It is interesting that Jan 2018 saw strong returns and the first 2 weeks of Feb gave back the returns.
Similarly, my portfolio saw 8% returns in Jan before giving all of them back in Feb. Such is the life of an equity invester.
Sold Postions
- Cogent: As mentioned in last post, I got my monies back after agreeing to sell my stake to Cosco
- DBS: I continue to pare down my stake at $25-$27. Now left with a quarter of my orginial holdings left
- a Malaysian stock: Sold to cut loss
- 800 Super: Sold after its disappointing latest quarter result. On hindsight, I should sell all my stake last year.
Bought Positions
- China banks: Add to my position in China banks i.e. ABC, BOC and CCB. Now comprise 18% of my portfolio. Will stop adding and look forward to its dividend in middle of this year
- ESR Reit: Bought till it reaches 4% of my portfolio. ESR (reit manager) seems aggressive and may improve the reit's performance in the medium run.
- Hui Xian Reit: Adding on to my position. As noted in last post, I am buying reits due to lack of ideas and to get some yield after getting the funds from Cogent
- Geo Energy: Bought heavily in the Jan-Feb. Now comprise 7.5%. Likely to stop adding. Stock is at around 5 PER and earnings may continue to grow if coal price don't drop much in 2018. Admittedly, it does not have much moat.
- Ausgroup: Add to my stake to reach 3.5% of my portfolio. It is looking increasing likely to be able to turn around. A key risk is potential dilution if its note/bond holders are paid with equity.
- Emperor Capital: Add to my stake in Jan. Maybe should have waited till the Feb correction before adding. It is an interesting stock with ROE of around 12% in past 3 years
Thoughts
I think that the bull market is likely to continue but at a more cautious pace. US may increase its interest rates a few times this year and this may lead to volatility in the markets
