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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

HGIF Asia Ex-Jap Eq Sm Cos SGD AD (C) (Risk Rating 10)

  • Asia ex-Japan small-cap equity strategy; possible complement to large-cap exposure
  • Fund is managed primarily via a bottom-up approach, with the overall portfolio’s sector and country allocations largely an outcome of stock selection by the manager
  • Suitable for investors who desire a fairly diversified Asia ex-Japan small-cap equity fund

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
  • Consistent top performer, joint-first 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 have 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

Parvest Eq Europe Small Cap Classic Cap EUR (C) (Risk Rating 10)

  • Strong and consistent performance
  • Provides small-cap European equity exposure via a fundamental bottom-up stock-picking approach
  • 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

Stewart Investors Worldwide Leaders Fd (C) (Risk Rating 7)

  • Global equity fund with strong and consistent track record
  • Managers adopt a benchmark agnostic, bottom-up fundamental process in portfolio construction and management
  • Fund’s track record, active management will appeal to investors

Core Equity - Global Emerging Markets

Wells Fargo EM Equity Income A USD Acc (C) (Risk Rating 9)

  • Ranked highly in performance and risk management
  • Managers adopt a combination of top-down and bottom-up research process
  • Suitable for investors seeking both a combination of income and capital appreciation from emerging markets

Core Equity - Japan

Aberdeen Japan Equity (C) (Risk Rating 8)

  • Best performing fund in its category over five years, 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

Blackrock US Small and Midcap Opp A2 USD (C) (Risk Rating 10)

  • Invests in companies across the capitalisation curve of small and mid-sized companies
  • Style agnostic, diversified portfolio approach
  • Strong track record; suitable as a complement to existing large-cap US equity exposure

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

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 a portion in high yield securities; currency risks are actively managed
  • Managed from a SGD-perspective; managers attempt to maximise returns in SGD terms
  • Recommended for diversified exposure to Asian bonds

Bonds - Global

Blackrock Fixed Inc Global Opps A5 SGD-H (C) (Risk Rating 4)

  • Unconstrained, strategic mandate that allows the manager the flexibility to seek out opportunities across the entire spectrum of bond markets
  • Fund has ability to venture into negative duration to cushion against rising interest rates
  • SGD-hedged share class available; recommended for investors seeking a diversified and flexible global bond fund

HGIF Glb High Income Bond AM3H SGD (C) (Risk Rating 4)

  • Actively-managed bond allocation across a spectrum of investment and non-investment grade bonds
  • Allows almost equal exposures to various bond market segments that include emerging markets, US and European debt
  • Recommended for investors who desire a generic global bond fund which offers exposure to various bond classes within a single fund

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 a 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 non-investment grade (lower quality) corporate bonds which entail higher risk
  • Managed from a USD-perspective, but SGD-hedged class reduces risk of fluctuations in 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)

Schroder Global High Yield Fund (C) (Risk Rating 4)

  • Invested in global high yield bonds; primarily in US and European high yield bonds
  • 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, albeit with higher credit risk

Bonds - High Yield (US)

Threadneedle (Lux) US HY Bd ASH SGD (C) (Risk Rating 4)

  • Primarily invested in US high yield corporate bonds; diversified across a fairly large number of issuers
  • Focuses on credit selection, manager prefers independent ratings on securities
  • Strategy managed from a USD-perspective, but SGD-hedged to minimise fluctuations of the USD against the SGD
  • Recommended for investors seeking dedicated exposure to the US high yield bond market

Bonds - Money Market & Short Duration

Nikko AM Shenton ShortTerm Bond(S$) (C,O,S) (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 a 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 Cl A SGD (C,O,S) (Risk Rating 2)

  • Previously 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 a 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 SGD (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 a 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 - EEMEA

Fidelity EmEur MidEast and Africa A USD (C) (Risk Rating 9)

  • Consistent performer over multiple cumulative periods
  • Manager has demonstrated willingness to take off benchmark positions
  • May be used in conjunction with other regional/sub regional equity funds for more diversified exposure to global emerging market equities

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 - China

Neuberger Berman China Eqty A USD Acc (C) (Risk Rating 9)

  • Consistent long term performer, strong risk management capabilities
  • Actively managed high conviction portfolio, long term value-bias
  • Provides exposure to both on and off-shore China equities

Country Equity - India

First State Regional India Fund (C) (Risk Rating 9)

  • Top performing fund over cumulative five-year and four-year periods, consistent performer
  • Ranked first in overall risk management
  • 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 multiple cumulative performance periods
  • 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 Singapore Dividend Equity (C) (Risk Rating 8)

  • Consistent performer, ranked first 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

LionGlobal Korea Fund (C) (Risk Rating 9)

  • Consistent performer, ranked first in performance and risk management
  • Bottom up analysis is complemented with sectoral or thematic views
  • For investors who desire dedicated exposure to South Korean equities

Country Equity - Taiwan

LionGlobal Taiwan (C) (Risk Rating 9)

  • Top performing fund over all but one cumulative period, strong risk management
  • Benchmark aware, ability to hold off-benchmark securities
  • 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

Fidelity Glb Financial Services A EUR (C) (Risk Rating 10)

  • Consistent performer, ranking first over multiple cumulative performance periods
  • 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) (Risk Rating 10)

  • Invests in REITs and global property companies
  • Ranked first in cumulative performance over the past five years
  • Largely exposed to real estate companies of developed markets

Sector Equity - Global Resources

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

  • Strong, consistent long-term performance
  • Higher volatility expected due to more focused investment mandate; allows one to gain exposure to the global resources value chain
  • Performance may have a strong positive correlation with commodity prices

Sector Equity - Global Technology

Fidelity Global Technology A EUR (C) (Risk Rating 10)

  • Ranking first over multiple cumulative performance periods
  • Consistent performer
  • Suitable for investors seeking an actively-managed strategy in the technology equity space

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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