UOB bank
Portfolio returns (% in SGD terms) 31 March 2025 – 30 June 2025
Source: Factset / UOBAM. Portfolio returns are for the period from 31 March 2025 to 30 June 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 June 2025) | Portfolio Return (%) |
| 3 months | -0.6 |
| 6 months | -0.3 |
| 1 year | 2.4 |
| Since Inception (26 July 2020), per annum |
-0.4 |
Source: UOBAM as of 30 June 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 June 2025, this portfolio was down 0.6%. The largest contributor was US equities while US government bonds detracted.
Over the one-year period, the portfolio gained 2.4%. The largest contributor was money market funds while US government bonds detracted.
2. Conservative portfolio
| Period (as at 30 June 2025) | Portfolio Return (%) |
| 3 months | -0.8 |
| 6 months | -0.5 |
| 1 year | 2.7 |
| Since Inception (26 July 2020), per annum |
1.8 |
Source: UOBAM as of 30 June 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 June 2025, this portfolio was down 0.8%. The largest contributor was US growth equities while US government bonds detracted.
Over the one-year period, the portfolio gained 2.7%. The largest contributor was global equities while US government bonds detracted.
3. Moderate portfolio
| Period (as at 30 June 2025) | Portfolio Return (%) |
| 3 months | 0.7 |
| 6 months | 0.7 |
| 1 year | 4.6 |
| Since Inception (26 July 2020), per annum |
4.0 |
Source: UOBAM as of 30 June 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 June 2025, this portfolio gained 0.7%. The largest contributor was US growth equities while US government bonds detracted.
Over the one-year period, the portfolio gained 4.6%. The largest contributor was US growth equities while US government bonds detracted.
4. Aggressive portfolio
| Period (as at 30 June 2025) | Portfolio Return (%) |
| 3 months | 3.3 |
| 6 months | 2.2 |
| 1 year | 7.2 |
| Since Inception (26 July 2020), per annum |
6.8 |
Source: UOBAM as of 30 June 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 June 2025, this portfolio was up 3.3%. The largest contributor was US growth equities while US government bonds detracted.
Over the one-year period, the portfolio gained 7.2%. The largest contributor was US growth equities while US REITs detracted.
5. Very Aggressive portfolio
| Period (as at 30 June 2025) | Portfolio Return (%) |
| 3 months | 5.8 |
| 6 months | 1.8 |
| 1 year | 8.6 |
| Since Inception (26 July 2020), per annum |
8.9 |
Source: UOBAM as of 30 June 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 June 2025, this portfolio was up 5.8%. The largest contributor was US growth equities while US REITs detracted.
Over the one-year period, the portfolio gained 8.6%. The largest contributor was US growth equities while US REITs detracted.
Despite rising global uncertainty, markets have not significantly discounted asset prices, reflecting the influence of liquidity, sentiment, and technical factors. Typically, higher uncertainty lowers equity valuations and raises bond yields to compensate for risk. However, Q2 saw strong “buy the dip” behaviour, especially among retail investors. This creates a risk asymmetry as buyers bear the downside risk without a valuation buffer, which could lead to sharper losses if negative scenarios unfold.
We therefore prefer a neutral and diversified asset allocation strategy that reflects equal probabilities across three macroeconomic scenarios: recession, sustained growth, and slower growth with inflation. A balanced portfolio offers resilience across these outcomes.
While the US has led recent growth, Europe and China are showing signs of recovery in 2025, aided by interest rate cuts, fiscal stimulus, and easing trade tensions. Asia is also benefiting from China’s rebound and strong domestic consumption. Rising risks such as US policy instability, high fiscal deficits, and a concentrated US equity market, alongside geopolitical tensions and global trade conflicts, warrant a strategic overweight to Europe and Asia.
US Treasury yields have been volatile and may remain so until a major reset, such as a recession. With two rate cuts anticipated, both short and long-term bonds appear fairly valued, prompting a cautious approach to active positioning. We remain neutral on credit and duration, reflecting confidence in developed market resilience despite recession and stagflation risks. Most central banks continue to adopt accommodative policies to counter disinflationary pressures from tariffs. Elevated long-end yields may persist due to loose fiscal policies, contributing to bond market volatility.
