UOB bank
Portfolio returns (% in SGD terms) 30 June 2024 – 30 September 2024
Source: Factset / UOBAM. Portfolio returns are for the period from 30 June 2024 to 30 September 2024.
Past performance of the portfolio or UOBAM and any past performance, prediction, projection or forecast on the economy or markets are not necessarily indicative of the future or likely performance of the portfolio or UOBAM. Portfolio returns on the scheme is calculated on a single pricing basis.
1. Very Conservative portfolio
| Period (as at 30 September 2024) | Portfolio Return (%) |
| 3 months | 0.3 |
| 6 months | 1.6 |
| 1 year | 7.2 |
| Since Inception (26 July 2020), per annum |
-1.0 |
Source: UOBAM as of 30 September 2024
The information about asset allocation provided herein are subject to change at the discretion of UOBAM without prior notice. Past performance of the portfolio or UOBAM and any past performance, prediction, projection or forecast on the economy or markets are not necessarily indicative of the future or likely performance of the portfolio or UOBAM. Returns are calculated on a single pricing basis.
For the three-month period ending 30 September 2024, this portfolio was up 0.3%. The largest contributor was the money market fund while the largest detractor was US government bonds.
Over the one-year period, the portfolio gained 7.2%. The largest contributor was global equities while the smallest contributor was global investment grade bonds.
2. Conservative portfolio
| Period (as at 30 September 2024) | Portfolio Return (%) |
| 3 months | 0.4 |
| 6 months | 2.0 |
| 1 year | 8.9 |
| Since Inception (26 July 2020), per annum |
1.6 |
Source: UOBAM as of 30 September 2024
The information about asset allocation provided herein are subject to change at the discretion of UOBAM without prior notice. Past performance of the portfolio or UOBAM and any past performance, prediction, projection or forecast on the economy or markets are not necessarily indicative of the future or likely performance of the portfolio or UOBAM. Returns are calculated on a single pricing basis.
For the three-month period ending 30 September 2024, this portfolio was up 0.4%. The largest contributor was Asia investment grade bonds while the largest detractor was US government bonds.
Over the one-year period, the portfolio gained 8.9%. The largest contributor was global equities while the smallest contributor was Asia equities.
3. Moderate portfolio
| Period (as at 30 September 2024) | Portfolio Return (%) |
| 3 months | 0.4 |
| 6 months | 2.3 |
| 1 year | 11.5 |
| Since Inception (26 July 2020), per annum |
3.7 |
Source: UOBAM as of 30 September 2024
The information about asset allocation provided herein are subject to change at the discretion of UOBAM without prior notice. Past performance of the portfolio or UOBAM and any past performance, prediction, projection or forecast on the economy or markets are not necessarily indicative of the future or likely performance of the portfolio or UOBAM. Returns are calculated on a single pricing basis.
For the three-month period ending 30 September 2024, this portfolio was up 0.4%. The largest contributor was Asia investment grade bonds while the largest detractor was US government bonds.
Over the one-year period, the portfolio gained 11.5%. The largest contributor was US equities while the smallest contributor was global high yield bonds.
4. Aggressive portfolio
| Period (as at 30 September 2024) | Portfolio Return (%) |
| 3 months | 0.8 |
| 6 months | 3.5 |
| 1 year | 15.7 |
| Since Inception (26 July 2020), per annum |
6.5 |
Source: UOBAM as of 30 September 2024
The information about asset allocation provided herein are subject to change at the discretion of UOBAM without prior notice. Past performance of the portfolio or UOBAM and any past performance, prediction, projection or forecast on the economy or markets are not necessarily indicative of the future or likely performance of the portfolio or UOBAM. Returns are calculated on a single pricing basis.
For the three-month period ending 30 September 2024, this portfolio was up 0.8%. The largest contributor was Asia investment grade bonds while the largest detractor was emerging market high yield bonds.
