Despite STI going up by as much as 3.64%, my portfolio of local stocks was relatively flat by the end of July 2014. Overall, my holding period returns had translated to 10.35% pa in annualised return since the beginning of 2010. This annualised return includes dividends collected so far. My portfolio had underperformed because two of my aviation related stocks reported declining profits in the financial report of 2^nd quarter 2014. Rising operating costs, lower air passenger travels and negative sentiments from the MH17 incident had also exacerbated the fall in the share prices of SATS and SIA Engineering. I continue to raise my cash levels by reducing some of my stock holdings in rotation. Overall, I am still about 85% to 90% invested in the stock market. Because of the structural shift in the economic policy of the Singapore government to reduce the reliant of foreign ...