Dividend Warrior FY2025 Portfolio Review - Record High $46k Annual Dividends! Beyond the $1 Million Portfolio!

Equities Portfolio Cost: S$684, 447

Equities Portfolio Market Value: S$1,048,180

Equities Portfolio Unrealised Profit: +S$363, 733 (+53.1%)

Portfolio XIRR (FY2025): +22.9% (inclusive of dividends)

Dividends Collected (FY2025): S$46, 089 (+6.5% yoy)

Total Cumulative Dividends (2010 - 2025): S$371, 015

Current Cash & Cash Equivalents: S$23, 000

(*All figures are accurate as of 31 Dec 2025) 

Portfolio Actions in 4Q 2025:

• Subscribed to Keppel DC REIT preferential offering

• Accumulated PropNex at S$1.87

• Accumulated Amazon at US$221

• Accumulated Alphabet at US$298 and US$306

• Accumulated Microsoft at US$477

• Accumulated Nvidia at US$179

Multi-Year Heavy Bets Paid Off Handsomely

2025 was a great year in terms of investment returns. All the counters in my portfolio ended the year in the green except three losers. My top five winners in 2025 (excluding dividends) were PropNex (+102%), Alphabet (+66%), Sheng Siong (+59%), DBS (+29%) and CapitaLand Integrated Commercial Trust (+21%). My bottom three losers (excluding dividends) were Mapletree Industrial Trust (-9%), UOB (-4%) and Keppel DC REIT (flat). In terms of total dividend payout, a record-high of $46k was achieved largely thanks to hefty special dividends from the three local banks and PropNex. 

My thesis on Sheng Siong and PropNex finally paid off big in 2025. I built up significant positions on both counters through constant, steadfast accumulation since 2023. I even did one last aggressive buy when the Trump Tariffs correction hit in April. The massive tailwind finally arrived in May 2025 after the incumbent government clinched a strong mandate during the General Election. Both PropNex and Sheng Siong stand to benefit long-term from government policies (which I mentioned in previous posts). In the second half of the year, both counters kept breaking new highs. Although recently, PropNex had retraced back to S$1.90, it still ended up as my top performer for the year.

Next, my thesis on Alphabet also yielded huge returns in 2025. It is my current top US position by far. I always thought the narrative around the death of Google Search was overblown. Too much doom and gloom. Again, bought aggressively back in Q2 2025. YouTube is bigger than Netflix and still growing. Google Cloud posting robust year-on-year growth. Android OS deeply entrenched on all smartphones outside of Apple's iPhone. Waymo is expanding its robotaxi service into new markets. One of the major shareholders of SpaceX. I also bet on a favourable verdict from its anti-trust case, which did came true. The emergence of OpenAI actually helped to prove Alphabet's argument that its search business is not a monopoly because ChatGPT is a rival. In the end, the US Department of Justice did not require Alphabet to break up and sell off Chrome. So, Alphabet's eco-system moat remains intact. It owns an entire integrated AI stack. Furthermore, I am confident that Google's AI model will eventually catch up to ChatGPT and that came true too. Google Gemini 3 AI model is pretty much on par with ChatGPT 5 right now. I have started incorporating Gemini into my daily life and it works fine. Not to mention how insanely useful Google Maps and Translate proved to be during my trips to Tokyo, Osaka and Bangkok.

First-ever Trip to Osaka

My gradual transition from wealth accumulation to enjoying my fruits of labour continued with my recent trip to Osaka. Putting some of my dividends to good use. Improving my quality of life bit by bit. For now, I aim to travel to two places per year. Eventually, I plan to visit four destinations per year. Secondly, I also look to upgrade at least one thing I use regularly in my life every year. This year, I upgraded from regualr iPhone 15 to an iPhone 17 Pro. I had a great time using it to navigate, take photos and film videos on my Osaka trip.

~ Life's Too Short to Eat Bad Food ~

Dividend Warrior's Q3 2025 Portfolio Update - Crossing the $1 MILLION milestone!

Equities Portfolio Cost: S$674, 935

Equities Portfolio Market Value: S$1, 027, 493

Equities Portfolio Unrealised Profit: +S$352, 558 (+52.2%)

Portfolio XIRR (9M2025): +13.7% (inclusive of dividends)

Dividends Collected (9M2025): S$39, 300 (+13.5% yoy)

Total Cumulative Dividends (2010 - 9M2025): S$364, 225

Current Cash & Cash Equivalents: S$17, 000

(*All figures are accurate as of 30 Sep 2025) 

Portfolio Actions in 3Q 2025:

• Accumulated batches of Alphabet at US$200 & US$246
• Accumulated batches of Amazon at US$219 & US$222
• Accumulated Microsoft at US$505

Markets Were Cooking Hard In Q3! 

