Portfolio performance
- As of 31 December 2023, the UOBAM Invest portfolio returns for the fourth quarter, 2023 ranged between 2.3 percent and 4.2 percent.
Portfolio returns (% in SGD terms) 30 September 2023 – 31 December 2023
Source: Factset / UOBAM. Portfolio returns from 30 September – 31 December 2023.
Benchmark composition:
Very Conservative: 100% Global Bonds,
Conservative: 20% Global Equities + 80% Global Bonds,
Moderate: 35% Global Equities + 65% Global Bonds,
Aggressive: 50% Global Equities + 50% Global Bonds,
Very aggressive: 75% Global Equities + 25% Global Bonds.
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 (%) |
Benchmark Return (%) |
3 months |
2.3 |
5.4 |
6 months |
1.2 |
3.1 |
1 year |
3.0 |
5.5 |
Since Inception (18 Dec 2019) |
-3.5 |
-0.7 |
Source: UOBAM as of 31 December 2023. Benchmark composition: 100% Global Bonds
Since inception returns are annualised | 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 2023, this portfolio was up 2.3%. All asset classes had positive performance. The shorter duration bond and money market funds did not perform as well as the longer duration global bond index. The largest contributor was from Singapore government bonds.
Over the one-year period, the portfolio gained 3.0%. All asset classes had positive performance and the largest contributor was the money market fund.
2. Conservative portfolio
Period |
Portfolio Return (%) |
Benchmark Return (%) |
3 months |
2.6 |
5.8 |
6 months |
1.3 |
3.4 |
1 year |
4.1 |
8.3 |
Since Inception (18 Dec 2019) |
-0.7 |
1.2 |
Source: UOBAM as of 31 December 2023. Benchmark composition: 20% Global Equities + 80% Global Bonds
Since inception returns are annualised | 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 2023, this portfolio was up 2.6%. All asset classes had positive performance. The shorter duration bond and money market funds did not perform as well as the longer duration global bond index. The largest contributor was from Singapore government bonds.
Over the one-year period, the portfolio gained 4.1%. All asset classes had positive performance and the largest contributor was global equities.
3. Moderate portfolio
Period |
Portfolio Return (%) |
Benchmark Return (%) |
3 months |
2.5 |
6.1 |
6 months |
1.4 |
3.6 |
1 year |
5.3 |
10.5 |
Since Inception (18 Dec 2019) |
-0.8 |
2.5 |
Source: UOBAM as of 31 December 2023. Benchmark composition: 35% Global Equities + 65% Global Bonds
Since inception returns are annualised | 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 2023, the portfolio was up 2.5%. All asset classes had positive performance. The shorter duration bond and money market funds did not perform as well as the longer duration global bond index. The largest contributor was from US equities.
Over the one-year period, the portfolio gained 5.3%. All asset classes had positive performance and the largest contributor was global equities.
4. Aggressive portfolio
Period |
Portfolio Return (%) |
Benchmark Return (%) |
3 months |
3.1 |
6.4 |
6 months |
1.8 |
3.8 |
1 year |
6.4 |
12.7 |
Since Inception (18 Dec 2019) |
0.5 |
3.8 |
Source: UOBAM as of 31 December 2023. Benchmark composition: 50% Global Equities + 50% Global Bonds
Since inception returns are annualised | 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 2023, this portfolio was up 3.1%. All asset classes had positive performance. The shorter duration bond fund underperformed the longer duration global bond index as yields fell over the quarter. The largest contributor was from global high yield bonds.
Over the one-year period, the portfolio gained 6.4%. All asset classes had positive performance and the largest contributor was global high yield bonds.
5. Very Aggressive portfolio
Period |
Portfolio Return (%) |
Benchmark Return (%) |
3 months |
4.2 |
6.8 |
6 months |
2.3 |
4.2 |
1 year |
10.6 |
16.4 |
Since Inception (18 Dec 2019) |
2.0 |
5.9 |
Source: UOBAM as of 31 December 2023. Benchmark composition: 75% Global Equities + 25% Global Bonds
Since inception returns are annualised | 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 2023, the portfolio was up 4.2%. All asset classes had positive performance. The shorter duration bond fund underperformed the longer duration global bond index as yields fell over the quarter. The largest contributor was from US equities.
Over the one-year period, the portfolio gained 10.6%. All asset classes had positive performance and the largest contributor was US equities.
Looking ahead
- Although market volatility has decreased, monetary policy remains in focus
- We are constructive on equities and see more stocks participating in the rally
- Higher quality bonds remain attractive and act as an important portfolio stabiliser
Financial market volatility decreased over the quarter to its lowest level since the pandemic, driven by renewed speculation of a dovish Fed policy going forward which led to a retreat in government bond yields. Inflation data suggests that elevated inflationary pressures are starting to ease towards the Fed’s target, leading to the shift in the Fed policy conversations from holding interest rates higher for longer, to rate cuts in 2024. Economic activity is forecasted to moderate, as tighter financial conditions begin to weigh on the economy, albeit remaining expansionary. Against this backdrop, a US economic soft landing is increasingly probable given that inflation is coming down while the economy continues to expand.
As such, we remain constructive on US equities due to its favourable economic outlook. We remain cautious on European equities as growth in the Eurozone is relatively weaker. Being more dependent on external demand, it may be hurt by the weaker growth in China. Over in Asia, we expect Chinese equities to remain volatile due to its muted growth momentum, continued weakness in the property market and weak confidence among households and corporates.
For the bond market, we maintain our preference for high quality investment grade bonds and continue to view bonds as an important portfolio stabiliser amid the fluid macro environment. As inflation moderates and eases towards the Fed’s target, we look to increase the duration of the bond holdings when appropriate.
2023 was a strong year for global equities. Wall Street analysts predicted a down year for global equities but it ended positive 20%. However, the journey has not been smooth. Global equities suffered large drawdowns in March 2023 and in the third quarter, only to end the year near all-time high. Likewise for treasury yields that rose and fell sharply in the second half of the year. Investors that remained invested through the volatility would have finished the year positive. As such, we recommend investors to build their wealth by resisting the urge to time the market, but rather stay vested in their portfolio for the long term and dollar cost average.