Tag Archives: review

Portfolio review for 2008

Using the same format as last year portfolio review, below are the expenses, emotion review and return of my portfolio for year 2008.


2008 2007
Number of Buy 13 8
Number of Sell 1 2
Turnover Ratio 1.94% 4.53%
Average Holding Period 618 months 264 months
Total Expense Ratio 1.45% 0.88%

While turnover ratio has dropped, expense has gone up because of two reasons.

First, there was more number of buy in 2008, in order to move CPF-SA money into Growpath 2040 fund before the restriction in using CPF for investment kicked in April. This adds to the total expense ratio.

Second, total expense ratio also increases because of the outgoing transfer fee charged by stock brokers when I consolidated my ETF holdings.


I invested my monthly savings on time in April and quite early in October, may be I was eager to “finished the job”. I did not hesitate, wait and monitor when making purchase, something I did in 2007. All in all, the year 2008 was pretty much a boring year. And that’s good for me.


2008 2007
Portfolio Benchmark Portfolio Benchmark
-32.54% -29.05% 4.35% 0.69%
-32.35% -28.85% 10.69% 6.81%

Return is calculated by using XIRR function in Excel and includes dividend and un-invested cash holding. Though slightly lower than the benchmark, the portfolio return is quite close to the benchmark. This is because SGD-USD exchange rate is almost the same in the beginning and end of 2008.

The portfolio allocation as at 31 December 2008 is shown in the table below.


The last portfolio activity was in October. Since then, cash (6% in the table) is being built up from the monthly savings that will be invested in April 2009. The equity portion (62%) is lower than that of 2007 (65%), due to the financial crisis that started in October 2008.

Looking into 2009

With my ETF holdings consolidated in one place and the investment vehicle decided, the portfolio has finally passed its formation years since 2005. Phew~!

I have also increased the monthly savings for the portfolio by a meager amount as I have just received, well, a meager pay increment. Other than this, while the same may not be said for the stock market (don’t ask me about it), I expect 2009 to be an uneventful year for my portfolio.

To all passive investors out there: stay the course.