Portfolio update February 2022

Disclaimer: This article constitutes the author’s personal views only and is for entertainment purposes only. It is not to be construed as financial advice in any shape or form. Please do your own research and seek your own advice from a qualified financial advisor. From time to time, the author may hold positions in the below-mentioned stocks consistent with the views and opinions expressed in this article. I have positions in all of the below stocks at the time of publishing this article. This is a disclosure - not recommendations to buy or sell stocks.

Portfolio update

News about the war in Ukraine has been flashing across my computer screens over the past few days. It’s been shocking to see Russian stock prices getting decimated.

Asia has been a relative safe haven. MSCI Asia Ex-Japan is only down a few percentage points. Some companies have even benefitted via higher commodity prices.

The portfolio is now +0.1% since its inception in October 2021. Pretty unexciting, I have to admit.

The only trading activity that has taken place over the past month include:

• I initiated a position in Indonesian sportswear retailer MAP Aktif. I feel comfortable with the company’s corporate governance and management team. I also like the COVID-19 recovery angle given that Indonesia’s Omicron case count looks like it’s peaking.
• I sold more of BAT Malaysia. I subscribe to the view that stocks should avoided when going through difficult challenges, and purchased right after they have passed them. The threat in BAT Malaysia’s case is a potential generational smoking ban, which will be discussed in Malaysia’s parliament in March 2022.

In terms of allocation, most of the stocks in the portfolio are either Indonesian consumer stocks (Multi Bintang, Ultrajaya, Delfi and MAP Aktif) and / or COVID-19 recovery stocks (Jardine C&C, CNOOC, Ichigo Hotel REIT, Kyushu Railway, Doutor Nichires, Holcim Philippines).

I wouldn’t mind owning shares in United Plantations and Uni-Charm Indonesia. And my exposure to SBS Transit is perhaps too high.

Here is the full portfolio as it stands as of 25 February 2022. The cash balance is currently 0.8%.