UOB bank
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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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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