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About the Recommended Funds

With the huge array of funds available on the platform, the FSM Recommended Funds Report serves as a starting point for investors. The careful study of fund factsheets, prospectus and semi-annual/annual reports are essential reading for investors who are determined to take a more active role in selecting funds for their portfolio. Choosing the right fund to invest in is only one part of the investment process; a suitable asset allocation and the desired exposure to individual markets are critical considerations for a successful investment.


WHY WE RECOMMEND THESE FUNDS

Fund payment mode:
C - Cash, O - CPFIS-OA, S - CPFIS-SA.



Core portfolio

Core Equity - Asia Ex Japan

First State Asian Growth Fund (C,O) (Risk Rating 8)

  • A consistent performer with a strong track record, aided by the fund’s defensive nature
  • Tends to outperform in “down” markets, but underperforms in strong market upswings
  • Suitable for investors seeking a more defensive approach when investing in the Asia ex-Japan market

Schroder Asian Growth Fund (C,O) (Risk Rating 8)

  • A strong outperformer, emphasising active management and bottom-up stock picking
  • Fairly low expense ratio due to modest annual management fees
  • Fund may appeal to cost-conscious investors who are also looking for a good long-term track record

Core Equity - Asia Pacific Ex Japan

First State Dividend Advantage (C,O) (Risk Rating 8)

  • Focuses on higher-quality companies, primarily those with higher dividend yields; often viewed as a more defensive segment of the equity market
  • Resilient performer, scored highest in terms of risk management
  • Strong long-term track record, suitable for investors seeking a more defensive Asia Pacific ex-Japan equity fund

Schroder Asian Equity Yield Fund Cl A (C,O) (Risk Rating 8)

  • Focuses on equities with higher dividend yields; often viewed as a more defensive segment of the equity market
  • Concentrated portfolio approach, high conviction ideas has the potential for returns to deviate significantly from peer group and benchmark
  • Strong long-term track record, suitable for investors seeking a high-conviction Asia Pacific ex-Japan equity fund

Core Equity - Europe

Allianz Eur Equity Gth Cl AT Acc EUR (C) (Risk Rating 8)

  • Strongest performer in its category by far, while also demonstrating good resilience
  • Benchmark-agnostic, fairly high-conviction approach with a focus on “structural growth” companies
  • Consistency and strength of returns would appeal to investors

Threadneedle (Lux) Pan Euro Sm Cap Opp AE EUR (C) (Risk Rating 10)

  • Provides fairly -diversified small-cap European equity exposure
  • Fundamental bottom-up stock-picking approach, which has seen the fund deliver strong outperformance over its benchmark
  • Suitable as a complement to existing large-cap European equity exposure within the portfolio, which can provide an additional driver of overall returns

Core Equity - Global

NATIXIS IF Harris Associates Glb Eq R/A SGD (C) (Risk Rating 7)

  • Global equity fund embodying a disciplined value, high conviction portfolio approach
  • Strongest performer with competitive risk management capabilities
  • Fund’s strong track record, active management will appeal to investors

Core Equity - Global Emerging Markets

JPM Emerging Markets Opp A (Acc) USD (C) (Risk Rating 9)

  • Fairly new addition to the platform, but underlying strategy incorporated in 1990
  • Opportunistic, value-oriented high-conviction nature means portfolio tends to positioned more aggressively; fund tends to outperform in strong market conditions, but has underperformed in “down” markets
  • Suitable for investors seeking a more aggressive approach when investing in the global emerging markets

Core Equity - Japan

Aberdeen Japan Equity (C) (Risk Rating 8)

  • Best performing fund in its category over five years (as of end March 2014), highly resilient
  • High conviction, benchmark-agnostic approach, with a focus on “buying good quality stocks at a reasonable price and holding for the long term”
  • Will appeal to investors who are fans of active management, and are happy to align their investment horizon with the long term approach of the manager

LionGlobal Japan Growth Fund (C,O) (Risk Rating 8)

  • Focuses on mid- to small-capitalisation Japanese companies
  • Growth-oriented, highly diversified; the fund usually avoids 30 largest companies (by market capitalisation) at the point of investment
  • Suitable for investors seeking to exploit inefficiencies in the Japanese equity market via an actively-managed strategy; can complement existing large-cap Japanese equity exposure

