<div class="MsoNormal">
<o:p><b><u>Debt Levels</u></b></o:p></div>
<div class="MsoNormal">
<o:p>Since I've started dabbling in leverage, I have been paying closer attention to my debt levels. Currently, my modified "interest coverage ratio" and "debt-to-equity ratio" is as follows:</o:p></div>
<div class="MsoNormal">
<o:p><br /></o:p></div>
<div class="MsoNormal">
<o:p>Interest Coverage Ratio: 31.32</o:p></div>
<div class="MsoNormal">
<o:p>Debt-to-Equity Ratio: 0.009</o:p></div>
<div class="MsoNormal">
<o:p><br /></o:p></div>
<div class="MsoNormal">
<o:p>With the modified "Interest Coverage Ratio" representing the total amount of cash on hand (excluding emergency funds, interest income, and dividend income) divided by the total debt payable and "Debt-to-Equity Ratio" representing total debt payable divided by equity (what I own outright).</o:p></div>
<div class="MsoNormal">
<o:p><br /></o:p></div>
<div class="MsoNormal">
<o:p>Compared to the <a href="https://unintelligent-nerd.blogspot.com/2019/07/q2-2019-portfolio-update.html">previous quarter</a>, there are slight improvements to both metrics as I have been using more cash to pare down my debt levels.</o:p><br />
<o:p><br /></o:p>
<b><u>Emergency Fund</u></b><br />
As a result of increasing my allocation towards cryptocurrencies, I have been contributing lesser to our shared emergency fund. The perennial question which I never seem to be able to answer is on the sufficiency of the emergency fund. Is 7 months' worth of emergency fund (assuming liberal spending) sufficient? I really wouldn't know. Hence, there has been some slight guilt on my part for re-allocating funds that could have been placed into the emergency fund into investments instead. Or maybe I am just overworrying on my part.<br />
<br />
<b><u>Capital Allocation Thoughts</u></b><br />
With the bleeding cryptocurrencies market, I will be looking to add to volatile coins and lending only a portion of them out. The idea is to replicate the concepts underlying the two charts at the top of my post; building up a snowball of dividend income from different currencies.<br />
<br />
On the other hand, I have capped the amount of stable coins in my portfolio. After some discussion with my non-crypto investment blogger friends, it made me realize that, while the yield is good, there is downside risk if the peg breaks. No upside and possibility of downside is not a good combination to possess.<br />
<br />
In terms of equities, I will most probably be adding to my existing positions.<br />
<br />
<b><u>Work</u></b><br />
I had a serendipitous surprise when my bosses took fragments from various pieces of my work and incorporated them in an in-house research publication. While not as glamorous as a peer-reviewed journal publication, it still is a good boost to my CV. Funny how I would be dying for such an achievement a few years back; today, happiness was merely a momentary bleep.<br />
<br />
My priorities have changed.<br />
<br />
Recognition for social science publications? Nah.<br />
<br />
Pivoting into data science and/or STEM publications (and the accompanying higher remuneration)? Yes Yes Yes!<br />
<br />
<b><u>Studies</u></b><br />
Now that the new semester has begun, I will be directing my energies towards this area. Math-heavy modules are no joke!<br />
<br />
I have been picking up web development and Solidity programming (Ethereum programming language) informally whenever time permits.<br />
<br />
Yes, <a href="https://www.enreitch.com/">Enreitch</a> is still chugging along just fine. I've got some ideas to overhaul Enreitch and give it a facelift, but it requires that I step up my programming competency.<br />
<br />
<b><u>Readings</u></b><br />
My friend <a href="http://bullythebear.blogspot.com/">LP</a> expressed his disappointment when I shared that the "Readings" section in my <a href="https://unintelligent-nerd.blogspot.com/2019/07/q2-2019-portfolio-update.html">last quarter update</a> may be a one-time thing, lol. I will attempt to keep it alive and try to make it a permanent fixture in my quarterly updates.<br />
<br />
In this quarter, I completed the following books:<br />
<br />
- Death's End by Liu Cixin (Final book in the <i>Remembrance of Earth's Past</i> Trilogy)<br />
- The Redemption of Time by Baoshu<br />
- Ball Lightning by Liu Cixin<br />
- Waste Tide by Chen Qiufan<br />
- Invisible Planets, edited and translated by Ken Liu<br />
- Kappa Quartet by Daryl Qilin Yam<br />
- The Effective Executive by Peter Drucker<br />
- Barbarians in the Boardroom by Owen Walker<br />
- Business Networking by Will Kintish<br />
<br />
This time round, non-fictions are represented too. :P<br />
<br />
Special shout-out to Liu Cixin's Ball Lightning which was mind-blowing. Chen Qiufan's Waste Tide was a very good read as well!<br />
<br />
First time trying out fiction by Singaporean writers; Daryl Yam's Kappa Quartet had quite a surreal feel to it.<br />
<br />
<b><u>Gaming</u></b><br />
All work but no play makes <strike>Jack</strike> Unintelligent Nerd a dull boy right?<br />
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The long-awaited game that was on my gaming watchlist, Children of Morta is finally out!<br />
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<iframe allowfullscreen="" frameborder="0" height="270" src="https://www.youtube.com/embed/UKhx73nYEY8" width="480"></iframe>
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Besides Children of Morta, I have also been playing Dead Cells.<br />
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<iframe allowfullscreen="" frameborder="0" height="270" src="https://www.youtube.com/embed/3AV1HS4IFGA" width="480"></iframe>
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Thanks for reading!Unintelligent Nerdhttp://www.blogger.com/profile/17797052565143872922noreply@blogger.com7tag:blogger.com,1999:blog-6025037118864383396.post-15400889807553116402019-09-27T17:35:00.001+08:002019-09-27T17:39:13.790+08:00A whimsical take on Ethereum<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjctfTsPglVBXXFzbVphjwohbwMUicAKFi8LU3rrLZ9wUv8beAxbi7Qua-HOTwidmB7-9i51NW6y6ZTImqJGieSKmY_z6GV4pxKcQ_ecc9yLV0tbjUFv8-I-Uyf0sO2-_kv6d1qhoO8Xgs/s1600/Ethereum.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Ethereum" border="0" data-original-height="400" data-original-width="400" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjctfTsPglVBXXFzbVphjwohbwMUicAKFi8LU3rrLZ9wUv8beAxbi7Qua-HOTwidmB7-9i51NW6y6ZTImqJGieSKmY_z6GV4pxKcQ_ecc9yLV0tbjUFv8-I-Uyf0sO2-_kv6d1qhoO8Xgs/s200/Ethereum.jpg" title="" width="200" /></a></div>
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The year is 2019. It is a time of magic and wizardry (whizkids). All over the world, wizards have been clandestinely gathering to summon mythical beings from their summoning circles.<br />
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Lately, it has been artifacts after artifacts. Strange, columnar objects have begun materializing from the ground up from the summoning circles. These aren't just isolated cases. There have been reports that objects bearing similar characteristics have appeared all over the world (blockchain).<br />
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At first, society was baffled and adopted a cautious stance, eyeing the columnar objects from afar. As hesitancy gave way to curiosity, they began to poke and prod it with various tools. It came as a surprise one day when someone found out that writing tools worked on these objects. What made it all the more miraculous was when those same words were found replicated across objects bearing similar characteristics (distributed ledger). Try as they might, words, once written, could not be altered. Henceforth, they became known as global magical books.<br />
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There are many such global magical books today. Dear reader, today we will look at one such book: Ethereum.<br />
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Initial reception of Ethereum was simple enough. People wrote frivolous stuff on it. Due to its immutable nature, these early words were immortalized for all time. Covertly, entrepreneurial individuals began travelling the world to seek out the multitudinous but similar copies of the Ethereum book. They figured that there was more to it than meets the eye. Their suspicions were confirmed. Books (Ether) were slowly but surely increasing, popping up in strange places all over the world. Second, it could be used to record when money changes hands. It was revolutionary. For once, it meant that humans could travel anywhere, point to a local copy of the book, and engage in financial transactions anywhere.<br />
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Travellers who hunt for such books and hoard them became known as adventurers (investors/speculators). Still, peace of mind is a fragile thing and cannot be easily attained. Hence, they handed over some of their books to dwarves to safe-keep in their underground network of caves (miners). Surely this would make it more secure!<br />
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Each global magical book has some special characteristics attached to it. Shortly after its discovery, adventurers learned that Ethereum could spawn miniature books with the help of wizards (Initial Coin Offering). These miniature books have special characteristics of their own that may be dissimilar to its parent. Playing with Darwin's roulette, the adventurers and the wizards came together to artificially induce the conception of miniature books. Perhaps there might be novel mutations, they said.<br />
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How did playing with Darwin's roulette turn out? It did not turn out well. Growth requires time, something that adventurers could ill afford. In the end, interest waned and people returned back to their daily lives.<br />
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Little did the leavers know that there is a stirring in an obscure corner of the world. Some wizards have managed to conjure mana pools (<a href="https://compound.finance/">Compound Finance</a>, <a href="https://dydx.exchange/">dYdX</a>) to the delight of adventurers. Energy (interest income) surged through their veins as they drew financial strength from them. Now, fewer visits to the inns were needed to refresh and restock. Still, some have viewed these mana pools with suspicion. What is the source of these pools and how are they sustained? Surely they would dry up one day? These are indeed valid concerns.<br />
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Then came the steampunk revolution. Zeppelins became an ubiquitous sight in the azure skies. Some of these pilots saw the opportunity and rendered their services as vigilant eyes over the creation of the wizards (<a href="https://openzeppelin.com/security-audits/">OpenZeppelin Security Audits</a>).<br />
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On land, a small proportion of horses began to turn pristine white. Their change culminated in the growth of a single spiralling horn at the centre of their forehead. Like moths to flames, these magical beasts were naturally drawn to the magical books. Some have used them as pathfinders, assisting their riders to locate other magical book holders who are up for a trade (<a href="https://uniswap.io/">Uniswap Exchange Protocol</a>).<br />
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Inspired with the rise of the unicorns, the wizards began poring deeper into the esoteric arts. Tales began to spread of strange creatures (<a href="https://www.etheremon.com/">Etheremon</a>, <a href="https://axieinfinity.com/">Axie Infinity</a>) roaming the land. Some have surmised that these are the works of wizards, their imaginations made flesh.<br />
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Scattered all over the world are the wizarding guilds. Each of them dedicated to find their role in this magically new landscape (<a href="https://makerdao.com/en/">MakerDAO</a>, <a href="https://molochdao.com/">MolochDAO</a>). Slowly but surely, the world is no longer the same. Humble traveller, what would you do?<br />
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(Blogger friends and readers have been asking for an Ethereum post. I thought it through long and hard. It had to be easily understandable to the layperson and comprehensive enough. Halfway through, I decided "scratch that, I'll make it memorable" and this is what came out. Hope you had as much fun reading it as I did writing it. Cheers!)Unintelligent Nerdhttp://www.blogger.com/profile/17797052565143872922noreply@blogger.com0tag:blogger.com,1999:blog-6025037118864383396.post-29647269334850953062019-08-24T19:47:00.000+08:002019-08-24T19:47:27.678+08:00First Impressions: Axie Infinity (Ethereum Blockchain-based game)A stray thought entered my mind recently.<br />
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"What if I am an early adopter of blockchain-based games?"<br />
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The ramifications for the above thought are manifold.<br />
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With this in mind, I rallied some of my fellow investment blogger friends who are also gamers to register their interest in such an endeavour.<br />
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As not everyone is familiar with cryptocurrencies and blockchains and not everyone is willing to pay to play, I established the following guidelines to help narrow the choices of games down.<br />
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1). The game must be fun (subjective, but consensus could easily be reached with just a few of us)<br />
2). The game does not require any "IT skill" (e.g. gamer does not have to create an account on a centralized exchange, buy a small amount of cryptocurrencies, download a browser-based cryptocurrency wallet, transfer cryptocurrencies to the browser-based wallet to access the game, etc)<br />
3). Game must be free-to-play<br />
4). Game must have decent user interface (it must be intuitive for the gamer)<br />
5). Game must not have every aspect of the game as transactions on the blockchain<br />
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Unfortunately, none of the above 5 criteria were met in a single game and we had to shelve that idea for now.<br />
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Undeterred and still curious, I ventured alone into the strange new world of blockchain gaming.<br />
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My first pick was Axie Infinity.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxxQKGRCT-bTg4aOUsalMM8hfi7ecnFNHynI91xRGqXC9oWd-8mmzTs7n-eMD5-jVlSINca65lbsaCtAgV-jBDEBbbGKy_PbagcDv4ocRQDFh-LbMFIl_n73x24yXPH-c_XtjKMerQhsc/s1600/Axie+Infinity.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1334" data-original-width="1334" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxxQKGRCT-bTg4aOUsalMM8hfi7ecnFNHynI91xRGqXC9oWd-8mmzTs7n-eMD5-jVlSINca65lbsaCtAgV-jBDEBbbGKy_PbagcDv4ocRQDFh-LbMFIl_n73x24yXPH-c_XtjKMerQhsc/s320/Axie+Infinity.png" width="320" /></a></div>
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In Axie Infinity, you collect pets known as Axies. You send them out in threes to battle against other teams of 3s and gain experience points. These experience points could be used to upgrade certain features of your Axies (e.g. make your teeth sharper, your tail stronger) to increase their formidability on the battle field or be used to mate with other Axies to produce offsprings.<br />
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As the game do not provide new players with Axies, I had to purchase my trio of Axies at the marketplace. In my case, I spent around SGD $4.80 worth of Ether. In retrospect, this may have been a foolish decision. Shouldn't my Axies be earning money for me instead of spending money for me? lol.<br />
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Battles between Axie groups are straightforward enough. You select the (1) positioning of the Axie on the battle field, and (2) the order of the moves used in battle. Each move has an offensive and defensive value to it. When an attacking Axie attacks a defending Axie, the offensive value of the attacking Axie's move is somewhat mitigated by the defensive value of the defending Axie's move....or something like that.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjF47gmT_zAmCHH1QfPexPwMrOmBC3bpXSYHp2kSvcaUfXBifgGf0QmDHcV3_BV7Wo3fPmGE9RxVkycGwkG6uSLa0vq758Q94RR4GvHaac7HtYWelHotebhc7ubKM0LlHfoBITC-dXTbTI/s1600/Axie+Battle.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="818" data-original-width="1600" height="203" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjF47gmT_zAmCHH1QfPexPwMrOmBC3bpXSYHp2kSvcaUfXBifgGf0QmDHcV3_BV7Wo3fPmGE9RxVkycGwkG6uSLa0vq758Q94RR4GvHaac7HtYWelHotebhc7ubKM0LlHfoBITC-dXTbTI/s400/Axie+Battle.png" width="400" /></a></div>
