Portfolio returns (% in SGD terms) 30 September 2024 – 31 December 2024
Source: Factset / UOBAM. Portfolio returns are for the period from 30 September 2024 to 31 December 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 31 December 2024) | Portfolio Return (%) |
3 months | 2.5 |
6 months | 2.7 |
1 year | 7.1 |
Since Inception (26 July 2020), per annum |
-0.5 |
Source: UOBAM as of 31 December 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 31 December 2024, this portfolio was up 2.5%. All asset classes had positive performance. The largest contributor was global equities while the smallest contributor was Asia investment grade bonds.
Over the one-year period, the portfolio gained 7.1%. The largest contributor was global equities while the smallest contributor was global investment grade bonds.
2. Conservative portfolio
Period (as at 31 December 2024) | Portfolio Return (%) |
3 months | 2.8 |
6 months | 3.2 |
1 year | 8.6 |
Since Inception (26 July 2020), per annum |
2.0 |
Source: UOBAM as of 31 December 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 31 December 2024, this portfolio was up 2.8%. The largest contributor was global equities while the largest detractor was Asia equities.
Over the one-year period, the portfolio gained 8.6%. The largest contributor was global equities while the smallest contributor was Europe equities.
3. Moderate portfolio
Period (as at 31 December 2024) | Portfolio Return (%) |
3 months | 3.6 |
6 months | 4.0 |
1 year | 11.1 |
Since Inception (26 July 2020), per annum |
4.0 |
Source: UOBAM as of 31 December 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 31 December 2024, this portfolio was up 3.6%. The largest contributor was US government bonds while the largest detractor was Europe equities.
Over the one-year period, the portfolio gained 11.1%. The largest contributor was US equities while US REITs detracted slightly.
4. Aggressive portfolio
Period (as at 31 December 2024) | Portfolio Return (%) |
3 months | 4.0 |
6 months | 4.9 |
1 year | 14.6 |
Since Inception (26 July 2020), per annum |
6.5 |
Source: UOBAM as of 31 December 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 31 December 2024, this portfolio was up 4.0%. The largest contributor was US growth equities while the largest detractor was Europe equities.
Over the one-year period, the portfolio gained 14.6%. The largest contributor was US equities while US REITs detracted slightly.
5. Very Aggressive portfolio
Period (as at 31 December 2024) | Portfolio Return (%) |
3 months | 6.5 |
6 months | 6.7 |
1 year | 22.6 |
Since Inception (26 July 2020), per annum |
8.5 |
Source: UOBAM as of 31 December 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 31 December 2024, this portfolio was up 6.5%. The largest contributor was US growth equities while the largest detractor was Europe equities.
Over the one-year period, the portfolio gained 22.6%. The largest contributor was US growth equities while US REITs detracted slightly.
Going into 2025, we expect economic growth in most regions to be modest and in?ation to be under control. Investors appear more confident about further global expansion and corporate earnings growth, fuelled by interest rate normalisation and the US consumer. Further rate cuts in 2025 could bring the US Fed Funds rate down to about 4 percent and US bond yields should range between 4.25 - 4.75 percent. The Trump administration’s adoption of policies such as trade tariffs and tax cuts could support US growth but stall further in?ation improvements. Nonetheless, we think this inflation and interest rate backdrop is better than in 2024 and should still be supportive of both equities and fixed income.
For equities, we are still positive as economic and earnings growth look strong for 2025. The US consumer is robust, China stabilisation policies create a floor on growth and the outlook for emerging markets (EM) has been steadily improving. Moreover, the manufacturing cycle is rebounding and interest rates cut should be positive for EM.
Furthermore, after two years of strong global equity market returns, it now appears that most investors are less averse to risk taking and investing in equities. The risk to markets is that most of Trump’s stated policies around tax cuts, immigration and tariffs are likely to be inflationary. As central banks are still battling inflation, any upward pressure could result in higher interest rates and growth risks. Another key issue is equity valuations. US equities have been on the high side of their valuation ranges for several years. We are concerned that these higher valuations make the market more vulnerable and imply that future returns could be more modest than in the past.
For fixed income, we remain slightly more hawkish given our higher-for-longer thesis, and we think that there is a risk of fewer than two rate cuts for 2025. Nevertheless, we note that central bank actions globally will not be uniform. Overall, we prefer to stay short duration as the pickup in yield offered by the long end does not compensate investors enough for the likely higher volatility. Our view is that potential pro-growth policies passed by the incoming Trump administration will likely extend the economic cycle. As such, we see a case for a steepening of the yield curve. Sector-wise, we are underweight government bonds and slightly more positive on credits for higher carry. For high yield bonds, growth has slowed enough that we have turned more neutral after being overweight for most of 2024.
