$$$ KPO and CZM $$$: Portfolio - April 2020

Wednesday, May 13, 2020

Portfolio - April 2020

Who would have expected the market to recover so quickly? We were hoping the market will drop more so we can buy more but it didn't happen. The good news is I will be changing my job/company after working for 5 years at the same company since graduation. Like I blogged about previously, my pay was losing to my peers who left 1/2 years ago.

It is somewhat counter-intuitive to leave at such uncertain times but I am pretty sure all our increment/bonuses (regardless of what industry) for this year is almost non-existent (management will start telling you that you should be glad that you still have a job or there is no pay cut, etc.). Although the offer was not to my expectation, I decided to just take what is in front of me. Money aside, I have also gotten too comfortable in my current role that I am no longer learning as much. Definitely more learning opportunities in the new role/company! Hopefully, the increase in pay does not translate to increase in working hours. Hahahaha.

Our portfolio increases by 10.59% to $459,037 - $162.49 of capital withdrawal (dividends more than invested amount) and $44,128.46 of capital gain. This includes $31,217 of leverage/debt.

If you prefer to look at numbers, this is the raw data used to generate the above bar graph. These numbers are as of the last day of the month.

"Cash Flow" is the amount of money being injected/withdrawn from the portfolio (buying stocks = +ve cash flow while selling stocks and collecting dividends = -ve cash flow)



Having seen STI dropped to 2,200+ on 23rd March, it just didn't feel right to buy anything now. Having said that, if we compared the prices to a few months back where the STI was > 3,000+, it still looks cheap but bear in mind that a lot has happened since then (COVID, lockdown/CB, oil crashes, companies around the world going bankrupt and trade war seems to be happening again), hence the fundamentals are no longer the same.

Unfortunately, the plan to buy IWDA failed just after 2 months. lol. Shall try to resume/buy some in May. *fingers crossed*

Monthly DCA - $1,250
$500 Cash - StashAway Risk Index 22%
$250 KPO's SRS - StashAway Risk Index 36%
$250 CZM's SRS - StashAway Risk Index 14%
$250 KPO's SRS - Endowus Loss Tolerance -60%

The total dividends collected this month is $1,417.40. The breakdown is as follows:

Company PayDate Shares Total
SSB Apr 2019 1-Apr-20 500 $4.90
Mapletree North Asia Commercial Trust 14-Apr-20 5,000 $53.50
Frasers Commercial Trust 24-Apr-20 9,000 $1,359.00

Total dividends collected for 2020: $4,912.75
Average dividends per month for 2020: $1,228.19




Capital: $31,750‬.00
Current: $‭‭‭‭34,642.27

If you are interested in StashAway, do use our referral link. You get $10,000 free management fees for 6 months and we will get $16!


Capital: $5,250
Current: $‭‭‭4,774

If you are interested in Endowus, do use our referral link for our readers! You will get S$10,000 managed free for 6 months ($20 equivalent) and we will get $20 too!


This is a sneak peek to next month update! We started a Syfe 100% REIT+ portfolio early May. You can read about the review here - Syfe REIT+ (100%) Review.

If you are interested in signing up, do use our referral code (KPOBONUS) for some cash incentive! Invests $500 and more and we will receive a $10 bonus each. Invests $10,000 and more and we will receive a $50 bonus each. Invests $20,000 and more, we will receive a $100 bonus each!

You might be interested in these blog posts too:
Portfolio Performance in 2019
2019 Net Worth
Portfolio - December 2019 - $463,297
Portfolio - January 2020 - $455,071
Portfolio - February 2020 - $442,216
Portfolio - March 2020 - $415,071
- Portfolio - April 2020 - $459,037

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  1. for SRS , in your opinion, which robo will be better?

    1. Hi foolish chameleon,

      Unfortunately, I don't have an answer to your question. If I know, would have just stick with one of them.

      They are quite different in terms of their investment style:
      StashAway uses multiple ETFs to diversify across assets using their ERAA framework while Endowus uses Dimensional Funds which invest based on various "dimensions" (small caps over large, low price to book over high, etc.). The other way to look at it is one is passive while the other is active investing.

      Fees wise - Endowus will be lower at around 0.8% (0.4% Endowus fee + ~0.4% fund fee). StashAway will be higher around 0.9-1.x% (0.8% StashAway fee + ETF management fees). It depends on the underlying ETF expense ratio. Example, SPDR Gold Trust has a expense ratio of 0.4% while iShares Core S&P Small-Cap ETF has only 0.07%.

      Although Endowus requires minimum $10,000 to invest, it seems that the restriction isn't there for SRS portfolio which makes sense because the max SRS contribution for a year is just 15k. On the other hand, StashAway does not require any minimum amount.

      End of the day, you got to decide and see which one suits your style more :)

    2. hmm... ~0.8% sounds pretty hefty for SRS investment?
      but i guess for SRS there is not much choices in the market

  2. Hi KPO, my query is somewhat related to FC's comment above as well. That is, I am thinking of investing my SRS with endowus as well. Can I just check, is the balancing automated? Or are you able to opt out from the auto rebalancing? And if there is an opt out function, could I seek you advice as to whether one should remain on auto rebalancing or not?