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You can battle up to 3 times every 12 hours. Every victory and loss nets you 10 and 5 exp, respectively. For people like me who don't watch the battle animation (see screenshot above) play out, you can just skip to the results instantaneously. Hence, time commitment is negligible. Just click battle 3 times in a row and view the results and you are done. You have to give and take a few seconds to find a match online though.<br />
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Assuming I require 2400 exp, lose all my battles, and only take part in 3 battles per day instead of 6, I would need 160 days before my Axies accumulate enough experience to breed baby Axies. This process could be hastened by using a pre-battle increased experience buff. As the buff is registered on the ethereum blockchain as a transaction, there is a cost to using it (e.g. ~ SGD $0.01).<br />
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Speaking of blockchain transactions, experience earned from battles have to be synced before they can be used. Otherwise, it will be accumulated in a pending state. And yes, syncing entails a transaction on the ethereum blockchain, which means......there is a cost to it. That's why I'm averse to games with plenty of in-game activities that require registering a transaction on the blockchain (point 5 above). The optimal way to manage this is to accumulate a huge amount of experience before syncing them on the blockchain.<br />
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Let's revisit this post again 160 days from now. Hopefully, I will have 3 baby Axies that could be sold for SGD $5 worth of Ether and earn a 100% profit! XDUnintelligent Nerdhttp://www.blogger.com/profile/17797052565143872922noreply@blogger.com8tag:blogger.com,1999:blog-6025037118864383396.post-24803196713039986152019-08-02T17:25:00.000+08:002019-08-02T18:20:38.999+08:00Fiddling with GIS for Industrial S-REITs<div class="separator" style="clear: both; text-align: left;">
The latest personal project I have been working on is a GIS (Geographic Information System) map detailing the Singapore-based properties of each industrial S-REIT.</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhya-LZn3IWVY9JB2tkubspoNFM_OOlbxqds_2ra_VCNqIzNJqns_wZ6Ik_CD-Ywb9WRyYA8aRgjzN3QVqaq2pdw70b3udibDXJKSEcwXp19bf9Juw1ZldOmgtxQUsxN1G_oTnXcQt2GPM/s1600/Industrial+S-REITs+GIS.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Enreitch GIS Industrial REITs Singapore" border="0" data-original-height="900" data-original-width="904" height="397" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhya-LZn3IWVY9JB2tkubspoNFM_OOlbxqds_2ra_VCNqIzNJqns_wZ6Ik_CD-Ywb9WRyYA8aRgjzN3QVqaq2pdw70b3udibDXJKSEcwXp19bf9Juw1ZldOmgtxQUsxN1G_oTnXcQt2GPM/s400/Industrial+S-REITs+GIS.PNG" title="" width="400" /></a></div>
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The above shows all the Singapore-based properties of each industrial S-REIT.<br />
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Too cluttered? Just want to see how spread out Mapletree Industrial Trust's properties are? Sure, you could select Mapletree Industrial Trust only. The choice is yours.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgw4qMG161rYAaVlcbHwCoDmHkPMCFn-r493Ndz_hjbwlbND67qlJsn6Zrxk4d46zfwYhpgPwda-oYxcjhPF1lkMzY6H1zptCV1QRWNTM3PgZf-M2CIu06Yr5u0LaJudHttDjOX5pXJufE/s1600/Mapletree+Industrial+Trust+properties.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Mapletree Industrial Trust Properties" border="0" data-original-height="841" data-original-width="1019" height="328" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgw4qMG161rYAaVlcbHwCoDmHkPMCFn-r493Ndz_hjbwlbND67qlJsn6Zrxk4d46zfwYhpgPwda-oYxcjhPF1lkMzY6H1zptCV1QRWNTM3PgZf-M2CIu06Yr5u0LaJudHttDjOX5pXJufE/s400/Mapletree+Industrial+Trust+properties.PNG" title="" width="400" /></a></div>
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Let's zoom in to some of MIT's Kallang properties.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhLfTFjcDOx4PPJ5ZxJF9VUtJ90ak18upqthqyGsciphN8ltvmo1PEK2Hw8LJaNerGCAgxKwCwL6chk_W6pSySzk2LUOgKGLb2lDu4sp3yQsDFAXnPzkyHeGLmng0O0mbmY_x9DlLtKwU/s1600/7+Kallang+Place.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="7 Kallang Place" border="0" data-original-height="836" data-original-width="1017" height="328" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhLfTFjcDOx4PPJ5ZxJF9VUtJ90ak18upqthqyGsciphN8ltvmo1PEK2Hw8LJaNerGCAgxKwCwL6chk_W6pSySzk2LUOgKGLb2lDu4sp3yQsDFAXnPzkyHeGLmng0O0mbmY_x9DlLtKwU/s400/7+Kallang+Place.png" title="" width="400" /></a></div>
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Hover your mouse cursor over any of the markers and a label will appear detailing the property name (for desktop). For mobile or tablet users, a light tap on a marker will result in the same pop-up. In this case, 7 Kallang Place could be observed in the above screenshot.<br />
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Do you need to know the distance from 7 Kallang Place to the main road (or any other place for that matter)?<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgIRcT3sJDK5YeSHVFJCTp0p1-_2rJop4GfKGTwSFxwpchHkJBAbYzgdrHHlqkBsuA5or4iHeF6gRv1CvL-qFfFogrftJYQxGvE-YxcG4BSmgZb7ojVkDnAT7wUeKVGQQq0P-B3UGCzGI8/s1600/7+Kallang+Place+to+main+road.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="GIS Mapletree Industrial Trust 7 Kallang Place to main road" border="0" data-original-height="844" data-original-width="1007" height="335" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgIRcT3sJDK5YeSHVFJCTp0p1-_2rJop4GfKGTwSFxwpchHkJBAbYzgdrHHlqkBsuA5or4iHeF6gRv1CvL-qFfFogrftJYQxGvE-YxcG4BSmgZb7ojVkDnAT7wUeKVGQQq0P-B3UGCzGI8/s400/7+Kallang+Place+to+main+road.gif" title="" width="400" /></a></div>
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Place your mouse cursor over/click the "Measure" plug-in at the top right-hand corner of the map. Click on "Create a new measurement", select the points on the map (minimum of 2 points) and, once you are done, select "Finish measurement" and the line will be drawn on the map. Multiple lines can be accommodated. Hence, you can verify whether a given property is located in a much better spot (e.g. in a major transport node) compared to another property for yourself.</div>
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Have fun with it <a href="https://enreitch.com/shiny/ind_reits_loc/">here</a>.</div>
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Achievement unlocked: Basic competency in Geographic Information System Visualization</div>
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To <a href="https://unintelligent-nerd.blogspot.com/2019/03/sneak-preview-of-web-app-im-working-on.html">Enreitch</a> users, more positive surprises will be coming your way. :)</div>
Unintelligent Nerdhttp://www.blogger.com/profile/17797052565143872922noreply@blogger.com2tag:blogger.com,1999:blog-6025037118864383396.post-5272892956954201992019-07-05T19:26:00.000+08:002019-07-05T19:46:18.971+08:00Q2 2019 Portfolio Update<span style="font-family: inherit;">How has everyone been? I hope everyone is doing well.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">I've been MIA for quite some time. I had an exam paper to clear and have spent quite some time unwinding after my paper. I have recently become acquainted with Chinese Science Fiction (translated to English, thank you) and it has become my new love interest! lol</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">I digress, financial updates first before I wax lyrical about my readings.</span><br />
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<b><u><span style="font-family: inherit;">Dividend Income</span></u></b><br />
<span style="font-family: inherit;"><b><u><br /></u></b>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpSuMy7PWAOpId1ZKtrf_uaC0_Vx4vD25-AqP_yhNB61Jw4wqn-_ET0HbvfG27kvaNjLPhT41LBdwksVbeb0lukFzMevbaBoU__sV9naVcZe5wW8ynHemouqzkYKPwGQ4ZRI4jN08bKWo/s1600/SG_plot.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: inherit;"><img alt="Q2 2019 SGD Dividend Income" border="0" data-original-height="1028" data-original-width="1600" height="256" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpSuMy7PWAOpId1ZKtrf_uaC0_Vx4vD25-AqP_yhNB61Jw4wqn-_ET0HbvfG27kvaNjLPhT41LBdwksVbeb0lukFzMevbaBoU__sV9naVcZe5wW8ynHemouqzkYKPwGQ4ZRI4jN08bKWo/s400/SG_plot.png" title="" width="400" /></span></a></div>
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<span style="font-family: inherit;">After a few quarters of tweaking my portfolio, there is finally dividend growth in my SGD-denominated portfolio! Weaker counters have been pruned and, in their place, are stronger counters with more predictable cash flows. I don't think the dividend growth rate is sustainable yet. I have recently sold half of my stake in Singtel and, without a suitable income replacement, I expect dividend income to drop again.</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgXLLlfAu9-nkTXXh-ycG-0ZzM_pxyJismyr-CGxVYMDAhjpcuIJUSQq8qXaIJnjsjQXPU7zHXTgiKS_XVnVWJfX4q1czFHApyomy2CeF7tZYKzNoxkwv1YRB_frxGE0EYaSa4jRDz9sBI/s1600/US_plot.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: inherit;"><img alt="Q2 2019 USD Dividend Income" border="0" data-original-height="1028" data-original-width="1600" height="256" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgXLLlfAu9-nkTXXh-ycG-0ZzM_pxyJismyr-CGxVYMDAhjpcuIJUSQq8qXaIJnjsjQXPU7zHXTgiKS_XVnVWJfX4q1czFHApyomy2CeF7tZYKzNoxkwv1YRB_frxGE0EYaSa4jRDz9sBI/s400/US_plot.png" title="" width="400" /></span></a></div>
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">In my USD-denominated portfolio, dividend growth hit a new high this quarter. A huge chunk of the increase came from the position I have been building in Hongkong Land since last year. Organic dividend growth from US dividend aristocrats are still too minuscule to be observed. The positions in BlackRock and Medtronic have also somewhat contributed to the increase. The increase is offsetted with Kraft Heinz's dividend cut. Meanwhile, Welltower REIT and General Mills broke their dividend growth streak, so I do not expect dividend growth from them for some time.</span><br />
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<b><u><span style="font-family: inherit;">Transactions</span></u></b><br />
<span style="font-family: inherit;">In this quarter, I initiated a new smallish position in Riverstone Holdings at a TTM PE of 17.02. I have been eyeing Riverstone for quite some time and the decline in prices allowed me to take a small nibble. From a financials standpoint, Riverstone has a good net profit margin (>10%), ROE (~20ish), and minimal debt. From a historical PE perspective, it remains quite richly valued still. Hence, I have kept this position small as part of my risk management plan. I intend to scale in slowly if the valuation multiple compresses further.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">Next, I added to my OCBC position at a Price/NAV of 1.06 using leverage. Similar to my <a href="https://unintelligent-nerd.blogspot.com/2019/05/q1-2019-portfolio-update.html">last quarter's purchase of OCBC</a>, the rationale is to increase my exposure to the Singapore banking sector. OCBC was selected as it is undervalued relative to its peers.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">As mentioned above, I sold half of my stake in Singtel following the run-up in price towards the end of June. A longer term outlook on their dividends seemed hazy. The intense competition between telcos does not inspire confidence in me. If I am wrong in my analysis, I still have half of my stake in Singtel.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">I participated in the Preferential Offering for Frasers Centrepoint Trust and applied for excess units as well. I was allotted all the excess units I applied for. As a result, Frasers Centrepoint Trust now occupies one of the top 5 positions in my equity allocation.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">I have also opted for scrip dividends for both OCBC and Raffles Medical Group.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">Over at the US side, I exited my entire stake in Kimberly Clark at a TTM PE of 25.59. Kimberly Clark's top-line has been going nowhere, its dividend growth rate has been declining, and earnings are somewhat fueled by share buybacks. Its payout ratio is on the riskier side and I do not want to take any chances. Commentary by management has always been focused on cost-cutting and expense control, which is not something desirable. After holding Kimberly Clark for 2 years and 4 months, my annualized returns are 0.5% (attributed to my small stake and commissions eroding almost all of my returns).</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">I added to my position in Medtronic at a TTM PE of 24.85. I initiated a small position in Medtronic in <a href="https://unintelligent-nerd.blogspot.com/2019/05/q1-2019-portfolio-update.html">Q1 2019</a>. I intend to build this position up slowly.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">I initiated a new position in the Tracker Fund of Hong Kong to gain exposure to the Hong Kong market. Initially, I wanted to hand-pick stocks in the HK market as well, but on second thoughts, I realize I do not have the strength nor the time to do so. The HK Tracker Fund should suffice.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">I have also added to my silver position in this quarter.</span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">It might come as a surprise to readers, but I've initiated a new position in Ethereum this quarter. In fact, I have been interested in cryptocurrencies even way before the crypto bubble. In <a href="https://unintelligent-nerd.blogspot.com/2016/09/reading-up-on-cryptocurrencies.html">one of my old blog posts from 2016</a>, I shared about my readings on the subject. After mainstream consciousness drove the prices of various cryptocurrencies into the stratosphere, I had no choice but to sit on the sidelines. It was not until my friend Rolf's <a href="http://www.rolfsuey.com/2019/03/bitcoin-then-now-loving-unloved.html">post</a> on the subject made me realize that the crypto market has probably bottomed out and it may be a good time to buy. "Why Ethereum?" could be one of the posts I might consider doing up in the future.</span><br />
<span style="font-family: inherit;"><br /></span>
<b><u><span style="font-family: inherit;">Net Worth breakdown</span></u></b><br />
<span style="font-family: inherit;">Compared to <a href="https://unintelligent-nerd.blogspot.com/2019/05/q1-2019-portfolio-update.html">Q1 2019</a>, my cash allocation decreased from 41% to 34% mainly due to the purchase of equities in the market sell-off and the payment of my balance transfer debt. Equity allocation increased from 37% to 43%.</span><br />
<span style="font-family: inherit;"><br /></span>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdBP-Vo0q1q_jgAaH-b2YxXeWgV6E8f2E8lLyCT9iWzMC9u3KaHeOKAXAGujcNmn4P5fA57ZvBWYbPKW014zVTkYuzELpQMRDY4FxxT0YzoDt73ZpciavFuYinhZ0KupszFf4Iux9RxmY/s1600/Net+Worth+breakdown.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: inherit;"><img alt="Net Worth Breakdown" border="0" data-original-height="283" data-original-width="475" height="237" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdBP-Vo0q1q_jgAaH-b2YxXeWgV6E8f2E8lLyCT9iWzMC9u3KaHeOKAXAGujcNmn4P5fA57ZvBWYbPKW014zVTkYuzELpQMRDY4FxxT0YzoDt73ZpciavFuYinhZ0KupszFf4Iux9RxmY/s400/Net+Worth+breakdown.PNG" title="" width="400" /></span></a></div>
<span style="font-family: inherit;"><b><u><br /></u></b>
<b><u><br /></u></b>
As per before, "the pie chart depicts the breakdown in my net worth across the various asset classes in percentage (pie chart neither includes my CPF nor my emergency fund). To be conservative, I computed my precious metals allocation at spot price even though I am holding everything in physicals."</span><br />
<span style="font-family: inherit;"><br /></span>
<b><u><span style="font-family: inherit;">Current Holdings</span></u></b><br />
