One strategy in managing my portfolio is to have a 60:40 income to growth allocation. With the strong performance of growth counters and weakness in REITs, the barbell has tilted too much towards growth, going beyond 45%. As such, I decided to trim some growth and beef up the dividend.

On the local front, I trimmed my Raffles Medical Group with minimal loss (or gain if this sales come from the purchase in April). I will keep the remaining 20k shares to participate in its China story.

On the US front, I divested Illumina, MongoDB and Zoom, making a profit of $4.4k. I have not found the motivation to learn more about Illumina business, so decided to let it go since it’s one of my smaller holdings. MongoDB and Zoom are part of my SaaS mini-fund. Based on my superficial reading, I am least attracted to MongoDB’s story, hence the sell. As for Zoom, its hype scares me. While its revenue more than doubled for the latest quarter and they provided similar guidance for the rest of the year, I just felt uneasy and decided to take the small profit.

With the sales, some of the cash was transferred out of the US portfolio to add more CapitaRetail China Trust, DBS and Mapletree Commercial Trust. While near term they might underperform, they should provide good returns a few years later.

I finally bought Netflix after the longest wait. The price corrected about 7% on Friday after it provided a weaker guidance for second half of the year. So I decided to take this opportunity for a small stake as it still has a good addressable market for many years to come. I like CrowdStrike and DocuSign stories and think they can continue to grow for a long time. Similar to many other SaaS counters, they are extremely pricey at the moment. So I just dipped my toes into them and will add more if the price drops in the future. Finally, added more Zuora which is a micro-cap punt for my SaaS mini-fund.

With the above adjustment, income and growth counters stand at 55.9% and 42.5% respectively, leaving about 1.6% cash in the portfolio. That’s it for July. Looking forward to the dividend in the coming two months.