Allianz Income & Growth

 

As my portfolio grows larger, I am always on a lookout for products that can improve risk-adjusted returns or provide diversification. Previously, I have looked at the 2 popular FSMOne income funds PIMCO and Allianz and did not find them to be compelling choices. 

Kyith just did a detailed writeup on Allianz on Investmentmoats and I thought I would give my simple thoughts.

The table above compares Lion Global All Seasons Standard (70% fixed income, 30% equities) against PIMCO and Allianz Income funds. The thing that stands out about Allianz is that its absolute return looks pretty good. Lion Global wins with the YTD/1yr returns but Allianz is narrowly ahead on 3 and 5 years despite its expense ratio. PIMCO is hopeless.

So Allianz looks attractive since it generates its profits by investing in securities that are not equities and thus there is a possible diversification advantage. However,the price you pay is huge annualised volatility, which means that your returns could be very different depending on when you invest. 

Finally, Allianz Income & Growth had a complete change of fund managers in 2022 with their superstar Douglas Forsyth 'retiring' so there was no guarantee that they would continue to perform.

Based on the 3 year return of Allianz, the new managers appear to be ok. There was one time FSMOne came up with a new recommended Europe fund based on the stellar track record. However, FSMOne didn't consider the fact that the fund manager was leaving. The next year, the fund did so badly that FSMOne pulled it from their recommended list after just one year. So in some cases, fund managers do matter.

Overall, Allianz Income does look a lot more attractive than PIMCO but it is not at all clear that it is clearly better than a low cost vanilla balanced fund like Lion Global All Seasons Standard.

Health is Wealth: Bought myself an Omron Scale

 

I am someone who likes looking at data, I use the data generated by Garmin to help me in trying to improve my VO2Max and endurance. I also have an Omron Blood Pressure Monitor/ ECG HEM-7530T (the blood pressure monitor function is more important than the ECG but I thought, why not just get the one with the extra ECG feature as well).

At the recent 12-12 sale, Omron's full body composition weighing scale HBF-702T was on sale at $125 (I've not seen it lower than $150 before), so I decided to buy myself a present.

The HBF-702T supposedly gives you a lot of info such as Body Fat, Segmental Subcutaneous Fat and Visceral Fat. As it uses 4 electrodes instead of 2, it is slightly more accurate. It is certainly not accurate for single measurement use, but if one is disciplined enough to do a weigh-in every morning, weekly average trends are probably useful. The Omron App syncs with both devices so I have BP and weight/fat history stored together which is handy.

Portfolio Update: December 2025

 

6 months from the last updates bring the following significant changes to my Portfolio:

• Lloyds Bank is the first individual stock that hits the X-Large category. I did not buy more stock, so the growth is from capital gain.
• ING Bank and DBS enter the medium category. I only have a tiny holding of DBS but it has multiplied in value. Similarly, ING Bank.
• EDIT: I totally forgot about the Gold rally. Hard to believe that my tiny collect of Gold is worth so much now.

SCB Trading Account XIRR

 

Maybe I'm the last one to know this, but I just discovered that Standard Chartered's website generates a report with my portfolio's XIRR. The portfolio holds a mix of SG stocks and LSE-listed ETFs. Good to know that I managed annualised double-digit returns, which means that I doubled my money in about 7 years.

Another cool thing about SCB is that they temporarily upgraded my trading account to Priority Private tier which allowed me to enjoy 0.015% brokerage commissions (I checked my invoice and confirmed this). They also sent me an invite to ask me to apply to make it 'permanent'. Not bad at all.

Dividends Collected: Nov 2025

 

Passive Income on track to be marginally lower than 2024.

25% YTD

 

My portfolio has increased by a quarter YTD. This is probably the first year I have made 7-figures purely from investing profits...

Dividends Collected: October 2025

 

Collected more this month than last year, but still lagging last year's dividend YTD.

October 25 Performance

Despite losing even more money on NVO as it went down further, my portfolio gained about 1% from last month.

