June 2026 Portfolio: Reduced US. Revealed SG. Recycled Capital

After 54 transactions in the first half of this year, here’s a quick update on my investment portfolio.

Let’s start with the big picture: my portfolio’s current geographical and strategy allocations compared to my long-term targets.

Two distinct observations stood out immediately:

1. The Geographical Drift: US growth dropped below my floor, while SG local holdings edged right past my target ceiling.
2. The REIT Fade: The S-REIT allocation continued its downward trend, sliding to 21% (down from 24% in 1H2025).

The primary driver here wasn’t a massive structural shift on my part, but pure market performance.

Outside of the sluggish REIT sector, my Singapore portfolio had a blazing first half, while my US growth holdings faced a speed bump after three previous years of strong returns.

(I’ll share more details and the exact performance percentages in my next post).

Why didn’t I force a rebalancing?

Despite the US pullback dropping my allocation to 24%, I wasn’t comfortable injecting fresh capital there.

With continued froth in major US tech names and heightened macroeconomic uncertainties, it didn’t feel like a true sale. Instead, the drift was simply a case of Singapore equities catching a massive tailwind.

That said, I didn’t just sit on my hands.

I did rebalance but internally, within each geographical segment.

Recycled Capital: Power Up the Attack

US Opportunities: Speculative Out. Beef Up. New Additions.

Every market downturn provides a clean opportunity to refine a portfolio.

To be clear, you don’t always have to act on it.

However, it’s not often that high-quality companies go on sale at cheaper prices. If there is no fundamental change in their underlying businesses, a downturn is simply a prime chance to initiate a new position or increase your existing stake.

If you have fresh capital, the simple path is to just add to your highest-conviction plays. But with no monthly salary coming in, I had to actively recycle capital from a few distinct sources:

• Harvested Cash: Profits locked in from my US portfolio trims last October.
• The High-Conviction Switch: Capital salvaged from exiting lower-conviction names, including Novo-Nordisk (NVO), SentinelOne (S), Zscaler (Z), and The Trade Desk (TTD).

I didn’t fully realise it until looking back, but those proceeds allowed me to substantially beef up most of my core US holdings over the past six months.

I also took advantage of the recent market carnage to initiate new positions in Netflix (NFLX) and ServiceNow (NOW). Both businesses, I believe, will prove the skeptics wrong over the next few years.

SG Portfolio: Turning Offensive

On the local front, the key theme was a subtle but definitive shift from a defensive dividend play to a more attack-oriented formation.

I trimmed or divested my steady dividend players – OCBC (O39), UOB (U11), ComfortDelgro(C52), and VICOM (WJP)

Those sales proceeds were immediately redeployed to increase my semiconductor exposure and double down on the future of Food Empire (F03). In fact, when Food Empire’s price dipped last week, I gladly picked up another tranche.

All of these moves resulted in some changes in my overall portfolio allocation.

Revealed SG Portfolio: All Among the Top 15

“Does this chart look remarkably similar to what I shared last month?”

It does, and honestly, it should.

Unless an investor is pulling off a drastic, panicky tactical pivot, a fundamentally grounded portfolio shouldn’t experience tectonic shifts in the span of months.

However, if you peer just beneath the surface of this month’s chart, you would have noticed these shifts:

• The Food Empire Inclusion: Due to the accumulation over recent months, Food Empire has officially broken into the 15th slot of the overall portfolio. This means every single one of my core Singapore holdings is now fully accounted for on the main board.
  
• Arista Networks Reclaims the Top 5: Despite locking in profits with a 20% trim back in April, Arista has continued to command immense market favour over the last two months. Its sheer momentum has carried it right back into my top five holdings…again.
  
• A Dedicated “Growth” Long-Tail: The complete divestment of ComfortDelGro and VICOM means my minor, exploratory positions are now exclusively occupied by US growth stocks. While these smaller stakes won’t move the performance needle much today, the plan is to simply let years of uninterrupted compounding do the heavy lifting.

All Ready for the Second Half

The macro picture remains undeniably cloudy. The stock markets will almost certainly continue their volatile, headline-driven dance. But looking at the lineup, I am confident in its execution.

Here is what I expect across my core sectors in the second half.

🏎️ SG Semiconductors

AEM (AWX), Micro-Mechanics (5DD), and UMS Integration (558) were the absolute stars of the first half. I believe they will continue to report robust underlying operational performances in the coming quarter. However, given the sharp price spikes in the first half, I’m bracing for increased volatility.

🏦 SG Banks

The earnings momentum from wealth management should continue steady for both DBS (D05) and OCBC (O39). That said, with share prices hovering near all-time highs, the immediate upside from these levels feels limited.

🏢 S-REITs

Distributions should edge upward for Frasers Centrepoint Trust (J69U), and we should see a strong spike for Parkway Life REIT (C2PU) as the new CPI-linked rent review formula for Singapore hospitals officially kicks in.

But with the possibility of rates staying higher for longer, broader share price movements are likely to remain muted.

💻 US Tech

Core fundamentals remain rock-solid; these companies will continue to report great growth in both sales and profits.

Market sentiment, though, is heavily influenced by fickle and arbitrary expectations; such that even a “double beat” in performance and forward guidance might not be enough to boost stock prices over the short term.

I’m looking forward to diving into their upcoming quarterly updates to see exactly how they execute.