Portfolio Nov 20

US Portfolio

I have added Visa 30 @ US$30.

Nov dividend received US$915.

AbbVie stocks increase from US$80+ to US$104+. As AbbVie is my largest investment, my overall portfolio increased from $645k to $661k. 

US portfolio is about 56% of my total share investment.

SG Portfolio

Added Capitaland & Comfort

Sept dividend received $678.

Overall

Currently share & cash ratio 68:32, i will continue to invest, probably at a slower pace. 

Capital Allocation - Oct 20 vs May 20

 Overall 

Share investment (25% and CPF (25%) have replaced Warchest (20%) as main category in term of capital allocation.

This is align with plan to increase investment (dividend income) & long-term savings (CPF) which earn higher income vs existing HDB bank loan 1.8%.

Shares 25% (vs 16% in May 20)

With multiple investments made (Gilead, UOB, DBS, Comfort) during past 5 months, shares increases by 9%.

Total shares includes share investment using SRS fund (OCBC).

YTD dividend received ~$8k.

CPF 25% (vs 23% in May 20) 

OA balance can cover 18 months HDB loan installment.

CPF housing loan refund being transferred to SA account to enjoy higher interest.

I have also contributed $7k in SA account for tax saving purpose.

Warchest 20% (vs 29% in May 20)

Decreases mainly due to increasing investments and CPF housing loan refund.

Warchest to Shares ratio - 47:53. 

Warchest is earning min interest (1 - 2%%) thorugh insurance saving plans in Singlife and Etiqa (Elastiq, Singtel dash & Gigantiq) resulted in interest loss vs HDB bank loan (1.8%).

Plan to further reduce warchest to 10% in 2020/ 2021.

Property  16% (vs 15% in May 20)

Sightly increase with monthly installment made.

Currently I'm paying ~$900 interest on HDB loan per month 

Emergency fund 12% (vs 13% in May 20)

Earning interest ~ 2%.

Can cover > 2 years living costs if something go wrong. This should be furthered reduced to 1 year.

SRS 2% (vs 4% in May 20)

Contributed $15.3k in 2020 for tax saving purpose

Used additional contribution in share investments (OCBC) and categorized under Shares, thus SRS ratio decreases by 2%.

Remaining SRS balance mainly Singapore saving bond with min interest earned (~1%).

Portfolio Sept'20

US Portfolio

I have added Gilead 300 @ $65.40, lower my avg purchase price to $69.40. Currently unrealised loss about ~ US$4k.

AbbVie stocks dropped from 95+ to $87+. As AbbVie is my largest investment, it has caused my overall portfolio dropped from $654k to $645k. Unrealised profits dropped from ~$28k to USD20k.

US portfolio is about 56% of my total share investment. I foresee it will continue to increase as I invest more in US stocks.

SG Portfolio

No additional investment made in Sept 2020.

Sept dividend received $728.

I have opted for script dividend for my OCBC dividend, and decided to take cash dividend for DSB and UOB.

Overall

Currently share & cash ratio 50:50, i will continue to invest, probably at a slower pace. 

Transaction & Portfolio Aug 20

Aug 20 Transactions

I have added all 3 local bank stocks when price went down due to MAS calls on Singapore Banks to cap dividends.

- DBS 500 @ $19.48

- UOB 500 @ $19.05

- OCBC (through SRS) 1,200 @ $8.72, 1,300 @ $8.50

DBS stock price has performed relatively better than UOB and OCBC, but i do think all 3 banks are still worth to invest for long term at current market price. 

I have also added Gilead 100 @ $69 when its price when went down after Q2'20 results released, which lower my avg purchase price to $72.46.

Currently my Gilead stocks are suffering $1.6k unrealised loss, but I would think Gilead able to deliver better results in Q3 & Q4'20. Gilead has strong HIV franchise (grew 6% YoY in H1'20 despite Covid impact) and raised 2020 financial guidance. Non-GAAP diluted EPS of $6.25 - $7.65 which represent forward PE of 11 ($69/ $6.25)

Besides, I have divested Uber 100 @ $34.30, 13.8% realised gain. 

The above transactions have increased share: cash ratio to 48: 52. 

In near future, I will focus more on US stocks (Pharma) and local stocks (banking).

 

Aug 20 Portfolio

AbbVie stocks dropped from ~$100 to $94 - $95 after Q2'20 result released (first consolidated results after Allergan acquisition). Covid had a substantial impact on AbbVie second quarter reported revenues, especially on Allergan Aesthetics business.