 

Contactless Spending for Oct 2025

 

To recap, UOB Visa Signature generates 4mpd for contactless transactions with a minimum spend of $1k and a spending cap of $1.2k. The spending for this card has to be during the statement month (see Milelion's review of the card for an explanation of the difference between statement month and calendar month). Fortunately, my statement date is the 2nd of each month so its virtually the same as calendar month. 

I thought it would be useful to document my $1k contactless spending on my credit card in a month when I had no big ticket items (no single item costing more than $100) to see what my spending pattern is like. Obviously if I bought a big ticket item, the spending chart would be quite skewed.

My main contactless spending is understandably F&B at 51%. This includes restaurants, takeaway food, and Starbucks. Many restaurants have switched to ordering via QR code but most collect payment at the counter or have the option open, so that I can make a contactless payment.

On months when I am making a big ticket purchase which results in the $1.2k cap being hit early, I can shift my F&B spending to the UOB Krisflyer card which gives 3mpd for dining.

Its great that the SQ Annual Time to Fly sale takes place after the Global Redemption Sale, because you get to use up your miles first on discounted redemption tickets, and then whatever you are unable to redeem, you use cash. Makes more sense than the other way round.

For this year's sale, I bought one biz class ticket to Australia for $4.5k. That translates to roughly:

• 11,500 miles (to be earned after flying):  +25% booking class bonus +25% Elite Silver bonus (yup, my Elite Gold has expired)
• 13,500 miles from UOB Krisflyer Credit Card (3mpd)
• Total 25,000 miles.

LionGlobal All Seasons and Gold

 

While I mentioned that I have not been buying Gold, one of my favourite Unit Trusts had taken a tiny position in Gold (0.55% of portfolio) by January 2025 or earlier (the above screenshot was taken in Feb 2025 of the previous month's factsheet). Currently the value of that holding is now 0.99% of the portfolio which I presume is mainly from price appreciation. That should be good for a couple of basis points of alpha which is not that much, but good to know that occasionally active managers can make good trades....

Link to Feb 2025 post: BuyafterCrash: Lion Global All Seasons Fund revisited (SRS strategy)

Gold? (Looking back to 2016)

 

When I first started this blog in 2016, one of my earliest posts was about Gold and how I felt it was insurance rather than investment. If everything was normal it should match inflation plus a few basis points for 'holding cost.' If something terrible happened, then the 'insurance' function would kick in and the price would spike. The 2016 photo above shows my tiny gold holdings which I have not increased since 2016 (I think I bought a couple more bars/coins after the photo was taken but nothing after 2016).

Instead, my strategy was to invest in economies that have a significant commodities business as any increase in commodity prices would benefit that economy. Specifically, I have a large position in Australia, which is the 3rd largest producer of gold.

Recently, there has been a sustained increase in the price of gold, which cannot be explained by its 'insurance' function. Perhaps the idea of you should pay a price premium for a 'store of value' function has taken root thanks to crypto. Or crypto millionaires and moving some of their crypto winnings to Gold.

I do not plan to buy more Gold as I find it too difficult to value. As I mentioned in 2016, Gold doesn't generate earning or cashflow. Instead I hope to be a beneficiary of the Gold boom indirectly though the Australian market.

My 2016 Post: BuyafterCrash: Gold?

________________

Postscript: The morning after I posted this, CNBC reported a rare earths investment framework/agreement between US and Australia.

October Strategy: Just continue DCA

 

Trump threatened 100% tariffs in retaliation for China rare earth export controls, but market quickly recovered and marched upwards. 

For October I bought more VWRD and a smaller amount of VHYD. Also continuing my HK/China ETF RSP with FSMone. Nobody really knows when the next correction will occur so I will just continue adding to VWRD.    

One thing I am paying attention to is the (over)concentration of the ETF constituents. FSMOne provides a useful auto-calculation in their ETF pages and I noticed that 3010.HK is on one hand, relatively less concentrated with top 25 holdings comprising 46.13% of total assets and on the other, TSMC is a whopping 13.5% individual weightage.

