Author: The Bedokian Portfolio

The Coronavirus Outbreak: What To Do As An Investor

The coronavirus outbreak is, without a doubt, the most talked about topic on everyone’s lips now. We all have been inundated by the news and topics related to this microscopic threat: the number of cases in Singapore and various parts of the world; its asymptomatic trait that makes it even more undetectable; the difficulty in getting masks and sanitizers from retail outlets, and so on. Whilst I encourage all to have good hygiene practices and carry out preventive measures for yourself and your loved ones, one constant is clear: life has to go on, even on the investment front....

Read More

Elite Commercial REIT Part 2

The prospectus for Elite Commercial REIT (the REIT) was registered with the Monetary Authority of Singapore’s OPERA site on 28 Jan 2020, along with the Product Highlights Sheet. Let us take a look on top of what we had covered previously here. The Numbers And Figures The offering price of the IPO is Sterling Pound (GBP) 0.68, or in Singapore Dollar (SGD) terms 1.21, based on the exchange rate of GBP 1 = SGD 1.7794. The yield (over the IPO price) is forecasted to be 7.1% for the year 2020 and projected to be 7.2% for the year 2021. ...

Read More

Elite Commercial REIT

A new REIT is coming to town; Elite Commercial REIT (the REIT) had lodged its prospectus with the Monetary Authority of Singapore on Friday (17 Jan 2020) and it is likely going to be the first listing on the Singapore Exchange (SGX) for the year 2020. It is also the first Sterling Pound (GBP) denominated REIT on the SGX. Let us have a brief look on it. Brief Overview There is a total of 97 properties in the REIT, scattered across the entirety of Great Britain (England, Scotland and Wales), out of which 96 are freehold, and the remaining...

Read More

Asset Class Correlation 2019

Now that it is 2020, we shall look back at 2019 to see how the various asset classes had performed for the whole year, using data from the Portfolio Visualizer site and respective ETFs representing the various asset classes. I also added the iShares MSCI Singapore Capped ETF (EWS) to show how our local equities fair against the rest. NameTickerVTIVNQBNDGLDCASHXEWSReturnVanguard Total Stock Market ETFVTI-0.38-0.390.02-0.050.8830.67%Vanguard Real Estate ETFVNQ0.38-0.380.250.390.2528.87%Vanguard Total Bond Market ETFBND-0.390.38-0.590.26-0.338.83%SPDR Gold SharesGLD0.020.250.59–0.050.1617.86%CashCASHX-0.050.390.26-0.05-0.002.12%iShares MSCI Singapore Capped ETFEWS0.880.25-0.330.160.00-14.53%Fig. 1 – Correlation results based on monthly returns for the period 1 Jan 2019 – 31 Dec 2019. For full data click...

Read More

2019 Review, 2020 Preview And Bob

2019 is coming to a close, and we are soon entering the third decade of the twenty-first century. It has been an eventful year, and the best is always yet to come. 2019 Review After suffering a scare during the Christmas period of 2018, the markets had recovered when 2019 began. For the U.S. markets, using the S&P 500 as a gauge, its year-to-date (YTD) performance up till 26 Dec 2019 stood at about +29.08%1, despite the trade war roller coaster ride that prevailed throughout the year. The STI’s YTD was about +6.17%1, which was not that bad despite...

Read More

The Fraser REITs Merger

By now there were a few blog posts written about this merger, so I will give my perspective as a Frasers Commercial Trust unitholder. Overview On 2 Dec 2019, Frasers Logistics & Industrial Trust (FLIT) had announced that it would merge with Frasers Commercial Trust (FCOT), with the new REIT to be subsumed under the FLIT banner. In this merger deal, FCOT holders will get 1.233 FLIT units plus SGD 0.151 in cash for each FCOT unit, which meant that for every 1,000 FCOT units, one would expect to have 1,233 FLIT units and SGD 151.00 in cash. The...

Read More

What If The Two Frasers REITs Merge?

The Business Times reported on 29 Nov 2019 that two of Fraser’s REITs, Frasers Commercial Trust (FCOT) and Frasers Logistics & Industrial Trust (FLIT), are making plans to merge, according to sources familiar with the matter1. With both counters halted for trading since the morning of 28 Nov 2019, and not much news forthcoming, the merger issue at this point would be at best, a conjecture. However, with the slew of trust mergers such as the Viva and ESR one last year and the combination of the OUE hospitality and commercial trusts just a few months ago, the possibility...

