My portfolio of local stocks was up 0.78% on a price basis but it was up 1.39% after taking dividends into account at the end of June 2014. Overall, my holding period returns translate to 10.48% pa since beginning of 2010. STI is currently trading at a PE ratio of 13.77 which is quite low as compared to the valuation in the US market. I can that say that the downside risk of STI is low unless there is a new financial crisis that emerges. Even though STI was slightly down last month, a number of the smaller cap stocks continue to move higher. It is no surprise as some of the smaller cap stocks have reported good financial results compared to the bigger cap stocks. Raffles Medical, Silverlake and Riverstone were the biggest movers in my last month portfolio. I took partial profits in Silverlake ...