Q1 2026: the portfolio did not get the monthly memo
January–March 2026
The portfolio brought in S$22,845 in Q1, comfortably above my S$15,000 quarterly target. That works out to about S$7,615 a month—although February did its best to drag the average down.
This is my first full-quarter update, so it sets the baseline for the comparisons to come.
What drove the income?
Funds contributed S$10,852 and FCN coupons S$6,417, together accounting for roughly three-quarters of the total.
REIT-related distributions added S$1,912, Singapore-equity dividends S$1,022, and deposit interest S$2,618. There were no retirement-insurance payouts this quarter; those contribute annually rather than every month.
The funds provided much of the regular income, while coupons and dividends made the monthly totals less predictable.
February was the awkward month
February brought in S$3,454, below the S$5,000 target, with no FCN coupons paid that month. January and March were stronger at S$7,856 and S$11,535 respectively.
There was some turnover within the FCN allocation, with notes maturing and new positions being established. The mix included exposure to US equity markets, gold-related assets and Bitcoin.
Newer notes began contributing coupons in March, alongside existing holdings. That helps explain the rebound, although February’s gap did not mean there were no FCNs in the portfolio. The payments simply didn’t fall evenly across the quarter.
March also benefited from dividends and REIT-related distributions. Several income sources arrived together, giving the quarter a stronger finish.
Where that leaves me
Q1 finished S$7,845 above target, without any help from the annual insurance payouts. That is a reassuring start.
The useful lesson is to allow for uneven months. February fell short, but the quarter as a whole was comfortably ahead. I would rather plan around that pattern than expect every investment to adopt my preferred payday.