UOB Krisflyer Credit Card 3 to 2.4 MPD nerf

 Milelion.com, which is a pretty informative site, just reported that wef 1 June 2025, UOB Krisflyer Credit Card will be nerfed from 3 to 2.4 MPD, a 20% cut.  I just applied for the card at the start of the year. I am not sure what the alternatives are so I will continue to use this card, given the Visa Signature's $1+1k cap.

end April 2025 update

 

Decent performance in April and still managing to outperform the S&P500.

 

I'm at the Silverkris Lounge this time. Chwee Kueh is always good. As a bonus, you can get freshly toasted Black Forest ham and cheese sandwich in Focaccia. In flight desserts are always lovely to look at. Love the effort put into the presentation.

FSMOne: MMF is better than ELF better than Autosweep account?

 

I have previously talked about how I have parked some cash in the FSMOne S$ autosweep account only to find that I am charged a "Management Fee" for the Autosweep account.

When you dig deeper into the Autosweep account, you learn that the autosweep account invests 90% of the funds in the iFAST Enhanced Liquidity Fund (ELF) with the remaining 10% in a cash account.

https://secure.fundsupermart.com/fsmone/article/rcms323940/ifast-enhanced-liquidity-funds-higher-returns-with-same-day-access

When you look at the ELF, you learn that FSMOne classifies it as a Short Duration Fixed Income fund (and not a money market fund) with an expense ratio of 0.31%. And guess what the fund holds - a lot of Money Market Funds (MMF), together with some sovereign debt and bank fixed deposits

I am not exactly sure if this kind of portfolio is worth the 0.31% expense ratio. There is also nothing that says that they receive a management fee rebate from Fullerton or LionGlobal whose MMFs are inside the portfolio, which means that this expense ratio should be in addition to the expense ratio of the underlying funds. One possible reason investors may prefer the ELF rather than buying the MMFs directly is that ELF, being an iFAST product, offers T+0 settlement (sell before 10am, credited end of business day). But to me that's neither here nor there for me, since it doesn't get credited fast enough to buy stocks during HK/SG trading hours.

Since I am on Diamond+ tier and do not pay platform fees for unit trusts (such as the ELF or MMF), it makes more sense for me to buy MMFs and to leave whatever is needed for ETF purchases. 

The autosweep account can be used to fund RSP of ETFs which is a great thing since you get above average interest while the funds are parked there. Since the interest rate is decent but not as high as an MMF (for the reasons shown above concerning expenses), I don't mind leaving enough for a few months' worth of RSP (versus trying to 'optimise' by moving funds into the autosweep account 4 times a month for the RSPs - another advantage of RSP is that it can happen 4 times a month, which probably reduces the impact of predatory algorithms frontrunning FSM's market orders on RSP days).

Conclusion

Rather than leaving a whole bunch of cash in the Autosweep account, I am moving them to

(i) Fullerton and Lionglobal MMF (0.17%/ 0.31% expense ratio)

(ii) LionGlobal All Seasons fund (standard) which is a 30/70 balanced fund with 0.48% expense ratio. This is pretty competitive considering what the All Seasons fund holds, compared to LionGlobal's own MMF.

Frasers Centrepoint Trust Preferential Offering

 

Due to the legacy reasons, I have FCT holdings scattered amongst CPFIS, CDP, and SCB.

Recently, there was a preferential offering of FCT at $2.05. At the time this was announced, there was a tariff related market crash and the share price dipped dangerously close to $2.05. This was good news to those that applied for excess rights, because the market crash meant less interest in the rights.

As a result, I got all the excess rights I applied for:

Entitled: 2295

Excess: 4205

Total: 6500

Since the price of the preferential offering was $2.05 per share, and the price is currently $2.25, this was basically 'free money', $1300 to be exact.

Back from holiday

 

Back in Singapore after a short break. LSE is closed for trading on Monday but NYSE will be open. Looking forward to buying more stocks. 

One piece of good news, there appears to be a new lounge in KIX and SQ is no longer using the JAL Sakura lounge which was too cramped. The new lounge is pretty large as this photo shows and so it was pretty empty in some areas (its more crowded nearer the food.... ) and I can sit quietly and relax.

Short break from trading (Krisflyer Gold isn't that bad)

 

I probably won't be trading for the next few days (though technically nothing preventing me from logging into my trading account) as I'm taking a short break.

I'm flying economy this time so I get to visit the Krisflyer Gold lounge. While it was perhaps a bit more crowded than the Silverkris lounge, I could still find a seat and it was overall a pleasant experience.

More importantly, the Chwee Kueh in the Gold lounge tastes just as good as the one in the Silverkris lounge. I notice that it was only the locals that take the Chwee Kueh and the Westerners just go for the more boring stuff. Anyway, I don't stuff myself with food when I visit the lounge, so an extra round of Chwee Kueh after finishing the first plate is more than enough for me.

10 Apr 25

 

10 April. I bought VUSD and NVO last night and went to bed. Market was red. Woke up this morning and saw all green....