Jul–Aug 2026 Portfolio Update: Unwinding the Legacy AUD Sleeve

by admin | Sep 5, 2026 | Portfolio

August gave me the AUD/SGD rate I had been waiting for.

Unwinding a legacy Australian-dollar position is the main story in this portfolio update. I had kept that capital in AUD while waiting for a favourable opportunity to exit and convert it back into SGD and USD. In August, I closed A200, AAA, MVW and QOZ, releasing A$448.5k, equivalent to approximately S$405.8k, and completed the currency conversion.

The proceeds helped strengthen the cash bridge while I continued adding to IWDA and the Singapore income holdings. I also consolidated the custody of several long-term ETFs, with simpler family administration in mind.

The invested portfolio ended August at S$3.08 million. That decline largely reflects capital moving from the Australian positions into the Bridge Cash Bucket. Together, the investments and reserve reached S$3.495 million, a new all-time high.

For new readers, Core is my long-term global equity foundation, mainly IWDA. Country Tilts include the Singapore income holdings. The Bridge Cash Bucket, or BCB, is a separate spending reserve with a S$420,000 target. CPF savings are excluded from this portfolio and all totals shown here.

Atrahasis Portfolio Key Numbers (1 Jul–31 Aug 2026)

This portfolio update covers 1 July–31 August 2026. Portfolio balances exclude the BCB unless stated otherwise.

Across the two months, purchases totalled S$135.9k and sales released S$470.9k. Sales therefore exceeded purchases by about S$335.0k. Market movement added S$86.7k, while dividend receipts came to S$7.9k.

The cash bridge ended August at S$416.9k, or 99.3% of its target. That leaves about S$3.1k to complete the reserve.

Jul–Aug Purchases

Purchase and sale amounts are shown in SGD, rounded for readability.

IWDA received S$49.5k, accounting for 36.4% of the period's purchases. The four Singapore income holdings received S$64.6k, or 47.5%. EXCS also received a top-up, alongside smaller Bitcoin and SPCX purchases. The AAA additions took place in July, before the full exit in August.

Jul–Aug Sales

All six positions were fully exited. Capital ROI = realised capital gain ÷ historical purchase cost, both in SGD. It includes currency movements and excludes distributions. Returns cover each holding’s ownership period and are not annualised. The total is weighted by cost; individual amounts are rounded.

The four Australian ETFs accounted for approximately S$405.8k of sale proceeds, including S$39.3k in realised capital gains. Against their combined SGD cost of S$366.4k, that represents a 10.7% capital return, before counting distributions. Across all six exits, realised capital gains totalled S$59.5k.

PAA had been held since 2021, while the Australian ETF positions began in August 2025. The gains shown above cover each investment’s full holding period.

The Main Story: Completing the Planned AUD Exit

The AUD sleeve began with a currency decision. I had been waiting for a favourable AUD/SGD exchange rate before bringing this legacy capital back into SGD and USD. That was central to why I held the position and when I chose to exit.

By August, I also saw limited scope for a further meaningful rise in AUD/SGD in the near term. With a favourable rate available, I felt the capital would do more for the retirement plan if I exited and redeployed it.

While I waited, A200, MVW and QOZ provided Australian equity exposure, and AAA held the cash component. On 11 August, I closed all four ETF positions. The subsequent conversion into SGD and USD completed the planned reduction in AUD exposure.

All four exits produced capital gains in SGD. A200 contributed the largest gain at S$14.0k, while QOZ delivered the strongest capital ROI at 22.2%. AAA and MVW also finished ahead in SGD, even though their sale prices were slightly below their average purchase prices in AUD. The currency movement mattered, which is why the result in SGD is central to this story.

I still hold the small legacy BPH position, but the substantial allocation across the four ETFs has been unwound. Completing that exit removes a sizeable item from the portfolio’s unfinished business and gives the capital a clearer role in the retirement plan.

Funding the S$420,000 Cash Bridge

The BCB target remains S$420,000. The reserve combines high-yield savings accounts and time deposits across three local banks with Singapore Savings Bonds (SSBs). The cash accounts and time deposits earn a blended yield of approximately 2.65% p.a.. August’s reallocation brought the reserve close to being fully funded.

The bridge is there for living expenses when I eventually rely on the portfolio. It gives the long-term investments room to recover through a difficult market, with less pressure to sell because a household bill is due.

IB01 and ERNA remain outside the BCB. They form part of the defensive investment allocation, separate from the reserve earmarked for spending.

