Q1 2025 Portfolio Update: A Strong Start

This quarter saw my portfolio achieve a 4.78% gain, resulting in a profit of SGD 21,000. This includes SGD 3,800 in received dividends and SGD 11,000 in booked dividends. I currently project total dividend income of approximately SGD 20,000 for 2025.

 My investment strategy, initiated in January 2022 (marking the start of a new investment cycle coinciding with the US Fed's interest rate hikes), focuses on a low-risk approach. The period since has been challenging for Singapore dividend stocks and emerging markets due to rising interest rates and a strong US dollar. Despite this headwind, and contrary to my expectations, higher and prolonged interest rate increases, my portfolio has surprisingly outperformed the Nasdaq by 1.3% over the past three years. This underscores the subjective nature of investment success; profitability doesn't necessitate precise predictions.

Key Portfolio Movements:

- Hong Kong Stocks: Hong Kong stocks performed exceptionally well in Q1 2025. I strategically trimmed positions to secure profits$TRACKER FUND(02800)$  , maintaining holdings below 50% of their peak levels.

- Wilmar & Asia REIT ETF: After three years of dollar-cost averaging, Wilmar shows minor gains, while the Asia REIT ETF is nearing break-even.

$Wilmar Intl(F34.SI)$  

- China Aviation Oil (CAO): Following a thorough review based on February's intense earnings season, I largely closed my position in CAO. The remaining shares represent less than half of the net profits. While CAO boasts a strong financial position (substantial net cash, no debt, low P/E ratio), its low growth rate and dividend yield limit its upside potential, suggesting its "undervalued" status may be persistent.

- New Positions: I opened new positions in YZJ Shipbuilding (whose price overreacted to Trump-era policies), China Sunsine (which experienced a significant price jump following my March 16th research publication), ISDN, CNMC Goldmine, and MarcoPolo Marine. I anticipate upward net profit trends for these positions in 2025.

$ChinaSunsine(QES.SI)$  

$ISDN(I07.SI)$  

$CNMC Goldmine(5TP.SI)$  

Conclusion:

Q1 2025 demonstrated the effectiveness of a patient, low-risk approach, even amid unexpected macroeconomic shifts. While my strategy isn't designed for rapid gains, it consistently delivers positive results. The portfolio's performance highlights the importance of long-term perspective and strategic adjustments based on current market conditions and financial reporting. (Please see the attached portfolio screenshot for details).