AbbVie has raised 2020 financial guidance with non-GAAP EPS $10.35 - $10.75, which represent forward PE of 9 ($95/ $10.35). I'm confident on AbbVie financial performance, at least for next 2-3 years (prior to Humira biosimilar entry into US market).

 

Portfolio Update Jul 20

Portfolio $633k (excluding SRS investment) consist of 59% cash & 41% shares.

Plan to further reduce cash ratio to 50%.

July Transactions

Invest Gilead 290 @ $73.64 avg price.

Divest Pfizer 100 @ $38.50, 15.1% realised gain.

Pharma - Roche Q2'20 Earning

2020 Guidance

Group sales growth: Low to mid single digit.

EPS growth: Broadly in line with sales growth

Half Year 2020

Pharmaceuticals division contributes 79% of total sales.

                 * CER = Constant Exchange Rate

Half year sales decrease vs HY 2019 mainly due to biosimilar impact - CHF1.7b and unfav forex -CHF1.6b, offset by new products launch +CHF2.5b.

Sales by country/ regions:

Operating margin remained strong 40.2 % of sales.

 

Pharma - Novartis Q2'20 Earning

2020 Full Year Guidance

Sales expected to grow mid single digit.

Core operating income expected to grow low double digit

Q2 2020

Q2 2020 sales $11.3mil (- 4%) and Operating earning $2.4mil (-12%).

Excluding unfav exchange impact, Q2 2020 sales -1% vs PY & operating earning -4%.

Innovative Medicines net sales were USD 9.2 billion (-1%, +1% cc). 

Pharmaceuticals BU sales grew 1% (cc), as the launch uptake of Zolgensma and continuing momentum on Entresto and Cosentyx were mostly offset by the negative impact of the COVID-19 pandemic, particularly in ophthalmology and new patient starts in dermatology. 

Oncology BU grew 1% (cc) as the continuing momentum on Promacta/Revolade, Kymriah, Kisqali and Tafinlar + Mekinist as well as the launch uptake of Piqray was mostly offset by generic competition for Afinitor and Exjade and the negative impact of the COVID-19 pandemic, particularly in radioligand therapy. Generic competition had a negative impact of 4 percentage points, mainly driven by Afinitor, Exjade and Travatan, and net pricing had a negative impact of 4 percentage points. Volume contributed 9 percentage points to sales growth. 

Sandoz net sales were USD 2.2 billion (-11%, -9% cc) as volume declined 9 percentage points (cc) and pricing was in line with prior year, benefiting from favorable revenue deduction adjustments. The sales decline was due to COVID-19 negative impacts, mainly the reversal of Q1 forward purchasing and lower retail demand, some contract discontinuations in the US and a higher prior year base that included several first to market launches. The decline was partly offset by global sales of biopharmaceuticals growing 19% (cc), driven by double digit growth in Europe and the US.

 

1st Half 2020

1st half sales growing 6%, driving core operating earning and EPS growth of 19%.

Sales growth was mainly driven by Zolgensma and Cosentyx.

Core operating earning growth was driven by the higher sales and productivity, partly offset by some launch investments.

Novartis top 3 Innovative Medicines products in 2020:

Pharma - J&J Q2'20 Earning

Full Year Guidance

Full year operational sales guidance is $81 billion to $82.5 billion, or minus 1.3% to a positive 0.5%.

Adjusted earnings per share guidance ranging from $7.75 to $7.95, a range of minus 10.7% to minus 8.4%.

J&J anticipates strong EPS growth in 2021 on an operational basis given some of the dynamics at play in 2020.

Q2'20 Performance

Worldwide sales were $18.3 billion for the second quarter of 2020, a decrease of 10.8% versus the second quarter of 2019.

Net earnings were $3.6 billion and diluted earnings per share was $1.36 versus diluted earnings per share of $2.08 a year ago.

Revenue segment

1. Worldwide pharmaceutical sales of $10.8 billion grew 3.9%. Sales grew in the US by 5.8% and outside the US by 1.4%. 

2. Worldwide consumer health sales totaled $3.3 billion, declining 3.6%, with operational growth in the US of 1.3% and a decline outside the US of 7.4%. Growth was negatively impacted by COVID-19, driven by delayed diagnosis and slower new patient starts due to office closures and access to physician-administered drugs as well as the phasing impact of stocking in the first quarter.