Finally, USD:SGD is on the move and went back above 1.3. That should generally be good news for my portfolio which has a reasonable chunk of US$ fixed income ETFs.

Miles Strategy

 

Someone asked in the HWZ forum about miles and there were the usual doubts expressed whether it was worth chasing miles. Coincidentally, I have just started to learn more about miles collecting, mainly from the milelion website, and my short answer is that if you are going to spend the money, then why not make sure you get some miles from it? For me, I got no interest holding 10 credit cards and min-maxxing the miles, but I feel I reached an easy-to-follow 'middle ground'.

HOW MUCH TO SPEND TO GET AN AIR TICKET?

Again, thanks to milelion constantly scanning the SQ website so I don't have to, I redeemed 3 return air tickets to Japan for 2026 at 43,200 miles each.

If you were a min-maxxer with a 4mpd card, you would be able to achieve 43,200 miles with no more than S$10,800 spend. The MMs will take advantage of promos that increase the mile earn rate above 4mpd, so their average earn rate will often be above 4mpd.

For myself, I only have 2 cards so my effective mpd is less than 4mpd, but it keeps things simple.

UOB Visa Signature - assuming $1,000-$1,200 contactless payments a month, that will give 48,000-57600 miles at 4mpd.  (Bonus activated at $1k spend, max cap $1.2k).

UOB KF Credit Card - assuming $1,000 a month of qualifying transactions at 2.4mpd plus $12k worth of SQ/Scoot/Pelago/Kris+ spending at 3mpd, that will give 28800 +36,000 =64,800 miles. (there are also miles awarded by SIA which are separate)  UOB KF has no spending cap, so the $1+1k/month is more like my estimate of spending.

So very roughly, if I have $3k/month of qualifying spending at maybe 3mpd (average of a 4mpd and a 3.0/2.4mpd card), that will be good for some economy tix to Japan every year when they have their global redemption sale.

Remember your unused miles

Remember that each time you fly Scoot / SQ on tickets you buy, you earn miles from the flight. Very often, these miles alone aren't enough to redeem a flight. But when they are added to the miles you earn from credit card spend, at least they are not 'wasted'. For example:

• Singapore-Sydney Business lite (the cheapest biz ticket) return nets you 9,780 miles.
• Singapore-Tokyo Economy value return nets you 3,294 miles

I selected these examples of actual flights I would take. Sydney is long enough that I would want to fly Biz, but Tokyo flights are short enough to fly economy.

Miles Millionaire: Whats that??

Finally, I note that some influenzas like to flex they are "miles millionaires" and this term appears to have been 'endorsed' by the official SIA Krisflyer instagram account:

While a million dollars invested will grow your networth through compounding, I fail to see how accumulating one million miles will do anything for you. In fact, miles depreciate over time. My strategy is to redeem flights as soon as possible. I have enough in my account to redeem a ticket or two just in case there is some not to be missed fantastic sale, but even then, its way less than 100,000 miles.

Tempting to Min-max?

I will try my best to stick to 2 credit cards and not get influenced by these influencers... though there is certainly a temptation to go up to 3 cards if my spending increases enough to justify a 3rd card (hopefully not).

 

 

Dividends Collected: September 2025

 

Year is coming to an end. So far it appears that I have collected fewer dividends than 2024. It could be an error counting my dividends in 2024, or there was a one-off capital return for some counter.

End Sep 2025 Report

 

Three quarters of 2025 have passed and still no sign of a correction. Despite being in the red with NVO, the portfolio continues to grow. The last 3 years have been very good to investors. Time in market is better than market timing?

SQ redemption sale

 

SQ is having a 20% redemption sale globally with certain blackout periods. Credit to milelion for constantly scanning the SQ website so the rest of us don't have to. 

Looking at Osaka, there is a blackout for the peak Sakura season 12/3-9/4.  But the week after that, there are still plenty of cherry blossoms left (I went to Japan in mid-April in 2024). 

The availability of tickets to Japan is pretty good (eg: Haneda, Kansai have 3 flights a day and redemptions for all 3 flghts are generally available). I have redeemed a couple of tickets for next year.