Read More

The Bedokian Review Of Mapletree North Asia Commercial Trust And Some Takeaways

Back in June this year, I had written a post on Mapletree North Asia Commercial Trust (MNACT) in my “Inside The Bedokian’s Portfolio” series (see here). In it, I had mentioned about the crown jewel Festival Walk, a large retail and office property situated in Hong Kong, and itself was a prime concern due to the huge concentration in MNACT’s book value and revenue, which both stood at about 60-plus percent. Last week, Festival Walk had sustained internal damages that warranted a full closure, after it was being targeted by protestor groups in the current unrest. With reopening, we...

Read More

Tired From Looking For New Companies To Invest? Read This (Very) Short Post.

After investing for a few years, and if you are an active investor, you will have a number of different securities and counters in your investment portfolio. While continually doing research and prospecting for potential companies is one way, it could be exhausting for one if there are other commitments and/or if you still are holding a very busy day job. If your mind is willing but your physical body is not, then maybe you can consider two other alternatives to manage your portfolio: looking at your current holdings and going the ETF way. Looking At Your Current Holdings...

Read More

Some Considerations When Investing In Technology

Image by Pete Linforth/Pixabay.com Technology, or tech for short, is one of the most oft-quoted buzzwords among investors and traders. The technology sector, defined by Investopedia, contains “businesses revolving around the manufacturing of electronics, creation of software, computers or products and services relating to information technology”1. This sector had caused a bubble back in the late 1990s and early 2000s, and it is also leading the charge in changing or disrupting almost all aspects of our work and leisure lives. The tech sector has various sub-sectors within, such as software and services, hardware, etc. Recent developments have seen it moving...

Read More

Inside The Bedokian’s Portfolio: SPDR S&P 500 ETF & Berkshire Hathaway Class B

Inside The Bedokian’s Portfolio is an intermittent series where I will reveal what we have in our investment portfolio, one company/bond/REIT/ETF at a time. In each post I will briefly give an overview of the counter, why I had selected it and what possibly lies ahead in its future. For this issue, I will introduce two securities from the United States (US) market: the SPDR S&P 500 ETF (ticker: SPY) and the Berkshire Hathaway Class B shares (ticker: BRK.B). During my “transition period” between 2013 and 2014 when I switched from trading to investing, I had done some research...

Read More

Lendlease Global Commercial REIT: The Bedokian’s Take

Lendlease Corporation, part of the Australian-based Lendlease Group, is spinning off a REIT with two of its properties. Called the Lendlease Global Commercial REIT (the REIT), it will start off with 313@Somerset in Singapore and Sky Complex in Milan, Italy. So let us take a rough look. Quick numbers from the prospectus (with page number in brackets for reference): Initial public offering (IPO) price: S$0.88 (p46) Net Asset Value (NAV): S$0.8134 (p55) Aggregate Leverage: 36.4% (p97-98) Projected dividend yield: 5.8% (annualized) for 2020, 6.01% for 2021 (p57-58) Weighted Average Lease Expiry (WALE): 4.9 years by Gross Rental Income (GRI),...

Read More

The Bedokian’s Investment Philosophy: The 100th Blog Post Special

What is an investment philosophy? Essentially it is like a personal set of doctrines, strategies and methodologies on investment matters. Everyone’s investment philosophy are unique, though some may just be a total replicate of others’, especially those of famous investors and traders. For mine it is a mixed bag from different sources, cobbled up during the period of 2013 – 2014 when I transitioned my portfolio into the first draft of the current form. Since this is my 100th post in The Bedokian Portfolio blog, I will share some of my investment philosophy with you and I hope you can...

Read More

A Wave Is Coming, But You Have Limited Ammo…

Does the post title sound ominous? If you are thinking of a zombie hoard coming at you but you only have six arrows left for your crossbow, then yes that is bad news indeed. Well, that is really not the case. The “wave” that I mention here is the market direction, and it is those extreme ones. Yup, sharp rises and falls, those types. The “ammo” is the amount of funds that you are ready to deploy when the wave comes, which for almost all of us, is a limited resource. And the whole context is about selecting the...

Read More

Inside The Bedokian’s Portfolio: iShares JP Morgan USD Asia Credit Bond Index ETF

Inside The Bedokian’s Portfolio is an intermittent series where I will reveal what we have in our investment portfolio, one company/bond/REIT/ETF at a time. In each post I will briefly give an overview of the counter, why I had selected it and what possibly lies ahead in its future. For this issue, we shall talk about the iShares JP Morgan USD Asia Credit Bond Index ETF, or I just refer to it as the iShares Asia Credit Bond ETF. The iShares Asia Credit Bond ETF is listed on the Singapore Exchange with two ticker symbols; N6M (in US dollars)...

Read More

Recent Comments

Latest News from PR Newswire