PORTFOLIO PERFORMANCE
- As of 31 March 2024, the UOBAM Invest portfolio returns for the first quarter, 2023 ranged between 0.3 percent and 6.2 percent.
Portfolio returns (% in SGD terms) 31 December 2023 – 31 March 2024
Source: Factset / UOBAM. Portfolio returns as 31 March 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 |
0.3 |
| 6 months |
2.7 |
| 1 year |
1.8 |
Since Inception
(18 Dec 2019), per annum |
-3.1 |
Source: UOBAM as of 31 March 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 March 2024, this portfolio was up 0.3%. All asset classes had positive performance except Singapore government bonds. The smallest contributor was Singapore government bonds while the largest contributor was US government bonds.
Over the one-year period, the portfolio gained 1.8%. Emerging market government bonds detracted while the largest contributor was money market funds.
2. Conservative portfolio
| Period |
Portfolio Return (%) |
| 3 months |
0.9 |
| 6 months |
3.7 |
| 1 year |
2.7 |
Since Inception
(18 Dec 2019), per annum |
-0.5 |
Source: UOBAM as of 31 March 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 March 2024, this portfolio was up 0.9%. All asset classes had positive performance except Singapore government bonds. The smallest contributor was Singapore government bonds while the largest contributor was global equities.
Over the one-year period, the portfolio gained 2.7%. Emerging market government bonds detracted while the largest contributor was global equities.
3. Moderate portfolio
| Period |
Portfolio Return (%) |
| 3 months |
2.9 |
| 6 months |
5.5 |
| 1 year |
5.6 |
Since Inception
(18 Dec 2019), per annum |
-0.8 |
Source: UOBAM as of 31 March 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 March 2024, the portfolio was up 2.9%. All asset classes had positive performance. The smallest contributor was the global investment grade bonds while the largest contributor was US equities.
Over the one-year period, the portfolio gained 5.6%. Emerging market government bonds detracted while the largest contributor was US equities.
4. Aggressive portfolio
| Period |
Portfolio Return (%) |
| 3 months |
3.3 |
| 6 months |
6.6 |
| 1 year |
6.7 |
Since Inception
(18 Dec 2019), per annum |
1.2 |
Source: UOBAM as of 31 March 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 March 2024, this portfolio was up 3.3%. All asset classes had positive performance. The smallest contributor was the global investment grade bonds while the largest contributor was US equities.
Over the one-year period, the portfolio gained 6.7%. Emerging market government bonds detracted while the largest contributor was global high yield bonds.
5. Very Aggressive portfolio
| Period |
Portfolio Return (%) |
| 3 months |
6.2 |
| 6 months |
10.8 |
| 1 year |
13.0 |
Since Inception
(18 Dec 2019), per annum |
3.6 |
Source: UOBAM as of 31 March 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 March 2024, the portfolio was up 6.2%. All asset classes had positive performance. The smallest contributor was the Asia investment grade bonds while the largest contributor was US equities.
Over the one-year period, the portfolio gained 13.0%. Emerging market government bonds detracted while the largest contributor was US equities.
LOOKING AHEAD
- The hard part is over and 2024 could see a 1990s-like expansion
- Current trends in confidence, manufacturing and real wages could lift economic growth more than expected
- Abundant cash on the sidelines implies it is too soon to think that the market momentum is over
Investors are starting to feel like the hard part is over as inflation is coming under control and recession risks have faded. Consumer confidence made a significant jump and markets rallied steadily. Economic conditions and interest rates are looking the most normal we have seen since the Global Financial Crisis in 2008 and AI and technology themes are the most exciting we have experienced since the 1990s. Although the equity market rally has been fierce, we do not see a recession on the horizon that will significantly undermine the rally. Furthermore, we expect better market breadth than in 2023. This presents an opportunity to seek out what has not rallied as much, such as the Asia ex Japan market where valuations are better and we see improving earnings growth.
For fixed income, bond yields are higher than they have been in 15 years. The near-term risks of interest rate hikes have faded and fixed income investments will continue to offer good yield carry and protection, 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.
With US$6 trillion of cash parked in money markets after the recession fears of last year, we think there will be many investors looking to buy on dips. This should help protect the market against any significant corrections. Many investors have been content with fixed deposit rates but investments have beaten cash rates in 2023 and are doing so again in 1Q 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 and dollar cost average.
