May and June were not spectacular months, and that is probably why I liked them.
The portfolio moved forward in the way I want it to move forward: more capital deployed, more dividends collected, one small speculative position cleaned up, and, most importantly, the Core gap narrowed again.
By the end of June, the Atrahasis Portfolio closed at S$3,287,709.78. Including the Bridge Cash Bucket, total assets stood at S$3,452,709.78. Across the two months, S$51.4k was deployed, S$11.3k of dividends came in, and market movement added about S$119.2k, or roughly 3.8% on the starting balance.
The main story is not that the portfolio went up. The main story is that it became slightly more like the portfolio I am trying to build.
Core is still only about 13.5% against a long-term target of 40%. But when I started tracking the Atrahasis Portfolio in October 2025, Core was around 10.2%. The gap has narrowed by roughly 3.3 percentage points. Slow, yes. But visible.
For new readers: I think of the portfolio in sleeves. Core is the long-term global equity foundation, mainly IWDA. Country Tilts are more targeted positions, largely Singapore income holdings. AAA sits in the AUD cash and income sleeve. The Bridge Cash Bucket is a separate cash buffer designed to reduce sequence-risk and emotional pressure.
Atrahasis Portfolio Key Numbers (1 May to 30 Jun 2026)
| Period return | 3.8% | Excludes net contributions |
| Starting portfolio balance, 1 May | S$3,122,993.74 | Excludes Bridge Cash Bucket |
| Purchases | S$51,445.92 | Fresh capital deployed |
| Sales proceeds | S$5,895.40 | Mainly NAK exit |
| Market movement | +S$119,165.52 | Excluding net contributions |
| Dividends received | S$11,324.96 | May and June combined |
| Ending portfolio balance, 30 Jun | S$3,287,709.78 | Final June close |
| Bridge Cash Bucket | S$165,000 / S$420,000 | 39% funded |
| Dividend tap | S$4,536.30 / month | 90.7% of target |
| Total including BCB | S$3,452,709.78 | Portfolio plus cash buffer |
I separate the Bridge Cash Bucket from the invested portfolio because it serves a different job: stability, not growth.
Portfolio value by month
Portfolio value from October 2025 through the June 2026 close. This excludes the Bridge Cash Bucket.
Core gap progress
The important movement is allocation progress: Core is still below target, but the gap has narrowed.
May-Jun buying mix
Most buying still went into active tilts, but Core received a meaningful slice of the new money.
May-Jun Purchases
| Holding | Units | Approx amount | Sleeve |
|---|---|---|---|
| CapitaLand Ascendas REIT / A17U | 5,900 | S$14,559 | Country Tilts |
| IWDA | 70 | ~S$12.8k | Core |
| NetLink NBN Trust / CJLU | 17,000 | S$16,806 | Country Tilts |
| Parkway Life REIT / C2PU | 1,000 | S$3,926 | Country Tilts |
| AAA | 56 | ~S$2.4k | AUD FX |
| Bitcoin / BTC-USD | 0.009994 BTC | ~S$1.0k | Alternatives |
| Total | S$51,445.92 |
The buying mix was not perfectly aligned with the long-term target. Core is the biggest strategic gap, but most of the May-Jun buying still went into Singapore income holdings. That reflects the ongoing tension in this portfolio: local income names are familiar, cash-generative, and easier to buy when they look reasonably valued. Core, however, is where the structural rebuild needs to happen. I am comfortable with the specific purchases, but I do not want the comfort of income holdings to slow down the Core buildout.
May-Jun Sales
| Holding | Units sold | Approx SGD result | Note |
|---|---|---|---|
| Northern Dynasty Minerals / NAK | 2,250 | ~S$5.9k proceeds; ~S$1.4k gain (+31.6%) | Legacy/speculative cleanup with a positive exit |
I fully exited NAK during May and June: 2,250 shares sold for about S$5.9k of proceeds. On my SGD tracking basis, that was roughly S$1.4k of realized gain, or about +31.6% on cost.
This was still a legacy/speculative cleanup, not a major allocation decision. But it is useful to record that the cleanup was done with a positive exit. Net capital deployed into markets after purchases and the sale was about S$45.6k.
The Main Story: Small Steps, Real Progress
Across May and June, the portfolio increased from S$3,122,993.74 to S$3,287,709.78.