<span style="font-family: inherit;">After converting all my USD and HKD holdings to SGD at the end of the quarter, the following table shows the percentage of each stock from <b>only</b> the <b>equities allocation </b>of my net worth (arranged in descending order).</span><br />
<span style="font-family: inherit;"><br /></span>
<br />
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 358px;">
<tbody>
<tr style="height: 15.75pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" width="245"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="font-family: inherit;"><b>Stock Name</b><o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="font-family: inherit;"><b>Percentage</b><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 1;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">AIMS APAC REIT<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">8.22<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 2;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">Hongkong
Land<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">6.57<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" valign="bottom" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">OCBC
Bank<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">6.57<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 4;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">Frasers Centrepoint Trust<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">6.39<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 5;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">Parkway
Life REIT<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">5.73<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" valign="bottom" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">DBS
Group Holdings Ltd<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">4.91<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">The
Tracker Fund of Hong Kong<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">4.67<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">SPH
REIT<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">4.04<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">First
REIT<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">3.92<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 10;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">Mapletree
Industrial Trust<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">3.81<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 11;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">BlackRock
Inc<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">3.55<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 12;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" valign="bottom" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">Thai
Beverage<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">3.14<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">SGX<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">2.99<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 14;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" valign="bottom" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">SATS
Ltd<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">2.96<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 15;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">Singtel<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">2.65<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">Capitaland
Mall Trust<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">2.48<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 17;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">ST
Engineering<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">2.35<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 18;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" valign="bottom" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">Raffles
Medical Group<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">2.01<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 19;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" valign="bottom" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">Capitaland
Limited<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">2<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 20;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" valign="bottom" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">Medtronic
PLC<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">1.99<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 21;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" valign="bottom" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">Mapletree
Commercial Trust<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">1.97<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 22;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">Dairy
Farm International Holdings<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">1.82<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 23;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">Japan
Foods Holding Ltd<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">1.81<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 24;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">JM
Smucker Co<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">1.79<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 25;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">Frasers Property Limited<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">1.77<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 26;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">Frasers
Commercial Trust<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">1.58<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 27;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" valign="bottom" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">ISEC
Healthcare Ltd<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">1.28<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 28;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" valign="bottom" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">Frasers
Logistics & Industrial Trust<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">1.14<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 29;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">Welltower
Inc<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">1.04<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 30;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">Sheng
Siong Group Ltd<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">1.04<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 31;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" valign="bottom" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">Riverstone
Holdings Limited<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">0.93<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 32;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">Kraft
Heinz Company<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">0.78<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 33;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" valign="bottom" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">QAF
Limited<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">0.69<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 34;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">General
Mills Inc<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">0.67<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 35;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">Hormel
Foods Corporation<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">0.51<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 36; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.05pt;" width="245"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">Abbott
Laboratories<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.8pt;" valign="bottom" width="113"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: inherit;">0.21<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: inherit;"><o:p> </o:p> </span></div>
<span style="font-family: inherit;">There has been some changes in my top 5 holdings. Singtel has finally been kicked out of the top 5 (Yay!). DBS was kicked out of the top 5 after I subscribed to Frasers Centrepoint Trust's Preferential Offering, bringing the latter into my top 5. Close at 7th place is the Tracker Fund of Hong Kong. Medtronic's allocation increased from 0.75% from the last quarter to 1.99% this quarter.</span><br />
<span style="font-family: inherit;"><span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">REITs have been on a tear lately. Similar to my outlook from the previous quarter, I will still be holding on to them for income. </span></span><span style="font-family: inherit;">Similarly, the market flow into consumer staples has made it difficult to add to my consumer staples counters. I totally missed out on selected utilities I have been eyeing when the market rebounded. </span><br />
<span style="font-family: inherit;"><span style="font-family: inherit;"><br /></span></span>
<span style="font-family: inherit;"><span style="font-family: inherit;"><b><u>Debt Levels</u></b></span></span><br />
<div>
Since I've started dabbling in leverage, I have been paying closer attention to my debt levels. Currently, my modified "interest coverage ratio" and "debt-to-equity ratio" is as follows:</div>
<div>
<br /></div>
<div>
Interest Coverage Ratio: 29.67</div>
<div>
Debt-to-Equity Ratio: 0.01</div>
<div>
<br /></div>
<div>
With the modified "Interest Coverage Ratio" representing the total amount of cash on hand (excluding emergency funds, interest income, and dividend income) divided by the total debt payable and "Debt-to-Equity Ratio" representing total debt payable divided by equity (what I own outright).<br />
<br />
Compared to the <a href="https://unintelligent-nerd.blogspot.com/2019/05/q1-2019-portfolio-update.html">previous quarter</a>, my Interest Coverage Ratio has an insignificant drop from 30.35 to 29.67 while my Debt-to-Equity remained the same. Looks like I have been buying more using leverage lately.<br />
<br />
<b><u>Emergency Fund</u></b><br />
Same thing month-in, month-out. Stacking cash to build a stronger financial buffer against recession and unemployment.<br />
<br />
<b><u>Insurance</u></b><br />
I have also signed up for a term insurance plan with a critical illness rider with Singapore Life. With this addition, I am covered with Hospitalisation & Surgical (H&S) insurance, Personal Accident insurance, and a term insurance plan with a critical illness rider. The underlying motivation to get the new plan is to obtain coverage for an area in which I am lacking - critical illness.<br />
<br />
From a cost perspective, it would have been better for me to get a similar plan from Aviva. However, Aviva's customer service and responsiveness just plain sucks. After multiple phone call follow-ups and emails, things were still not moving. In the end, I gave up on them.<br />
<br />
The way to get Aviva to move, a blogger friend shared with me, is to expose their inefficiencies on their social media page for all to see. That will definitely get them moving! LOL!<br />
<br />
Anyway, I digress. The premium for Singapore Life's term insurance portion is fixed while the critical illness portion escalates with age.<br />
<br />
Singapore Life is one of the newer kids on the block, so I did some digging. A cursory search on Google revealed that they acquired the portfolio of Zurich Life when the latter exited their business in Singapore. Singapore Life's shareholders include US Dividend Aristocrat Aflac Inc, which I have came across before.<br />
<br />
<b><u>Work</u></b><br />
My contract got renewed to end of Q3 2020. Hence, there is additional visibility in forecasting and allocating cash flow from employment.<br />
<br />
<b><u>Capital Allocation Thoughts</u></b><br />
Same as per last quarter, I will be adopting a defensive stance in portfolio management.<br />
<br />
I have also begun to think deeper into portfolio construction and the role that each constituent component play in the grand scheme of things:<br />
<br />
1). Instead of the STI ETF, would I generate more returns if I invest into an ETF that tracks the Hang Seng Index (e.g. Tracker Fund of Hong Kong). I have come across quite a number of people who bemoaned the "dead-ness" of Singapore's market and the peak growth of Singapore's "bluechips". In contrast, the Chinese market seems to be still growing.<br />
<br />
2). Should I convert my SG portfolio into a REIT and bank portfolio since Singapore is a REIT haven and have strong banks (relative to other nations)? With this secure base, I could use the income generated to invest in non-REIT and non-bank market leaders of the various sectors in their respective exchanges to balance things out (e.g. the US market and its dividend aristocrat consumer staples sector, the Malaysian market and its glove industry, Canadian market and its energy sector, etc).<br />
<br />
3). Conceptualizing my portfolio as a container of multiple sector ETFs. For example, my nano financials ETF currently consists of DBS, OCBC, SGX, and BlackRock. Should they be equal-weighted? What should be the weight for each component in each nano ETF be? Currently, I'm thinking of overweighting large-cap stocks relative to mid-cap and small-cap stocks for their "apparent safety" (this is not foolproof). What is the maximum cap for each component within a nano ETF and what is the maximum cap for each nano ETF in my overall portfolio?<br />
<br />
4). Drawbacks from such an approach include commission fees and complacency pertaining to the destruction of small positions.<br />
<br />
5). Now with cryptocurrency in my portfolio, what is the hard cap for it? If there is a mass adoption of cryptocurrencies in the future, what is the middle ground I could take today?<br />
<br />
For now, I have some provisional answers to the above questions. As my thoughts have not been fully fleshed out yet, I will refrain from elaborating at this juncture.<br />
<br />
In the interim, the focus is on maintaining a healthy level of cash to make occasional purchases when valuation permits. The focus is on sustainable dividends, which could either be used to build my cash position further, pare down debts, or to add to dividend stocks. Once net worth increases, the absolute cap of my allocation towards cryptocurrencies would naturally increase. Setting a cap prevents me from over-investing into cryptocurrencies at any point in time.<br />
<br />
<b><u>Readings</u></b><br />
I think I broke my reading record in this quarter, lol. I never was <i>that</i> hungry with investing literature, so you know where my priorities lie, lol.<br />
<br />
Books completed:<br />
- The Paper Menagerie and Other Stories by Ken Liu<br />
- Broken Stars, edited and translated by Ken Liu<br />
- The Garden of Evening Mists by Tan Twan Eng<br />
- The Three Body Problem by Liu Cixin (1st book in the <i>Remembrance of Earth's Past </i>Trilogy)<br />
- The Dark Forest by Liu Cixin (2nd book in the <i>Remembrance of Earth's Past</i> Trilogy)<br />
<br />
Currently reading:<br />
- Death's End by Liu Cixin (Final book in the <i>Remembrance of Earth's Past</i> Trilogy)<br />
<br />
Bought, but haven't read yet:<br />
- Grace of Kings by Ken Liu (1st book in the <i>Dandelion Dynasty</i> Trilogy)<br />
- Wall of Storms by Ken Liu (2nd book in the <i>Dandelion Dynasty </i>Trilogy)<br />
- Ball Lightning by Liu Cixin<br />
- Invisible Planets, edited and translated by Ken Liu<br />
- Waste Tide by Stanley Chan/Chen Qiufan<br />
<br />
Man, the reading is damn enjoyable!<br />
<br />
Thanks for reading! Time for me to head back to reading! =P</div>
Unintelligent Nerdhttp://www.blogger.com/profile/17797052565143872922noreply@blogger.com12tag:blogger.com,1999:blog-6025037118864383396.post-30274787165887288072019-05-04T20:07:00.000+08:002019-05-04T20:17:26.796+08:00Q1 2019 Portfolio UpdateIt has been quite some time since I've last blogged. I've been allocating my energy into developing <a href="https://unintelligent-nerd.blogspot.com/2019/03/sneak-preview-of-web-app-im-working-on.html">Enreitch</a>, my REIT web application. For those who are interested, it is complimentary. Drop me an email and I'll manually create an account for you (yes, registration has not been automated.......yet).<br />
<br />
<b><u>Dividend Income</u></b><br />
