Endowus Core-Flagship Cash/SRS Portfolio

The 100% Equity Portfolio gained 4.3% in May, slightly underperforming the broader equity benchmark by 0.1%

• The Flagship Cash 100% Equity Portfolio posted positive returns of 4.3% after fund fees, versus the global equity market which returned 4.4%. The Flagship Cash 100% Equity Portfolio slightly underperformed its benchmark due to its slight underweight to US stocks which performed well this month.
• This positive equity return was on the back of improving consumer sentiment and easing trade tensions. Against this backdrop, developed market equities outperformed their emerging market counterparts this month. Specifically, US equities led the charge. 
• The best-performing equity fund this month was the Amundi Prime USA Fund, which rose 5.2%. On the other hand, the Portfolio’s allocation to the Amundi MSCI Emerging Markets Fund, which tracks the MSCI Emerging Markets Index and returned 2.8%, weighed on performance. 

The 100% Fixed Income Portfolio posted a slight loss of 0.3% in May, outperforming the broader fixed income market by 0.2%

• The global fixed-income market, as represented by the Bloomberg Global Aggregate Index, fell by 0.5% for the month. This was on the back of rising sovereign bond yields across most developed markets, specifically the US, due to concerns over the country’s deteriorating fiscal position. The Flagship Cash 100% Fixed Income Portfolio outperformed the broader fixed income market in May due to its shorter duration, which made it less sensitive to the rise in bond yields.
• All the underlying fixed-income funds posted negative returns for May, except the Dimensional Global Core Fixed Income Fund and the PIMCO GIS Emerging Market Bond Fund, which delivered flat returns.
• The worst-performing fund in the fixed-income sleeve was the Amundi Global Aggregate Bond Fund, which tracks the benchmark and returned -0.5% for the month. 

Endowus Core-Flagship CPF Portfolio

Note: The Flagship CPF Portfolio allocations were updated in July with three new funds from Dimensional. 

The 100% Equity Portfolio gained 4.5% in May, slightly outperforming the global equity benchmark by 0.1%

• The CPF 100% Equity Portfolio delivered positive returns of 4.5% in May and outperformed its benchmark which delivered 4.4%. The Portfolio’s slight overweight to US stocks contributed to outperformance this month.
• Similar to the Cash Flagship Portfolio, the best-performing fund this month was the Amundi Prime USA Fund, which rose 5.2%.
• In the Portfolio, the Dimensional Emerging Market Large Cap Core Equity Fund, which returned 3.4%, was the biggest laggard this month. 

The 100% Fixed Income Portfolio posted a return of negative 0.2% in May, outperforming the broader fixed income market by about 0.3%

• Similar to the Flagship Cash 100% Fixed Income Portfolio, the CPF 100% Fixed Income Portfolio ended the month with negative returns on the back of rising sovereign bond yields, particularly in the US. 
• However, the CPF 100% Fixed Income Portfolio outperformed the broader fixed income market due to its shorter duration and overweight to Singapore bonds via the EastSpring Singapore Select Bond Fund. The EastSpring Singapore Select Bond Fund is the best performing fund in the fixed income sleeve in May, rising 0.8% in the month.
• On the other hand, the worst performing fund was the Amundi Global Aggregate Bond Fund, which returned -0.5%.

Endowus Income Portfolios

The Stable Income Portfolio delivered a 0.1% return in May, slightly outperforming the broader credit market

• The Portfolio's allocation to the Neuberger Berman Short Duration Bond Fund was the top contributor, driven by its exposure to the emerging markets bond market.
• We also observed a significant divergence in performance within the flexible income space in May. Specifically, the Neuberger Berman Strategic Income Fund returned +0.4%, whereas the PIMCO GIS Income Fund posted a -0.2% return. This outcome underscores our conviction in diversifying across different management styles.
• Finally, the allocation to Asian fixed income was a minor detractor from the Portfolio's overall performance.

The Higher Income Portfolio gained 1.1% in May, outperforming the 20-80 benchmark

• The fixed income component delivered robust outperformance against the broader credit market, with its exposure to emerging markets bonds and high yield bonds being the top contributors.
• The equity component slightly underperformed the global market, as the Portfolio's focus on high-dividend stocks and real assets lagged the broader rally. However, this was partially offset by currency hedging, which protected against USD depreciation and added to relative performance.

The Future Income Portfolio gained 1.7% in May, slightly behind the 40-60 benchmark

• Its fixed income component outperformed for reasons similar to those of the Stable Income.
• The equity component underperformed the global market, primarily due to an overweight in low-volatility stocks and Asian equities. This was partially offset by effective currency hedging, which added to relative performance.

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

• The Cash Smart Secure Portfolio maintained its stable return profile, posting a 0.2% gain in May 2025. 
• This performance is attributed to the continued positive returns from both the underlying funds, the Fullerton SGD Cash Fund and the LionGlobal SGD Enhanced Liquidity Fund, which both contributed 0.2%.

Cash Smart Enhanced continued to provide stable returns in May

• Cash Smart Enhanced generated a return of 0.3% during the month.
• This performance was led by the  UOBAM United SGD Fund, which returned 0.4%. The other two underlying money market funds, Fullerton SGD Cash Fund and LionGlobal SGD Enhanced Liquidity Fund, ended the month with a 0.2% gain. 

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

• Cash Smart Ultra achieved a return of 0.3% in May.
• All of the underlying funds finished the month in positive territory, helping the Portfolio achieve positive returns amidst the negative returns posted by the broader bond market this month.
• The best performing fund was the LionGlobal Short Duration Bond Fund, which returned 0.5%. 

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 time periods.

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