Over this three-year run, the equity portfolio has grown by about 51% from the 2023 base. Interestingly, total profit over the same period is about 54%, which implies that around 3% of accumulated gains were already siphoned off earlier, likely redirected into T-Bills or other instruments.
Historically, the portfolio has never delivered four straight positive years. Previous fourth-year “breakers” were:
2008 – Global Financial Crisis
2015 – Shale-oil impact on STI
2022 – Sharp interest-rate hikes
With that history in mind, I am taking a slightly more conservative stance going into 2026. There is already cash reserved within the equity fund, and it will only be deployed when attractive opportunities arise. These are not “war-chest” funds, but disciplined reserves.
Fund XIRR performance record
The key driver in recent years has been the strategic switch toward higher bank allocation and lower REIT concentration. REITs were the primary return contributors about five years ago; more recently, banks have taken the lead. With the portfolio base now larger, I am finally able to allocate a meaningful portion to the US market as well.
As always, past performance does not imply future returns. However, the performance history does reflect how the portfolio has evolved through experience — and through many “school fees” paid to the market along the way.
2025 expense ratio: 0.46% . I expect a significant fall in expenses in 2026. Realised profit in 2025: about 35% including dividends. This also means that a good portion of gains remains unrealised, consistent with my long-term, income-focused strategy of owning strong businesses
XIRR returns
2025: 20.9%
2-year multi-year: 19.2%
3-year multi-year: 17.6%
5-year multi-year: 9.0%
10-year multi-year: 8.3%
Since inception: 7.7%
Positioning for 2026
One key preparation before 2025 ended was to ensure the portfolio was positioned for 2026. The approach is not aggressively offensive, but I also do not want to miss out if any market segment makes a strong run. Allocation is therefore balanced between income and growth.
DBS remains the largest driver, though allocation has been reduced to 36.9% from above 50% earlier.
Defensive REITs include FCT, AIMS APAC REIT and Cent Acomm Reit.
Non-bank, non-REIT positions include NetLink NBN Trust, ComfortDelGro and Centurion.
US exposure consists of six large-cap tech names as growth engines.
Other holdings include Bitcoin exposure (iBit) and Gold ETF.
In total, the portfolio holds 15 counters, structured as heavy income assets with selected growth exposure.
Overall
Three strong years are now in the books. This year will demand the same thing the last three did — discipline, patience and respect for risk. I don’t know what 2026 will bring, but the portfolio is prepared, the strategy is clear, and the focus remains unchanged: own quality assets, collect income, and let compounding do its job.
Cory Diary
2026-0104
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Disclaimer: The articles presented in this blog reflect personal opinions and are intended for informational and sharing purposes only. Not responsible of errors. Readers are advised to seek professional guidance when making financial decisions and should take full responsibility for their choices.
