September was another positive month for the portfolio with a cumulation of small gains in most assets and neutral FX movements producing a 1.60 percent increase in net assets.
For the year, the portfolio is up 16.27 percent. The adjusted change from when I retired in September 2013 is a 23.88 percent increase. Hong Kong liquidity stands at 27.70 months of estimated outgoings, well down on January's 38.6 months due to new investments + transfers to New Zealand.
Here are the details:
1. my Hong Kong equities increased moderately. I sold my shares in Xtep (HK:1368) after the company continued to disappoint and purchased a few additional shares in CNOOC (HK:883);
2. my AU/NZ equities were mixed with declines in Australia being less than a small gain in New Zealand. I added some more shares in Colonial Motor Company (NZX: CMO);
3.my equity ETFs were up slightly (India, Hong Kong and China) in line with the local markets;
4. my position in silver fell. I opened a small position in platinum;
5. all tenants are paying on time and all properties are let. Unfortunately, I had a few repair bills this month, some of which are a result of the recent typhoons. One tenant has agreed to a new leas with a small increase in rent;
6. the AUD and NZD were were mixed with the AUD being down and the NZD slightly ahead against the USD/HKD;
7. my position in bonds remains modest. I have a margin facility in place and purchased one additional bond using the facility - a very small carry trade;
8. expenses were low.
My HK cash position rose during the month. I currently hold 27.7 months of expenses in HKD cash or equivalents (down from 38.6 months on 1 January).
I have revamped my spreadsheets to capture all debt (previously some accounts were entered on a net basis). Total household gearing ((debt+accruals)/assets) is 10.04% of total assets. Property prices are as at 1 January, 2017, so this overstates the gearing ratio.
I would like to make some additional investments but am struggling to find good value in the markets I follow. With expectations of further rises in interest rates muted, I remain tempted by the carry trade and would do one or two more should the right offers be available.
Saturday, September 30, 2017
Wednesday, September 06, 2017
Financial Review - August, 2017
August was a marginally positive month for the portfolio with a mixture of small gains and losses and unfavourable FX movements producing a 0.62 percent increase in net assets.
For the year, the portfolio is up 14.62 percent. The adjusted change from when I retired in September 2013 is a 22.11 percent increase. Hong Kong liquidity stands at 25.74 months of estimated outgoings, well down on January's 38.6 months due to new investments + transfers to New Zealand.
Here are the details:
1. my Hong Kong equities increased slightly. I purchased a few additional shares in CCB (HK:939);
2. my AU/NZ equities fell with declines in Australia outweighing a small increase in New Zealand. There were no transactions this month;
3.my equity ETFs were up slightly (India, Hong Kong and China) in line with the local markets;
4. my position in silver increased;
5. all tenants are paying on time and all properties are let. Unfortunately, I will have a few repair bills this month, some of which are a result of the recent typhoons;
6. the AUD and NZD were were mixed with the AUD being flat and the NZD falling in response to pre-election jitters. I made an additional transfer to New Zealand;
7. my position in bonds remains modest. I have a margin facility in place and am looking to by some bonds on margin as a carry trade;
8. expenses were moderate as I took a trip to New Zealand to visit family.
My HK cash position fell during the month due to another transfer to New Zealand. I currently hold 25.7 months of expenses in HKD cash or equivalents (down from 38.6 months on 1 January).
I have revamped my spreadsheets to capture all debt (previously some accounts were entered on a net basis). Total household gearing ((debt+accruals)/assets) is 9.02% of total assets. Property prices are as at 1 January, 2017, so this overstates the gearing ratio.
I would like to make some additional investments but am struggling to find good value in the markets I follow. With expectations of further rises in interest rates muted, I remain tempted by the carry trade and would do one or two more should the right offers be available.
For the year, the portfolio is up 14.62 percent. The adjusted change from when I retired in September 2013 is a 22.11 percent increase. Hong Kong liquidity stands at 25.74 months of estimated outgoings, well down on January's 38.6 months due to new investments + transfers to New Zealand.