Over the one-year period, the portfolio gained 15.7%. The largest contributor was US equities while the smallest contributor was emerging market high yield bonds.
5. Very Aggressive portfolio
| Period (as at 30 September 2024) | Portfolio Return (%) |
| 3 months | 0.2 |
| 6 months | 4.7 |
| 1 year | 23.4 |
| Since Inception (26 July 2020), per annum |
8.5 |
Source: UOBAM as of 30 September 2024
The information about asset allocation provided herein are subject to change at the discretion of UOBAM without prior notice. Past performance of the portfolio or UOBAM and any past performance, prediction, projection or forecast on the economy or markets are not necessarily indicative of the future or likely performance of the portfolio or UOBAM. Returns are calculated on a single pricing basis.
For the three-month period ending 30 September 2024, this portfolio was up 0.2%. The largest contributor was Asia equities while the largest detractor was US growth equities.
Over the one-year period, the portfolio gained 23.4%. The largest contributor was US growth equities while the smallest contributor was US government bonds.
As we enter the fourth quarter of 2024, we still expect the expansion to continue, inflation to moderate further and interest rates to fall steadily, creating a positive backdrop for markets. We note that a rate cutting cycle during an economic expansion has historically been positive for markets. However, since markets have rallied more than we anticipated, and growth is starting to plateau, we are slightly less optimistic in the near term. As such, we are adopting a more balanced positioning between equities and bonds.
For equities, we have turned slightly more cautious in the near term as we think markets are dealing with several uncertainties regarding the direction of the global economy, the change in the global monetary policy cycle and the geopolitical risks. Central banks around the world, led by the US Federal Reserve (Fed), are shifting to a new path after three years of tight monetary policies. Although fundamentally positive for markets, this carries many near-term uncertainties regarding the pace and depth of interest rate cuts. The US election also carries risks that key policies on tariffs, taxes and immigration could change significantly. We are not negative on the longer-term impact of these policies, but we foresee enough uncertainties to unsettle markets in the near term.
For fixed income, yields remain significantly higher than levels seen in the prior decade and therefore remain attractive to investors. In addition, inflation risks have passed, and we are going into a rate cut cycle. As such, the headwind around interest rates has shifted to a tailwind, making it much safer for yield-seekers to invest in fixed income. We prefer to focus on credit, including investment grade. Credit spreads are at tight levels but since we do not expect a near-term recession, we think it is worth picking up the extra yield that credits offer over government bonds. However, due to the expected growth slowdown, we have turned more cautious on high-yield bonds.
We are mindful that global geopolitical and economic risks remain. Tensions in the Middle East continue to be highly elevated and pose the threat of spiralling into a broader regional war. The US/China tensions are likely to remain high and could escalate during the US election season. We expect the global economy to continue to expand but recession risks will rise as the cycle prolongs and matures. We continue to monitor the situation closely and stand ready to adjust the portfolio if these risks become more problematic.
Portfolio returns (% in SGD terms) 30 June 2024 – 30 September 2024
Source: Factset / UOBAM. Portfolio returns are for the period from 30 June 2024 to 30 September 2024.
Past performance of the portfolio or UOBAM and any past performance, prediction, projection or forecast on the economy or markets are not necessarily indicative of the future or likely performance of the portfolio or UOBAM. Portfolio returns on the scheme is calculated on a single pricing basis.
1. Very Conservative portfolio
| Period | Portfolio Return (%) |
| 3 months | 1.4 |
| 6 months | 2.2 |
| 1 year | 5.1 |
Source: UOBAM as of 30 September 2024
The information about asset allocation provided herein are subject to change at the discretion of UOBAM without prior notice. Past performance of the portfolio or UOBAM and any past performance, prediction, projection or forecast on the economy or markets are not necessarily indicative of the future or likely performance of the portfolio or UOBAM. Returns are calculated on a single pricing basis.
