PORTFOLIO PERFORMANCE
- As of 30 June 2024, the UOBAM Invest portfolio returns for the second quarter, 2024 ranged between 0.8 percent and 3.1 percent.
Portfolio returns (% in SGD terms) 31 March 2024 – 30 June 2024
Source: Factset / UOBAM. Portfolio returns as 30 June 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 |
0.8 |
| 6 months |
1.3 |
| 1 year |
2.8 |
Since Inception
(18 Dec 2019), per annum |
-2.9 |
Source: UOBAM as of 30 June 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 June 2024, this portfolio was up 0.8%. All asset classes had positive performance except Singapore government bonds. The smallest contributor was global investment grade bonds while the largest contributor was money market funds.
Over the one-year period, the portfolio gained 2.8%. The smallest contributor was global investment grade bonds while the largest contributor was money market funds.
2. Conservative portfolio
| Period |
Portfolio Return (%) |
| 3 months |
1.3 |
| 6 months |
2.6 |
| 1 year |
4.2 |
Since Inception
(18 Dec 2019), per annum |
-0.3 |
Source: UOBAM as of 30 June 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 June 2024, this portfolio was up 1.3%. All asset classes had positive performance except Singapore government bonds. The smallest contributor was Asia investment grade bonds while the largest contributor was Asia equities.
Over the one-year period, the portfolio gained 4.2%. The smallest contributor was global investment grade bonds while the largest contributor was global equities.
3. Moderate portfolio
| Period |
Portfolio Return (%) |
| 3 months |
1.7 |
| 6 months |
4.9 |
| 1 year |
6.7 |
Since Inception
(18 Dec 2019), per annum |
0.1 |
Source: UOBAM as of 30 June 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 June 2024, the portfolio was up 1.7%. All asset classes had positive performance. The smallest contributor was the global investment grade bonds while the largest contributor was Asia equities.
Over the one-year period, the portfolio gained 6.7%. Global equities detracted while the largest contributor was US equities.
4. Aggressive portfolio
| Period |
Portfolio Return (%) |
| 3 months |
2.0 |
| 6 months |
5.7 |
| 1 year |
8.0 |
Since Inception
(18 Dec 2019), per annum |
1.4 |
Source: UOBAM as of 30 June 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 June 2024, this portfolio was up 2.0%. All asset classes had positive performance. The smallest contributor was the US government bonds while the largest contributor was Asia equities.
Over the one-year period, the portfolio gained 8.0%. Global equities detracted while the largest contributor was global high yield bonds.
5. Very Aggressive portfolio
| Period |
Portfolio Return (%) |
| 3 months |
3.1 |
| 6 months |
9.9 |
| 1 year |
13.3 |
Since Inception
(18 Dec 2019), per annum |
4.0 |
Source: UOBAM as of 30 June 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 June 2024, the portfolio was up 3.1%. All asset classes had positive performance. The smallest contributor was the global equities while the largest contributor was Asia equities.
Over the one-year period, the portfolio gained 13.3%. Europe equities was the smallest contributor while the largest contributor was US equities.
LOOKING AHEAD
- We maintain overweight in growth assets
- Soft patch in economic data has made growth outlook more muddled, but we still expect stable expansion over the next year
- Inflation improvements have slowed but we see moderate gains in the fight against inflation that will eventually allow for some rate cuts
Going forward, we remain optimistic as we see inflation continuing to moderate and expectations for the gradual economic slowdown scenario to play out. However, there are some concerns about the health of the consumer given weaker retail sales reports and the challenges companies face in an uncertain macro environment. There are also headwinds for markets in the form of bumpy disinflation which might further push back of rate cuts, expensive valuations, and narrow market breadth. Although the equity market rally has been intense, we do not foresee a recession on the horizon that will significantly undermine the rally and expect better market breadth than 2023. This presents an opportunity to seek out what has not appreciated as much, such as the Asia ex-Japan market where we see improving earnings growth and valuations are still attractive.
For fixed income, bond yields are higher than they have been in 15 years. The risks of interest rate hikes have faded and fixed income investments will continue to offer good interest income while providing protection by acting as an important portfolio stabiliser amid the fluid macro environment. Without recession risk in the near term, we see opportunities to pick up additional credit spreads via both investment grade and high yield bonds.
Markets look to be well supported as investors continue to buy on dips. Many investors have been content with fixed deposit rates, but investments have beaten cash rates in 2023 and are doing so again in 2024. It is an attractive time to invest and stay invested. As always, we recommend investors to build their wealth by staying vested in their portfolio for the long term through dollar cost average.
