Endowus Flagship Portfolios 

About the Endowus Flagship Portfolios: The Endowus Flagship Portfolios are a one-stop solution to globally diversified portfolios, tailored for varying risk profiles and suitable for your core, long-term wealth accumulation. 

Key performance highlights

The Flagship 100% Equity Portfolio fell 1.4% in Q1 2026, outperforming the broader global equity market, which declined 2.9%. The Portfolio benefited from its overweight to value stocks, which proved resilient as growth-oriented names faced greater headwinds. Additionally, the Portfolio’s larger emerging market exposure further contributed to its outperformance. Despite the energy-price shock hitting several emerging market countries more given their greater reliance on oil imports, the region’s robust performance early in the quarter enabled it to outpace developed markets.

Within the Portfolio, the Dimensional Emerging Market Large Cap Core Equities Fund was the best performer, ending the quarter up 4.2%. The Fund’s robust performance was driven by its emerging market emphasis and stock selection. On the other hand, the iShares US Index Fund was the weakest performer, ending the quarter down 5.2%. The Fund suffered as US equities faced significant pressure from profit taking within the Technology and AI-related sectors, as investors grew increasingly sceptical about whether massive AI-related capital expenditures would continue to generate revenue growth.

The Flagship 100% Fixed Income Portfolio fell 0.8% in Q1 2026, trailing the broader global fixed income market, which declined 0.2%. The Portfolio’s overweight to emerging market bonds and credit weighed on relative performance, as both came under pressure due to the risk-off market sentiment.

Within the Portfolio, the iShares Global Aggregate 1-5 Year Bond Index Fund was the best performer due to its shorter duration. The Fund rose 0.2% during the quarter. In contrast, the weakest performer was the iShares Emerging Markets Government Bond Index Fund, which ended the quarter down 1.7%. The Fund passively tracks the emerging market government bond index.

Read more: Introducing Flagship Portfolios

Endowus CashUp Model Portfolios

​About the Endowus CashUp Portfolios: Designed for short-term cash management, the CashUp portfolios are built using high-quality money market funds and ultra-short duration fixed-income funds.

​Key performance highlights

​The first quarter of 2026 saw a re-emergence of a higher-for-longer narrative. US rates and longer-term yields rose sharply, particularly during the month of March, as markets quickly priced in rising inflation risk from tensions in the Middle East. The 2-year US Treasury yield rose 42bps to 3.79%, while the 10-year rose 38bps to 4.31% over the quarter. On the monetary policy front, the Fed kept the federal funds rate on hold at 3.5 - 3.75% in January, mentioning a “wait-and-see” approach, keeping front-end rates relatively anchored, with expectations for 2026 rate cuts  falling to close to zero by the end of March. On credit spreads, we saw a moderate widening in the US investment-grade and Asia & EM sectors, reflecting rising uncertainty in markets. CashUp portfolios, with a high-quality emphasis and an ultra-short duration profile, remained resilient during this period.​

The CashUp portfolios delivered positive returns in the first quarter.

CashUp Simple finished the quarter up 0.9%. The two underlying funds in the portfolio, Ping An USD Money Market Fund and HSBC Global Money US Dollar, generated positive, stable returns each month during the quarter. Their very short-dated maturing instruments kept the portfolio resilient in a rising rate environment, generating yield as rates ticked higher. With a low weighted-average maturity and an emphasis on short-term deposits and high-quality money-market securities, CashUp Simple remains suitable for investors with more immediate cash needs.

CashUp Plus generated positive performance in the fourth quarter, adding 0.9%. Both Ping An USD Money Market Fund and Amundi Cash USD Fund generated positive returns over the quarter. Similarly, Ping An USD Money Market Fund’s emphasis on very short-dated deposits proved resilient. The Amundi Cash USD Fund, which takes on a slightly higher credit risk and duration through its exposure to high-quality short-duration bonds, generated 0.3% each month over the quarter. Compared to CashUp Simple, CashUp Plus remains more suited towards investors with near to mid-term cash needs.

Our CashUp portfolios aim to generate returns comparable to prevailing money market rates while minimising downside capital risks and maintaining a high level of liquidity. Investors are reminded that the CashUp portfolios are not capital protected and may rise or fall in value.

​CashUp Portfolios, primarily exposed to USD market front-end rates, continue to see their yields as relatively rangebound to the lower end as markets ride through a rate-cut cycle that restarted in late 2025. Investors can review their investment goals and assess whether their current CashUp Portfolio remains aligned with their needs.

Read more: Introducing the newly launched CashUp Portfolios

Endowus IncomeUp Model Portfolios

About the Endowus IncomeUp Model Portfolios: The three IncomeUp Model Portfolios meet different income and capital preservation or growth needs for investors at different life stages.