Here are the details:
1. my Hong Kong equities increased slightly. I purchased a few additional shares in CCB (HK:939);
2. my AU/NZ equities fell with declines in Australia outweighing a small increase in New Zealand. There were no transactions this month;
3.my equity ETFs were up slightly (India, Hong Kong and China) in line with the local markets;
4. my position in silver increased;
5. all tenants are paying on time and all properties are let. Unfortunately, I will have a few repair bills this month, some of which are a result of the recent typhoons;
6. the AUD and NZD were were mixed with the AUD being flat and the NZD falling in response to pre-election jitters. I made an additional transfer to New Zealand;
7. my position in bonds remains modest. I have a margin facility in place and am looking to by some bonds on margin as a carry trade;
8. expenses were moderate as I took a trip to New Zealand to visit family.
My HK cash position fell during the month due to another transfer to New Zealand. I currently hold 25.7 months of expenses in HKD cash or equivalents (down from 38.6 months on 1 January).
I have revamped my spreadsheets to capture all debt (previously some accounts were entered on a net basis). Total household gearing ((debt+accruals)/assets) is 9.02% of total assets. Property prices are as at 1 January, 2017, so this overstates the gearing ratio.
I would like to make some additional investments but am struggling to find good value in the markets I follow. With expectations of further rises in interest rates muted, I remain tempted by the carry trade and would do one or two more should the right offers be available.
Tuesday, August 01, 2017
Financial Review - July, 2017
July was another good month for the portfolio with small gains across the board and favourable FX movements producing a 3.93 percent increase in net assets.
For the year, the portfolio is up 14.00 percent. The adjusted change from when I retired in September 2013 is a 21.14 percent increase. Hong Kong liquidity stands at 28.5 months of estimated outgoings, well down on January's 38.6 months due to new investments + a transfer to New Zealand but ahead of last month's due to high levels of dividends being received.
Here are the details:
1. my Hong Kong equities increased. I purchased some additional shares in GDI (HK:270);
2. my AU/NZ equities rose slightly. I purchased some additional shares in Colonial Motor Company (NZX: CMO);
3.my equity ETFs were up slightly (India, Hong Kong and China) in line with the local markets;
4. my position in silver was stable;
5. all tenants are paying on time and all properties are let;
6. the AUD and NZD were up against the HKD/USD. I made a small additional transfer to New Zealand;
7. my position in bonds remains small. I declined some offers as the spread between yield and cost of funds was too thin.
8. expenses were moderate as we took a short family holiday to Da Nang;
My HK cash position rose slightly during the month due to high level of dividends. I currently hold 28.5 months of expenses in HKD cash or equivalents (down from 38.6 months on 1 January).
I have revamped my spreadsheets to capture all debt (previously some accounts were entered on a net basis). Total household gearing ((debt+accruals)/assets) is 9.06% of total assets. Property prices are as at 1 January, 2017, so this overstates the gearing ratio.
I would like to make some additional investments but am struggling to find good value in the markets I follow. With expectations of further rises in interest rates muted, I remain tempted by the carry trade and would do one or two more should the right offers be available.
For the year, the portfolio is up 14.00 percent. The adjusted change from when I retired in September 2013 is a 21.14 percent increase. Hong Kong liquidity stands at 28.5 months of estimated outgoings, well down on January's 38.6 months due to new investments + a transfer to New Zealand but ahead of last month's due to high levels of dividends being received.
Here are the details:
1. my Hong Kong equities increased. I purchased some additional shares in GDI (HK:270);
2. my AU/NZ equities rose slightly. I purchased some additional shares in Colonial Motor Company (NZX: CMO);
3.my equity ETFs were up slightly (India, Hong Kong and China) in line with the local markets;
4. my position in silver was stable;
5. all tenants are paying on time and all properties are let;
6. the AUD and NZD were up against the HKD/USD. I made a small additional transfer to New Zealand;
7. my position in bonds remains small. I declined some offers as the spread between yield and cost of funds was too thin.
8. expenses were moderate as we took a short family holiday to Da Nang;
My HK cash position rose slightly during the month due to high level of dividends. I currently hold 28.5 months of expenses in HKD cash or equivalents (down from 38.6 months on 1 January).
I have revamped my spreadsheets to capture all debt (previously some accounts were entered on a net basis). Total household gearing ((debt+accruals)/assets) is 9.06% of total assets. Property prices are as at 1 January, 2017, so this overstates the gearing ratio.
I would like to make some additional investments but am struggling to find good value in the markets I follow. With expectations of further rises in interest rates muted, I remain tempted by the carry trade and would do one or two more should the right offers be available.
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