For the three-month period ending 30 September 2024, this portfolio was up 1.4%. The largest contributor was Singapore government bonds while the largest detractor was US government bonds.
Over the one-year period, the portfolio gained 5.1%. The largest contributor was Singapore government bonds while the smallest contributor was global investment grade bonds.
2. Conservative portfolio
| Period | Portfolio Return (%) |
| 3 months | 1.6 |
| 6 months | 2.9 |
| 1 year | 7.0 |
Source: UOBAM as of 30 September 2024
The information about asset allocation provided herein are subject to change at the discretion of UOBAM without prior notice. Past performance of the portfolio or UOBAM and any past performance, prediction, projection or forecast on the economy or markets are not necessarily indicative of the future or likely performance of the portfolio or UOBAM. Returns are calculated on a single pricing basis.
For the three-month period ending 30 September 2024, this portfolio was up 1.6%. The largest contributor was Singapore government bonds while the largest detractor was US government bonds.
Over the one-year period, the portfolio gained 7.0%. The largest contributor was Singapore government bonds while the smallest contributor was Asia investment grade bonds.
3. Moderate portfolio
| Period | Portfolio Return (%) |
| 3 months | 0.4 |
| 6 months | 2.1 |
| 1 year | 8.1 |
Source: UOBAM as of 30 September 2024
The information about asset allocation provided herein are subject to change at the discretion of UOBAM without prior notice. Past performance of the portfolio or UOBAM and any past performance, prediction, projection or forecast on the economy or markets are not necessarily indicative of the future or likely performance of the portfolio or UOBAM. Returns are calculated on a single pricing basis.
For the three-month period ending 30 September 2024, the portfolio was up 0.4%. The largest contributor was Asia equities while the largest detractor was US government bonds.
Over the one-year period, the portfolio gained 8.1%. The largest contributor was US equities while the smallest contributor was Europe equities.
4. Aggressive portfolio
| Period | Portfolio Return (%) |
| 3 months | 0.5 |
| 6 months | 2.5 |
| 1 year | 9.6 |
Source: UOBAM as of 30 September 2024
The information about asset allocation provided herein are subject to change at the discretion of UOBAM without prior notice. Past performance of the portfolio or UOBAM and any past performance, prediction, projection or forecast on the economy or markets are not necessarily indicative of the future or likely performance of the portfolio or UOBAM. Returns are calculated on a single pricing basis.
For the three-month period ending 30 September 2024, this portfolio was up 0.5%. The largest contributor was Asia equities while the largest detractor was US government bonds.
Over the one-year period, the portfolio gained 9.6%. The largest contributor was Asia equities while the smallest contributor was Europe equities.
5. Very Aggressive portfolio
| Period | Portfolio Return (%) |
| 3 months | 1.0 |
| 6 months | 4.1 |
| 1 year | 15.8 |
Source: UOBAM as of 30 September 2024
The information about asset allocation provided herein are subject to change at the discretion of UOBAM without prior notice. Past performance of the portfolio or UOBAM and any past performance, prediction, projection or forecast on the economy or markets are not necessarily indicative of the future or likely performance of the portfolio or UOBAM. Returns are calculated on a single pricing basis.
For the three-month period ending 30 September 2024, the portfolio was up 1.0%. The largest contributor was Asia equities while the largest detractor was global high yield bonds.
Over the one-year period, the portfolio gained 15.8%. The largest contributor was US equities while the smallest contributor was Europe equities.
As we enter the fourth quarter of 2024, we still expect the expansion to continue, inflation to moderate further and interest rates to fall steadily, creating a positive backdrop for markets. We note that a rate cutting cycle during an economic expansion has historically been positive for markets. However, since markets have rallied more than we anticipated, and growth is starting to plateau, we are slightly less optimistic in the near term. As such, we are adopting a more balanced positioning between equities and bonds.