Core Equity - US

Fidelity America A USD (C) (Risk Rating 8)

  • Consistent performer, provides fairly diversified exposure to US equities
  • “Core/Value” investment focus
  • Will appeal to investors who share the manager’s contrarian investment philosophy and want to achieve strong active returns when investing in the US equity market

Legg Mason Royce US Sm Cap Opp A USD (C) (Risk Rating 10)

  • Micro- and small-cap focus; companies selected tend to be below USD2.5 billion in market capitalisation
  • Highly diversified, value-biased approach; individual stock positions are kept below 1% of the overall portfolio
  • Strong track record; suitable as a complement to existing large-cap US equity exposure

Bonds - Asia

Nikko AM Shenton Asia Bond S$(Cl A) (C) (Risk Rating 4)

  • Offers exposure to local currency Asian bonds
  • Mostly invested in government bonds; bonds in the portfolio tend to be mostly investment-grade
  • Strategy is managed from a SGD-perspective
  • Recommended for investors who want exposure to Asian local currency bonds, and want to benefit from the potential appreciation of Asian currencies vis-à-vis the SGD

United Asian Bond Fund Class SGD (C) (Risk Rating 4)

  • Asian debt exposure, invested in both corporate and sovereign debt, with the flexibility to invest in local currency bonds
  • Unrestricted mandate means the fund can invest in high yield securities; currency risks are actively managed
  • Managed from an SGD-perspective; managers attempt to maximise returns in SGD terms
  • Recommended for diversified exposure to Asian bonds

Bonds - Global

FTIF-Templeton Glb Total Ret A(mdis) SGD-H1 (C) (Risk Rating 4)

  • High conviction long-term approach, flexible positioning
  • Fund aims to maximise total return consisting of a combination of interest income, capital appreciation and currency gains from active currency management
  • Recommended for investors who want a global bond fund which allows the manager significant flexibility to express investment views and to capture investment returns

Legg Mason WAM GMS A-DIS-M SGD H plus (C) (Risk Rating 4)

  • Actively-managed bond allocation across a spectrum of low-risk (government bonds) to higher-risk (high yield) securities
  • Strategy is managed from a USD-perspective, but SGD-hedged class reduces risk of USD fluctuations against the SGD
  • Recommended for investors who want a generic global bond fund which offers exposure to various bond classes within a single fund

NATIXIS IF Loomis Sayles Multisector Inc R/D SGD-H (C) (Risk Rating 3)

  • Fixed income fund focused on investing in investment-grade and high yield bonds
  • Strategic mandate that allows the managers the flexibility to seek out opportunities across the entire spectrum of bond markets
  • SGD-hedged; recommended for investors seeking a diversified bond fund with a slant towards the US debt market

Bonds - Global Emerging Markets

United Emerging Markets Bond Fund (C) (Risk Rating 5)

  • Offers exposure to emerging market bonds, managed with a fairly flexible mandate
  • Can have exposure to both sovereign and corporate debt, as well as lower-quality bonds
  • Recommended owing to its strong track record and resilient nature; fund is managed from an SGD-perspective

Bonds - High Yield (Asia)

Fidelity Asian HY AMDIST SGD Hedged (C) (Risk Rating 5)

  • Provides exposure to Asian high yield bonds; largely invested in corporate bonds
  • Will be primarily invested in non-investment grade (lower quality) bonds, which entails higher risk
  • Managed from a USD-perspective, but SGD-hedged class reduces risk of fluctuations of the USD against the SGD
  • Recommended for investors looking for exposure to a high-risk high-return segment of the fixed income market

Bonds - High Yield (Global)

Legg Mason WA Global HY Fd A SGD H (mdis) plus (C) (Risk Rating 4)

  • Invested in global high yield bonds; primarily in US high yield bonds, provides some emerging market debt exposure
  • More globally-diversified in exposure compared to some of its peers; highly-diversified across individual issuers
  • Managed from a USD-perspective, although SGD-hedged class reduces fluctuations between the USD and SGD
  • Recommended for exposure to the global high yield space which tends to offer higher yields, although with higher credit risk

