UOB bank
Asset class performance (% in SGD terms)
Source: FactSet/Bloomberg. Performance as at 30 September 2025.
Indices used as follows: Global Equities: MSCI All Country World Index (ACWI);
Global Bonds: Bloomberg Global Aggregate Index;
Asian Equities: MSCI AC Asia ex Japan Index; and
Asian Bonds: J.P.Morgan Asia Credit (JACI) Investment Grade Index on a Net Asset Value basis;
SGD Cash: 3M Singapore Overnight Rate Average (SORA)
Please note that there are limitations to the use of such indices as proxies for the past performance in the respective asset classes. The historical performance presented should not be used as a proxy for the future or likely performance.
Portfolio returns (% in SGD terms) 30 June 2025 – 30 September 2025
Source: Factset / UOBAM. Portfolio returns are for the period from 30 June 2025 to 30 September 2025.
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 2025) | Portfolio Return (%) |
| 3 months | 3.1 |
| 6 months | 2.6 |
| 1 year | 5.4 |
| Since Inception (26 July 2020), per annum |
0.2 |
Source: UOBAM as of 30 September 2025
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 2025, this portfolio was up 3.1%. The largest contributor was US government bonds while Europe equities contributed the least.
Over the one-year period, the portfolio gained 5.4%. The largest contributor was US equities while Asia investment grade bonds contributed the least.
2. Conservative portfolio
| Period (as at 30 September 2025) | Portfolio Return (%) |
| 3 months | 4.2 |
| 6 months | 3.4 |
| 1 year | 6.6 |
| Since Inception (26 July 2020), per annum |
2.5 |
Source: UOBAM as of 30 September 2025
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 2025, this portfolio was up 4.2%. The largest contributor was US government bonds while money market fund contributed the least.
Over the one-year period, the portfolio gained 6.6%. The largest contributor was global equities while Asia investment grade bonds contributed the least.
3. Moderate portfolio
| Period (as at 30 September 2025) | Portfolio Return (%) |
| 3 months | 4.5 |
| 6 months | 5.2 |
| 1 year | 8.9 |
| Since Inception (26 July 2020), per annum |
4.7 |
Source: UOBAM as of 30 September 2025
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 2025, this portfolio gained 4.5%. The largest contributor was US growth equities while global investment grade bonds contributed the least.
Over the one-year period, the portfolio gained 8.9%. The largest contributor was US growth equities while US REITs detracted.
4. Aggressive portfolio
| Period (as at 30 September 2025) | Portfolio Return (%) |
| 3 months | 5.1 |
| 6 months | 8.6 |
| 1 year | 11.7 |
| Since Inception (26 July 2020), per annum |
7.5 |
Source: UOBAM as of 30 September 2025
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 2025, this portfolio was up 5.1%. The largest contributor was US growth equities while money market funds contributed the least.
Over the one-year period, the portfolio gained 11.7%. The largest contributor was US growth equities while US REITs detracted.
5. Very Aggressive portfolio
| Period (as at 30 September 2025) | Portfolio Return (%) |
| 3 months | 7.8 |
| 6 months | 14.1 |
| 1 year | 16.9 |
| Since Inception (26 July 2020), per annum |
10.0 |
Source: UOBAM as of 30 September 2025
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 2025, this portfolio was up 7.8%. The largest contributor was US growth equities while Asian investment grade bonds contributed the least.
Over the one-year period, the portfolio gained 16.9%. The largest contributor was US growth equities while US REITs detracted.
Despite persistent macroeconomic headwinds, markets remain resilient, supported by corporate earnings strength, investor confidence, and liquidity. While tariff and policy uncertainties remain, asset prices have not meaningfully corrected, reflecting optimism and technical support. This resilience, however, may be tested in Q4 as delayed tariff effects begin to impact consumption and inflation. With US GDP growth slowing and employment trends weakening, the risk of the economy reaching “stall speed” is rising. We continue to advocate a neutral and diversified asset allocation strategy, now with a slightly higher probability assigned to continued growth (50%), and equal lower probabilities (25%) to recession and stagflation. A balanced portfolio remains the most prudent approach across these scenarios.
