Portfolio Review for May 2021

 

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For my previous portfolio review click here

YTD(2021) I have made a total profit of S$48,853.91 from my equity investments(predominantly in HK) with an XIRR of 54.24%(XIRR is annualized). From my 6 years of tracking, I have made a total of S$148,496.57 from this portfolio alone.


In terms of benchmarking with STI, HKSE and World index. There is a gradual improvement in my performance this month as 10 years treasury rate stabilizes and the tech selloff starts to consolidate. 

Portfolio composition(2 index etfs and 29 stocks):


Transactions:

Added more ZAOnline(HK:6060) to 3.2%

Added more Coinbase(US:COIN) to 3.13%

Added more China Youzan(HK:8083) to 3.87%

Added more Alibaba(HK:9988) to 4.67%

Added more Xinyi Energy(HK:3868) to 3.34%

Added more GDS(HK:9698) to 4.79%

Initiated a 3.16% position in Tencent Music(US:TME)

Initiated a 3.4% position in IQIYI(US:IQ)

Initiated a 2.05% position in Haidilao(HK:6862)

Initiated a 1.47% position in Teladoc(US:TDOC)

Sold all Hopefluent(HK:0733) for 87.5% gain

Sold all Dream Intl(HK:1126) for 6.5% gain

Sold all STI ETF(SG:ES3) for 23% gain

Commentary: 

Quite a bizarre month. Traditional commoditized index like STI ETF reached almost all time high even though second wave is upon us. Levels have exceeded 2019 highs. Sold all of it as historically STI index consolidates and underperforms the global market. 

I also divested my net net deep value stock: Hopefluent. The price surge was quite astounding despite me having some concerns over their high receivables and high interest loans despite being flushed with cash. I also took profit from Dream Intl as I feel their toy ramp up will be affected going forward, not very bullish anymore in regards to their plush toy segment as its pretty much commoditized(ie rush to zero). Their close ties with Japan Disneyland will also negatively impact them indirectly due to covid19. 

I used the sale proceed to buy into some of my higher conviction stocks on the dip. Additionally I initiated new positions on Tencent Music and Iqiyi after the Archegos margin call. These two stocks have incredible moats. Very difficult to replicate. 

I also initiated a position on Haidilao after a close to 50% dip from the peak. This largest China hot pot chain has a unique corporate culture that achieves replicable high standard of service that no F&B in this world can copy. The Chinese investors deem it the MacDonalds of China. Their food are standardized and robotically created to make for easy ramp up. Their current margins are low because they expanded rapidly and every store needs 3-4 months to break even. 30bil usd market cap vs MacDonald's 173bil. I still cannot find a F&B company in this world that can match Haidilao's standard of service and that's their biggest moat.  

Teledoc the largest telemedicine company in the US is now cheaper than Alihealth and JDhealth in terms of market cap after a 55% dip from the peak. Nimble a bit and will continue to nimble if it continues to correct. I am bullish with telemedicine especially after their acquisition of Livango. I believe GP kind of sickness, mental health and chronic health issues are cheaper and more efficient to use telemedicine to treat. I am quite confident that this sector will continue to grow even after Covid.


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