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-strung following Trump’s election win. We expect the global economy to continue to expand but recession risks will rise as the cycle are prolonged 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 September 2024 – 31 December 2024
Source: Factset / UOBAM. Portfolio returns are for the period from 30 September 2024 to 31 December 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 | 0.7 |
6 months | 2.1 |
1 year | 3.5 |
Source: UOBAM as of 31 December 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 31 December 2024, this portfolio was up 0.7%. The largest contributor was Asia investment grade bonds while the largest detractor was Singapore government bonds.
Over the one-year period, the portfolio gained 3.5%. The largest contributor was Singapore money market fund while the smallest contributor was global investment grade bonds.
2. Conservative portfolio
Period | Portfolio Return (%) |
3 months | 1.2 |
6 months | 2.8 |
1 year | 5.5 |
Source: UOBAM as of 31 December 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 31 December 2024, this portfolio was up 1.2%. The largest contributor was US government bonds while the largest detractor was Singapore government bonds.
Over the one-year period, the portfolio gained 5.5%. The largest contributor was Singapore government bonds while the smallest contributor was Asia investment grade bonds.
3. Moderate portfolio
Period | Portfolio Return (%) |
3 months | 2.8 |
6 months | 3.2 |
1 year | 8.2 |
Source: UOBAM as of 31 December 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 31 December 2024, the portfolio was up 2.8%. The largest contributor was global high yield bonds while the largest detractor was Europe equities.
Over the one-year period, the portfolio gained 8.2%. The largest contributor was global high yield bonds while the Europe equities detracted slightly.
4. Aggressive portfolio
Period | Portfolio Return (%) |
3 months | 3.3 |
6 months | 3.8 |
1 year | 9.7 |
Source: UOBAM as of 31 December 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 31 December 2024, this portfolio was up 3.3%. The largest contributor was global high yield bonds while the largest detractor was Europe equities.
Over the one-year period, the portfolio gained 9.7%. The largest contributor was global high yield bonds while the Europe equities detracted slightly.
5. Very Aggressive portfolio
Period | Portfolio Return (%) |
3 months | 4.0 |
6 months | 4.9 |
1 year | 15.2 |
Source: UOBAM as of 31 December 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 31 December 2024, the portfolio was up 4.0%. The largest contributor was US equities while the largest detractor was Europe equities.
Over the one-year period, the portfolio gained 15.2%. The largest contributor was US equities while the smallest contributor was Europe equities.
Going into 2025, we expect economic growth in most regions to be modest and in?ation to be under control. Investors appear more confident about further global expansion and corporate earnings growth, fuelled by interest rate normalisation and the US consumer. Further rate cuts in 2025 could bring the US Fed Funds rate down to about 4 percent and US bond yields should range between 4.25 - 4.75 percent. The Trump administration’s adoption of policies such as trade tariffs and tax cuts could support US growth but stall further in?ation improvements. Nonetheless, we think this inflation and interest rate backdrop is better than in 2024 and should still be supportive of both equities and fixed income.
For equities, we are still positive as economic and earnings growth look strong for 2025. The US consumer is robust, China stabilisation policies create a floor on growth and the outlook for emerging markets (EM) has been steadily improving. Moreover, the manufacturing cycle is rebounding and interest rates cut should be positive for EM.
Furthermore, after two years of strong global equity market returns, it now appears that most investors are less averse to risk taking and investing in equities. The risk to markets is that most of Trump’s stated policies around tax cuts, immigration and tariffs are likely to be inflationary. As central banks are still battling inflation, any upward pressure could result in higher interest rates and growth risks. Another key issue is equity valuations. US equities have been on the high side of their valuation ranges for several years. We are concerned that these higher valuations make the market more vulnerable and imply that future returns could be more modest than in the past.
For fixed income, we remain slightly more hawkish given our higher-for-longer thesis, and we think that there is a risk of fewer than two rate cuts for 2025. Nevertheless, we note that central bank actions globally will not be uniform. Overall, we prefer to stay short duration as the pickup in yield offered by the long end does not compensate investors enough for the likely higher volatility. Our view is that potential pro-growth policies passed by the incoming Trump administration will likely extend the economic cycle. As such, we see a case for a steepening of the yield curve. Sector-wise, we are underweight government bonds and slightly more positive on credits for higher carry. For high yield bonds, growth has slowed enough that we have turned more neutral after being overweight for most of 2024.
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-strung following Trump’s election win. We expect the global economy to continue to expand but recession risks will rise as the cycle are prolonged and matures. We continue to monitor the situation closely and stand ready to adjust the portfolio if these risks become more problematic.
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