Bonds - High Yield (US)

Allianz US High Yield AM Dis H2-SGD (C) (Risk Rating 4)

  • Primarily invested in US high yield corporate bonds; diversified across a fairly large number of issuers
  • Strategy managed from a USD-perspective, but SGD, GBP, AUD and CNH-hedged classes are available
  • Recommended for investors seeking more dedicated exposure to the US high yield debt market

Bonds - Money Market & Short Duration

Nikko AM Shenton ShortTerm Bond(S$) (C,O) (Risk Rating 1)

  • Invests in short duration instruments like short-term bonds and money market instruments
  • Fairly diversified across issuers and countries (Asia), while being managed from an SGD-perspective
  • “Same day” transactional feature makes the fund a useful parking tool
  • Recommended for investors seeking a reasonable level of yield but want to avoid taking on excessive interest rate risk

Bonds - Singapore-Centric

LionGlobal Short Duration Bond Fund xd (C,O,S) (Risk Rating 2)

  • Previously the known as the “LionGlobal Bond Fund”, the change in name and mandate reflects a conscious shift towards a more defensive (lower duration) positioning
  • Focuses on higher-quality global bonds with a tilt towards the domestic market, although not as highly-diversified as most global bond funds
  • Managed from an SGD-perspective; the majority of securities held by the fund are SGD-denominated
  • Recommended for investors seeking a lower-risk Singapore-centric bond fund with the flexibility to invest globally

United SGD Fund Cl A Acc (C,O,S) (Risk Rating 2)

  • Seeks to beat SGD deposit rates; provides higher yields compared to most money market funds
  • The fund can hold longer-maturity securities which the manager expects to be called within 3 years
  • Managed from an SGD-perspective; manager tends to adopt a passive currency hedge for non-SGD denominated securities
  • Recommended for investors who are seeking a reasonable level of yield but want to avoid taking on excessive interest rate risk

Supplementary portfolio

Sub Regional Equity - BRIC

Schroder BRIC Fund (C) (Risk Rating 9)

  • Strong track record with category leading risk management
  • Concentrated portfolio approach for high conviction ideas
  • Suitable for investors seeking a BRIC-focused emerging market equity fund which has delivered consistent returns with good risk management during weak market environments

Sub Regional Equity - Emerging Europe

Schroder ISF Em Eur A Acc EUR (C) (Risk Rating 9)

  • Top performing fund over all cumulative periods
  • Strong risk management capabilities
  • Suitable for investors seeking more targeted exposure to the Emerging Europe sub-region, or prefer a more diversified approach to investing in Russian equities

Sub Regional Equity - Greater China

First State Regional China Fund (C,O) (Risk Rating 8)

  • Ranked first on both risk management and performance measures; defensive nature has aided returns
  • Proprietary bottom-up approach to exploit market inefficiencies has reaped rewards
  • Fund will appeal to investors seeking strong, consistent long-term performance when investing in the Greater China region

Sub Regional Equity - Latin America

JPM Latin America Equity A Acc USD (C) (Risk Rating 9)

  • Ranked first for both risk management and performance, strong track record
  • Suitable for those who seek strong active returns when investing in the Latin America region
  • May be used in conjunction with other regional/sub-regional equity funds for more diversified exposure to global emerging market equities

Country Equity - Australia

Fidelity Australia A AUD (C) (Risk Rating 9)

  • Outperformed category peers and benchmark over five years
  • High conviction approach, relatively concentrated portfolio
  • Provides targeted exposure to Australian equities, suitable for those who want focused exposure as opposed to a more diversified Asia Pacific ex-Japan equity fund approach

Country Equity - China

Wells Fargo China Equity Fund Cl A USD (C) (Risk Rating 9)

  • Consistent long term performer, strong risk management capabilities
  • Actively managed diversified portfolio
  • Benchmark provides a good representation for China equities

Country Equity - India

Aberdeen India Opportunities (C,O) (Risk Rating 9)

  • Top performing fund over cumulative five-year period, consistent long term performance
  • Strong risk management capabilities
  • Suitable for those who seek strong active returns when investing in the Indian equity market

