MAPS portfolios are up as much as 31.9% in a year and we’re just getting started

• Our MAPS Growth portfolios returned between 1.0% and 9.2% year-to-date and between 6.9% and 31.9% over the past 12 months, outperforming their internal benchmarks across all five risk profiles.

• April alone was exceptional. Growth portfolios gained between 1.8% and 10.0% in a single month, as our semiconductor and Asia ex-Japan positions surged on the back of blowout earnings.

• These results were driven by active, deliberate calls such as overweighting the digital economy and Japan, underweighting the US, and upgrading Asia ex-Japan when the opportunity presented itself.

Performance that speaks for itself 

Let’s start with what matters most: how your money has grown.

As of end April, every single MAPS portfolio beat its internal benchmark, both over the past year and year-to-date. Growth portfolios returned between 1.0% and 9.2% year-to-date, and between 6.9% and 31.9% over the past 12 months, returns that many investors would typically expect over a much longer horizon. Income portfolios were not far behind, returning between 5.8% and 29.3% over the past year. April alone saw Growth portfolios gain between 1.8% and 10.0% in a single month, as positions we had built over months paid off sharply.

Figure 1: MAPS portfolios have delivered strong returns over the past year 

None of this was accidental. These returns were driven by active, deliberate decisions made with conviction ahead of the market, not in response to it.

While others piled into US equities at stretched valuations, we maintained an underweight position. As the S&P 500 declined 4.3% in the first quarter, we avoided the full extent of the drawdown. That said, we were never absent from the US market. We remained highly selective, with our conviction focused firmly on the digital economy: semiconductors, Big Tech, and the companies building the AI infrastructure of tomorrow. 

That selectivity was rewarded in spectacular fashion. The VanEck Semiconductor ETF (a core holding since well before the AI boom took hold) gained 6.5% in the first quarter and more than 30% in April alone, as TSMC and SK Hynix reported the strongest quarterly earnings in the history of the semiconductor industry. AI demand is not slowing. It is accelerating, and with every quarter, the data makes that increasingly clear.

Away from the US, our other overweights picked up the slack. Japan posted positive returns in what was a difficult quarter, underpinned by its resilient domestic economy and ongoing structural reforms — a performance that extended well into April. And when the market was selling off Asia on fears of geopolitical fallout, we upgraded Asia ex-Japan to overweight and added exposure to Asian semiconductors. 

The thesis was straightforward: the region's chipmakers sit at the most critical chokepoints in the global AI supply chain but were trading at a significant discount to their US peers despite playing an equally indispensable role. The latest earnings from TSMC, SK Hynix and Samsung have since made that case better than we ever could.

And that is really the broader point. Geopolitical crises make for dramatic headlines, but they rarely leave a lasting mark on share prices. In the long run, it is earnings that drive share prices. And right now, the earnings are exceptional. Markets that feel the worst have historically produced some of the best returns for those with the patience to stay invested. That is the environment we are in — and that is precisely where MAPS is built to deliver.

Related Articles: 

Navigating the storm – Four portfolio moves to strengthen your MAPS positioning

MAPS Portfolio Note: TSMC and SK Hynix just made the case for Asia semiconductors

Don't miss the next leg up

If you are already invested in MAPS: stay the course. Your portfolios are well positioned, the fundamentals are working in your favour, and recoveries from geopolitical shocks typically come faster than most expect. The investors who held steady through the February/March selloff have already been rewarded. 

If you have been waiting on the sidelines, consider this: our portfolios have returned up to 31.9% over the past year, and the structural drivers behind our highest-conviction positions remain firmly in place. AI infrastructure, Asia’s semiconductor supply chain, and Japan’s reflationary transformation are still in the early stages of their growth trajectory. For long-term investors, we believe the opportunity is still far from over.

Start investing in MAPS with a Regular Savings Plan from as little as SGD 100 per month, or a lump sum from SGD 500. 

You do not need to time the market perfectly. You just need to be in it.

Declaration:

For specific disclosure, at the time of publication of this report, IFPL (via its connected and associated entities) holds a NIL position in the abovementioned securities. The analyst who produced this report holds a position in the VanEck Semiconductor ETF.

This research report was prepared with the assistance of artificial intelligence (AI) tools. iFAST Financial Pte Ltd does not rely exclusively on AI for content generation; the content of this report – including all investment theses, ratings, price targets and conclusions – has been independently reviewed and verified by the research analyst(s) to ensure accuracy and professional integrity.