Our portfolios are positioned to offer resilience across all three scenarios. In a recession, safe-haven assets like US Treasuries can cushion equity declines and benefit from rate cuts. In an expansion, equities are expected to perform well. In a slower growth with higher inflation scenario, diversification across asset classes remains key to preserving capital and achieving modest gains. We are continuously monitoring market conditions and stand ready to adjust our strategies 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
Portfolio returns (% in SGD terms) 31 March 2025 – 30 June 2025
Source: Factset / UOBAM. Portfolio returns are for the period from 31 March 2025 to 30 June 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 | 1.1 |
| 6 months | 2.1 |
| 1 year | 4.2 |
Source: UOBAM as of 30 June 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 June 2025, this portfolio was up 1.1%. Asia investment grade bonds contributed to the bulk of the returns.
Over the one-year period, the portfolio gained 4.2%. The largest contributor was Asia investment grade bonds while US government bonds detracted slightly.
2. Conservative portfolio
| Period | Portfolio Return (%) |
| 3 months | 0.8 |
| 6 months | 1.8 |
| 1 year | 4.6 |
Source: UOBAM as of 30 June 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 June 2025, this portfolio was up 0.8%. The largest contributor was Singapore government bonds while the largest detractor was US government bonds.
Over the one-year period, the portfolio gained 4.6%. The largest contributor was Singapore government bonds while US government bonds detracted.
3. Moderate portfolio
| Period | Portfolio Return (%) |
| 3 months | 0.3 |
| 6 months | 1.3 |
| 1 year | 4.6 |
Source: UOBAM as of 30 June 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 June 2025, the portfolio was up 0.3%. The largest contributor was Asia equities while the largest detractor was US government bonds.
Over the one-year period, the portfolio gained 4.6%. The largest contributor was Asia equities while US government bonds detracted.
4. Aggressive portfolio
| Period | Portfolio Return (%) |
| 3 months | 0.4 |
| 6 months | 1.0 |
| 1 year | 4.9 |
Source: UOBAM as of 30 June 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 June 2025, this portfolio was up 0.4%. The largest contributor was US equities while the largest detractor was US government bonds.
Over the one-year period, the portfolio gained 4.9%. The largest contributor was Asia equities while the largest detractor was US government bonds.
5. Very Aggressive portfolio
| Period | Portfolio Return (%) |
| 3 months | 2.9 |
| 6 months | 1.7 |
| 1 year | 6.7 |
Source: UOBAM as of 30 June 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 June 2025, the portfolio was down 2.9%. The largest contributor was US equities while the largest detractor was global investment grade bonds.
Over the one-year period, the portfolio gained 6.7%. The largest contributor was Asia equities while the largest detractor was global investment grade bonds.
Despite rising global uncertainty, markets have not significantly discounted asset prices, reflecting the influence of liquidity, sentiment, and technical factors. Typically, higher uncertainty lowers equity valuations and raises bond yields to compensate for risk. However, Q2 saw strong “buy the dip” behaviour, especially among retail investors. This creates a risk asymmetry as buyers bear the downside risk without a valuation buffer, which could lead to sharper losses if negative scenarios unfold.
We therefore prefer a neutral and diversified asset allocation strategy that reflects equal probabilities across three macroeconomic scenarios: recession, sustained growth, and slower growth with inflation. A balanced portfolio offers resilience across these outcomes.
While the US has led recent growth, Europe and China are showing signs of recovery in 2025, aided by interest rate cuts, fiscal stimulus, and easing trade tensions. Asia is also benefiting from China’s rebound and strong domestic consumption. Rising risks such as US policy instability, high fiscal deficits, and a concentrated US equity market, alongside geopolitical tensions and global trade conflicts, warrant a strategic overweight to Europe and Asia.
US Treasury yields have been volatile and may remain so until a major reset, such as a recession. With two rate cuts anticipated, both short and long-term bonds appear fairly valued, prompting a cautious approach to active positioning. We remain neutral on credit and duration, reflecting confidence in developed market resilience despite recession and stagflation risks. Most central banks continue to adopt accommodative policies to counter disinflationary pressures from tariffs. Elevated long-end yields may persist due to loose fiscal policies, contributing to bond market volatility.
Our portfolios are positioned to offer resilience across all three scenarios. In a recession, safe-haven assets like US Treasuries can cushion equity declines and benefit from rate cuts. In an expansion, equities are expected to perform well. In a slower growth with higher inflation scenario, diversification across asset classes remains key to preserving capital and achieving modest gains. We are continuously monitoring market conditions and stand ready to adjust our strategies 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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