The Value Fund Portfolio Report 2019

1. It has been a bitter sweet year for The Value Fund. 

2. Total AUM reached $1.34M comprising of  a portfolio value of $963K and $375K of cash/FDs/bonds/SSBs. Total dividends for the year was $45.7K.

3. On the positive side,

a. Achieved an out performance of 11ppt vs benchmark of ES3 (19.8% vs 8.8%).

b. Achieved an XIRR of 20.4%.

c. Achieved second highest ever and absolute P&L of  $164K.

d. Maintained CAGR of 11% for last 15 years.

e. Made some good investments such as Haw Par, MCT, Tai Sin and PNE Industries which prices surged in the second half as market recognised their intrinsic value.

f. Made some good divestments such as Fortune Reit, CCT, Silverlake, Haw Par and AA Reit at good prices controlling for the risk industry/company performance and/or default. On hindsight, disposals of First Reit and LMIRT in 2018 proved prescient. 

4. On the negative side,

a. Dividend performance declined from 6.6%($49K) to 5.8% (45.7K). This is below target.

b. Made some poor investments in the form of Duty Free and Colex, misreading the industry trends. Have to continue to monitor and reevaluate positions. 

5. Going forward into 2020,

a. Stretch target to reach AUM of $1.5M.

b. Exceed or maintain CAGR of 11%.

c. Raise dividends to $50K p.a.

d. Control risk to unstable and correlated stock, bond and property markets, recessionary trends and irrational hubris by maintaining a warchest of 30% and staying with rock solid companies.

My current portfolio can be found at https://stocks.cafe/user/profile?username=thevaluefund