That headline increase of about S$164.7k includes fresh purchases. I treat market movement as the change in portfolio value after adjusting for purchases and sales. On that basis, the portfolio added about +S$119.2k, or roughly +3.8% on the starting balance.
Dividends are included in the portfolio accounting, but I track them separately because income generation is one of the portfolio's key objectives. May and June dividends came to about S$11.3k, bringing the total profit and cashflow contribution for the period to about S$130.4k.
Most of the progress came in May. June was quieter, but still ended positively. The portfolio moved forward because the process continued: collect dividends, recycle cash, add to the intended sleeves, and avoid being distracted by every short-term wiggle.
This is also why I like writing these reviews. They force me to separate actual progress from noise.
Core Gap: Small Progress Is Still Progress
The most satisfying part of this update is not just that IWDA units went up. It is that the Core allocation gap closed a little.
The Core target is 40%. At the inception of the Atrahasis Portfolio in October 2025, Core was roughly 10.2% of the portfolio. At the June 2026 close, it was about 13.5%. That is still nowhere near the final target, but it is a clear improvement: roughly 3.3 percentage points of allocation gap closed, with about 26.5 percentage points still to go.
The unit count is not the main scoreboard, but it helps show whether the behaviour is actually changing. At the end of 2025, I held 1,804 IWDA shares. By the June close, that had increased to 2,419 shares. That is 615 additional shares in the first half of the year, including 70 IWDA shares added across May and June.
This is the behaviour I want more of: not heroic, not dramatic, just repeated additions into the sleeve that is still below target. The gap is closing in percentage-point terms, slowly and visibly.
First-Half Check
From the start of January to the end of June, the portfolio increased by about S$355.9k. After adjusting for purchases and sales, the market move was about +S$227.6k, or roughly +7.8%.
Dividends received in the first half were about S$31.0k. May and June contributed S$11.3k of that.
Legacy Position Sidebar: MU's Outsized Upside
MU is the eye-catching number in this update, but I want to frame it correctly. It is a legacy single-stock position, not part of the repeatable allocation plan. I hold 70 MU shares from 2020 with an average cost of about US$45.77. Using the 30 Jun 2026 close of US$1,154.29, the unrealized gain is roughly US$77.6k, or about +2,422% on price alone.
The number is striking, but I want to frame it carefully. This is not a reason to chase more single-stock moonshots. It is a reminder that small legacy positions can occasionally produce outsized upside, while the actual portfolio plan still has to be built around the Core gap, income sleeves, buffers, and repeatable behaviour.
What Held Up Well?
The income side of the portfolio quietly did its job. May dividends were about S$4,053, and June closed stronger at about S$7,272.
The cashflows came from a familiar mix: REITs and Singapore income holdings, AAA, and a few overseas names. None of this is flashy, which is exactly the point. More than S$11.3k arrived over two months while the portfolio continued adding units.
The Bridge Cash Bucket also remains in place at S$165k, or around 39% funded against the S$420k target.
I still think of the BCB as sequence-risk insurance for the FIRE phase. Most of it sits in high-yield savings accounts and T-bills, so it is not idle cash, but maximising returns is not its main job. Its job is to give me a cash bridge when I eventually FIRE and start relying on the portfolio for living expenses, so poor market timing does not immediately dictate withdrawals from the invested portfolio.
What Still Needs Watching?
This is the uncomfortable part of the update: the biggest strategic gap is Core, but the biggest share of new buying still went elsewhere.
Country Tilts made up 68.6% of May-Jun purchases, while Core made up only 24.9%. There are reasons for that, and I am not unhappy with the specific buys. But if the destination is a 40% Core allocation, future cash deployment has to reflect that more clearly.
The test for the next few updates is simple: can I keep adding to Core even when local income holdings look familiar and comfortable?
Closing Thoughts
This was not a spectacular update, and I am fine with that.
The portfolio grew. Dividends arrived. One small speculative position was cleaned up. MU gave me an eye-catching legacy-stock footnote. But the most important part was quieter: more IWDA was added, and the Core allocation moved a little closer to the shape I want.
That is the lesson I want to take from May and June. In portfolio building, progress does not always look dramatic. Sometimes it looks like a few more units, a slightly smaller gap, and another month of staying with the plan.
If you want to see how all these pieces fit together, take a look at my full Atrahasis Portfolio.