Endowus Core-Flagship Cash/SRS Portfolio

The 100% Equity Portfolio gained 3.4% in July, slightly outperforming the broader equity benchmark by 0.2%

• The Flagship Cash 100% Equity Portfolio delivered positive returns of 3.4% in July, versus the global equity market, which returned 3.2%. 
• Global risk sentiment improved on the back of several trade deals being announced in July, notably with the UK and the EU. This easing of global trade tensions, the prospect of Fed rate cuts, and stronger than expected second-quarter earnings growth in the US set the stage for a continuation of the global equity rally in July. US equities also reached new highs during the month.
• Within the Portfolio, the top performers included the two passive US equity index funds, the iShares US Index Fund and the Amundi Prime USA Fund, which were up 4.2% each, and the Dimensional Emerging Markets Large Cap Core Equity Fund, up 3.9%.
• Overall, the Portfolio’s slight overweight to emerging market equities contributed positively as emerging market equities outperformed developed markets, while the slight overall underweight to Europe added value as European equities underperformed and the euro weakened against the Singapore dollar. The Portfolio’s value tilt detracted slightly as growth stocks outperformed value. 

The 100% Fixed Income Portfolio gained 0.2% in July, outperforming the broader fixed income market, which fell 0.3%

• The global fixed income market, proxied by the Bloomberg Global Aggregate Index, fell 0.3% in July. During the month, US sovereign bond yields climbed higher as investors reacted to a slightly higher US CPI inflation print at 2.7% p.a. This report raised concerns about tariff-related price pressures, sending the two-year Treasury yields 23bps higher in the month as the market priced in a lower likelihood of policy easing. From a sectoral standpoint, the global risk rally saw high yield and emerging market debt outperform investment grade bonds.
• The Flagship Cash 100% Fixed Income Portfolio outperformed the broader fixed income market in July due to its shorter duration positioning, reducing the impact from the rise in bond yields. Most of the underlying fixed-income funds posted slight negative returns for July, except the iShares EM Government Bond Index Fund and the PIMCO GIS Emerging Market Bond Fund, which provided gains of 3.1% and 1.2% respectively. The iShares EM Government Bond Index Fund, which is SGD-unhedged, further benefited from US dollar strength during the month. 

Endowus Core-Flagship CPF Portfolio

The 100% Equity Portfolio gained 3.5% in July, outperforming the global equity benchmark by 0.3%

• The CPF 100% Equity Portfolio delivered positive returns of 3.5% in July, outperforming its benchmark, which returned 3.2%. 
• During the month, the best performing funds were the Schroder Global Emerging Markets Opportunities Fund and the Amundi Prime USA Fund, which added 4.3% and 4.2%, respectively. The slight overweight to emerging market and US equities contributed positively to performance, while the slight overall underweight to Europe added value as European equities underperformed and the euro weakened against the Singapore dollar. 
• The Portfolio’s value tilt detracted slightly as growth outperformed value. The main laggard was the Dimensional Global Core Equity III Fund, which added 2.9%.

The 100% Fixed Income Portfolio was flat in July, outperforming the broader fixed income market by 0.3%

• The CPF 100% Fixed Income Portfolio ended the month relatively flat, with its slightly shorter duration positioning helping to cushion the impact of rising US bond yields on the Portfolio. 
• An overweight to Singapore bonds via the Eastspring Singapore Select Bond Fund also contributed positively to performance over the month, with the fund returning 1.4%. This was helped by falling SG rates (the 10-year SGS yield fell 10bps) and spread compression within the Asian credit space. The UOB United SGD Fund also benefited from falling rates in Singapore, adding 0.3% over the month.
• The Amundi Global Aggregate Bond Fund was the primary laggard in July, returning minus 0.3%.

Endowus Income Portfolios

The Stable Income Portfolio delivered a negative 0.1% return in July, slightly underperforming the broader credit market. 

• The Portfolio’s allocation to flexible income funds detracted over the month due to these funds’ increased exposure to duration. The funds’ exposure to credit helped offset some losses from duration exposure, as credit spread continued tightening over the month. 
• The Portfolio’s allocation to emerging markets debt and Asian credit provided important diversification and aided performance during the month. Hard currency emerging markets debt delivered strong performance on the back of improved risk sentiment, and Asian credit registered strong performance as spreads tightened.

The Higher Income Portfolio gained 0.2% in July, underperforming the 20-80 benchmark

• The fixed income component outperformed the broader credit market; its exposure to high yield credit and emerging market debt were the top contributors. 
• The equity component underperformed the global equity market (unhedged). The Portfolio’s relative performance was hurt by currency hedging as the USD strengthened against the SGD in July. 

The Future Income Portfolio gained 0.7% in July, underperforming the 40-60 benchmark

• Its fixed income component underperformed for reasons similar to those of the Stable Income.
• Its equity component underperformed the global equity market (unhedged). Its tilt towards lower volatility and high quality stocks detracted from relative performance. Currency hedging by some of the funds also dragged performance amidst USD strengthening in July. 

All three Income Portfolios are achieving their payout targets 

• Actual payouts have remained stable despite the fluctuation of prices across the three Portfolios. Volatility in price returns will result in mark-to-market changes (decrease or increase) in the Portfolio value, but will not impact the actual coupon payments or dividend payouts from the underlying funds. 
• Yields in the fixed-income market have risen meaningfully following the increase in global interest rates, creating a higher-yield environment for income-seeking investors. 
• The changing interest rate environment has resulted in a divergence between the respective payout yields of Stable Income and Higher Income. This divergence is a reflection of the enhanced ability of investment-grade flexible income funds to generate income in the current environment of elevated interest rates, compared to high-yield and equity funds. 
• These dynamics were pivotal in the Recommended Portfolio Change in November 2023, where we improved the credit quality of all three Portfolios while maintaining the target payout levels. As we continue to monitor these evolving market conditions, it's crucial to remember that the Higher Income Portfolio is strategically crafted to yield a higher total return than the Stable Income Portfolio over the long term.

Endowus Cash Smart Portfolios

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

• The Cash Smart Secure Portfolio maintained its stable return profile, posting a 0.2% gain in July 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 July

• Cash Smart Enhanced generated a return of 0.3% during the month.
• This performance was led by the UOBAM United SGD Fund, which returned 0.3% benefiting from falling short-term SGS yields during the month. 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 July

• Cash Smart Ultra achieved a return of 0.4% during July.
• All underlying funds generated positive returns during the month, with the short duration funds delivering stronger performances than the cash and money market funds.
• The best performing fund was the LionGlobal Short Duration Bond Fund, which returned +0.9%, benefiting from falling SG rates and moderately tighter spreads within Asian credit.  

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.

The month of July saw relatively unchanged yields compared to June for both the Cash Smart Ultra and Enhanced Portfolios, whereas Cash Smart Secure saw slightly lower yields over the same period.

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