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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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