Mid-1Q2018 Update

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



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