Thanks to the run up in ISDN and Nanofilm to my fair value. I have sold and shifted the funds to 2 US Office REITs as I deem there are value in them. Keppel US and PRIME US reit are now valued at more than 13% of their dividends and I deem there is some mispricing. I expect PRIME US reit to reduce its dividends as it needs to conserve cash and I expect the managment may move towards collecting their fees in cash instead of taking shares at such low issue price.
The recent selldown in Alibaba shares was an opportunity for me to add more. Interestingly due to the aggressive accumulation in US REITs, my portfoilo generates a 3.8% dividend yield despite 67% of it belining to non dividend companies who engage in share buybacks instead.
Yangzijiang Finance's falling short on its target to transfer $1 billion cash from China to Singapore gave me a bit of uneasiness and I sold off some of my holdings. I have a feeling there is some cash crunch in China where the government is preventing companies from moving cash out of China.
Below is my portfoilo composiiton:
No comments:
Post a Comment