<b><u><br /></u></b>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhc0eGpPthyphenhyphentmPfoZqsjlQF-3gSLtmbNWqoHKlX8Z1ornfaOKZk0WrKXEzqIyFShpyg35desJYr3Q0_EuRUJ9ld9Uy0M2nz1bYGUNzR5QNBkE31qArNSzyg9syDAZ2lP5tIhas1WC4s44g/s1600/SG_plot.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Q1 2019 SGD Dividend Income" border="0" data-original-height="1030" data-original-width="1600" height="257" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhc0eGpPthyphenhyphentmPfoZqsjlQF-3gSLtmbNWqoHKlX8Z1ornfaOKZk0WrKXEzqIyFShpyg35desJYr3Q0_EuRUJ9ld9Uy0M2nz1bYGUNzR5QNBkE31qArNSzyg9syDAZ2lP5tIhas1WC4s44g/s400/SG_plot.png" title="" width="400" /></a></div>
<br />
Regular readers might be aware that my SGD-denominated portfolio's dividend income has been declining for the past few quarters through the sales of fundamentally-weaker income stocks. After doing some overhaul of my portfolio, I have somewhat managed to mitigate the decreasing dividend income. Y-o-y, dividend income is still flat, but it beats a declining trend. The next step is to turn that flatline into an upward trend through organic growth.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZP5-qTqB6taMf_19nJ62guAKyMw0IVGm8boKEvpw3-Ms_CePfS0TotsNxUdgRWa8TYh2pbaSsfplrSAuS0C_vuDmVkOupzKXzd1Mz7RyJOvykTpBRzgn3odFeOnVsXiTpv4iSsyYFUL8/s1600/US_plot.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Q1 2019 USD Dividend Income" border="0" data-original-height="1030" data-original-width="1600" height="257" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZP5-qTqB6taMf_19nJ62guAKyMw0IVGm8boKEvpw3-Ms_CePfS0TotsNxUdgRWa8TYh2pbaSsfplrSAuS0C_vuDmVkOupzKXzd1Mz7RyJOvykTpBRzgn3odFeOnVsXiTpv4iSsyYFUL8/s400/US_plot.png" title="" width="400" /></a></div>
<br />
In contrast, the income from my USD-denominated portfolio has been increasing due to small nibbles here and there in US stocks. In absolute terms, the amount is still minuscule. Increasing the dividend income here is much harder than I initially thought. The adage that picking a diversified list of dividend growth stocks and letting the growth in dividends compound is not as straightforward as it seems. In my much shorter journey in the US stock market thus far, 3 out of my current 8 supposed "dividend growth stocks" either froze the increase in dividends or cut their dividends. That's roughly 37% of my US stock holdings! There's nothing fancy in my US stock holdings too. They are your typical boring stocks from boring but consistent industries. More work is needed in this area too.<br />
<br />
<b><u>Transactions</u></b><br />
<b><u><br /></u></b>
In this quarter, I initiated a new position in Capitaland following the announcement of the potential merger with Ascendas-Singbridge. The purchase was funded by leverage (see my <a href="https://unintelligent-nerd.blogspot.com/2018/12/year-2018-portfolio-performance-and.html">year 2018 portfolio update post</a>) and was done at a Price/NAV of 0.72, based on the most recent quarterly earnings at the point of purchase. The rationale for the purchase is to participate in the recurring cashflow of the REITs that Capitaland holds. If the Ascendas-Singbridge acquisition goes through, the recurring income sources will be diversified to include exposure to the hospitality and industrial REIT sub-sectors as well. Even if the deal does not go through, I am fine with holding Capitaland. Over the years, Capitaland has transitioned from a developer to a developer and asset manager, with the latter being of particular relevance to my income investing style.<br />
<br />
The second transaction I made this quarter is to add to my position in OCBC. The purchase was done at a Price/NAV of 1.15 using leverage. The move was to increase my exposure to the Singapore banking sector, which I am currently underexposed to. Furthermore, OCBC presents itself as a more compelling choice in terms of valuation relative to its peers.<br />
<br />
The third transaction I did was to take partial profits in Japan Foods Holding. I sold off a third of my stake at a TTM PE of 21.30. I have been holding on to Japan Foods Holding for almost 3 years and I have received a decent amount of capital gains and dividends during this period. As it is a small-cap stock and may be susceptible to large drawdowns in a market crash, I decided that a more prudent move would be to take some profits off the table (unrealized gains are, after all, unrealized) and to hold on to the remaining 2/3 for dividend income and further capital gains, if any.<br />
<br />
The fourth transaction I did was to sell a third of my stake in SGX at a TTM PE of 21.53. The rationale is to lock in some gains since SGX has ran up quite a fair bit and to hold the remaining for dividend income.<br />
<br />
Finally, I initiated a small nibble in Medtronic at a TTM PE of ~24. Medtronic is a healthcare dividend aristocrat with a dividend growth streak of 41 years currently. They operate in the medical devices segment of healthcare and organized their business into four operating segments: (a) Cardiac and Vascular, (b) Minimally Invasive Therapies, (c) Diabetes, and (d) Restorative Therapies. As they are still growing, valuation is still on the richer side. Looking to scale in further if valuation declines or to hold on if there are no opportunities to add to it.<br />
<br />
I've also added to my silver position during my visit to the Singapore International Coin Fair (see <a href="https://unintelligent-nerd.blogspot.com/2019/03/what-i-bought-from-singapore.html">post here</a>).<br />
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<b><u>Net Worth breakdown</u></b><br />
Compared to <a href="https://unintelligent-nerd.blogspot.com/2019/01/year-2018-portfolio-performance-and.html">Q4 2018</a>, my cash allocation increased from 37% to 41% mainly due to the bonus received from employment. Precious metals (both gold and silver), in SGD terms, have declined since the writing of my Q4 2018 post.<br />
<b><u><br /></u></b>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEieAK3ie45M9uTjDjpFcYn-KEbosJpNIT9Uqy2TqWC1X7tLSrVsO2hbFv6EaZug7nenDntnSpfwbcdc9wPanAyMJFKnkJ01kknbPLvoS4bjoSTKVvhVq4TumTsMfwjau0pIpfjHxAcBdKo/s1600/Net+Worth+Breakdown.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Net Worth Breakdown" border="0" data-original-height="290" data-original-width="482" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEieAK3ie45M9uTjDjpFcYn-KEbosJpNIT9Uqy2TqWC1X7tLSrVsO2hbFv6EaZug7nenDntnSpfwbcdc9wPanAyMJFKnkJ01kknbPLvoS4bjoSTKVvhVq4TumTsMfwjau0pIpfjHxAcBdKo/s400/Net+Worth+Breakdown.PNG" title="" width="400" /></a></div>
<b><u><br /></u></b>
As per before, "the pie chart depicts the breakdown in my net worth across the various asset classes in percentage (pie chart neither includes my CPF nor my emergency fund). To be conservative, I computed my precious metals allocation at spot price even though I am holding everything in physicals."<br />
<br />
<b><u>Current Holdings</u></b><br />
After converting all my USD holdings to SGD, the following table shows the percentage of each stock from <b>only</b> the <b>equities allocation </b>of my net worth (arranged in descending order). The information contained will not be the most up-to-date as I've already made some transactions in Q2 2019.<br />
<div class="separator" style="clear: both; text-align: center;">
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<table border="1" cellpadding="0" cellspacing="0">
<tbody>
<tr>
<td><b>Stock Name</b></td>
<td nowrap="" valign="bottom"><b>Percentage</b></td>
</tr>
<tr>
<td>AIMSAMP Cap REIT</td>
<td nowrap="" valign="bottom">8.67</td>
</tr>
<tr>
<td>Hongkong Land</td>
<td nowrap="" valign="bottom">8.09</td>
</tr>
<tr>
<td>Parkway Life REIT</td>
<td nowrap="" valign="bottom">5.95</td>
</tr>
<tr>
<td nowrap="" valign="bottom">DBS Group Holdings Ltd</td>
<td nowrap="" valign="bottom">5.73</td>
</tr>
<tr>
<td>Singtel</td>
<td nowrap="" valign="bottom">5.24</td>
</tr>
<tr>
<td nowrap="" valign="bottom">OCBC Bank</td>
<td nowrap="" valign="bottom">4.94</td>
</tr>
<tr>
<td>Fraser Centrepoint Trust</td>
<td nowrap="" valign="bottom">4.94</td>
</tr>
<tr>
<td>SPH REIT</td>
<td nowrap="" valign="bottom">4.3</td>
</tr>
<tr>
<td>First REIT</td>
<td nowrap="" valign="bottom">4.1</td>
</tr>
<tr>
<td>BlackRock Inc</td>
<td nowrap="" valign="bottom">4.07</td>
</tr>
<tr>
<td>Mapletree Industrial Trust</td>
<td nowrap="" valign="bottom">3.88</td>
</tr>
<tr>
<td nowrap="" valign="bottom">Thai Beverage</td>
<td nowrap="" valign="bottom">3.43</td>
</tr>
<tr>
<td nowrap="" valign="bottom">SATS Ltd</td>
<td nowrap="" valign="bottom">3.3</td>
</tr>
<tr>
<td>SGX</td>
<td nowrap="" valign="bottom">3.06</td>
</tr>
<tr>
<td>Capitaland Mall Trust</td>
<td nowrap="" valign="bottom">2.52</td>
</tr>
<tr>
<td>ST Engineering</td>
<td nowrap="" valign="bottom">2.47</td>
</tr>
<tr>
<td nowrap="" valign="bottom">Capitaland Limited</td>
<td nowrap="" valign="bottom">2.24</td>
</tr>
<tr>
<td>Dairy Farm International Holdings</td>
<td nowrap="" valign="bottom">2.21</td>
</tr>
<tr>
<td nowrap="" valign="bottom">Raffles Medical Group</td>
<td nowrap="" valign="bottom">2.17</td>
</tr>
<tr>
<td>Japan Foods Holding Ltd</td>
<td nowrap="" valign="bottom">2.11</td>
</tr>
<tr>
<td>JM Smucker Co</td>
<td nowrap="" valign="bottom">2.08</td>
</tr>
<tr>
<td nowrap="" valign="bottom">Mapletree Commercial Trust</td>
<td nowrap="" valign="bottom">2.01</td>
</tr>
<tr>
<td>Frasers Property Limited</td>
<td nowrap="" valign="bottom">1.95</td>
</tr>
<tr>
<td>Frasers Commercial Trust</td>
<td nowrap="" valign="bottom">1.52</td>
</tr>
<tr>
<td nowrap="" valign="bottom">ISEC Healthcare Ltd</td>
<td nowrap="" valign="bottom">1.26</td>
</tr>
<tr>
<td nowrap="" valign="bottom">Frasers Logistics & Industrial Trust</td>
<td nowrap="" valign="bottom">1.24</td>
</tr>
<tr>
<td>Sheng Siong Group Ltd</td>
<td nowrap="" valign="bottom">1.07</td>
</tr>
<tr>
<td>Welltower Inc</td>
<td nowrap="" valign="bottom">1.07</td>
</tr>
<tr>
<td>Kraft Heinz Company</td>
<td nowrap="" valign="bottom">0.92</td>
</tr>
<tr>
<td nowrap="" valign="bottom">QAF Limited</td>
<td nowrap="" valign="bottom">0.87</td>
</tr>
<tr>
<td nowrap="" valign="bottom">Medtronic PLC</td>
<td nowrap="" valign="bottom">0.75</td>
</tr>
<tr>
<td>General Mills Inc</td>
<td nowrap="" valign="bottom">0.72</td>
</tr>
<tr>
<td>Hormel Foods Corporation</td>
<td nowrap="" valign="bottom">0.56</td>
</tr>
<tr>
<td>Kimberly Clark Corp</td>
<td nowrap="" valign="bottom">0.36</td>
</tr>
<tr>
<td>Abbott Laboratories</td>
<td nowrap="" valign="bottom">0.22</td>
</tr>
</tbody>
</table>
<br />
<div>
Similar to what I've shared previously, I have capped the position size of Singtel in my portfolio. Increasing competition in the Telco space and commoditization of their services are not encouraging signs for investors like myself who are income-oriented.</div>
<div>
<br /></div>
<div>
Property stocks and REITs are over-represented in my portfolio. I will still be holding on to my REITs for income. Neither do I want to take profit nor do I want to add to them.</div>
<div>
<br />
US consumer staples have rebounded since their lows in January 2019, with the only exception being Kraft Heinz which was hit by a whammy of bad news. This was really a bad call on my part. I had some qualms with Kraft Heinz (see my <a href="https://unintelligent-nerd.blogspot.com/2018/12/year-2018-portfolio-performance-and.html">Q4 2018 post</a>) but I still foolishly went ahead with it. Their dividend cut will hurt my USD dividend growth rate to some extent. Meanwhile, Singapore consumer staples seem like BAU (business-as-usual); some positive points and some negative points.</div>
<div>
<br /></div>
<div>
<b><u>Debt Levels</u></b></div>
<div>
Since I've started dabbling in leverage, I have been paying closer attention to my debt levels. Currently, my modified "interest coverage ratio" and "debt-to-equity ratio" is as follows:</div>
<div>
<br /></div>
<div>
Interest Coverage Ratio: 30.35</div>
<div>
Debt-to-Equity Ratio: 0.01</div>
<div>
<br /></div>
<div>
With the modified "Interest Coverage Ratio" representing the total amount of cash on hand (excluding emergency funds, interest income, and dividend income) divided by the total debt payable and "Debt-to-Equity Ratio" representing total debt payable divided by equity (what I own outright).<br />
<br />
I am still trying to get used to leverage. Hence, my low debt levels. I intend to maintain a manageable debt level and to pare down debt responsibly. The rationale for using leverage is to build assets that provide cash flow at a much faster pace.<br />
<br />
<b><u>Emergency Fund and Meta-Emergency Fund</u></b><br />
Besides regularly contributing to our (my mum and I) shared emergency fund, I have started and began contributing to a meta-emergency for my mum. The idea is to add another layer of defence in the event our emergency fund fails in a recession.<br />
<br />
The primary role of the meta-emergency fund is to provide some income (no matter how negligible) to help my mum pay down our housing debt, with the financial instrument of choice being the SSB. To this end, I have been contributing a moderate amount to SBBs each month since the start of this year. This is on top of helping my mum out with the housing debt every alternate month. I foresee I'll stop with the monetary help every alternate month once the stock market crash since I need all the cash I could get to go all-in! Hence, the meta-emergency fund.<br />
<br />
<b><u>Capital Allocation Thoughts</u></b><br />
I will be prioritizing defence (emergency fund/meta-emergency fund/cash). As and when there are any investment opportunities, I will keep my purchases small. If no such opportunities present itself, I will be using cash to pare down my debt further.<br />
<br />
With the way things are, I have been looking into sectors that I normally don't look into (e.g. industrials) for investment. Looking for fairly valued opportunities in a bull market has been tough and my itchy fingers have not been helpful as well. Perhaps some opportunities could appear in the US healthcare sector now that it is getting hammered?<br />
<br />
I don't know.<br />
<br />
I'll only know after the fact.<br />
<br />
Thanks for reading!</div>
Unintelligent Nerdhttp://www.blogger.com/profile/17797052565143872922noreply@blogger.com6tag:blogger.com,1999:blog-6025037118864383396.post-16974676297042008632019-03-22T19:47:00.001+08:002019-03-22T19:47:51.665+08:00What I bought from the Singapore International Coin Fair 2019<div class="separator" style="clear: both; text-align: center;">
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Attending the Singapore International Coin Fair has been a yearly affair for me. This year, it runs from 22 to 24 March 2019 (today till Sunday!). I attended the fair today and here are some pictures:<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDqQ7CMf_yl7nNIfRztfQLXrEXV7BJgtGrkIXmVqQxnkJMp_fpoVJXRSqnZnkYMJQgXK4Ex0DWfBKFQ_qpqqlCLCQjMG6l8DpUE-C-GTDCBTVy13-BbFFZDg3oDaC4HL04JCNL0Cc15pY/s1600/Entrance.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1200" data-original-width="1600" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDqQ7CMf_yl7nNIfRztfQLXrEXV7BJgtGrkIXmVqQxnkJMp_fpoVJXRSqnZnkYMJQgXK4Ex0DWfBKFQ_qpqqlCLCQjMG6l8DpUE-C-GTDCBTVy13-BbFFZDg3oDaC4HL04JCNL0Cc15pY/s320/Entrance.jpg" width="320" /></a></div>
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First time the Royal Australian Mint participating in the coin fair:<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhskhnXfJwi3XRm9IcW1Y0vIlmjkzgKeijjKRT8dWO76KjkHSI74A8BW160TAmeA5U_94NsZWM3VuCSj5uBt7gnAzo5gxsN1xtM9DubE8i0kFRYCYsn8UBDDCmGjTcuITUHUfWCJBdi3WA/s1600/RA+Mint.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1200" data-original-width="1600" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhskhnXfJwi3XRm9IcW1Y0vIlmjkzgKeijjKRT8dWO76KjkHSI74A8BW160TAmeA5U_94NsZWM3VuCSj5uBt7gnAzo5gxsN1xtM9DubE8i0kFRYCYsn8UBDDCmGjTcuITUHUfWCJBdi3WA/s320/RA+Mint.jpg" width="320" /></a></div>