3. Worldwide medical devices sales were $4.3 billion, declining by 32.7% due to the negative impact of COVID-19 restricting elective procedures across all regions. Sales declined in the US by 39.6% and declined 26.4% outside the US Given the negative impact of COVID-19 across all platforms,

Pharmaceutical Details

1. Oncology

Oncology portfolio delivered another strong quarter with worldwide growth of 5.7%.

DARZALEX continued its strong performance, growing 18.8% globally.

IMBRUVICA grew 17% globally, driven largely by market share gains and strong market growth.

IMBRUVICA growth year to date is strong at over 25% as IMBRUVICA remains the best-in-class BTK inhibitor and is the new and total patient share leader in CLL line one, CLL line two-plus, and MCL line two-plus. 

2. Immunology

Year to date, immunology growth is 7.9% worldwide and US growth is 5.1%. 

STELARA growth of about 10% was driven by continued share gains in Crohn's disease with about a seven-point share increase in the US and growth from the recently approved ulcerative colitis indication. 

On a year-to-date basis, STELARA growth remains strong at about 20% globally. 

TREMFYA, the first-in-class market-leading IL-23 inhibitor therapy, grew 46% globally and achieved roughly a 10% share of the psoriasis market in the US, which is up about three points from the second quarter of 2019. Sales growth was partially offset by continued erosion of REMICADE of about 14% from share loss due to alternative mechanisms of action and biosimilars.

3. Neuroscience 

Paliperidone long-acting portfolio performed well, growing almost 9%, led by double-digit US growth of 13.8% due to market growth in the US, along with share gains for INVEGA SUSTENNA and INVEGA TRINZA. 

Net Worth Growth - from Zero to Million

How long it required for an average employee to achieve $1 Million net worth? 

It took me 13 years to grow my net worth from zero (or negative if take into consideration of study loan) to $1 Million.

This is not impressive and I missed my personal goal - achieve $1 Million in 10 years. However, I still feel glad that I have finally achieved it! (better late than never)

Referring to my monthly net worth tracking, below is the breakdown of time required to accumulate $100k.

First $100k   : 6.2 years 

2nd $100k    : 13 mths

3rd $100k    : 9 mths

4th $100k    : 11 mths

5th $100k    : 13 mths

6th $100k    : 7 mths

7th $100k    : 8 mths

8th $100k    : 7 mths

9th $100k    : 8 mths

10th $100k  : 9 mths

What surprised me the most is it took me close to 50% of 13 years to reach 1st $100k net worth, before I manage to accelerate my net worth growth from year 7 onward.

Looking back my historical records, few main elements which support the growth:

1. Increase in salary 

    

2. Slower increase in spending vs salary 

    I do see my saving: income ratio increases from 10% when I start work to > 50% as of today.

3. Dividend income

This is my first milestone toward FIRE! 

I hope 2nd milestone will take < 8 years.

Capital Allocation Jun 20

Share 17% 

US portfolio consistently outperform SG portfolio. This reaffirms my direction - focus capital gain from US stocks, cash flow from SG stocks.

- Added Uber 100 @ $30, Pfizer 100 @ $33.30 

- Sold Gilead 50 @ $76, small capital gain. 

Dividend

Q1'20 - $2k

Q2'20 - $2.6k

Warchest 29%

Warchest to Shares ratio - 63:37. Share ratio sightly increases by 3 point.

Plan to increase my US share investment and further increase share ratio to 40.

SRS 4% 

50% invested in Singapore saving bond with min interest earned (1-2%). 

- Added OCBC 1000 @ $8.90

CPF 23% 

OA balance can cover 21 months loan installment.

Emergency fund 13%

Earning interest  ~2%.

Can cover > 2 years living costs if something go wrong. This should be furthered reduced to 1 year.

Cost Saving from HDB Resales

I would like to list down some savings as well as mistakes I made from my sales of HDB.

1. Agent commission

The agent I engaged charge a fixed commission which is less than 1% of selling price. I manage to save ~$5k compared to standard agent commission (2% of selling price).

Please note low agent commission might came with a price in term of services. refer to point 2 in:

Sold My 1st HDB At Loss & Lessons Learned

2. Legal Fee

I manage to find a law firm which charge $1,200 legal fee (net, inclusive GST) for HDB resales, instead of $1,600 quoted by other firms. I save $400.

