This Atrahasis Portfolio Update covers the moves made in October 2025 up to 18th Oct. There was a bit of everything. Global equities stayed resilient, gold printed fresh records, and crypto sold off. I used the dips: added IWDA on pullbacks to pull Core toward 40%, opened a starter position in CapitaLand Ascott Trust (HMN) to fill the lodging and living sleeve in the SG REIT mix and diversify income beyond retail and office, and picked up a small BTC lot on the dip. Simple moves in the same direction, compounding the plan.
Quick reflections
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Core: Added to IWDA only. Slow, steady march toward 40%.
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Alternatives: No strict band for BTC and Gold. I will nibble BTC on pullbacks. I have no plan to add gold at today’s levels.
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SG REITS: Adding HMN as a Diversifier within the SG REITs sleeve. I am currently heavy in data-centre, industrial, and commercial office names. Adding lodging and living exposure balances that tilt. It brings in a different demand driver (travel and long-stay), a different lease profile (shorter, more dynamic pricing), and a broader geographic mix. The aim is to reduce sector concentration risk, smooth income across cycles. I will size it modestly at first and build only if valuation, balance sheet, and operating trends stay favourable.
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Process: Followed the rule to add IWDA for Core. I avoided the temptation to add other ETFs despite the pullback. The SG REIT add was a deliberate sleeve-level diversification, a small starter in lodging and living (HMN) to broaden the Singapore income mix beyond retail and office. It is sized so it does not slow the push toward 40% Core, and the decision focused on valuation, balance sheet strength, and incremental income diversification.
Month-to-date movement
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Opening value (1 Oct) : S$2,707,643.60
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Purchases (MTD) : S$35,907.90
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Market move (MTD): +S$18,479.80
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Change this month : +S$54,387.70
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Current value (18 Oct): S$2,762,031.30
Purchases (MTD)
IWDA (Core):190 units, approx S$29,140
BTC‑USD (Alternatives):0.014464 BTC, approx S$2,000
HMN (SGX: HMN, Country Tilts): 5,100 shares, S$4,768.50
Total deployed in October: S$35,907.90
Current vs target (18 Oct 2025)
| Sleeve | Target % | Current % | Current Δ % |
|---|---|---|---|
| Global Core | 40 | 9.09 | -30.91 |
| Global Factor Tilts | 7 | 12.60 | +5.60 |
| EM ex China | 6 | 5.30 | -0.70 |
| Country Tilts | 10 | 40.76 | +30.76 |
| Defensive | 22 | 14.33 | -7.67 |
| Alternatives | 12 | 11.75 | -0.25 |
| AUD FX | 3 | 5.38 | +2.38 |
What I am watching into month‑end
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IWDA pullbacks for DCA to lift Core toward 40%.
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BTC behaviour after the recent wobble. Alternatives stays around 12% unless the sleeve moves out of band.
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Short‑duration yields for ERNA/IB01 as I keep rebuilding Defensive on schedule.