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Q2 2025 Dividend Review: How Singapore Bank Stocks and Trump’s Tariffs Are Shaping My Portfolio

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Q2 2025 saw strong dividend returns from Singapore banks like DBS and UOB. Learn how Trump’s delayed tariffs may impact markets and how I’m adjusting my investment strategy.

Q2 2025 Reflections: A Strong Quarter for Dividend Income

As the second quarter of 2025 ends, I’m pleased to report that my dividend income has seen a significant boost compared to Q1. The standout contributors? Singapore bank stocks—DBS, OCBC, and UOB—which formed the bulk of my passive income this quarter.

Trump’s Tariffs: Delayed, But Still a Threat

In April 2025, President Trump announced a new wave of high tariffs on multiple countries, sending shockwaves through global markets. Although these tariffs were later delayed by three months to allow room for negotiation, deals have only been struck with a few nations—most notably the UK and Vietnam.

This means there’s still a real risk that all previously announced tariffs could snap back into effect on 1 August 2025, potentially triggering another round of volatility in global markets.

Portfolio Moves: Staying Defensive Amid Uncertainty

In response to the geopolitical tension and market unpredictability, I chose to sell select holdings with a plan to repurchase them if the market dips. Many analysts believe these tariffs could slow global trade significantly, possibly pushing the world closer to a recession.

Despite this, my outlook on Singapore financial stocks remains positive. I intend to add more DBS, OCBC, and UOB shares when valuations look attractive.

Exploring AI Stocks in the U.S. Market

I’ve also started exploring U.S. tech stocks—especially those in the Artificial Intelligence (AI) sector, which continues to show long-term growth potential. However, since this is relatively new territory for me, I plan to tread cautiously and adopt a risk-averse investment approach.

Q2 Portfolio Update: Minimal Changes, Focus on Dividends

No major overhauls were made to my portfolio this quarter. I added to my DBS holdings while maintaining my position in Singapore REITs, though several remain underwater.

Current REIT Holdings (Underwater):

• Mapletree Logistics Trust
• Mapletree Industrial Trust
• Frasers Logistics & Commercial Trust
• ESR-LOGOS REIT

The only REIT currently performing well is AIMS APAC REIT, which has been an excellent dividend generator and continues to anchor the REIT side of my portfolio.

Final Thoughts: Staying Grounded Through Market Cycles

This quarter has reminded me that investing is not just about returns—it’s also about learning, adapting, and managing emotions through volatility. The road ahead may be uncertain, especially with global trade tensions looming, but I remain focused on long-term value investing, particularly in sectors I understand well.

Thank you for following my journey—and I hope my updates help you stay informed and encouraged on your own investment path.