As my plan is to go for short trips, I will be able to adjust my schedule to accommodate this and I did this successfully in 2024. I can still take Zoom work calls when in Japan since the timezones are not so different.

Strategy: Sep 2025

 

Despite tariff woes and the ICE raid on the US Hyundai plant, Kospi has hit a record high. I have decent exposure to Kospi via my large holding on Vanguard's Asia Pacific ETF VDPX. 

As everything seems to be hitting new highs, I have to be really disciplined about steady DCA of ETFs.  At the same time, I can't help but look at SREITs again and wonder if they are undervalued. I have bought tiny amounts of FLCT and CDLHT to top up my holdings.

Finally, I had some excess cash in my SRS, and while I primarily buy Lion Global All Seasons unit trusts with SRS cash, the 0.53% expense ratio of the JPMorgan Global Research Enhanced Index Equity SGD caught my eye. While obviously more expensive than an ETF, I think its potentially useful addition to my SRS portfolio. It basically tracks MSCI World and the using Magnificent 7 are all represented in the portfolio. In other words, this isn't a dividend fund so the fact that its subject to 30% withholding tax on US dividends isn't too big a problem. 

CPF Life

 There is currently an active discussion thread in HWZ on CPFLife, with reference to Mr 1M65's CPFLife Strategy. 

As I will need to make the decision on this in the next few years, I put a little thought in it and will use this blogpost to record down my preliminary thoughts

(1) There is an opportunity cost after setting aside the FRS or ERS at age 55 as payments only start at age 65 (or later if you want to defer). The opportunity cost arises because at age 55 you should still be mentally active and still able to manage your investments. On a 10 year holding period, MSCI World should outperform CPF Life interest.

(2) On the other hand, setting aside FRS of about $213k+ is not a huge amount and can represent the 'ultra-safe' fixed income portion of your portfolio yielding a decent risk-free interest. For example, after my $200k of SSB mature, I could roll this over into MSCI World instead of fresh SSB/T-bills, since I have $213k FRS sitting in CPF.

(3) Currently, I'm not inclined towards ERS. CPF gives bonus interest for the first $60k. So the ERS amount set aside, you only get 4% interest. From age 55 - 65, I believe that I will still have enough investing ability left to to beat 4%.

(4) Reading various forum posts, it appears that our views are deeply affected by the experience of our parents, grandparents, and other older relatives.  

(5) My parents have hit 80 years milestone and hopefully I have inherited their longevity genes. I hope to stay healthy and fit and collect CPF Life at age 65. 

All this may change as I get closer to 55 and get more information / different views. I'm just writing this down now as a reference point. 

  

Dividends Collected: August 2025

 

S$32.8k for August 2025. In comparison $31.8k in August 2024, so only a marginal increase. However, it's not a perfect comparison because several counters seem to be inconsistent in relation to which month they pay their dividends (while some counters never seem to change)

Since I have been investing in US stocks in 2025 and bought a fair amount of LionGlobal All Seasons Unit Trust (which doesn't pay dividends) instead of channelling most of the money to dividend stocks or interest bearing T-bills, the best I can hope for is marginal growth in dividends this year I guess.

Dividends Collected: July 2025

 

Just realised that I forgot to upload my July dividends. Not much S$ dividends but overseas counters paid dividends.

August 2025: 20% YTD

 

The stock market went crazy over Powell's speech at Jackson Hole even though he didn't actually say much. One wonders if it is a case of confirmation bias if everything he says is interpreted as pointing to a rate cut.

My YTD return has now hit 20%, handily outperforming the S&P500. 20% on a 7-figure portfolio is a pretty tidy sum and I have no complaints. Others may have higher returns but its not a competition so let's all Huat together!

I don't know when the next correction is coming but I will continue to DCA ETFs and do a little stock picking. 