All of my heavy aggressive dip-buying back in the previous quarter continued to bear fruits in Q3. My 2-year strategy of accumulating positions in non-REITs counters like the banks, Sheng Siong, PropNex and US big tech has worked out pretty well so far. Even some quality S-REITs had slowly recovered as the US Fed cut rates. Just when I thought the markets could not possibly rally further, it continues to blow my mind. People who took profits earlier could not get back into the rally. I'm glad I could easily resist the temptation (patting myself on the back). As the late Charlie Munger said, 'Profits are not made in the buying or selling. It is made from the waiting.' Let your winners run. And oh boy, did my winners run! In the local market, DBS, PropNex and Sheng Siong hit new all-time-highs. In the US market, Alphabet, Microsoft & Nvidia kept breaking new highs too. Especially Alphabet, when the company received a favourable verdict from the DOJ. Google does not need to break up. All these factors pushed my portfolio value above $1 million on 29 Aug 2025. I finally entered the 7-figure club! Truly a historic moment in my investment journey. 

My portfolio exceeded $1m for the first time ever on 29 Aug 2025

DBS, PropNex & Sheng Siong carried my portfolio hard

Of course, I'm under no delusion that good times never last long especially for cyclical stocks like PropNex and DBS. That is why for the first time in a long time, I stopped accumulating them at current valuations. For now, I own enough. Time to chill, collect CD and build up my warchest again. My only significant portfolio action in Q4 would probably be subscribing to Keppel DC REIT's preferential offering. KDC is using the proceeds to acquire an AI-ready hyperscale data centre in Japan. On the US market front, I managed to nibbled some Alphabet, Amazon and Microsoft in the final week of September. The current US government shut-down might give me some buying opportunities but I think investors already grown more immune to this yearly political circus. 

Spending My Dividends

As the end of 2025 approaches, my work load lessens and it is time to slow down. Preparing for my first ever trip to Osaka next month. Can't wait! :)

~ Explore The World, Expand Your Mind ~

Dividend Warrior's 1H2025 Portfolio Update - My Biggest Buying Spree Since 2020 Covid Year!

Equities Portfolio Cost: S$667, 635

Equities Portfolio Market Value: S$875, 420

Equities Portfolio Unrealised Profit: +S$207, 785 (+31.1%)

Portfolio XIRR (1H2025): +4.8% (inclusive of dividends)

Dividends Collected (1H2025): S$24, 830 (+14.1% yoy)

Total Cumulative Dividends (2010 - 1H2025): S$349, 755

Current Cash & Cash Equivalents: S$3, 000

(*All figures are accurate as of 30 Jun 2025)

Portfolio Actions in 2Q 2025:

• Accumulated UOB at S$30.70
• Accumulated Sheng Siong at S$1.70 and S$1.83
• Accumulated PropNex at S$1.03
• Accumulated NetLink Trust at S$0.875
• Accumulated ParkwayLife REIT at S$4.02
• Subscribed to FCT's preferential offering at S$2.05

• Accumulated batches of Amazon between US$170 and US$180
• Accumulated batches of Alphabet between US$150 and US$160
• Accumulated batches of Microsoft between US$360 and US$370
• Accumulated batches of Nvidia between US$100 and US$120

TACO Man Is My God of Fortune

In April, Trump's Liberation Day tariffs threw the global markets into chaos. Doom and gloom headlines dominated the media. Youtubers were churning out daily videos with their mouth wide-opened and hands-on-forehead thumbnail images. As a battle-hardened investor, I knew this was the moment to unleash my cash warchest and dividends. My strategy of 'Sheng Siong + US tech' went into overdrive. More than S$50k deployed into the markets in Q2. I am so glad to have bought the dip aggressively because it is starting to pay off by the end of June as the US market made an incredible V-shaped recovery! My Microsoft and Nvidia positions hit all-time-high. Not even the short-lived conflict between Israel and Iran could derail the market rally despite the media touting the possibility of World War 3. 

Some of my better quality REITs like AREIT, FCT, KDC and PLife have also risen YTD. Share prices of the 3 local banks remain elevated. PropNex is also riding high due to its special dividend payout and more new private property launches this year. Homebuyers have been snapping up Executive Condos (EC) like hotcakes in Q1- Q2. Sheng Siong opened 8 new outlets in 1H2025 as its share price hits an all-time-high of $1.90. More importantly in Singapore's context, the results of GE 2025 gave the incumbent party a clear and strong mandate to guide Singapore through uncertain times. Over the years, I have realised that complaining about the government policies is a waste of time. Instead, we should think of ways to gain from the system. I believe Sheng Siong, PropNex and the local banks would stand to benefit from government policies. This is a system that 65% of voters agreed upon. Let's face it, $1m resale flats is the new norm now. And judging from the URA Masterplan 2025 (Property agents already posting videos on how to become Huat Kueh), I won't be surprised to witness the first S$2m resale flat transaction in my lifetime. So just position ourselves accordingly and let the government work hard to boost our property values.

All of the above-mentioned factors combined to push my portfolio value to a new record-high of S$875k. Hefty special dividend payouts from DBS, UOB, OCBC and PropNex is set to lift my projected 2025 total dividends above S$45k. Unfortunately, on the flip side, I am expecting to run out of targets to accumulate in 2H2025 unless a new major crisis emerges. Hopefully, President Trump can cook up some crazy executive orders again. Or perhaps China can conduct some military exercises in the Taiwan Strait. 

Spending My Dividends In Thailand

Visited Bangkok back in February. Enjoy good food and relaxing massage :)

My next trip would be Osaka in November!

~ Collect Dividends, Travel Far ~