Endowus Core-Flagship Cash/SRS Portfolio

The 100% Equity Portfolio gained 1.8% in August, slightly outperforming the broader equity benchmark by 0.3%

• The Flagship Cash 100% Equity Portfolio returned 1.8% in August, outperforming the global equity market, which returned 1.5%. 
• August saw a rotation out of large cap stocks to favour small cap stocks. This was on the back of greater market expectations of a near term interest rate cut by the Federal Reserve, following dovish comments by the Fed after recent data indicated a cooling labour market. As smaller companies tend to have a higher proportion of debt, they tend to be more sensitive to borrowing costs and, as a result, benefit more from lower interest rates. The portfolio’s overweight to small cap stocks therefore contributed to the outperformance this month.
• Additionally, value stocks outperformed growth stocks in August, thereby contributing to the portfolio’s outperformance given its overweight to the former. Growth stocks' performance lagged that of value stocks as the growth oriented technology sector saw muted performance this month. 
• Within the Portfolio, the top performers were the Dimensional Pacific Basin Small Companies Fund and the Dimensional Global Core Equity Fund, which returned 6.1% and 2.2% respectively.

The 100% Fixed Income Portfolio gained 0.7% in August, outperforming the broader fixed income market by 0.4%

• The Flagship Cash 100% Fixed Income Portfolio delivered positive returns of 0.7% in August, outperforming the fixed income market, which returned 0.3%. 
• Global bonds’ positive performance in August was supported by various factors. Firstly, shorter dated US Treasuries saw yields decline on the back of greater expectations of a near term interest rate cut by the Fed. The expectation of a near term US interest rate cut was also a tailwind for emerging market debt. Lastly, the widening of credit spreads, which boosted investment grade credit’s performance, also contributed to global bonds performance. 
• The Flagship 100% Fixed Income Portfolio outperformed the broader fixed income market due to its overweight to emerging market debt, as well as securitised bonds.
• Within the portfolio, the PIMCO GIS Emerging Markets Bond Fund and the PIMCO GIS Income Fund were the top performing funds this month, returning 1.5% and 1.3% respectively.

Endowus Core-Flagship CPF Portfolio

The 100% Equity Portfolio returned 1.8% in August, outperforming the global equity benchmark by 0.3%

• The Flagship CPF 100% Equity Portfolio delivered positive returns of 1.8% in August, outperforming its benchmark, which returned 1.5%
• Similar to the Flagship Cash 100% Equity Portfolio, the Flagship CPF 100% Equity Portfolio outperformed its benchmark in August due to its structural overweight to value and small cap stocks, which outperformed their growth and large cap counterparts, respectively. 
• Within the portfolio, the best performing funds during the month were the Schroder Global Emerging Market Opportunities Fund and the Dimensional Global Core Equity Fund, which returned 5.6% and 2.1% respectively.

The 100% Fixed Income Portfolio rose 0.4% in August, outperforming the broader fixed income market by +0.1%

• The Flagship CPF 100% Fixed Income Portfolio delivered 0.4% in August, outperforming its global fixed income benchmark, which delivered 0.3%.
• The portfolio’s outperformance was contributed to by its overweight to Singapore bonds via the Eastspring Singapore Select Bond Fund and United SGD Fund, which outperformed global bonds.
• The Eastspring Singapore Select Bond Fund and the United SGD Fund were also the best performing funds within the portfolio for the month, returning 1.8% and 0.5% respectively.

Endowus Cash Smart Portfolios

Cash Smart Secure continued to generate stable and positive returns in August

• The Cash Smart Secure Portfolio maintained its stable return profile, posting a 0.2% gain in August 2025. 
• Both the underlying funds, Fullerton SGD Cash Fund and LionGlobal SGD Enhanced Liquidity Fund, gained 0.2% respectively. 

Cash Smart Enhanced continued to provide stable returns in August

• Cash Smart Enhanced generated a return of 0.3% during the month.
• This performance was led by the UOBAM United SGD Fund, which returned 0.5%. The other two cash and money market funds, Fullerton SGD Cash Fund and LionGlobal SGD Enhanced Liquidity Fund, gained 0.2% respectively.

Cash Smart Ultra generated positive returns and performed in line with its risk profile in August

• Cash Smart Ultra achieved a return of 0.4% in August.
• All underlying funds generated positive returns during the month, with the short duration funds delivering stronger performances than the cash and money market funds.
• Specifically, the best performing fund was the PIMCO Low Duration Income Fund, which returned 0.9%.

Please note: There has been a change in the benchmark due to the discontinuation of the 3-month SIBOR. The new benchmarks feature higher returns than SIBOR, but our Cash Smart Portfolios have tended to outperform them across various periods.

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