Exited INTC @ 25.00 and also TEF

 

 

I mentioned in a previous post that I was practising trading and one of my test counters was Intel. In round 1 I exited at $26.10 then after it crashed below $20 I bought a 2nd round and now after many ups and downs, I managed to exit at $25.00

https://buyaftercrash.blogspot.com/2025/03/market-rally-is-good-time-to-tidy-up-by.html

It is goes below $20 again, I will buy again. If it keeps on going up  (like ETHA is doing now), no regrets since the objective of trading is suppose to be to realise profits.... 

Separately, I sold some some more Telefonica since it has been hitting a 52-week high. I have one more batch of Telefonica to see then I will have exited it fully.

NVO bleeding, but overall portfolio staying afloat

 

I have about 1,000 NVO shares (including recent averaging down trades) so the current price means I am suffering losses on this counter. On the bright side, the winners are helping to cushion the impact of the losers so my portfolio is still afloat and outperforming the S&P500 YTD. 

I plan to hold onto NVO for the long term and maybe DCA a little bit each month. In terms of position sizing, I will cap it at US$100k.

Nike on the move, accumulating more LULU

 

The same JPMorgan analyst who downgraded LULU with a target price of $224 has upgraded NKE. Since I have a large holding of Nike, that's good for me. The Lulu downgrade also gives me an opportunity to buy more, with the price dropping below the JPMorgan TP of $224.

Finally Broke Even: 2800.HK

 

Thanks to the search function, I can find out that I started investing in the Tracker Fund of HK 2800.HK in July 2018. As the chart shows, this was near the peak, and thereafter there was a series of never-ending crashes. Given the grim chart, it might be reasonable to think that this is just one of the losses an investor has to take and hope that the gains from other counters would offset it.

However, for better or worse, I continued to RSP 2800.HK and benefited from using FSMOne's 0% commission promotion. Occasionally, I would buy some 'extra' over and above my RSP amount.

Finally, in July 2025, I have broken even with my 2800.HK holdings showing a +1.6% gain (in S$ terms). This is capital gain and excludes the annual 3.3-3.5% dividend yield from the HSI that I collected while waiting for the recovery. Keep calm and collect dividends, as the saying goes.

One might say that I could have made more money if I sold my 2800.HK at a loss and bought crypto or Tesla. I would say fair comment and there are some investors who are able to do that. For myself, I am happy if my worst performing counter (looking at the chart I don't think there's anything worse than this, considering the time I entered near the peak) is showing a profit. 

Patience and time in market are important lessons for investors to learn.  

My first purchase of 2800.HK in July 2018: BuyafterCrash: Strategy Report: July 2018

Performance July 2025

 

With S&P500 continuously hitting new highs in July 2025, I am happy that my portfolio has managed to keep pace. With 5 more months left in the year, there is still a good chance of a healthy correction which would be a good buying opportunity, but overall, 2025 is looking like a good year.

Time to buy REITs?

 

I mentioned in a previous post that my strategy was to accumulate World/US ETFs first because the outlook was bullish due to expected interest rate cuts. After World/US prices go up, switch to REITs as they will then play catch up.

In May 2025, with S&P500 constantly making new highs, I felt that REITs were primed to move so I bought a decent chunk of FLCT at $0.845 only to see the price drop further and S&P500 continue to make new highs.

BuyafterCrash: FLCT: Time to buy?

On hindsight, one can't time the bottom but at least I bought more at a decent price. Returning to today, FLCT has hit $0.885 and considering the $0.03 dividend that I received in the meantime, this means that FLCT has gone up 8.3% in 2 months. Nice.

With S&P500 hitting yet another high, I have continued my regular DCA of VWRD and VHYD this month, and also picking healthcare stocks which have crashed (NVO, GSK), but REITs are starting to look attractive.

I picked up Capland Ascott Residence Trust (HMN) and Capland (9CI, ok not exactly a REIT) yesterday but didn't manage to fill my FLCT order. Am looking at topping up a few more REITs today.

US portfolio news, sold ETHA, accumulating NVO

 For the purpose of learning trading, I had built up a small position in ETHA at about $15. I sold half at $22 and closed out the rest of the position at $24.50. It is since gone past $25 but learning to trade means pressing sell and realising profits. I hope to be able to re-enter at a lower price during a pull-back.