I forget to check if HDB ca act as seller lawyer and how much it will cost. I'm assuming it will be lower than $1,200, probably I will save additional $200- $300.

3. Bank Loan Interest 

My bank loan requires 3 months full redemption notice, which I forget to request my lawyer to expedite in issuing redemption letter as soon as HDB has confirmed HDB resales appointment date.

There was also delay in issuance of redemption letter to bank from my lawyer due to staff turnover & Covid situation, I end up need to pay $1.2k extra loan interest to cover 3 months full redemption notice.

I should have instructed my lawyer to issue redemption letter based on estimated HDB resales appointment date.  Bank charges  for change of redemption date (<$200 as per my lawyer) much lower than $1.2k loan interest.

Sold My 1st HDB At Loss & Lessons Learned

I bought my HDB at $500k, sold it at $438k, $60k+ loss after 6 years. 

Few lessons learned:

1. Potential loss from resales HDB transaction if you buy at wrong timing

I bought my first HDB through resales market 6 years ago, when property market was hot and before government announces last cooling measure. At that time, the HDB I bought was valued at $480k and I paid $20k COV for it.

After 6 years, HDB valuation dropped from $480k to $420k (info from buyer) and I sold it at $438k.

It makes me feel liking buying stocks. If you buy at high price (Peak), you might potentially making loss when you want to sell it. 

2. Do your own research

The agent I engaged charge a fixed commission fee which less than 1% of selling price. This is much lower than usual agent commission 2% of selling price. However, it came with a price in term of services.

A lot of noises from my agent to influence me accept an offer price so that he can close the deal instead of going back to buyers to negotiate for higher price.  I manage to reduce my loss by $10k+ by not 100% listen to what agent said.

You shall do your analysis in term demand & supply of resales HDB in your area instead of 100% rely on agent. Otherwise, you might at risk to sell your unit at your agent expected price, not yours.

3. Get a BTO if possible

I manage to get my 2nd HDB through sales of balance flats. However, I do not qualify for any government grant due to income level & HDB located ar mature area.

I have applied for bank loan after move in my new BTO. Guess what, bank valuation for my new unit is $100k higher than my purchase value.

If someone tell you buy a HDB will make profits. This is probably true if you get a BTO, not resales HDB.

2020 Mid Year Portfolio Update

Portfolio has increased from $447k as of Dec 19 to $617k, mainly from capital injection.

Cash ratio is high, my expected ratio will be 50:50 at this stage. Currently I'm getting 1 - 2% interest from various bank accounts. I need to find better place to park my cash since banks have reduced interest rate. 

Top 9 category remained 90%, within range of 75% - 95% as planned. 

AbbVie remained as my largest investment. I managed to grab 100 shares @ $68 in March. I was trying to be greedy when others are fearful. But guess what, I was not greedy enough.

I intend to buy DBS, OCBC and Pfizer during first week of Jun, however these investments were not get through and subsequently price rises. So I miss out 3 shares to fill my top 9 category. 

I will continue to tick the box - keep 18 shares max and slowly add more US Pharma & SG banks shares under Top 9 category.

US market is shooting higher and SG market is recovering, I remind myself to be fearful.

For now, I will stay relax and collect dividends...

Incomplete Financial Highlights - Pharmaceutical Co. AbbVie

Revenue grows year over year since Abbott/ AbbVie split in 2013, mainly due to blockbuster med - Immunology Humira, Oncology Imbruvica and Virology HCV sales.

In 2019 & Q1 2020, OUS Humira sales decreases due to biosimilar competition, mainly in Europe. HCV sales decreases due to price competition and declining market patients. These decreased sales were offset with strong performance in US Humira and Imbruvica sales.

AbbVie paid $4.28/ share dividend in 2019 ($1.07 per quarter) and $1.18/ share in Q1'20. AbbVie has good historical dividend payout record. Dividend payout has increased > 150% since 2013 ($0.40 in Q1'13 to $1.18 in Q1'20).

AbbVie has completed $63billion Botox-maker Allergan acquisition in May 2020. It will be interesting to see what is the consolidated Q2'20 performance, as well as full year revenue forecast and how it impacts AbbVie share price.

AbbVie note in a statement:

Allergan provides new growth opportunities in neuroscience, with Botox therapeutics, Vraylar (cariprazine) and Ubrelvy (ubrogepant) and a global aesthetics business, with leading brands including Botox (botulinum toxin type A) and Juvederm.