While global growth remains uneven, signs of improvement are encouraging. Europe and China are showing stronger momentum, supported by fiscal stimulus and easing trade tensions. Asia continues to benefit from China’s rebound, AI-driven investment, and a growing domestic consumer base. However, elevated US equity valuations, fragile labour trends, and the potential for rising inflation due to tariffs suggest caution. We maintain a strategic overweight to Europe and Asia equities, where valuations are more attractive and growth trends more stable.
Meanwhile, global bond markets have traded near the lower end of their yield range, with 10-year yields hovering between 4.0% and 4.5%. The Fed’s dovish pivot and easing fiscal concerns, partly due to rising tariff revenues, have supported a rally in US Treasuries. With three rate cuts now priced in, markets are more focused on growth risks than inflation, though both remain relevant. We maintain a neutral stance on credit and duration, reflecting confidence in developed market resilience despite recession and inflation risks. Outside the US, ultra-long yields have risen due to fiscal deficit concerns, especially in Japan. On the other hand, Singapore’s rates have declined amid strong demand for its currency. Slower global growth and heightened geopolitical tensions are compounding challenges for weaker economies. As such, we maintain a preference for investment-grade over high-yield bonds.
We remain tactically neutral across asset classes, reflecting a balanced approach amid macro uncertainties. Given the equal probabilities of market-positive vs market-negative scenarios, we believe a diversified approach is the most resilient and offers the best chance of achieving positive returns across a range of outcomes. We are closely monitoring inflation risks, labour market data, and tariff developments, and stand ready to adjust our positioning as needed.
1 January 2025 to 31 March 2025
1 October 2024 to 31 December 2024
30 June 2024 to 30 September 2024
1 January 2024 to 31 March 2024
1 October 2023 to 31 December 2023
1 July 2023 to 30 September 2023
1 January 2023 to 31 March 2023
1 October 2022 to 31 December 2022
1 January 2022 to 31 March 2022
1 July 2021 to 31 December 2021
Asset class performance (% in SGD terms)
Source: FactSet/Bloomberg. Performance as at 30 September 2025.
Indices used as follows:
Global Equities: MSCI All Country World Index (ACWI);
Global Bonds: Bloomberg Global Aggregate Index;
Asian Equities: MSCI AC Asia ex Japan Index; and
Asian Bonds: J.P.Morgan Asia Credit (JACI) Investment Grade Index on a Net Asset Value basis;
SGD Cash: 3M Singapore Overnight Rate Average (SORA)
Please note that there are limitations to the use of such indices as proxies for the past performance in the respective asset classes. The historical performance presented should not be used as a proxy for the future or likely performance.
Portfolio returns (% in SGD terms) 30 June 2025 – 30 September 2025
Source: Factset / UOBAM. Portfolio returns are for the period from 30 June 2025 to 30 September 2025.
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 | 1.0 |
| 6 months | 2.1 |
| 1 year | 3.8 |
Source: UOBAM as of 30 September 2025
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 2025, this portfolio was up 1.0%. Asia investment grade bonds contributed to the bulk of the returns.
Over the one-year period, the portfolio gained 3.8%. Asia investment grade bonds contributed to the bulk of the returns.
2. Conservative portfolio
| Period | Portfolio Return (%) |
| 3 months | 3.0 |
| 6 months | 3.8 |
| 1 year | 6.1 |
Source: UOBAM as of 30 September 2025
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 2025, this portfolio was up 3.0%. The largest contributor was Singapore government bonds while the smallest contributor was money market fund.
Over the one-year period, the portfolio gained 6.1%. The largest contributor was Singapore government bonds while the smallest contributor was global equities.