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Pandas, Pandas, and more Pandas!<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUIrTTebMhyphenhyphenTkt2d0vim4d1I-4aun7fCcfO-dGmJ4CnTv32IghkpsZoX5CjMenEduGw5nAzrMdFtsyEcEZUIeI2qU2-FDAJdqPOWR3Yhk066Popss0QlmSKkSQVdAH3G0sY0vEdXJjs7M/s1600/pandas1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1200" data-original-width="1600" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUIrTTebMhyphenhyphenTkt2d0vim4d1I-4aun7fCcfO-dGmJ4CnTv32IghkpsZoX5CjMenEduGw5nAzrMdFtsyEcEZUIeI2qU2-FDAJdqPOWR3Yhk066Popss0QlmSKkSQVdAH3G0sY0vEdXJjs7M/s320/pandas1.jpg" width="320" /></a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh84I4_40DXcw9zSo6fL_A1FrnqQhyphenhyphenEy05s__7r4bOOIqvpL1Tub5dse-iA1lIMKWPcLpJWaQ2oXkSY2jOmbw2klZQK-ESfA4mP15ClvfQy_jRgGLuYmO-a8jbQ306R6QGsZje9K4Nqh4k/s1600/pandas2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1200" data-original-width="1600" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh84I4_40DXcw9zSo6fL_A1FrnqQhyphenhyphenEy05s__7r4bOOIqvpL1Tub5dse-iA1lIMKWPcLpJWaQ2oXkSY2jOmbw2klZQK-ESfA4mP15ClvfQy_jRgGLuYmO-a8jbQ306R6QGsZje9K4Nqh4k/s320/pandas2.jpg" width="320" /></a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjOScCu95t_pwcnC6SsLy-PRRO8FIWSqtUR560mFpu8Uw1DdynVbGgCjnjMbbF_yMbsU_3HZHLPcFPid4cFrnjW8KonX7xY0JLbAxtNuQlXMqnX9p3jIZRMmCtWNLSDJqW6-Y1U-KNkHo4/s1600/pandas3.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1200" data-original-width="1600" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjOScCu95t_pwcnC6SsLy-PRRO8FIWSqtUR560mFpu8Uw1DdynVbGgCjnjMbbF_yMbsU_3HZHLPcFPid4cFrnjW8KonX7xY0JLbAxtNuQlXMqnX9p3jIZRMmCtWNLSDJqW6-Y1U-KNkHo4/s320/pandas3.jpg" width="320" /></a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiXONgYMLZxPOZj90oWTkt9upZAFxOoOzQOLieVgzwXJE0v3JqoDS2fdx5qo1C4cqfLtF9VbjC4nAii4m5jtsF4601Z0m92ccMsiMk80IGaph1yiw15YDi2NpCWGao-CaT5Zne67J9ab98/s1600/pandas4.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1200" data-original-width="1600" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiXONgYMLZxPOZj90oWTkt9upZAFxOoOzQOLieVgzwXJE0v3JqoDS2fdx5qo1C4cqfLtF9VbjC4nAii4m5jtsF4601Z0m92ccMsiMk80IGaph1yiw15YDi2NpCWGao-CaT5Zne67J9ab98/s320/pandas4.jpg" width="320" /></a></div>
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Assortment of coins<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLd_c8bRM9Y72gyo_aAEVisMfLsY9DmAL-86stmbHBIFyzewEP0WYvIWioAaLuLjdJUHGKZmxFLHVyimns0HrSQoezapp_I462TDNNLc6yAEGwI0yiBukrT3QCTztuG7aqKD2lu_FBAtg/s1600/Assortment.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1200" data-original-width="1600" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLd_c8bRM9Y72gyo_aAEVisMfLsY9DmAL-86stmbHBIFyzewEP0WYvIWioAaLuLjdJUHGKZmxFLHVyimns0HrSQoezapp_I462TDNNLc6yAEGwI0yiBukrT3QCTztuG7aqKD2lu_FBAtg/s320/Assortment.jpg" width="320" /></a></div>
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What I bought:<br />
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj1zJCoXaEH9SLmN01JZ_GU7Iaq4JoR-etOB4pv-0Bs_Kf3Oyr1GB9lMc2yRPQugqlRhS2b_v2QGSoOGj71SsCoMqQgO72C32wfKHn-h-d9WlL7XEa5dC77koW4F0jbuoqPg5Qjb3x65E8/s1600/Silver+Piedfort+Proof.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="1600" data-original-width="1200" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj1zJCoXaEH9SLmN01JZ_GU7Iaq4JoR-etOB4pv-0Bs_Kf3Oyr1GB9lMc2yRPQugqlRhS2b_v2QGSoOGj71SsCoMqQgO72C32wfKHn-h-d9WlL7XEa5dC77koW4F0jbuoqPg5Qjb3x65E8/s320/Silver+Piedfort+Proof.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">39 grams Silver Piedfort Proof Commemorative</td></tr>
</tbody></table>
<br /><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj_m5vijsKjh4eL0hHCW4yNn7RLUPuLb2s4u6cAWI-2avbYgpleiywm5OTls2Xub5NziQPuTu0bhSpnioDVoFizpBlJdr4DmR77PiaGz2bU0ve-WCe7oEzvD8UawXrRCD1tqeDUYEiPPMw/s1600/Silver+Frosted+Kangaroo.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="1600" data-original-width="1200" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj_m5vijsKjh4eL0hHCW4yNn7RLUPuLb2s4u6cAWI-2avbYgpleiywm5OTls2Xub5NziQPuTu0bhSpnioDVoFizpBlJdr4DmR77PiaGz2bU0ve-WCe7oEzvD8UawXrRCD1tqeDUYEiPPMw/s320/Silver+Frosted+Kangaroo.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">2019 $1 Fine Silver Frosted Uncirculated Coin Kangaroo Series</td></tr>
</tbody></table>
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg9TePkFeyqem5XLK8sHSyu4DkBZuhg9Jnm82CWij7CHS19ivXDBWHFAMesMv75joDDLa1jbjw63DD5AwNFbXSsNloqbUhmMr_IVHhj8mvKVErr4KP77xZa1eTziYM9brawqkq4guQ5rTg/s1600/Merlion+Privy.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="1600" data-original-width="1200" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg9TePkFeyqem5XLK8sHSyu4DkBZuhg9Jnm82CWij7CHS19ivXDBWHFAMesMv75joDDLa1jbjw63DD5AwNFbXSsNloqbUhmMr_IVHhj8mvKVErr4KP77xZa1eTziYM9brawqkq4guQ5rTg/s320/Merlion+Privy.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">2019 $1 1oz Merlion Privy Mark 40mm Ag Singapore Coin Special</td></tr>
</tbody></table>
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj2bE4qLYkQZSg26_IrZF3AaTCtk3H9X3xQwJtPHwL4lmj3WAwi09Fv-IV-JrCndhIrttjwMkcWTR7thCwV1Pf62_7lLipf3_f-7RFMZ8FfibDjpJdUmIitBrLfTu9BW_2_whFh0l2bgdg/s1600/Philadelphia+Panda.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="1600" data-original-width="1200" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj2bE4qLYkQZSg26_IrZF3AaTCtk3H9X3xQwJtPHwL4lmj3WAwi09Fv-IV-JrCndhIrttjwMkcWTR7thCwV1Pf62_7lLipf3_f-7RFMZ8FfibDjpJdUmIitBrLfTu9BW_2_whFh0l2bgdg/s320/Philadelphia+Panda.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">2012 China Silver Panda, Philadelphia World's Fair of Money</td></tr>
</tbody></table>
<br /><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6qOtj604sxTz8k5S6-W2TQ8BRXUEkf3TWrf_l_rj_TqxTKSIB-t3HEKdwC0EqFOr1Y_EPlYIhhCmyHoQELWjrAFMPuFPjHsSfklSJvnoNQ_KJ_Njp3ZQRzrW_LWsSB5Ru-SSY5o3fO_Y/s1600/Berlin+Panda.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="1600" data-original-width="1200" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6qOtj604sxTz8k5S6-W2TQ8BRXUEkf3TWrf_l_rj_TqxTKSIB-t3HEKdwC0EqFOr1Y_EPlYIhhCmyHoQELWjrAFMPuFPjHsSfklSJvnoNQ_KJ_Njp3ZQRzrW_LWsSB5Ru-SSY5o3fO_Y/s320/Berlin+Panda.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">2013 China Silver Panda, Berlin World Money Fair</td></tr>
</tbody></table>
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_XPoRguLHesim-nhyg0S3548bzPR1KXYpVyRvCcSE4r0odBYRy5RQmGtOnxxLIV18bpgfCtJl8BLS9Fl2d1w46wrmBh8qcoNdwZ9bRqOhisJt6LsfWhokbThPnrojTZ-cCMWLiQI-yoE/s1600/China+70th+Anniversary.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="1600" data-original-width="1200" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_XPoRguLHesim-nhyg0S3548bzPR1KXYpVyRvCcSE4r0odBYRy5RQmGtOnxxLIV18bpgfCtJl8BLS9Fl2d1w46wrmBh8qcoNdwZ9bRqOhisJt6LsfWhokbThPnrojTZ-cCMWLiQI-yoE/s320/China+70th+Anniversary.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">China 70th Anniversary of the Issuance of the Renminbi</td></tr>
</tbody></table>
<br />
Hope you all enjoy the photos. With these purchases, cash level has dropped and precious metals allocation has increased.Unintelligent Nerdhttp://www.blogger.com/profile/17797052565143872922noreply@blogger.com10tag:blogger.com,1999:blog-6025037118864383396.post-7480658242242077572019-03-08T18:19:00.000+08:002019-03-08T18:19:27.253+08:00Sneak preview of the Web App I'm working onI have been spending my time working on my web application. Now that it is <i>nearly</i> done, I shall let the pictures do the talking. :)<br />
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0gI237NDfw-y4g-O650mFZUN9zyBDDwIUH-1rcJ_HzGQ0Gi-UaD5GoofMatoLKjPKs5_Rkzf6P3VwdfhWMNZH9eChEyINEFGK2Jeg0vH8_QOuHDMMUStQfcVnVuLQDIkUKv65CSI5WtA/s1600/CMT+DPU+Trend.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Capitaland Mall Trust DPU Trend - Enreitch" border="0" data-original-height="500" data-original-width="998" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0gI237NDfw-y4g-O650mFZUN9zyBDDwIUH-1rcJ_HzGQ0Gi-UaD5GoofMatoLKjPKs5_Rkzf6P3VwdfhWMNZH9eChEyINEFGK2Jeg0vH8_QOuHDMMUStQfcVnVuLQDIkUKv65CSI5WtA/s400/CMT+DPU+Trend.PNG" title="" width="400" /></a></div>
<br />
Above, we have Capitaland Mall Trust's quarterly DPU trend since listing.<br />
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6cJTtJknoAhdDgNtlecHztm3NSwE4dbKFPyOY9nERSI3uroomUzzmotzVS58ll3Ico20ne_7FtL7Vm3Jt3YeGEctnKj-TJiGXD4sgbLt7c0RPC4_xnAIomH-qSZbus_osvlx0r5J9VdQ/s1600/CMT+DPU+Trend+highlighted.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Capitaland Mall Trust DPU Trend - Enreitch" border="0" data-original-height="490" data-original-width="1000" height="195" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6cJTtJknoAhdDgNtlecHztm3NSwE4dbKFPyOY9nERSI3uroomUzzmotzVS58ll3Ico20ne_7FtL7Vm3Jt3YeGEctnKj-TJiGXD4sgbLt7c0RPC4_xnAIomH-qSZbus_osvlx0r5J9VdQ/s400/CMT+DPU+Trend+highlighted.png" title="" width="400" /></a></div>
<br />
Wanna interact with the chart directly instead of toggling with the dropdown menus and slider bar? Sure, you can highlight selected portions of the chart directly.<br />
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihaDuMQBwQEjT3voxacrFnZ3sEFJI18VgfBYE04pLHFQldZTgbyoJxYeBItwrMbzZJCkT-6YbWTzbixCmR__uh8ADltggNsHlyS0LvrGEmKCCCPkJm_Yo9x0qwtOZ0K-3NO-imDELKnzc/s1600/CMT+DPU+Trend+post-highlighting.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Capitaland Mall Trust DPU Trend - Enreitch" border="0" data-original-height="499" data-original-width="1005" height="197" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihaDuMQBwQEjT3voxacrFnZ3sEFJI18VgfBYE04pLHFQldZTgbyoJxYeBItwrMbzZJCkT-6YbWTzbixCmR__uh8ADltggNsHlyS0LvrGEmKCCCPkJm_Yo9x0qwtOZ0K-3NO-imDELKnzc/s400/CMT+DPU+Trend+post-highlighting.png" title="" width="400" /></a></div>
<br />
....and there you have it! Hover your mouse over the data points and the info will pop out.<br />
<br />
How did REITs fare during the GFC?<br />
<br />
We can answer these questions as well.<br />
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9Ub-CkZcj7xqegWhUBCLB9d4BDy2uSFW-W6Y57KCrNDBRCVxCkBnZ6koOcUec4ssaoWXoWIbigSU7bYGm7pB7o0SfWn_EVBFSA7zI39MxmP2lBHqOwKXPHLuFAiRriQjui4VnPsiZ05M/s1600/AA+REIT+NAV+Trend.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="AIMS AMP Cap REIT NAV per unit Trend - Enreitch" border="0" data-original-height="498" data-original-width="997" height="198" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9Ub-CkZcj7xqegWhUBCLB9d4BDy2uSFW-W6Y57KCrNDBRCVxCkBnZ6koOcUec4ssaoWXoWIbigSU7bYGm7pB7o0SfWn_EVBFSA7zI39MxmP2lBHqOwKXPHLuFAiRriQjui4VnPsiZ05M/s400/AA+REIT+NAV+Trend.png" title="" width="400" /></a></div>
<br />
For example, AIMS AMP Cap REIT NAV per unit cratered during the GFC.<br />
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What other metrics do I have? Plenty!<br />
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEifDhgNXNJQa24AzIbNeABQFDkNAdMUEOZ_28tDzT8EkXcIh_-OMb4aNIhCy_w7bWqZqxmYj89WCFJnXFq20z7anzAkQRlKg6stxIxrmt57GtUCbf9L6a0H7Yxi8hyphenhyphenMJ-LCFrDdO8TqS-I/s1600/MLT+Fixed+Rate+Debt+Trend.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Mapletree Logistics Trust Percentage of Fixed Rate Debt Trend - Enreitch" border="0" data-original-height="496" data-original-width="991" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEifDhgNXNJQa24AzIbNeABQFDkNAdMUEOZ_28tDzT8EkXcIh_-OMb4aNIhCy_w7bWqZqxmYj89WCFJnXFq20z7anzAkQRlKg6stxIxrmt57GtUCbf9L6a0H7Yxi8hyphenhyphenMJ-LCFrDdO8TqS-I/s400/MLT+Fixed+Rate+Debt+Trend.png" title="" width="400" /></a></div>
<br />
Above, we have Mapletree Logistics Trust's Percentage of Fixed Rate Debt trend. *Hint* Take a look at the dropdown menu.<br />
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In the mean time, I'll be polishing my app further. Enreitch (pronounced "enrich") will be arriving shortly to enrich your REIT analysis. REIT analysis, I hope, will be less ireitating moving forward.<br />
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Cheers! :)Unintelligent Nerdhttp://www.blogger.com/profile/17797052565143872922noreply@blogger.com27tag:blogger.com,1999:blog-6025037118864383396.post-52857772198651906622019-02-04T16:04:00.001+08:002019-02-04T16:04:38.102+08:00Happy Lunar New Year!A Happy Lunar New Year to all my blogger friends and readers! Wishing each of you good health, strong relationships and prosperity! HUAT AH!<br />
<br />
Just done with my assignment. Will be splitting my time between studying for my papers, blogging, and working on my side project (which will be revealed in due time).<br />
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Cheers!<br />
UNUnintelligent Nerdhttp://www.blogger.com/profile/17797052565143872922noreply@blogger.com4tag:blogger.com,1999:blog-6025037118864383396.post-24227991197920957422019-01-01T17:35:00.000+08:002019-01-01T17:35:50.199+08:00Year 2018 Portfolio Performance and Dividend Income (Part 2)Alrighty! The markets have closed for 2018 and it is time to tabulate my performance and continue the second part of my Year 2018 Review post. For those who missed out on part 1, you can find it <a href="https://unintelligent-nerd.blogspot.com/2018/12/year-2018-portfolio-performance-and.html">here</a>.<br />
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<b><u>Net worth breakdown</u></b><br />
There has been some changes to my net worth breakdown compared to the <a href="https://unintelligent-nerd.blogspot.com/2018/10/q3-2018-portfolio-update.html">previous quarter</a>. Equity allocation has increased from 35% to 39% (in light of all the nibbling I did recently). Cash allocation fell from 40% to 37%. The cash portion would have looked far worse had it not been for my bonus. Precious metals dropped from 25% to 24%.<br />
<b><u><br /></u></b>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJWV-AtkjG0r_Mlc7L7GmCSiZugeRTwtrDdpHAWcu6mfpHxg-SLSg7flqLKuel0DhhuxBp9wazSWsi-VfFutnbmk3x93PjDy_KQg_LJPIyyhRwgQtrQhb1kkdHCEnN14XLA7SJg7KWZsk/s1600/Net+Worth.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Net Worth Breakdown" border="0" data-original-height="289" data-original-width="480" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJWV-AtkjG0r_Mlc7L7GmCSiZugeRTwtrDdpHAWcu6mfpHxg-SLSg7flqLKuel0DhhuxBp9wazSWsi-VfFutnbmk3x93PjDy_KQg_LJPIyyhRwgQtrQhb1kkdHCEnN14XLA7SJg7KWZsk/s400/Net+Worth.png" title="" width="400" /></a></div>
<b><u><br /></u></b>
As per before, "the pie chart depicts the breakdown in my net worth across the various asset classes in percentage (pie chart neither includes my CPF nor my emergency fund). To be conservative, I computed my precious metals allocation at spot price even though I am holding everything in physicals."<br />
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<b><u>Equity Performance</u></b><br />
<br />
For my SGD-denominated portfolio:<br />
Returns for Year 2018: -7.78%<br />
Annualized returns since portfolio inception (March 2015): 6.48%<br />
<br />
For my USD-denominated portfolio:<br />
Returns for Year 2018: -3.59%<br />
Annualized returns since portfolio inception (March 2016): 5.62%<br />
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The above computations include equities only. It does not include cash drag and precious metals drag.<br />
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<b><u>Thoughts on Performance</u></b><br />
Strangely, I am very satisfied with my returns despite having negative returns for both my SGD and USD-denominated portfolio in year 2018. The market has been red and my portfolios were not spared. Hence, what I am experiencing is pretty normal.<br />
<br />
When I look back at my multi-year performance, I think I am doing alright in my investment journey. 2017 had been a good year and I took some profits off the table. In 2018, I continued to divest positions that I have superficially entered in as well as fundamentally weaker counters. Hence, most of my portfolio losses were realized in the early part of 2018. Had I not done so, my returns for year 2018 would be much more redder.<br />
<br />
In life, you win some and you lose some. So far, I managed to win slightly more than I lose. This is a good sign and I hope this would persist.<br />
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As I type this post, I am reminded of what I have told myself before. The talking heads have been droning on and on about a stock market collapse. I have personally done what I can by eliminating the counters which I am unsure of or are fundamentally weak. What's left are the counters which I am comfortable holding (of course comfort comes in various degrees depending on the particular stock in question). As I don't foresee myself going completely cash, I would need to have the mental fortitude to ride it out with my current holdings and any potential stocks that I would be buying before the crash happens. I am okay with this.<br />
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<b><u>Insurance</u></b><br />
My insurance policies lacked a Critical Illness plan. I went around looking for a plan that has an option to add a Critical Illness rider and I came across the MINDEF and MHA Group Term Life plan (with a CI rider option) by Aviva. The term life portion has a fixed premium while the CI rider premium escalates with age. I have requested for a quote from Aviva and this is still pending.<br />
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<b><u>Studies</u></b><br />
Imagine my horror when the sample examination paper for one of my modules tested something that is seemingly out of the syllabus. I will be deferring said module to the following year to brush up on this out-of-syllabus topic before taking the exam.<br />
