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NLR gives exposure to companies involved in nuclear energy and uranium, making it an interesting way to benefit from growing demand for reliable, low-carbon power. The nuclear sector is gaining attention as countries expand energy security and data centres increase electricity demand. The main risks are uranium price volatility, project delays, regulation, and the capital required to build new nuclear capacity.

ELF delivered another impressive quarter, beating expectations on both revenue and earnings while raising its full-year guidance. Strong international expansion and continued demand for its affordable products reinforced confidence in the business. Even so, expectations remain high. The key risks are slowing consumer spending, tougher competition, and maintaining its rapid growth as the company scales. I will be watching whether management can continue growing market share, protect profit margins, and prove that recent acquisitions and international expansion can drive sustainable long-term growth.

NVIDIA continues to lead the AI revolution, supported by exceptional demand for its GPUs from cloud providers and enterprises around the world. The company has built an enormous cash position while continuing to invest aggressively in next-generation AI infrastructure and products. The biggest question is whether it can keep growing fast enough to justify its premium valuation. Even so, NVIDIA's technology leadership, software ecosystem, and strong customer relationships make it one of the most influential companies shaping the future of artificial intelligence. Will continue to hold for now.

Adobe has been one of the more disappointing holdings in my portfolio. Despite slower growth and increasing competition from AI-powered creative tools, Adobe remains a highly profitable company with a strong subscription business and loyal customer base. The key question is whether its AI strategy can accelerate growth and restore investor confidence. If management executes well and revenue growth improves over the next few years, I believe a recovery to my cost price is still achievable, although it will likely require patience. Let's see.

Amazon recently climbed to a new 52-week high, reflecting growing investor confidence following its latest results. The company continues to benefit from the long-term growth of cloud computing, e-commerce, digital advertising, and artificial intelligence. AWS delivered solid performance, but investors are paying close attention to Amazon's heavy spending on AI infrastructure and data centres. The key question is whether these investments will generate meaningful returns through faster cloud growth and broader AI adoption. With multiple growth engines, improving retail profitability, and strong cash generation, Amazon remains one of the most compelling technology companies to watch.

Microsoft continues to strengthen its leadership in AI, cloud computing, and enterprise software. Its latest earnings highlighted strong Azure growth and increasing demand for AI services, helping drive another historic surge in its share price as investors rewarded its AI execution. Heavy investment in AI infrastructure and data centres remains a key watchpoint, but I believe Microsoft's scale, strong cash generation, and disciplined execution position it well for continued long-term growth.

Mapletree Logistics Trust owns logistics warehouses that support e-commerce and regional supply chains across Asia-Pacific. Its diversified portfolio and recurring rental income provide stability, but growth depends on maintaining high occupancy, securing rental reversions, and managing financing costs. With interest rates still an important factor, I will be watching whether the trust can grow distributions while keeping its balance sheet and debt levels under control.

ServiceNow is becoming much more than an IT service management company. With AI-powered workflows, it has the opportunity to help organisations automate tasks across IT, HR, finance, customer service, and other business functions, creating a large runway for future growth. The biggest risks are its premium valuation, increasing competition from other enterprise software providers, and whether customers continue expanding their AI spending if economic conditions weaken.

Veeva Systems provides software that helps pharmaceutical and biotechnology companies manage research, clinical trials, and regulatory work. Its subscription model creates stable, recurring revenue, and many customers stay with the company for years. Going forward, I will be watching whether Veeva can keep growing by winning new customers and expanding the use of its newer products.

Alphabet's latest earnings reinforced the strength of its core business, with solid growth in Google Cloud and continued momentum in AI adoption. Management also reaffirmed its commitment to investing heavily in AI infrastructure despite higher capital expenditure. The key question is whether these investments can generate attractive long-term returns. Given Alphabet's scale, strong cash generation, and integrated ecosystem, I remain optimistic about its ability to turn AI spending into sustained growth.

I like Thermo Fisher Scientific because it serves as a backbone of the life sciences industry, supplying the tools, equipment, and services that researchers, hospitals, and pharmaceutical companies rely on day in day out. While biotech spending can fluctuate, its diversified business model, recurring revenue, and broad customer base provide resilience. I believe Thermo Fisher is well positioned to benefit from long-term growth in healthcare innovation and scientific research.

Tiong Woon operates in a niche business that is difficult to replicate. Its expertise in heavy lifting, heavy haulage, and engineering support provides essential services to industries such as energy, petrochemicals, and infrastructure. While earnings can fluctuate with project activity, I believe its specialised capabilities, disciplined operations, and healthy balance sheet position it well to benefit from long-term industrial investment across the region.

My investment thesis for Seatrium remains constructive, but I am mindful of the risks. Large engineering projects can face delays, cost overruns, and margin pressure, while demand for new energy infrastructure may not develop as quickly as expected. The company also needs to consistently convert its growing order book into profitable earnings and strong cash flow.

I believe Alphabet's earnings could surprise positively if Google Cloud continues delivering strong growth and AI features begin driving higher monetization across Search, Workspace, and Cloud.

The biggest concern remains heavy AI capital spending, but if management demonstrates improving returns on those investments and provides confidence that spending will translate into durable earnings growth, investor sentiment could improve.

With its dominant ecosystem and strong cash generation, I am confident Alphabet remains well positioned to benefit from the long-term AI opportunity.

I have some NetLink NBN Trust shares because NetLink owns the fibre broadband infrastructure that underpins Singapore's digital economy. Its recurring revenue and relatively stable cash flows make it a defensive holding in my portfolio. While growth is likely to remain modest, I value its predictable distributions, resilient business model, and the essential role it plays in connecting homes and businesses across Singapore.

I like Sheng Siong because its business is simple, resilient, and generates consistent cash flow. As a supermarket operator, it benefits from steady demand for everyday essentials regardless of the economic environment. Gradual growth, disciplined operations, healthy balance sheet, and regular dividends make it a dependable long-term holding in my portfolio.

I own the XLV ETF because it offers broad exposure to high-quality healthcare companies across pharmaceuticals, medical devices, healthcare services, and insurance. Healthcare demand tends to remain resilient regardless of the economic cycle. For me, XLV provides diversification, stability, and access to long-term trends such as ageing populations and continued medical innovation.

Novo Nordisk remains a world-class company with leading diabetes and obesity treatments, but I'm re-evaluating my investment. Competition in the obesity market is intensifying, and future growth may become less predictable. I may eventually switch to a healthcare company with a more diversified business and lower execution risk while continuing to monitor Novo Nordisk's progress.

One reason I continue holding Fortinet is that cybersecurity has become a necessity, not a luxury. My investment thesis is that businesses will keep increasing their spending on digital security over time. If Fortinet continues to innovate, expand its platform, and win enterprise customers, I believe it can deliver solid long-term growth despite intense competition.

It's really World Cup fever everywhere in Singapore. The excitement isn't just in sports bars anymore. Free live screenings are being held all over the island....at malls, community plazas, community clubs, SAFRA clubhouses and other public spaces.

People are gathering late into the night to watch the matches together. Friends, families, neighbours and even strangers are cheering, celebrating goals and sharing the excitement. Even if you don't support a particular team, it's hard not to get caught up in the atmosphere.

For a few weeks, football brings everyone together, and you can really feel the World Cup spirit all across Singapore.

As an S&P Global shareholder, I appreciate the company's strong position in credit ratings, financial data, and market analytics. Its recurring revenue and high-quality business model provide resilience across market cycles. The key questions are whether demand for financial data and ratings will continue growing, and whether the company can keep expanding its analytics and index businesses.