Felice's Fund

Year 2027 Fund

You may want to ask why 2027. Well, long way to go but this is the fund created for my children's college education. Let's see how far it can go...

This is a fund purely based on fundamentals (as it is with a very long term view) and to a certain extent based on principles of value investing. I think the best comparison that I can think of is firstly against the Bursa Composite benchmark and for a passive person, comparison against putting the same amount of money in the Fixed Deposit.

Position for closing 19 Feb 2019 is as per below:

The total dividends collected from 2011 to 2013 for the portfolio

Total dividends collected for 2014 to 2017 so far are as follows:

The total dividends collected from 2018 to 2019 for the portfolio

Comparison against Bursa Composite and Fixed Deposit assuming the RM50,000 is put into bank's FD

Cash invested todate (RM50,000) vs Fixed Deposits at average of 3.2%/3.4% per annum (compounded)

This has not been an investment which I put in RM50,000 from day one but the cash was gradually invested beginning from 28 Jan 2011 and latest on 30 Oct 2012.

Sales todate

Note that the trading cost is based on the standard rate of 0.42% (now with GST 6%) for internet trade. There are brokerage firms which charge lower rates.

Please click to enlarge

Here are the sale and purchases in reverse chronological order:

- change from Ekovest-WB to Ekovest
- sold Insas, Bought Power Root
- sold Ecoworld Intl-WA
- subscribe to Ecoworld Intl
- Sold Ecoworld, Insas-WB, Bought Gamuda-WE
- Bought Freight
- Bought Ekovest-WB and Sold Insas-PA
- Bought EcoWorld
- Sold YFG
- Buy Airasia
- Sell Padini
- Purchase Tropicana and Trop-WA
- Sold NTPM and Bought YFG
- Picked up TA and sold Airport
- Picked up 4400 units of Insas-PA, with Insas-WB attached
- Further bought Insas
- Bought Insas and Sold Parkson
- Bought Keuro and Sold Airport
- Fully sold Jobstreet
- Sold 6000 Jobstreet
- Bought TA Enterprise
- Sold Keuro-WE
- Sold part of DKSH
- Further bought Padini and sold Bonia
- Further bought Keuro and sold part of DKSH
- Bought Keuro and Sold YSPSAH
- Sold all of Wellcall
- Purchased Padini
- Purchased Bonia
- Sold Wing Tai
- Sold Airasia
- Purchased YSP and Sold Wellcall
- Purchased Parkson
- Purchased WingTai and Sold SP Setia
- Purchased Timecom
- Sold Padini and Purchased SP Setia
- Purchased more NTPM
- Sold Genting
- Purchased Padini
- Sold iCap
- Purchased Jobstreet
- Purchased NTPM
- Purchased Airasia
- Sold Oldtown
- Bought iCap
- Sold AEON
- Purchased Wellcall
- Sold Genting
- Purchased Oldtown and sold Airasia
- Purchased Airasia and Genting
- Purchased Aeon and DKSH
- Sold Top Glove
- Purchased Top Glove and Genting

This portfolio serves as a position for myself which was started on 28 Jan 2011 rather than a call to buy or sell. In case you happened to follow one or more purchases and sale reminiscent of this portfolio, it should be your own call rather than the writer's. Do seek experts advice, if there are any...



CrabGrill said...

Just curious to know...
Why don't you pump in new cash inside the fund?
Or you are putting your fresh money in another fund?

felicity said...

Well, first of all this is a fund which I have created for much longer term. Additionally, this small fund is all purely fundamental pick which most of you can see. On my own other picks, I do sometimes sway from being a bit more careful.

JamesT said...

Thanks... your blogs helped me a lot... :)

AdCool said...

I wonder if you reinvest back your capital gain? I have this poor self discipline to reinvest back my gain and due to that, my share portfolio didn't really grow much. In addition, I didn't really keep injecting cash into the market.

However I plan to start injecting monthly fund into my investment acct even if I have no target shares to purchase for now. At least I have saved up some "bullets" when I have some counters that I would like to buy in near future.

felicity said...

I definitely do reinvest back my earnings and dividends earned.

Yafei said...

Felicity, which broker do you use to minimize your transaction costs?

felicity said...

Hi Yafei

I think you can go to www.money.my to check out. Mine is not the best.

IP's Guest said...

Sorry should be www.imoney.my rather then www.money.my

Joyce Tan said...

Hi, how did you calculate the Cash vs Portfolio percentage?

felicity said...

My mistake, should be total cash holding vs the total portfolio. Did not add the last 2 purchases i.e. Bonia and Padini. Thanks for highlighting.

paperplaneinc said...