<br />
In terms of scheduling my study time, more work needs to be done in this area. Generally, weekends are predesignated for studying and I have completed the first run-through of the entire textbook for one of my modules within 2 months from course commencement. And that is just for readings, it does not include assignments. Multiply this by two (since I am taking two modules) and time is sorely lacking. Guess I will be allocating some weekday nights to studying from now on.<br />
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<b><u>Emergency Fund</u></b><br />
With higher interest rates for the Singapore Savings Bonds (Jan 2019 issue), it finally motivated me to close a low-interest savings account that I had. Part of the proceeds went into our shared emergency fund while the rest went into......<br />
<br />
<b><u>Mother's Retirement Fund</u></b><br />
....the Singapore Savings Bonds (Jan 2019 issue) for my mum's retirement fund. It's small, but a step forward nonetheless. On-and-off, I have been thinking of what ETFs or stocks should go here. At the moment, I think I will settle for STI ETF and Hongkong Land.<br />
<br />
Regular readers will know that I am partial to Hongkong Land for its recurring cash flow from its investment properties. Coupled with its conservative management, slow (but steady!) dividend growth, and not being a "hot stock", it is a decent choice. My concerns at the moment is the USD/SGD exchange rate (which affects the dividends) and if the day comes when business-as-usual (BAU) is no longer BAU.<br />
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Hypothetically, my mother's retirement fund will consist of SSBs, with stocks to be purchased by me in a market crash and then transferred to her personal CDP account. That's all for now, I guess.<br />
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<b><u>Current Holdings</u></b><br />
After converting all my USD holdings to SGD, the following table shows the percentage of each stock from <b>only</b> the <b>equities allocation </b>of my net worth (arranged in descending order).<br />
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg_aU23vFLbK9fH13W0ubGSDfu3ixo6RGr_XEa9zUlnsw_ahiKETMmknz3q9n9RUATZryBUPhQHREHOmXpLRsZqu1D3cZ2Xk5hmDrWmWZImU7uJC_wkEBgd2SKgRlhrfxDNuTc_Og4valc/s1600/Stock+Holdings.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Stock Holdings" border="0" data-original-height="715" data-original-width="348" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg_aU23vFLbK9fH13W0ubGSDfu3ixo6RGr_XEa9zUlnsw_ahiKETMmknz3q9n9RUATZryBUPhQHREHOmXpLRsZqu1D3cZ2Xk5hmDrWmWZImU7uJC_wkEBgd2SKgRlhrfxDNuTc_Og4valc/s640/Stock+Holdings.png" title="" width="308" /></a></div>
<br />
Moving forward, I intend to add on other counters such that the role of AIMSAMP REIT and Singtel becomes more diminished in my portfolio. Ironically, Abbott Laboratories, who occupies the bottom position, is <i>almost</i> a double-bagger stock. LOL!<br />
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<b><u>Investment Strategy</u></b><br />
I intend to continue what I am doing, which is to predominantly invest for dividends and dividend growth. In light of the market turmoil, I will focus more on large-cap stocks which have the staying power to survive an economic downturn.<br />
<br />
My preference is to have a large number of stocks in my portfolio to reduce reliance on any particular stock or group of stocks for dividend income. I think I will elaborate more on a future post about my investing style.<br />
<br />
As we are on the topic of my investment style, I have signed up for the investment newsletter by US blogger <a href="https://www.dividendgrowthinvestor.com/">Dividend Growth Investor</a>. This is not a sponsored post. The rationale is to learn of new US dividend growth stocks that I have not heard of before, try to second-guess his stock picks for the following month (to see whether my picks converge with his choices), and market time into dividend growth stocks. I don't think that is the "right" way to use his newsletter, but that's how it is for me.<br />
<br />
As always, I am partial towards REITs, consumer staples, healthcare, and (some) utilities. It might look to be a good time to add to consumer staples if the decline in the sector continues.<br />
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That's all. Thanks for reading!Unintelligent Nerdhttp://www.blogger.com/profile/17797052565143872922noreply@blogger.com10tag:blogger.com,1999:blog-6025037118864383396.post-21116660139490711562018-12-30T21:51:00.000+08:002018-12-30T21:51:57.480+08:00Year 2018 Portfolio Performance and Dividend Income (Part 1)Goodbye 2018! Hello 2019!<br />
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I must be in the flow today. I can't stop typing as the words just come to me. As the post is getting lengthy, I'll be splitting it into two posts.<br />
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<b><u>Dividend Income</u></b><br />
<b><u><br /></u></b>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhn_CRgPjg4JG6FwllWzTLesJwO-yhOQGuXfBvsyyOs8iI3FXu-44UJ9qnKUEMW9iLStsMr8Ze1k5uDVxLveQpL8y4xHNBjsYvDF81d0LcYm_RkOR9kPBOyt-8dmrQv24-J_HHy1owwFAY/s1600/SG_plot.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Q4 2018 SGD Dividend Income" border="0" data-original-height="1030" data-original-width="1600" height="257" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhn_CRgPjg4JG6FwllWzTLesJwO-yhOQGuXfBvsyyOs8iI3FXu-44UJ9qnKUEMW9iLStsMr8Ze1k5uDVxLveQpL8y4xHNBjsYvDF81d0LcYm_RkOR9kPBOyt-8dmrQv24-J_HHy1owwFAY/s400/SG_plot.png" title="" width="400" /></a></div>
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Dividends received from my SGD-denominated portfolio in Q4 2018 fell, when compared to the same quarter last year. Most likely, this is due to the effect of pruning quite a number of counters from my portfolio which I had started 2 quarters ago. I expect increases in my dividend income for the coming year once the new additions to my portfolio start contributing their part.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh56zmWeX1QNUh4hNhrYzhr2kDbVVnYBdF9dsTJtvmkuEPgpbyhH0bEzZdtXXwYIASlda4yzFnuPUr6WJr8pd4nfy-FwNNySAER91sYSmKYg8mU_EkyiqN5gAPt7c967eFh4dSQuzh11Yw/s1600/US_plot.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Q4 2018 USD Dividend Income" border="0" data-original-height="1030" data-original-width="1600" height="257" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh56zmWeX1QNUh4hNhrYzhr2kDbVVnYBdF9dsTJtvmkuEPgpbyhH0bEzZdtXXwYIASlda4yzFnuPUr6WJr8pd4nfy-FwNNySAER91sYSmKYg8mU_EkyiqN5gAPt7c967eFh4dSQuzh11Yw/s400/US_plot.png" title="" width="400" /></a></div>
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Dividends received from my USD-denominated portfolio increased in Q4 2018, when compared to the same quarter last year. I have been allocating more cash, albeit slowly, to my USD-denominated portfolio. The US market has fallen quite a bit and I am initiating new positions and adding to my existing positions slowly if the market continues to slide further. The main thrust of my USD-denominated portfolio is on dividend growth.<br />
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I get this question often, so I hope to address it here. The framework that I adopt in my equities allocation involves selecting higher-yielding SG income stocks with lower dividend growth potential and complementing it with lower-yielding US dividend growth stocks with higher dividend growth potential. So far, this framework works fine for me. Cash flow from SG stocks could be used to purchase additional cash flow from SG stocks or US dividend growth stocks whose dividend increases would materialize somewhere in the future.<br />
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Yes, the 30% dividend withholding tax does stick out like a sore thumb. The seemingly punitive withholding tax doesn't look that bad after all when said US dividend growth stocks generate upper single digit or double digit growth and dividend growth. I am cherry picking here, but did you know that a certain US dividend aristocrat had a sustainable 28% dividend increase this year? How many SG income stocks could grow their dividends around low-to-mid single digit each year and pull out a tremendous sustainable 28% increase in a particular year? Please share with me if you do know of any.<br />
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Unfortunately, there is a difference between theory and praxis. I think quite a few of my US dividend growth stocks which I have selected turned out to be duds by having their dividend growth streaks broken. Second, the Singapore market do have their dividend growth stocks as well. They do not possess the kind of insane dividend growth that their US counterparts possess, but dividend growth is still dividend growth. It is a failing on my part to assume that they do not exist and my obstinacy to not challenging the assumption I had as well as my lack of meticulousness in scouring the SG market to confirm/disconfirm my thesis.<br />
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Oh well. I will improve from here.<br />
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<b><u>Transactions</u></b><br />
From this quarter onwards, I will be including a valuation metric to each of my purchase transactions. This is mainly for my own record keeping.<br />
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I initiated a new, smallish position in Kraft Heinz at TTM PE of 15.35 prior to their Q3 earnings. I had some qualms regarding my decision as Kraft Heinz's payout ratio is on the high side and the management had been silent regarding the much-expected dividend increase in their Q2 earnings. Still, I decided to go for it, foolishly believing that Warren Buffett and 3G Capital will work their magic and help the company to resume growth. When the supposed dividend increase failed to materialize for the second time round following their Q3 earnings, the price crashed by 10%.<br />
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I added to my position in Hongkong Land at a PB of 0.37 when it fell to its 52-week low. Nothing much to add here. Regular readers would know that I hold Hongkong Land for its recurring cashflow from its investment properties.<br />
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I added to my position in SATS twice in this quarter. Once at TTM PE of 20.55 and another time at TTM PE of 20.51. The rationale is to diversify my income sources away from REITs, which still form a large portion of my equity allocation. As SATS is still at the upper end of its valuation (by PE), these two additions are kept small in size as part of my risk management plan (despite SATS' horrible technicals lately). SATS was also the counter I used in my maiden experiment with leverage (see section on "Leverage" below).<br />
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I sold my entire stake in Yeo Hiap Seng at a 25% loss. Thanks to position sizing, the impact was minimal. There are two lessons from this episode. First, blanket statements such as "consumer staples are defensive/recession-resistant" and "people need to eat and drink" need to be qualified. Consumer staples need to be evaluated both quantitatively (trend in their various metrics) and qualitatively (are their products relevant to the modern day consumer, etc) against each other to identify the better performing ones. Second, I purchased Yeo Hiap Seng as a consumer staples stock. That was my somewhat flimsy investment thesis. Subsequently, I learned of Yeo Hiap Seng's freehold properties and, gradually, engaged in mental gymnastics to accommodate "asset play" as part of my investment thesis. I have been aware of this for quite some time, but it isn't until recently that I acted on it.<br />
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I initiated a new small position in DBS to gain additional exposure to the financial sector. I have been avoiding the financial sector for fears that they will be hit the hardest in a market crash. Ironically, my obstinacy to ignore Singapore's banking sector for the above reason made me blind to the fact that DBS exhibits some form of dividend growth.<br />
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I added to my position in First REIT when the market was pessimistic about it. I will be observing how the Lippo Karawaci-First REIT tenancy issue works out.<br />
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I initiated a new small position in BlackRock Inc at TTM PE of 13.84. Thanks to the falling market, BlackRock has lost about 36% from its peak. Woot! :D Market leader, consistently high net margins, improving ROE, increasing top and bottom line, increasing dividends, a sustainable payout ratio, decreasing share count, and........in a time of cheap debt and crazy corporate leverage, BlackRock has an almost pristine balance sheet. What more could I possibly want? During the GFC, BlackRock had the financial strength to increase their dividends but did not do so. Instead, it maintained its dividends and, as a result, lost its dividend growth streak. Currently, BlackRock spots a dividend growth streak of 9 years.<br />
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I initiated a new small position in Frasers Logistics & Industrial Trust at a P/NAV of 1.07 using balance transfer. I have been looking for opportunities to initiate positions in large-cap REITs and the recent fall in price allowed me to do so. It is also encouraging to note that Frasers Logistics & Industrial Trust has demonstrated some form of dividend growth thus far based on its limited track record.<br />
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I added to physical silver in this quarter as well.<br />
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<b><u>Leverage</u></b><br />
I signed up for my first credit card this quarter. The supposed end goal is to build up my non-existent credit rating and, from there, to employ balance transfer to leverage up and buy shares.<br />
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I've learned this from a friend who frequents the investment blogosphere. He has used this method effectively during the GFC to build up a sizable investment portfolio. This form of leverage is "safer" as no margin calls are involved. To play it cautious, I have borrowed amounts that I could immediately afford to pay back.<br />
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For those who are unfamiliar, balance transfer is a type of credit facility offered by credit card companies to help indebted individuals to clear their debt. The general idea is to borrow at 0% interest for a given period of time (e.g. 6 months, 1 year, etc) to pay back your other debts. There is an administrative charge to borrow at 0% interest which has to be paid upfront.<br />
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Instead of borrowing using balance transfer to pay down debts, I used the proceeds to purchase shares. As there is an administrative charge, the shares to be purchased has to yield higher than the administrative charge for it to make sense. Obviously, using the balance transfer method for REITs will be more appealing as the spread between REIT yields and the administrative charge is much wider. In addition, REITs pay out their distributions on a quarterly basis. This will help the user to pay down the balance transfer debt faster compared to non-REITs which pay out semi-annually. This process can be repeated to speed up the process of accumulating assets. Second, the user would have otherwise missed out on a few distributions if he or she had to save up for a couple more months to purchase the REIT.<br />
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The successful use of balance transfer to buy shares is underpinned by two critical assumptions. One, the investor has to be a good stock picker. There is no point in accumulating mediocre assets that generate decreasing cash flow or have a higher propensity to result in capital losses. In this regard, I would fail as my stock picking skills is so-so. Second, valuation still applies. One cannot simply anyhow whack regardless of valuation.<br />
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In terms of overall portfolio risk management, I have came up with the following provisional guidelines with regards to the use of balance transfer for stock purchases:<br />
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- Only use Balance Transfer for the purchase of Large-cap stocks (higher probabilities of large-cap stocks surviving an economic downturn)<br />