This diversified on-market portfolio will drive the existing AbbVie growth platform (ex-Humira) to approximately $30 billion in revenues in full year 2020, with combined revenues of approximately $50 billion

This combined revenues will probably make AbbVie becomes No.4 Pharma Company in term of revenue in 2020.

Current share price $92.46.

If I take Q1'20 EPS x 4 quarters, 2020 PE will be about 11, which is reasonable if we compare with other Big Pharma companies. Note: This PE is excluding Allergan's contribution. 

Is AbbVie a good buy at this price? Few considerations:

Revenue

OUS Humira sales are decreasing. US Humira sales will drop once biosimilars able to enter US market in 2023. Will revenue from new asset launches (e.g. Skyrizi, Rinvoq) and Allergan on-market revenue grows able to cover US Humira declines from 2023 onward? 

Note: Humira is the world best selling drug with nearly $20billion revenue in 2019.

Operating Earning

Will AbbVie able to deliver its expected SG&A savings $2b in 2-3 years from Allergan integration? Any potential integration disruption to commercial execution? Will AbbVie/ Allergan product mix improves new AbbVie operating earning?

Capital allocation

With $63b Allergan acquisition and high debt level, will this impact dividend payout ratio? AbbVie is projecting $24 billion in free cash flow in 2020 and estimated $24 billion in 2021 which allow the company to reduce debts and keep its dividend payout.

Q1'20 Performance

Revenue $8.6b +10.1% 

Immunology:

    Humira sales $4.7b +5.8%.

        - US $3.7b +13.7%

        - OUS $1b -14.9% due to bios competition

    Skyrizi $300m

    Rinvoq $86m

Hematologic oncology $1.5b +32.1%

        - Imbruvica $1.2b +20.6%

        - Venclexta $317m 

Gross margin 77.5% (GAAP), adjusted 82.7%

SG&A19.7% (GAAP), adjusted 18.6%

R&D 16% (GAAP), adjusted 14.3%

Tax rate 2.8% (GAAP), adjusted 9.7%

EPS $2.02 (GAAP), adjusted $2.42

21 Years FIRE Projection - Achievements, Goals and Financial Freedom (Magic need time)

Year 1 - 13: Work to date achievements

Year 14: Current year goal (May month to date progress in line with full year goal)

Year 15-16: Mid term goal (basic retirement need)

Year 17 - 21: Long term goal (comfort retirement need)

时间能让表面上不可能的事情变成可能。时间可创造奇迹。

How I maximise cash flow from BTO purchase - HDB loan & bank loan

For BTO buyer who want to pay lower downpayment (10%) while enjoy lower bank interest rate vs HDB loan (2.6%).

This is what you can do:

1. Take HDB loan - pay 10% downpayment

2. Convert to bank loan after few months - get lower interest rate.

I refinance my HDB loan with DSB 5-Year Fixed Rate package which allow me to have 1.8% fixed rate for 5 years (stability) while still lower interest charges as compared to HDB loan. 

With this - I manage to save:

1. ~ $100k downpayment (CPF/ cash) as my cash flow to be used for future loan installment (vs bank loan)

2. ~$300+ monthly interest charges for first few years.

Refer to scenario 3:

Benefits

- Lower downpayment $68k vs $170k if take bank loan directly.

- Lower interest 1.8% (after refinancing) as compared to HDB loan.

Condition: 

- Bank revaluation with higher value vs BTO price.

DBS 2019 & Q1 2020

2019 Financial Highlights

+ EPS $2.46, grows yoy for past 5 years, except decease from 2015 to 2016

+ Total income $14.5b, grows yoy for past 5 years

+ Div $1.23, grows yoy for past 5 years

- ROE 13.2%, fluctuate for past 5 years

+ NAV $19.17 as of 31 Dec 2019, grows yoy for past 5 years

2020 Q1 Performance

OCBC 2019 & Q1 2020

2019 - 5 Years Financial Highlights

OCBC Group Performance Q1'20

Revenue $2,490 - 7% yoy, -15% qoq

Operating profit before allowance - 12% yoy & qoq

Net profit -43% yoy, -44% qoq

Banking

Revenue $2,373M  +7% yoy, - 4% qoq

Operating profit before allowance + 8% yoy, +3% qoq

Net profit -28% yoy, -22% qoq due to increase in allowance.