For equities, we have turned slightly more cautious in the near term as we think markets are dealing with several uncertainties regarding the direction of the global economy, the change in the global monetary policy cycle and the geopolitical risks. Central banks around the world, led by the US Federal Reserve (Fed), are shifting to a new path after three years of tight monetary policies. Although fundamentally positive for markets, this carries many near-term uncertainties regarding the pace and depth of interest rate cuts. The US election also carries risks that key policies on tariffs, taxes and immigration could change significantly. We are not negative on the longer-term impact of these policies, but we foresee enough uncertainties to unsettle markets in the near term.
For fixed income, yields remain significantly higher than levels seen in the prior decade and therefore remain attractive to investors. In addition, inflation risks have passed, and we are going into a rate cut cycle. As such, the headwind around interest rates has shifted to a tailwind, making it much safer for yield-seekers to invest in fixed income. We prefer to focus on credit, including investment grade. Credit spreads are at tight levels but since we do not expect a near-term recession, we think it is worth picking up the extra yield that credits offer over government bonds. However, due to the expected growth slowdown, we have turned more cautious on high-yield bonds.
We are mindful that global geopolitical and economic risks remain. Tensions in the Middle East continue to be highly elevated and pose the threat of spiralling into a broader regional war. The US/China tensions are likely to remain high and could escalate during the US election season. We expect the global economy to continue to expand but recession risks will rise as the cycle prolongs and matures. We continue to monitor the situation closely and stand ready to adjust the portfolio if these risks become more problematic.
MSCI Data are exclusive property of MSCI. MSCI Data are provided “as is”, MSCI bears no liability for or in connection with MSCI Data. Please see complete MSCI disclaimer here.
This document is for your general information only. It does not constitute investment advice, recommendation or an offer or solicitation to deal in Exchange Traded Funds ("ETFs") or in units in any Unit Trusts ("Unit Trusts", ETFs and Unit Trusts shall together be referred to as "Fund(s)") nor does it constitute any offer to take part in any particular trading or investment strategy.
This document was prepared without regard to the specific objectives, financial situation or needs of any particular person who may receive it. The information is based on certain assumptions, information and conditions available as at the date of this document and may be subject to change at any time without notice. If any information herein becomes inaccurate or out of date, we are not obliged to update it. No representation or promise as to the performance of the Fund or the return on your investment is made. Past performance of any Fund or UOB Asset Management Ltd ("UOBAM") and any past performance, prediction, projection or forecast of the economic trends or securities market are not necessarily indicative of the future or likely performance of the Fund or UOBAM. The value of any Fund and the income from them, if any, may fall as well as rise, and may have high volatility due to the investment policies and/or portfolio management techniques employed by the Fund. Investments in any Fund involve risks, including the possible loss of the principal amount invested, and are not obligations of, deposits in, or guaranteed or insured by United Overseas Bank Limited ("UOB"), UOBAM, or any of their subsidiary, associate or affiliate ("UOB Group") or distributors of the Fund. Market conditions may limit the ability of the platform to trade and investments in non-Singapore markets may be subject to exchange rate fluctuations. The Fund may use or invest in financial derivative instruments and you should be aware of the risks associated with investments in financial derivative instruments which are described in the respective Fund’s prospectus. The UOB Group may have interests in the Funds and may also perform or seek to perform brokering and other investment or securities-related services for the Fund. Investors should read the Fund’s prospectus, which is available and may be obtained from UOBAM or any of its appointed agents or distributors, before investing. You may wish to seek advice from a financial adviser before making a commitment to invest in any Funds, and in the event that you choose not to do so, you should consider carefully whether the Fund is suitable for you. Any reference to any specific country, financial product or asset class is used for illustration or information purposes only and you should not rely on it for any purpose. We will not be responsible for any loss or damage arising directly or indirectly in connection with, or as a result of, any person acting on any information provided in this document. Services offered by UOBAM Invest are subject to the UOBAM Invest Terms and Conditions.
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