- Rotate between various stocks (prevent portfolio from being too skewed to a particular stock/particular group of stocks)<br />
- Set a time gap between each use of balance transfer (prevent myself from being too trigger-happy). I have not decided on a suitable time gap yet, but I am thinking of setting a 1 month gap.<br />
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<b><u>Administrative Updates</u></b><br />
As mentioned in my <a href="https://unintelligent-nerd.blogspot.com/2018/10/q3-2018-portfolio-update.html">previous quarter's update</a>, I have created a trading account to trade Hong Kong stocks and another trading account to trade Singapore stocks (in the event that my main Singapore trading account fails when everyone is trying to exit their positions in a market crash). Back then, follow-up actions include creating a Malaysia trading account and a Denmark trading account to trade Malaysian and Denmark stocks, respectively.<br />
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In this quarter, I have opened a Malaysian stock trading account while the Denmark stock trading account opening remains undone.<br />
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Okay, this post is getting quite lengthy. I shall stop here and continue in another post. In the next post, I will touch on my net worth breakdown, my returns for the year, some miscellaneous stuff (insurance coverage, work, studies, emergency fund, mother's retirement fund), my stock holdings, and my investment strategy. That's all for now. Thanks for reading!Unintelligent Nerdhttp://www.blogger.com/profile/17797052565143872922noreply@blogger.com20tag:blogger.com,1999:blog-6025037118864383396.post-8009988266558022012018-12-12T22:03:00.000+08:002018-12-12T22:25:51.164+08:00Staycation at Yotel SingaporeThere has been some changes to the flexible benefits policy at my workplace. The number of categories that we could spend on have been restricted to only a select few, with staycations being one of them. After going for my first staycation, it's now safe to say that I've caught the staycation bug! It is good to take a well-deserved break, to empty my mind, and to live in the present. Also, it is fun being a tourist in Singapore.<br />
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Recently, I spent some of my flexible benefits at Yotel Singapore. By the way, this is not a sponsored post.<br />
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Yotel Singapore is a newly-opened hotel in the heart of Orchard road. Their main draw is their futuristic theme and their guest service robots, Yoshi and Yolanda. Families with kids will definitely enjoy dialing up Mission Control (reception) for either Yoshi or Yolanda to deliver items such as towels and water bottles to your room. No, I did not spam requests, lol; I only tried it out once. Apparently, Yolanda occasionally sings to hotel guests after a delivery request, but I was not lucky enough to hear her sing. :(<br />
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Befitting its futuristic theme, you could self check-in at one of the counters in the lobby. Fill in your details, swap your credit card, and you are able to create your own room key on the spot. Kudos to the front desk staff who came to greet and welcome us.<br />
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We stayed in the Premium Queen View room which was located on the higher floors with good views of Orchard road. The room was slightly smaller compared to your typical hotel rooms. Despite its small size, the space is efficiently used. The rooms come packed with a fridge, safe, iron, ironing board, and hair dryer. The bed is adjustable and you can adjust the angle to suit your comfort level.</div>
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The bedroom area is separated from the wash area by frosted glass.<br />
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As we were located on the higher floors, we had a good view of Orchard road. Unless you want your net tangible assets to be in the public's eye, do remember to draw down the blinds while using the wash area.</div>
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At level 10, we have the Komyuniti Bar and Restaurant, the gym, and the pool area.</div>
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A pity I didn't managed to get good shots of the breakfast spread though. Only one came out "decent."</div>
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I enjoyed the KOMpliment (the Yotel signature cocktail) that consists of butterfly pea flower-infused gin, fresh lemon, violet liqueur, egg white, hibiscus perfume & orange bitters.</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiie_cshE_ZJ64Qy6uMR5-DxddCmkAflOdwE283VWPxxASEbWAz_W9m5HdlEu1PB4672FZ1qopVSgntRzb083N34173myRhdqGncQAA-6gZCDF1ya9kRu1yl2PX7oszQ8Q8fmoyjC7z5tg/s1600/10.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1600" data-original-width="1200" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiie_cshE_ZJ64Qy6uMR5-DxddCmkAflOdwE283VWPxxASEbWAz_W9m5HdlEu1PB4672FZ1qopVSgntRzb083N34173myRhdqGncQAA-6gZCDF1ya9kRu1yl2PX7oszQ8Q8fmoyjC7z5tg/s320/10.jpg" width="240" /></a></div>
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Until next time folks. My staycation watchlist has been firmed up and I am looking forward to my next adventure. :)Unintelligent Nerdhttp://www.blogger.com/profile/17797052565143872922noreply@blogger.com4tag:blogger.com,1999:blog-6025037118864383396.post-67959763588392573232018-10-30T21:52:00.000+08:002018-10-30T21:52:03.965+08:00Applying the Chowder Rule metric to S-REITsIn today's post, I will not show you where to get the tastiest, most value-for-money Chowder in Singapore. That is.......the responsibility of food bloggers.<br />
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgsyqMuaiKMpQe87gVlDxeeKt-0POOSwEo9x7mrkBuFyo8nW5UnDGiT8pdT0MmOpPMbGUpbAbEDjNIVGzm5Y9Tk0RMoSp3JVnqT48k-hBj49X5mb9Y8PiESnuHE9aDarCp_cXn-GZuX8J8/s1600/Chowder+soup.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img alt="" border="0" data-original-height="960" data-original-width="1280" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgsyqMuaiKMpQe87gVlDxeeKt-0POOSwEo9x7mrkBuFyo8nW5UnDGiT8pdT0MmOpPMbGUpbAbEDjNIVGzm5Y9Tk0RMoSp3JVnqT48k-hBj49X5mb9Y8PiESnuHE9aDarCp_cXn-GZuX8J8/s320/Chowder+soup.jpg" title="" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">....Not today's subject</td></tr>
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Instead, I will introduce you to the Chowder Rule, so named after Chowder, a Seeking Alpha contributor. I will be lifting several paragraphs from an article by Sure Dividend on the <a href="https://www.suredividend.com/the-chowder-rule-explained/">same topic</a>:<br />
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The Chowder Rule is a rule-based system used to identify dividend growth stocks with strong total return potential by combining dividend yield and dividend growth. The Chowder Rule is applied in a differentiated manner depending on the type of stock in question. The criteria can be found below:<br />
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Rule 1: If a stock has a dividend yield greater than 3%, its 5-year dividend growth rate plus its dividend yield must be greater than 12%.<br />
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Rule 2: If a stock has a dividend yield less than 3%, its 5-year dividend growth rate plus its dividend yield must be greater than 15%.<br />
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Rule 3: If a stock is a utility, its 5-year dividend growth rate plus its dividend yield must be greater than 8%.<br />
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For those who are interested in the details (its underlying philosophy, when to use it, its limitations, etc), you can read more of the Chowder Rule <a href="https://www.suredividend.com/the-chowder-rule-explained/">here</a>.<br />
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The first thought that I had when I came across the Chowder Rule a couple of weeks back was to apply the metric to S-REITs. The rationale is to add another tool to my investment toolkit to help me differentiate whether does a particular REIT make the cut.<br />
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As you can see, all 3 rules do not make explicit allowances for REITs. Hence, I took the liberty to select Rule 3 and apply it to S-REITs (based on the assumption that REITs and utilities share similarities such as being higher-yielding, lower growth/dividend growth instruments).<br />
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I then realized that there might be certain REITs who could "pass" the Chowder Rule 3 of 8% just for being higher-yielding. Perhaps, in our situation, we could use the Chowder Rule not as a binary measure (e.g. above 8% = good; below 8% = bad), but as a a relative measure (e.g. REIT A has a higher score than REIT B).<br />
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In the calculations that follow, annual dividends will be defined as the total dividends distributed by any given REIT in their financial year, not the calendar year. Special dividends, if any, will be included in the computation of dividend growth. Data will be taken from the most recent annual report. Current dividend yield will be taken from the <a href="https://reitdata.com/">REIT Data</a> site at the time of this blog post (30 October 2018).<br />
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With <i>d</i> referring to total dividends distributed in the financial year and <i>y</i> referring to the current year, let 5-year dividend growth rate be:<br />
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((d<sub>y</sub> - d<sub>y-1</sub>)/d<sub>y-1</sub>+(d<sub>y-1</sub> - d<sub>y-2</sub>)/d<sub>y-2</sub>+(d<sub>y-2</sub> - d<sub>y-3</sub>)/d<sub>y-3</sub>+(d<sub>y-3</sub> - d<sub>y-4</sub>)/d<sub>y-4</sub>+(d<sub>y-4</sub> - d<sub>y-5</sub>)/d<sub>y-5</sub>)/5<br />
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I won't be calculating the Chowder Rule for all the REITs; I will only be looking at a select few REITs.<br />
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<b><u>AIMS AMP Capital Industrial REIT</u></b><br />
5-year dividend growth rate: -1.12%<br />
Current dividend yield: 7.741%<br />
Chowder Rule value: 6.62%<br />
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<b><u>Ascendas REIT</u></b><br />
5-year dividend growth rate: 3.08%<br />
Current dividend yield: 6.272%<br />
Chowder Rule value: 9.35%<br />
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<b><u>Capitaland Commercial Trust</u></b><br />
5-year dividend growth rate: 1.56%<br />
Current dividend yield: 4.767%<br />
Chowder Rule value: 6.33%<br />
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<b><u>Capitaland Mall Trust</u></b><br />
5-year dividend growth rate: 3.42%<br />
Current dividend yield: 5.264%<br />
Chowder Rule value: 8.68%<br /><br />
<b><u>First REIT</u></b><br />
5-year dividend growth rate: 3.39%<br />
Current dividend yield: 7.142%<br />
Chowder Rule value: 10.53%<br />
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<b><u>Frasers Centrepoint Trust</u></b><br />
5-year dividend growth rate: 3.56%<br />
Current dividend yield: 5.586%<br />
Chowder Rule value: 9.15%<br />
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<b><u>Keppel REIT</u></b><br />
5-year dividend growth rate: -5.92%<br />
Current dividend yield: 5.062%<br />
Chowder Rule value: -0.86%<br />
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<b><u>Lippo Mall Trust</u></b><br />
5-year dividend growth rate: 3.66%<br />
Current dividend yield: 14.044%<br />
Chowder Rule value: 17.70%<br />
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<b><u>Mapletree Commercial Trust</u></b><br />
5-year dividend growth rate: 6.94%<br />
Current dividend yield: 5.644%<br />
Chowder Rule value: 12.58%<br />
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<b><u>Mapletree Industrial Trust</u></b><br />
5-year dividend growth rate: 4.94%<br />
Current dividend yield: 6.194%<br />
Chowder Rule value: 11.13%<br />
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<b><u>Mapletree Logistics Trust</u></b><br />
5-year dividend growth rate: 2.16%<br />
Current dividend yield: 6.252%<br />
Chowder Rule value: 8.41%<br />
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<b><u>Parkway Life REIT</u></b><br />
5-year dividend growth rate: 5.63%<br />
Current dividend yield: 4.773%<br />
Chowder Rule value: 10.40%<br />
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<b><u>Sabana REIT</u></b><br />
5-year dividend growth rate: -17.65%<br />
Current dividend yield: 8.329%<br />
Chowder Rule value: -9.32%<br />
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<b><u>Starhill Global REIT</u></b><br />
5-year dividend growth rate: 0.99%<br />
Current dividend yield: 6.977%<br />
Chowder Rule value: 7.97%<br />
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Make what you will of these figures. Have fun!Unintelligent Nerdhttp://www.blogger.com/profile/17797052565143872922noreply@blogger.com8tag:blogger.com,1999:blog-6025037118864383396.post-89403373673503589652018-10-10T21:33:00.000+08:002018-10-10T21:33:19.995+08:00Q3 2018 Portfolio Update<div>
Another quarter has passed and it is time to review my portfolio again.</div>
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<b><u>Dividend Income</u></b></div>
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<b><u><br /></u></b></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1GWfXCug5xEM8jvD36_RvX563jeabsGlRsl6mag-vg5OjLlAQJufY3mRlZICG2hkEnuyUn-a5KhO8xOYE_2Dz94A4-_7qlPEi03I01ztt_KWq03E388duTVGhlIZXety6m0nnEQekDgE/s1600/SG_plot.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Q3 2018 SGD Dividend Income" border="0" data-original-height="1030" data-original-width="1600" height="257" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1GWfXCug5xEM8jvD36_RvX563jeabsGlRsl6mag-vg5OjLlAQJufY3mRlZICG2hkEnuyUn-a5KhO8xOYE_2Dz94A4-_7qlPEi03I01ztt_KWq03E388duTVGhlIZXety6m0nnEQekDgE/s400/SG_plot.png" title="" width="400" /></a></div>
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<b><u><br /></u></b></div>
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Dividends received from my SGD-denominated portfolio in Q3 2018 fell, when compared to the same quarter last year. This trend has persisted for quite some time and it is symptomatic of deeper issues that my portfolio is <i>somehow</i> not quite right. Shouldn't an income investor receive more dividends through the passage of time? With some psychic pain, I persisted in my task of pruning the fundamentally weaker stocks from my portfolio. The drops in dividends received should stabilize in another quarter or two.</div>
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<b><u><br /></u></b></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRme4LEB18glyM8qav_Qi5q4Y-994-T9aL6duG5S3pwZFt60bxFWvuAnpjcwsAwsvdZ_bZwNyHtp7RbSIKgNwfXJqU0MVMK6P0q3rCYeB90V7siZWx20i8c1RNly66-MZyOn_SZXUg29Q/s1600/US_plot.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Q3 2018 USD Dividend Income" border="0" data-original-height="1030" data-original-width="1600" height="257" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRme4LEB18glyM8qav_Qi5q4Y-994-T9aL6duG5S3pwZFt60bxFWvuAnpjcwsAwsvdZ_bZwNyHtp7RbSIKgNwfXJqU0MVMK6P0q3rCYeB90V7siZWx20i8c1RNly66-MZyOn_SZXUg29Q/s400/US_plot.png" title="" width="400" /></a></div>
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<b><u><br /></u></b></div>
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On the other hand, the dividends received from my USD-denominated portfolio is growing steadily, a result from both capital injections into dividend growth stocks and dividend growth from said counters. </div>
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<b><u>Transactions</u></b></div>
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In this quarter, I initiated a new and small entry into OCBC when its price fell from its peak. With this move, my portfolio has some exposure to the financial sector again (after divesting iFAST, Hong Leong Finance, and T Rowe Price previously).</div>
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I exited my entire position in Lippo Mall Trust and Accordia Golf Trust in this quarter. Previously, I have taken partial profits for these two counters when they were at their highs. This time round, I exited the remaining stake for both at below my cost price. Overall, these two trades turned out profitable.</div>