Great Eastern

Revenue $69M  -82% yoy, - 78% qoq

Operating profit before allowance -90% yoy, -88% qoq

Net profit -94% yoy, -92% qoq due to unrealised MTM lossess.

Management Statement Q1'20

OCBC well-positioned for this unprecedented crisis

Extent of economic fallout very uncertain, recovery unlikely until 2021 at earliest; watchful of impact to near-term earnings growth 

Maintain long-term strategy; well-diversified franchise with strong capital, liquidity and funding position 

Confident of OCBC’s strong track record of delivering sustainable earnings over economic cycles 

Ex-FX impact, loan growth to be muted; will continue to pro-actively support customers

Shore up allowances with forward-looking MEVs to recognise uncertain operating environment 

Overall cumulative credit costs over the next two years estimated to be between 100-130bps, higher than GFC, close to SARS but lower than AFC. Variance depends on effectiveness of the relief programmes and the duration of suspension of business activities across the region 

Remain vigilant of vulnerable sectors. Near-term economic weakness and uncertainty to raise NPL ratio to between 2.5% to 3.5%; NPL ratio reflects extent of projected effect of government relief measures

NIM compression expected in subsequent quarters from full effect of rate cuts; focus on asset composition and CASA deposits 

Cost management to be further tightened and managed in line with revenue expectations 

Monitor market developments closely to assess dividend payment; share buybacks suspended, priority to support customers and franchise during this pandemic

Capital Allocation - May 20

Share 16% 

My US portfolio is performing better than SG portfolio. This reaffirms my direction - focus capital gain from US stocks, cash flow from SG stocks.

- Sold Uber with small capital gain. 

Warchest 29%

Warchest to Shares ratio - 66:34. 

Warchest is earning min interest (avg 1.2%), resulted in interest loss vs bank loan (1.8% - 1.2%) and imply I do not maximize my cash on hand. 

How can I better deploy my Warchest to reduce/ eliminate interest loss? 

Actions taken in May

- Signed up for Singlife insurance - with 1st $10k earns 2.5%.

- Partial refund $10k to CPF OA for cash used for property. 

Plan:

- Increase my SG share investment - target: DBS, OCBC & UOB.

SRS 4% 

Invested in Singapore saving bond with min interest earned (~1%). 

Plan to invest in shares - DSB, OCBC & UOB .

CPF 23% 

OA balance can cover 22 months loan installment.

Emergency fund 13%

Earning interest ~ 2%.

Can cover > 2 years living costs if something go wrong. This should be furthered reduced to 1 year.

Warchest & Emergency Funds

Overall:

Warchest/ shares ratio remained high, which should be reduced for better return on capital. 

Emergency fund can cover > 2 years living costs, which can be further reduced (1 years should be good enough).

Here is the list of accounts where i have parked my war chest and/or emergency fund:

Standard Chartered BonusSaver 

1.6% interest (fulfill partial criteria only - salary bank in, credit card spending > $500, bill payment)

Standard Chartered Esaver

1.05 - 1.2% interest.

Drawback - Only for 2 months on incremental balance. 

Singlife Account

First $10,000 - 2.5% interest

Next $90,000 - 1%

Benefits - Get insurance benefits based on account balance

Drawback - Interest rate subject to change (no guarantee)

I get this idea from Heartlandboy blog:

https://heartlandboy.com/review-singlife-account-insurance-savings-plan/

SRS 

Used to buy Singapore saving bond, wait for opportunities. If things go wrong, this can be withdrawn & use as emergency fund, with 5% penalty.

Forex Currency FDs 

~2% interest

CPF OA 

Always ensure OA balance sufficient for 1 year housing loan installment

Capital Allocation

For large corporation, capital allocation is to maximise the company/ shareholders’ value, usually one of CEO or CFO priorities.

In my view, capital allocation is equally important for an individual.

Capital allocation allows me to think how should I allocate my wealth to different assets, ie stocks, FD, properties  and bonds, with the objectives to create stable cash flows and maintain reasonable investment return.

My current capital allocation ratio (high level):
Stocks  ~20%, average dividend return 3%
Cash/ War Chest  ~40%, average interest return 1%
Property ~15%, NIL (need to pay loan interest)
CPF ~25%, average coupon return 2%

Overall return is not fantastic, kind of conservative capital allocation. This shall change this year when opportunities arrived due to market uncertainty.