3. Moderate portfolio
| Period | Portfolio Return (%) |
| 3 months | 3.6 |
| 6 months | 3.9 |
| 1 year | 7.8 |
Source: UOBAM as of 30 September 2025
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 2025, the portfolio was up 3.6%. The largest contributor was Asia equities while the smallest contributor was money market fund.
Over the one-year period, the portfolio gained 7.8%. The largest contributor was Asia equities while the smallest contributor was global equities.
4. Aggressive portfolio
| Period | Portfolio Return (%) |
| 3 months | 5.3 |
| 6 months | 5.7 |
| 1 year | 9.8 |
Source: UOBAM as of 30 September 2025
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 2025, this portfolio was up 5.3%. The largest contributor was Asia equities while the smallest contributor was money market fund.
Over the one-year period, the portfolio gained 9.8%. The largest contributor was Asia equities while Europe equities detracted slightly.
5. Very Aggressive portfolio
| Period | Portfolio Return (%) |
| 3 months | 7.3 |
| 6 months | 10.3 |
| 1 year | 13.4 |
Source: UOBAM as of 30 September 2025
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 2025, the portfolio was up 7.3%. The largest contributor was US equities while the smallest contributor was Asia investment grade bonds.
Over the one-year period, the portfolio gained 13.4%. The largest contributor was US equities while Europe equities detracted slightly.
Despite persistent macroeconomic headwinds, markets remain resilient, supported by corporate earnings strength, investor confidence, and liquidity. While tariff and policy uncertainties remain, asset prices have not meaningfully corrected, reflecting optimism and technical support. This resilience, however, may be tested in Q4 as delayed tariff effects begin to impact consumption and inflation. With US GDP growth slowing and employment trends weakening, the risk of the economy reaching “stall speed” is rising. We continue to advocate a neutral and diversified asset allocation strategy, now with a slightly higher probability assigned to continued growth (50%), and equal lower probabilities (25%) to recession and stagflation. A balanced portfolio remains the most prudent approach across these scenarios.
While global growth remains uneven, signs of improvement are encouraging. Europe and China are showing stronger momentum, supported by fiscal stimulus and easing trade tensions. Asia continues to benefit from China’s rebound, AI-driven investment, and a growing domestic consumer base. However, elevated US equity valuations, fragile labour trends, and the potential for rising inflation due to tariffs suggest caution. We maintain a strategic overweight to Europe and Asia equities, where valuations are more attractive and growth trends more stable.
Meanwhile, global bond markets have traded near the lower end of their yield range, with 10-year yields hovering between 4.0% and 4.5%. The Fed’s dovish pivot and easing fiscal concerns, partly due to rising tariff revenues, have supported a rally in US Treasuries. With three rate cuts now priced in, markets are more focused on growth risks than inflation, though both remain relevant. We maintain a neutral stance on credit and duration, reflecting confidence in developed market resilience despite recession and inflation risks. Outside the US, ultra-long yields have risen due to fiscal deficit concerns, especially in Japan. On the other hand, Singapore’s rates have declined amid strong demand for its currency. Slower global growth and heightened geopolitical tensions are compounding challenges for weaker economies. As such, we maintain a preference for investment-grade over high-yield bonds.
We remain tactically neutral across asset classes, reflecting a balanced approach amid macro uncertainties. Given the equal probabilities of market-positive vs market-negative scenarios, we believe a diversified approach is the most resilient and offers the best chance of achieving positive returns across a range of outcomes. We are closely monitoring inflation risks, labour market data, and tariff developments, and stand ready to adjust our positioning as needed.
1 January 2025 to 31 March 2025
1 October 2024 to 31 December 2024
30 June 2024 to 30 September 2024
1 January 2024 to 31 March 2024
1 October 2023 to 31 December 2023
1 July 2023 to 30 September 2023
1 January 2023 to 31 March 2023
1 October 2022 to 31 December 2022
1 January 2022 to 31 March 2022
1 July 2021 to 31 December 2021
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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UOB Asset Management Ltd Co. Reg. No. 198600120Z