Felicity, will you buy more Parkson? I think a good time to buy more now, I myself bought some in 3.50

uglyorgan said...

Hi Felicity;
I'd been following your blog for a while, and really like the way you are being transparent in all your transaction. I am learning and currently starting to build a portfolio which based on fundamental analysis (just like your felice's fund concept). I am wondering can you share with me the excel file that you use to keep track of your portfolio? If not, i will have to build from scratch and i am not that good in microsoft excel. Thanks. I can provide my email.

felicity said...

I do not share my excel file as it has link to my other portfolio. However, I have added how these numbers add up in the sale portfolio.

Unknown said...

How do you calculate your CAGR?

felicity said...

There is no CAGR, just average return on annualised basis

Malaysia Investor said...

Hi Felice,

In 2003, DKSH's net profit(NP) is 10.5 million. In 2007, the NP drop to 1.4 million. Then there is sudden improve of NP to 77 million. What products are they selling which ramp up their sales.

DKSH's net profit margin is very thin. In 2007, NP's margin is about 0.043%. And in it's NP margin improve to 1.64% which is still very thin. What are the chances that their sales will drop and they make a lost? What is the competitive advantage over their rivals in a 10 year period?

felicity said...

HI Malaysian Investor

I do not think there is a sudden improvement from small profits in 2007 to some RM77 million more recently. DKSH has been the largest market expansion / distributor in Malaysia for some time.

Over those period, as you can see they have improved on processes and systems to allow better performances.

On its competitive advantage - size, reach, systems, customer base.

Any large company overseas that want to penetrate Malaysian market and do not want to spend that much on distributing their products, will want to work with DKSH. This is even more so when US and European companies look at Asia as the most attractive destination to sell.

AdCool said...

Hi Felicity,

I been looking around for Quarterly Financial Report date as announced by all the counters in Bursa. Unfortunately I can't locate any. Do you know where can I find such info on all the future date announcement for Q413 financial reports?

felicity said...


Search under financial reports.

AdCool said...
This comment has been removed by the author.
AdCool said...

Hi Felicity,

I am aware of the historical announcement in Bursa. Am seeking those future announcement dates. I wonder if there is a compiled list on this. Just as when I received the market update from the investment banks, they already know of the future date of announcement i.e. MAS 18 Feb 2014, AirAsia 26 Feb and AAX 25 Feb

HW said...

Hi Felicity,

Would like to hear your opinion of Parkson holdings berhad? Do you think its good time to acquire more?


HW said...

Any comment on Parkson holding??

Unknown said...

Hi Felicity, is your "sales report" automated. I have built one that is automated with the capability to compute weighted average cost of purchases. I would love to share it with you, will you marry? Opps sorry, what I was trying to say is... Do you want my worksheet?

Unknown said...

Hi Felicity, is there any reason for you to continue holding on to YFG? I don't seem to see good fundamentals in this company from the day you bought its stock till today. Cheers.

Akagi Shigeru said...

Hi :
I have bought Padini and sold it with regret. I am buying it back for after I tried to open one of a clothing store I just realize that Padini has all the advantage in the segment they are in which is selling lower end clothes. It is no longer head to head with H&M and Uniqlo but taping a market segment which bod very well for them. Look at the Concept Store before CNY. You need to que for at least 15 mins just to pay ...

Anonymous said...

Hi Felicity,

Just wanna say THANK YOU for sharing your insights. Really appreciate your great work.
Hope you continue to do well and get even more wealthy!

Laihermond said...

Hi Felicity
So far, how is your view on the Tropicana outlook??

felicity said...

HI Lai,

Sorry for not replying. I think people do not understand Tropicana. It has very good landbank. Although, it is not in the nould of Ecoworld or SP Setia, it manages its brand nicely. The company is less aggressive but if the company moves consistently, it should have consistent revenue and profits over a long period.

One thing which people does not notice its contract for the land in Kota Kemuning which it has a 20 year period to pay for the land. Obviously it is not in the books, hence over time you will see that its asset value would increase while not causing harm to its cashflow.

Unknown said...

Hi serious investing...,sir how do you find tune pro..appreciate on yr kind view..tx

felicity said...

Hi Yau Fel Chong

Frankly, at this moment it is difficult to see what is fundamental.

One of the biggest change is in its

Gross change to contract liabilities which has negative (51,938) as compared to positive 29,079 the year before.

I am presuming that its liabilities has increased due to weaker insurance management.

Anonymous said...

Hi Felice,

Just curious, do you do top-ups for your fund beyond the initial RM 50k investment?

felicity said...

No,I do not top up.

Anonymous said...

why is there no updates of fund in 2020?

Unknown said...

What's your position on cryptocurrency, Felicity?