In the meantime, NVO's price has been languishing due to tariff related matters but it is finally available in Singapore:

I am still long term bullish on NVO and am taking this opportunity to continue to accumulate. 

My $100k+ worth of NKE is now green in terms of capital gain, and I have already collected a couple of dividends along the way. My UA is at about breakeven level and I continue to add to LULU.  The Indonesia tariff deal is reasonable news as it provides some certainty and is not a ridiculous %.

Dividends Collected: June 2025

 

.

Just a normal month of dividends. The Mapletree family paid dividends this month.

Sold Hong Leong Finance / STI 4,000

 

With STI finally hitting 4,000, it is the right time for me to do some cleaning-up of my portfolio. I have therefore sold my small holding of 4,000 Hong Leong Finance shares @ $2.57. Having held this for 10+ years, I have received 4-5% annual dividend and a little bit of capital gain. However, since I am holding loads of Finance Counters, I can take a cold hard look at which are worth keeping and which have to be sold. 

At best, HLF will just keep on chugging along in the same niche it has carved out for itself without much growth prospects, but at worst, it may be disrupted to Fintech and not have the size or resources to respond. So its time to sell.

At the same time, I have bought an equivalent amount of Lionglobal All Seasons (Growth) Fund. I expect it to outperform HLF over the medium and long term. 

2025 Mid-year Performance

 

Despite the war in Ukraine and the bombing of Iran, stock markets continue to rise. 15% return for 2025 seems to be a very real possibility and 20% might even be on the cards.

Some say dividend investing is bad, dividends can go to zero. But 2025 is a year when dividend investors can collect dividends and also get capital gain.

Portfolio: 6th milestone achieved in June 2025

 

Despite the ongoing situation in Ukraine and the Middle-East, markets continue to rise with STI ETF hitting the elusive $4 mark. Therefore, I decided to check the current value of my portfolio (my scripts to scrape SGX stock info for google sheets no longer work so I have to do a bit of manual calculation).

I'm pleased to note that I have hit my 6th Portfolio Milestone just 11 months after hitting the 5th milestone. Since I have started to dabble in a bit of active trading, I am hoping that this will help me achieve my 7th milestone in even less time.

T-bills crashed to 2%

 

Turns out SSBs were better after all?

As I have mentioned, I have been placing my maturing T-bill funds into a combination of Fullerton SGD Fund, LionGlobal SGD MMF, and LionGlobal All Seasons (Standard) given the declining T-bill rates.

What I found interesting is how so many investors prioritised putting funds into 6 month T-bills as opposed to SSBs when SSBs were yielding 3%+.   To me this was a classic example of short-termism. 

Since you can always redeem an old SSB and put the money into a new SSB if rates rise (which is what I did for a few of my SSBs), bidding for SSBs yielding >3% was a no brainer.  I made sure I had hit the $200k quota of 3%+ SSBs.

At the end of the day, the drop of interest rates makes it important to rethink my cash management strategy. The opportunity cost of holding cash/near-cash is high if rates are low. but I would like to have some lower risk investments. Which is why some of my cash allocation is going into the conservative LionGlobalAll Seasons (Standard) instead.

Exiting my small Telco Positions: BT, TEF, Starhub

 

For Telcos, I hold Singtel, Vodafone, Telstra, Telefonica, British Telecoms and Starhub.

Telcos have been rallying YTD though the 5-year chart is not very pretty. Its more a case of holding on, collecting 5-6% dividend over 5 years, and exiting at a small profit (compared to S&P500 5 yr performance).

I plan to close my smallest positions, so I have sold my BT and started selling some of my Telefonica. 

Starhub my average buying price was $1.85 during GFC so I have collected 16 years of dividends to reduce the pain of capital loss. I should be closing out the position shortly, or maybe for sentimental reasons I try to hold a bit longer until I have fully exited some other counters.

Dividends Collected: May 2025

 

$46k dividends. UOB, OCBC, DBS, LLOY, SAN, ING paid their dividends in May. Wonder why all the banks paying out in the same month.