    Thanks! :)

    1. Hi DS,

      Can I just check, is the balancing automated?

      are you able to opt out from the auto rebalancing?

      And if there is an opt out function, could I seek you advice as to whether one should remain on auto rebalancing or not?
      I will recommend keeping it on because that is one of the benefits of the robos where they are supposed to rebalance and adjust the risk for you. I wouldn't know when to do it myself so I will have to trust them to do it and that's why we pay the fees too :)

      That is, I am thinking of investing my SRS with endowus as well.
      Remember to use our referral link. Hahahaha.

    2. Thanks for the prompt reply KPO! Haha will most certainly do! Was actually a toss up between you or financial horse. However, seeing that we are rather close in age...steady abit hor bro. ;)

      Separately, love your articles on the home reno. My BTO is coming soon. I may have to revisit and trouble you with more queries over at those articles once the time comes.

      Haha paiseh for the longer than expected message. Closet reader here. Keep writing and sharing! :D

    3. Hahaha. Steady la. Thanks for the kopi money in advance. I do read financial horse and he's definitely a better writer.

      Ah. Exciting times! Will get very busy and broke due to renovation/shopping for furniture (might be subjective). Hopefully the BTO will not be delayed due to the current situation. No worries, just drop me a comment/email. Congrats in advance!

    4. Nola, both equally outstanding!

      Haha thanks man! Congrats on your new job too - huat ah!

      Btw, just curious, in a previous post of yours (https://kpo-and-czm.blogspot.com/2019/12/endowus-cpf-srs-review.html) you mentioned in a reply to FC that "Yes, they do have referral as well - $10,000 advised for free for 6 months (equivalent to $20 in credit to offset your Access Fee) and unfortunately, I will not be sharing mine. My secret identity is worth more than that. Hahaha." You mean you actually have 2 different referral codes? One for opening an endowus account in general, and one if we specifically use SRS to fund the account?

    5. Thanks!

      Yes, I have 2 referral codes. One will show my real name which I share with people I already know. The other is masked and will only show "kpoczm". That comment was before Endowus reached out and offered to create another referral code to hide my actual identity.

      They serve the same purpose, to introduce people to Endowus, doesn't matter if one is using cash or SRS.

    6. @DS,

      which robo are you going with for your SRS? and why?

    7. Hey FC! Hmm I was actually just looking at either Endowus or MoneyOwl simply cus of their exposure to DFA; not so much on StashAway since a portfolio with them would comprise of ETFs which we could probably DIY at a lower cost? (Correct me if I'm wrong, but these are the only 3 robos that currently offer an SRS option hor?)

      And between Endowus and MoneyOwl...I'm leaning slightly to Endowus cus it's slightly cheaper, having PIMCO for its fixed income portion seems more judicious, and a tight interface. Although MoneyOwl has that NTUC parentage going for them...

      Btw bro, I'm a total noob at all of these man. So would love to hear your view as well!

      Oh and one last thing I realised/curious: under Seedly's reviews of robos, MoneyOwl isn't reflected. Why ah? After that initial slew of top down driven sponsored posts, take up rate macam radio silence haha.

    8. ETFs which we could probably DIY at a lower cost?
      This is debatable. In theory, DIY is going to be lower cost only if you have a large base. Most of the brokerage charges a minimum commission, even if we use IB, for account lesser than 100k, there is a monthly 10 activity/maintenance fee too. Not forgetting the time and effort that is required for one to DIY as well as dealing with the emotion/psychology part. Robo is the opposite - cheaper when the base is small and expensive as the portfolio is larger. By then one will probably be used to it or let them continue to manage. lol.

      MoneyOwl has a higher fee when compared to Endowus. Haha. Not sure why there's no review on Seedly.

    9. hey DS,
      same here. its a toss up between endowus or SA. but the former has a slight edge, since its fees are ~0.8$, which is the lower of the two.

      but i was thinking, would there be a difference if say, we just every month buy major bank stock ie DBS/UOB/OCBC using the SRS funds?

  3. but i was thinking, would there be a difference if say, we just every month buy major bank stock ie DBS/UOB/OCBC using the SRS funds?
    Of course! 2 things:
    1. Is it cost effective to do so? How much will be your fees for doing that? Minimum commission? Convert that to a percentage then you will see the robo fees aren't that high depending on how much you plan to invest.
    2. Bank stock is equivalent to stock picking already. There's no diversification. Some may argue diversification hurts return so if you truly believe in our banks then it's your call too. No right or wrong :)

  4. Hi KPO,

    May I know what you mean by "the plan to buy IWDA failed just after 2 months"?
    Asking because I am planning to buy it after reading Shiny Things' book Rich By Retirement.

    1. Hi layla,

      We are supposed to buy for the month of April but I didn't do it because the price seems to be on the high side. Let's just say I am not discipline enough. Hahaha.