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An investment blogger friend sounded out to me that there were some flaws in my thinking and I am grateful for that. Specifically, what I intended to do with regards to Lippo Mall Trust was to shrug off any unrealized losses as I got them at a (formerly) very low price of $0.30. Since I have taken partial profits at $0.40 and have received almost 3 years' worth of dividends, I was willing to hold it through a market crash coupled with its deteriorating fundamentals. I was even contemplating to buy more in a market crash. Somehow, the following thought eluded me: some counters go down..........and stay down. Okay, now I know better. Thanks friend!<br />
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As for Accordia Golf Trust, the dividend trend is not looking good. </div>
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I added to my position in Hongkong Land. Nothing much to be added here; I like the recurring income from their investment properties and their clean balance sheet. To quote a friend who aptly described my position, I am treating Hongkong land as an un-levered REIT income play.</div>
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I also added to my position in JM Smucker. Despite the challenges faced, JM Smucker is still going strong (relative to its consumer staples peers). Looking to scale in further if opportunities present itself. </div>
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<b><u>Net worth breakdown</u></b></div>
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There has been minimal changes to my net worth breakdown when compared to the <a href="http://unintelligent-nerd.blogspot.com/2018/07/q2-2018-portfolio-update.html">previous quarter</a>.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgknouj-aPfdaVqpIZIrAzfeaVItHvQrdG3FXmScvQlObXy-pwE1McM-2gOs-5uvF446HccBUhhmkUgImD1jWKCk6mKobLzenk6ESrlXPnTdN9QPLPL0M0oB4vLxte53sC_HmFw_jR5GWw/s1600/Net+Worth+Breakdown.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Net Worth Breakdown" border="0" data-original-height="289" data-original-width="478" height="241" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgknouj-aPfdaVqpIZIrAzfeaVItHvQrdG3FXmScvQlObXy-pwE1McM-2gOs-5uvF446HccBUhhmkUgImD1jWKCk6mKobLzenk6ESrlXPnTdN9QPLPL0M0oB4vLxte53sC_HmFw_jR5GWw/s400/Net+Worth+Breakdown.png" title="" width="400" /></a></div>
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As per before, "the pie chart depicts the breakdown in my net worth across the various asset classes in percentage (pie chart neither includes my CPF nor my emergency fund). To be conservative, I computed my precious metals allocation at spot price even though I am holding everything in physicals."<br />
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<b><u>Emergency Fund</u></b><br />
On the ground, things don't really look good. Based on anecdotal evidence, I have heard of contracts not getting renewed and retrenchment exercises taking place.<br />
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At my end, I have continued to build up our emergency fund each month. I mentally segregate the emergency fund from investable cash. That way, in a real market crash cum recession, my mind will be free to operate in a cold and clinical fashion.<br />
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<b><u>Strategy moving forward</u></b><br />
In the interim, I am exposing myself to opportunities in other markets.<br />
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I have created a trading account to trade Hong Kong stocks and another trading account to trade Singapore stocks (in the event that my main Singapore trading account fails when everyone is trying to exit their positions in a market crash).<br />
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I will be creating a Malaysia trading account and a Denmark trading account soon.......after I am done with reading up on the rules and regulations.<br />
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If this is the calm before the storm, I appreciate all the time I can get to research stocks, re-confirm my choices, build up my emergency fund and my cash levels.</div>
Unintelligent Nerdhttp://www.blogger.com/profile/17797052565143872922noreply@blogger.com4tag:blogger.com,1999:blog-6025037118864383396.post-42834871607357769922018-09-11T21:58:00.000+08:002018-09-11T21:58:17.399+08:00The growth of NextEra Energy and Florida population growthIn one of my previous <a href="http://unintelligent-nerd.blogspot.com/2018/08/the-growth-of-consolidated-edison-and.html">post</a>, I triangulated the growth of Consolidated Edison with New York City, the city that it predominantly serves.<br />
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In this post, I will be adopting the same approach in my evaluation of NextEra Energy (NEE), another utility company that I have come across while prospecting for investment opportunities.</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhA_9L-UCp-MmJKOm0nv054cV4wK7v00cno-FhoTHpH1GisKfNWeCEC8U-fVUXAPejNr-wKIKkarnBDa9kFmRHewbtrriwsC099ZO04-Lv_q1TzTHR08x39-NfAf45s64Kj-0d56PwWVRk/s1600/NextEra+Energy+Logo.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="97" data-original-width="220" height="140" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhA_9L-UCp-MmJKOm0nv054cV4wK7v00cno-FhoTHpH1GisKfNWeCEC8U-fVUXAPejNr-wKIKkarnBDa9kFmRHewbtrriwsC099ZO04-Lv_q1TzTHR08x39-NfAf45s64Kj-0d56PwWVRk/s320/NextEra+Energy+Logo.png" width="320" /></a></div>
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NEE might be an unfamiliar name to readers. To help readers get acquainted with the company, I shall lift the following paragraph from their 2017 annual report, "NEE is one of the largest electric power and energy infrastructure companies in North America and a leader in the renewable energy industry. NEE has two principal businesses, Florida Power & Light (FPL) and NextEra Energy Resources (NEER). FPL is the largest electric utility in the state of Florida and one of the largest electric utilities in the U.S. FPL's strategic focus is centered on investing in generation, transmission and distribution facilities to continue to deliver on its value proposition of low bills, high reliability, outstanding customer service and clean energy solutions for the benefit of its nearly five million customers. NEER is the world's largest operator of wind and solar projects. NEER's strategic focus is centered on the development, construction and operation of long-term contracted assets throughout the U.S. and Canada, including renewable generation facilities, natural gas pipelines and battery storage projects."</div>
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My focus today is not on the firm as a whole. Instead, I will be delving into FPL only. As of 31 December 2017, FPL had approximately 26,600 MW of net generating capacity, approximately 75,000 circuit miles of transmission and distribution lines and approximately 620 substations. FPL provides service to its customers through an integrated transmission and distribution system that links its generation facilities to its customers. They serve approximately ten million people through nearly five million customer accounts. Their service territory covers most of the east and lower west coasts of Florida (see image below).<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDZbjS846VzxlYiF7aDwgX2Abogm9XziUXBfZp1O4LKq_Unur9ahE3Uz9YR-YnbDu0FgNG7O2-2nJDILfwvLBRgA5i6nUxMpl4JvlJ-WrZFUCeIfg2s69r-kQEw-Vp6477KY_nW6kX8ow/s1600/Florida+Map.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="NextEra Energy Florida Map" border="0" data-original-height="600" data-original-width="628" height="305" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDZbjS846VzxlYiF7aDwgX2Abogm9XziUXBfZp1O4LKq_Unur9ahE3Uz9YR-YnbDu0FgNG7O2-2nJDILfwvLBRgA5i6nUxMpl4JvlJ-WrZFUCeIfg2s69r-kQEw-Vp6477KY_nW6kX8ow/s320/Florida+Map.PNG" title="" width="320" /></a></div>
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FPL's primary source of operating revenues comes from its retail customer base (see below).</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEigrHgiFfYBIW5fcd5X-ouMU_4Wn6F5N-UszBSIbWmYCe1mCVtdbPa5U3n6eYoz3CqnXW0YmTcubM0meeBhvpLjB8KhmqvzcsaLQeuMhWXGU3ordIbkmarcnYOl4VdSMvI7gSzNsMIfzrg/s1600/FPL+Revenue+Source+breakdown.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="FPL Revenue source breakdown" border="0" data-original-height="600" data-original-width="1527" height="156" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEigrHgiFfYBIW5fcd5X-ouMU_4Wn6F5N-UszBSIbWmYCe1mCVtdbPa5U3n6eYoz3CqnXW0YmTcubM0meeBhvpLjB8KhmqvzcsaLQeuMhWXGU3ordIbkmarcnYOl4VdSMvI7gSzNsMIfzrg/s400/FPL+Revenue+Source+breakdown.PNG" title="" width="400" /></a></div>
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Similar to what I have shared in my article on Consolidated Edison, there is a limit to the price hikes a utility company could charge. Further growth, like what I have suggested in my previous article, could come from a growth in the Florida population, which the firm operates in.<br />
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Let us take a look at Florida's population growth trend by considering data from the Office of Economic & Demographic Research (EDR). Similar to New York City, a census is conducted once every 10 years, with the most recent one being in 2010.<br />
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At the state level, the Florida population grew from 15,982,824 to 18,801,310 from year 2000 to 2010. This is an increase of 17.6%. In the "Florida Estimates of Population 2017" report, the population was estimated to be at 20,484,142 at April 2017. This is an increase of 8.9% over the period of 7 years. Population growth has slowed down.<br />
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However, current estimates have to be revised downwards. According to the executive summary of the Demographic Estimating Conference held on 9 July 2018, the change in population was magnified due to the effects of Hurricane Maria. To flee the hurricane, people moved from Puerto Rico to Florida. For <a href="https://www.nbcnews.com/news/latino/i-m-staying-months-after-maria-puerto-ricans-settle-florida-n851826">some</a>, they eventually settled into Florida permanently. This adds another layer of perspective to my understanding of how natural disasters impact human migration and, in turn, impact the companies that operate in the particular region.<br />
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The EDR website has plenty of data visualizations that would help us better understand the Florida population. I will be highlighting a few of them here.<br />
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The following image illustrates the total population of Florida by its counties in year 2010. If you mentally superimpose the following map on the above map, you will observe that NEE serves counties that are highlighted in green, blue, and red in the map below. These are counties that contain a larger population size in relation to the total population of Florida. Miami-Dade and Broward counties are the two most populous and NEE is serving them (in 2010, at least).<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjhIr0G0J5q4cvuB9PVdq2IqnVZJ97D7wI0DbcQowQ2dXoSnaIOErWEvhrdm_sXvHNTvMsUiLjMn1qEQHgrWOAstZyexXtyxexKZx-Q0zcWBh5kSH3smc5nrxQSzRdHGxCVzyNOPl2rmp0/s1600/Total+pop+by+county.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Florida Total population by county" border="0" data-original-height="864" data-original-width="1128" height="306" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjhIr0G0J5q4cvuB9PVdq2IqnVZJ97D7wI0DbcQowQ2dXoSnaIOErWEvhrdm_sXvHNTvMsUiLjMn1qEQHgrWOAstZyexXtyxexKZx-Q0zcWBh5kSH3smc5nrxQSzRdHGxCVzyNOPl2rmp0/s400/Total+pop+by+county.PNG" title="" width="400" /></a></div>
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The following map shows a different look at the same data. It considers the population density of each county. Similarly, it paints NEE in a good light; the more population-dense counties were served by NEE when you superimposed the below map with the first map above (for year 2010, at least). Furthermore, quite a few of the counties are reflected in yellow and green. If there is a positive net migration, these counties could still accommodate additional numbers.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0kyapaQPOwNrfEg_UqrRJSUaPcCxnuU1pLyK9Uq3cFxZmguBDBBT-KFFn82JXNehRx_pjjhkWDJu_ytwsQlN4pv5l61F2wJlUEouINtLxJwukCFpE48NEebkjb2YlWPFF9seW3lbweqg/s1600/Florida+pop+density+by+county.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Florida population density by county" border="0" data-original-height="827" data-original-width="1086" height="303" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0kyapaQPOwNrfEg_UqrRJSUaPcCxnuU1pLyK9Uq3cFxZmguBDBBT-KFFn82JXNehRx_pjjhkWDJu_ytwsQlN4pv5l61F2wJlUEouINtLxJwukCFpE48NEebkjb2YlWPFF9seW3lbweqg/s400/Florida+pop+density+by+county.PNG" title="" width="400" /></a></div>
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The maps also reveal that NEE has no presence in Duval, Hillsborough, and Pinellas counties. These 3 counties are reflected in blue in the second map (Total Population by County: 2010) and 2 blues and 1 red in the third map (Population Density by County: 2010), respectively.<br />
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Next, let us take a look at the population growth components. The following graph is taken from the "Demographic Overview & Population Trends" presentation, dated 6 November 2013.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEju2ZB_D1uUqb7UVEtzWUhGOttOkpBTYzxYKd1caVyN7K_UECv20oqi48dsM6KYzT8yrKJJ2Krx_rA-XDXmayKPIMcWLK18xNUdZleT-MkR1kgCAlyiP-xHgQ9ICFgdJDzgvLdT6UtXcZQ/s1600/Florida+Growth+Components.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Florida Growth Components" border="0" data-original-height="731" data-original-width="888" height="263" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEju2ZB_D1uUqb7UVEtzWUhGOttOkpBTYzxYKd1caVyN7K_UECv20oqi48dsM6KYzT8yrKJJ2Krx_rA-XDXmayKPIMcWLK18xNUdZleT-MkR1kgCAlyiP-xHgQ9ICFgdJDzgvLdT6UtXcZQ/s320/Florida+Growth+Components.PNG" title="" width="320" /></a></div>
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Most of the growth in the Florida population could be attributed to net migration instead of a natural increase. Though it was not specified, I infer that natural increase refers to net birth rates - death rates.<br />
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In the same presentation slides, we are also informed that Florida has an aging population (see below).<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJW2qHh5cD19UePjjtwCYZUYuhtCDbMwO1-SOFSyNa9GkR2BWYDAIz3iAM7TB6lvrXuhaUH84BUgSnKcdq4jnkzD2hxWWX-7I9fbc1tULYXMRHULH8YvGBBubxK-XE40r5KpdLhCdVg6k/s1600/Florida+Population+by+Age+Group.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Florida Population by Age Group" border="0" data-original-height="705" data-original-width="980" height="230" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJW2qHh5cD19UePjjtwCYZUYuhtCDbMwO1-SOFSyNa9GkR2BWYDAIz3iAM7TB6lvrXuhaUH84BUgSnKcdq4jnkzD2hxWWX-7I9fbc1tULYXMRHULH8YvGBBubxK-XE40r5KpdLhCdVg6k/s320/Florida+Population+by+Age+Group.PNG" title="" width="320" /></a></div>
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Hold on to those thoughts.<br />
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In various articles, Florida occupies one of the top few spots for retirement (see <a href="http://fortune.com/2018/07/12/best-worst-states-to-retire/">here</a>, <a href="https://www.businessinsider.com/best-places-to-retire-in-us-ranked-2018-2/?IR=T">here</a>, and <a href="https://www.bankrate.com/retirement/best-and-worst-states-for-retirement/">here</a>). It is plausible that Florida's population growth could see further growth as a retirement destination; the growth components, population by age group, and retirement destination trends support it. Furthermore, it overtook New York and became the third most populous state in the US (see <a href="http://worldpopulationreview.com/states/">here</a> and <a href="https://www.moving.com/tips/the-10-largest-states-by-population/">here</a>). NextEra Energy seems poised to benefit from these trends.<br />
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Not vested in NextEra Energy. NextEra Energy is in my watchlist.</div>
Unintelligent Nerdhttp://www.blogger.com/profile/17797052565143872922noreply@blogger.com0