Country Equity - Indonesia

Aberdeen Indonesia Equity (C,O) (Risk Rating 9)

  • Concentrated, high-conviction approach, without sacrificing risk management
  • Strong active positioning evidence of benchmark-agnostic approach
  • Suitable for those who seek strong active returns when investing in the Indonesian equity market

Country Equity - Malaysia

Aberdeen Malaysian Equity (C,O) (Risk Rating 9)

  • Top performing fund over cumulative five-year period, consistent long term performance
  • Strong active positioning evidence of benchmark agnostic approach
  • Suitable for those who seek strong active returns when investing in the Malaysian equity market

Country Equity - Russia

Parvest Eq Russia EUR (C) (Risk Rating 9)

  • Top performing fund over all cumulative periods, strong risk management
  • Active management that takes overall market environment into consideration
  • Russian equities have tended to be fairly volatile; less aggressive investors could look towards a more diversified Emerging Europe equity fund

Country Equity - Singapore

Nikko AM Shenton HIF Singapore Div Eqty (C) (Risk Rating 8)

  • Strong performer, top in risk management
  • High conviction approach to dividend investing, ability to invest up to 30% of its portfolio overseas for yield enhancement and sector diversification
  • Suitable for investors seeking dividend-focused Singapore equity fund

Country Equity - South Korea

JPMorgan Korea Equity Fund USD A (Acc) (C) (Risk Rating 9)

  • Top performing fund over cumulative five-year period
  • High conviction, “value contrarian” investment approach
  • Patience required due to fund’s long-term “mean-reversion” approach

Country Equity - Taiwan

HGIF Taiwan Eqty SGD Cl AD (C) (Risk Rating 9)

  • Active, “contrarian” investment approach
  • Benchmark awareness, targeted low tracking error should not see returns deviate excessively from the benchmark
  • Suitable for more targeted exposure to Taiwan equities, as opposed to a more diversified Greater China fund

Country Equity - Thailand

Aberdeen Thailand Equity (C,O) (Risk Rating 9)

  • Top performing fund over cumulative five-year period, consistent long term performance
  • Strong active positioning evidence of benchmark agnostic approach
  • Suitable for those who seek strong active returns when investing in the Thai equity market
  • Suitable for more targeted exposure to Thailand equities, as opposed to a more diversified Asia ex-Japan or South East Asian equity fund

Sector Equity - Global Financials

United Global Financials Fund (C) (Risk Rating 10)

  • A strong performer in a cyclical sector
  • Not a low-risk fund, given the concentrated investment mandate and prevailing volatility in global financial stocks
  • Provides exposure to some of the largest global financial companies; limit exposure to supplementary portion of the portfolio

Sector Equity - Global Property

Nikko AM Shenton Glb Prop Sec Fd (S$) (C,O) (Risk Rating 10)

  • Invests in REITs and global property companies
  • Outperformance of peers, despite tough year for real estate markets in 2013
  • Largely exposed to property companies of developed markets, but also provides exposure to emerging markets

Sector Equity - Global Resources

First State Glb Resources (C,O) (Risk Rating 10)

  • Strong long-term performance
  • Higher volatility expected due to more concentrated investment mandate
  • Performance may have a strong positive correlation with commodity prices

Sector Equity - Global Technology

Henderson Global Technology (C,O) (Risk Rating 10)

  • Longer-term track record outperformed peers
  • Good performance coupled with good risk management
  • Provides exposure to the global technology space, with a slant towards Tech companies in developed markets

CPFIS-SA

CPFIS-SA Approved - Asia Balanced

First State Bridge (C,O,S) (Risk Rating 6)

  • A consistent performer with a strong track record, aided by the fund’s defensive nature
  • Resilient in “down” markets, aided by allocation to fixed income
  • Suitable for investors seeking exposure to both Asian equities and investment grade bonds

CPFIS-SA Approved - Global Balanced

Schroder Multi-Asset Revolution Cl A (C,O,S) (Risk Rating 6)

  • Strong track record on a risk-adjusted basis; also consistently outperformed benchmark since fund restructured in 2006
  • Multi-Asset Approach
  • May appeal to investors seeking a highly-diversified fund, with exposure to various asset classes
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