A common and recurring theme found in Ben Graham's The Intelligent Investor and Peter Lynch's One Up on Wall Street and Beating the Street is to be wary of IPOs. However, you would have actually done rather brilliantly if you had invested in all the IPOs with public tranches (that is, IPOs which retail investors like you and me can subscribe to). In fact, if you had spent S$1000 on every counter, you would have spent $8000 and these counters would have provided a total return of 17.6%! As the IPOs had occurred in different periods throughout the year, the XIRR comes in at an even more impressive 32.1%! (for simplicity, I exclude transaction costs and assume USD/SGD to be 1.44 - you would have earned more on Manulife Reit as USD had appreciated rather significantly since May 20th. I also assume that you are able to ......