Custody: Making the Portfolio Easier for the Family

In late July and early August, I transferred all my LSE-listed UCITS ETFs from IBKR to Standard Chartered Bank Singapore.

The transfers were in specie: the existing securities moved between custodians while the funds, units and market exposures stayed the same. This brought more of the long-term portfolio into my Singapore banking arrangements and made it easier to organise for my family.

Standard Chartered appealed to me for long-term holdings because its Online Trading account has no custody fees. The Priority Private relationship also offers relationship-manager support and travel benefits, including concierge services and airport transfers. Those benefits add to the practical appeal of consolidating custody there.

I want my family to understand what is held, where to find it and how the pieces fit together. The custody arrangements should make that easier.

Core Gap: More IWDA, Still More to Do

In the May–June portfolio update, I wrote about the need to keep building Core even when Singapore income holdings felt more familiar.

July and August brought 265 additional IWDA shares, taking the holding to 2,684 shares at the August close. IWDA was worth approximately S$507.5k, or 16.5% of the invested portfolio, against the long-term 40% target.

The higher allocation reflects the purchases, market movements and the smaller invested portfolio after the AUD exit. The percentage alone therefore does not tell the whole story. Directing 36.4% of the period’s purchases to IWDA shows how the buying itself supported the Core buildout.

There is still a substantial gap. As the reserve approaches its target, Core remains the main priority for future investment decisions.

Income Holdings: Building Alongside the Reserve

I added 21,000 AIMS APAC REIT units, 14,200 NetLink NBN Trust units, 4,500 Keppel DC REIT units and 2,200 Singtel shares. Together, these four income purchases amounted to approximately S$64.6k.

Using distributions announced by the end of August as a guide, these purchases could add approximately S$3,542 a year, or a S$295 monthly equivalent. This full-year estimate annualises the latest payouts and uses Singtel’s core dividend, with no assumed growth. The overall income picture must also account for the distributions given up through the sales.

Bitcoin and SPCX remain small satellite positions. The larger priorities continue to be the global core, the income holdings and the spending reserve.

Dividends: A Changing Income Mix

July and August brought S$7,869.16 in dividend receipts, with payments received in the following currencies:

The Australian ETFs made a meaningful contribution before their exit. July included distributions from MVW, A200, QOZ and AAA, followed by another AAA payment in August. Singapore receipts came from holdings including DBS, AIMS APAC REIT, Parkway Life REIT, First REIT and CapitaLand Ascott Trust.

The forward income estimate now needs to reflect the changed holdings. The Australian ETF distributions came from positions I have sold; the new Singapore purchases will contribute according to their own payment schedules. That is why the dividend tap is being reviewed rather than carrying forward the previous estimate unchanged.

What Went Well

Reaching S$3.495 million, with the cash bridge almost fully funded, is satisfying. The record includes both the investments and the reserve, which matters after such a substantial reallocation.

The AUD exit brought a long-standing currency decision to a conclusion. The cash bridge moved close to its target, Core received a larger share of purchases, and the Singapore income holdings grew. The custody transfers also supported the goal of making the portfolio easier for my family to navigate.

Realising the Australian gains gave that progress a tangible result: capital that had been waiting on a currency decision now has a clearer purpose.

The PAA exit marked progress on another goal: gradually selling off my legacy single-stock positions when appropriate. Closing a holding I had owned since 2021 was a further step towards a simpler portfolio.

What Still Needs Watching

Core remains well below its 40% target. The buying mix improved, but the four Singapore income holdings still absorbed more capital than IWDA during these two months.

I am comfortable with the individual purchases. Future buying needs to keep addressing the largest allocation gap, even when familiar income names look appealing.

The cash bridge also needs to retain its purpose as it approaches full funding. Money earmarked for living expenses should remain available for that job, even when another investment looks attractive.

Closing Thoughts

July and August brought a significant change in where the capital sits and what I expect it to do.

The main legacy AUD position has been unwound, the cash bridge is close to its target, and Core buying has continued. The income holdings and custody arrangements also moved forward. The portfolio is becoming easier to organise around the way I intend to use it in retirement.

The next challenge is familiar: keep building Core while preserving the spending reserve. With the AUD decision completed, that priority is easier to see.

A small sneak peek: the combined total crossed S$3.5 million in September. But that is a story for another day.

For the allocation plan behind these decisions, see my full Atrahasis Portfolio.