Key performance highlights

​The IncomeUp Steady Portfolio fell 0.6 % in Q1 2026, slightly trailing the broader credit market, which fell 0.5%. March accounted for the bulk of the quarter’s losses as global fixed income came under broad pressure following the escalation of the US-Iran conflict and the intensified shock on the energy market. Bond yields increased, and credit spreads widened. All of the underlying funds gave back their previous month’s gains; funds with longer duration, like PIMCO GIS Income Fund and AB American Income Portfolio, led the losses, while JPM Income Fund, with its shorter duration positioning, was the most resilient. Asian bonds fared slightly better than global bonds.​

The IncomeUp Plus Portfolio fell 0.6% in Q1 2026. Similar to the IncomeUp Steady Portfolio, it also bore the brunt of the market sell-off in March. However, its 30% allocation to high-yield bonds proved to be relatively resilient due to its active management. Overall, the portfolio performed in line with the broader investment-grade market despite its higher weightage to high-yield bonds.

The IncomeUp Growth Portfolio fell 2.1% in Q1 2026, underperforming the 40-60 benchmark. Its fixed income sleeve mirrors IncomeUp Steady. Its equity sleeve underperformed the broader equities market. Most of the underlying equity funds lagged, with AB Low Volatility Equity Portfolio detracting the most, as low volatility stocks were challenged during the quarter. On the other hand, its equity sleeve’s tilt towards Emerging Markets helped to cushion the loss slightly.​

Read more: Introducing Endowus IncomeUp Portfolios

Endowus Satellite Model Portfolios

The Satellite Model Portfolios are designed to supplement the Core portfolios and offer Hong Kong investors specific exposure to opportunities in selected regions, themes, asset classes, and trends. In taking a core-satellite approach, most investors should allocate the bulk of their asset allocation to the Core portfolios.

Global Technology Model Portfolio

‍About the Global Technology Model Portfolio: It aims to provide access to the most innovative technology and technology-related companies around the world, across various market capitalisations and sectors.

Key performance highlights

‍The Global Technology Model Portfolio fell 8.2% in Q1 of 2026. This compares to the Morningstar Global Markets Index, which fell 2.9%, and the Morningstar Global Technology Index, which pulled back 6.4% during the same period.

​The main detractors to relative performance this quarter were the JPM US Technology Fund and BGF World Technology Fund, which fell by 14.3% and 8.9%, respectively. The JPM US Tech Fund underperformed due to its exposure to US Tech as well as exposure to stocks such as ServiceNow, Oracle, Snowflake, and Shopify within software. Despite its overall underweight to software sector, they were hit disproportionately hard by these names. The BGF World Technology Fund also underperformed with a slight overweight to US tech and underweight to the software sector overall.

The best performer this quarter was the BGF Next Generation Technology Fund, which fell 2.5%. The overweight to semiconductor and clear underweight to software helped performance.

Note our portfolio has a more balanced weight of mega cap tech (53%) and large cap tech (23%) companies compared to the index, where mega cap tech accounts for 64% and large cap tech accounts for 24%, respectively.

Read more: Introducing the Global Technology Model Portfolio: Ride the wave of tech innovation

China Equities Model Portfolio

​About the China Equity Model Portfolio: The China equity model portfolio aims to provide investors with holistic exposure to the China stock market and consists of five Best-In-Class China equity funds.

Key performance highlights

The China Equity Model Portfolio posted a slight gain of 0.1% in Q1 2026.

In the first quarter of 2026, the Chinese equity market continued to be "selective," characterised by stark divergence between onshore and offshore performance, alongside targeted policy interventions. The US-Iran war and the subsequent closure of the Strait of Hormuz in early March triggered an acute global energy shock, which sparked a severe "risk-off" flight to safety, driving capital away from emerging markets amid renewed global inflationary fears. In response, the National People's Congress (NPC), convened in early March, announced a flexible 4.5%–5.0% GDP growth target, the first downward adjustment in four years.  As a reminder, the government is pushing for a shift from broad-based, debt-fueled expansion toward high-quality, sustainable growth. One of the announced goals is to convert existing unsold property inventory into government-subsidised housing, rather than attempting to continue to support homebuyers. 

Boosting internal consumption is also a priority. Some figures, such as Lunar New Year travel and consumer activity remaining resilient, have been encouraging. In addition, China's Producer Price Index (PPI) appears to be emerging from a prolonged deflationary period, recording its first year-on-year increase since September 2022 (up 0.5% in March 2026). With  the government's heightened regulatory focus on the "anti-involution" theme—a structural effort to curb destructive corporate price wars and improve profitability— it appears that a measured reflationary cycle is beginning to take root onshore. Consequently, mid- and small-cap onshore stocks significantly outperformed the broader offshore indices, which bore the brunt of the March risk-off selloff.

The Endowus China Equity Model Portfolio delivered a positive return of 0.1% in Q1 2026, generating substantial outperformance against the Morningstar China All Cap Index, which fell close to 7.9%. Active management was key to take advantage of the onshore-offshore dislocation. For instance, the JPMorgan China A-Share Opportunities Fund benefited substantially from the onshore rotation, successfully insulating the portfolio from the heavy drag of offshore mega-caps that proved to be highly sensitive to global risk aversion. T. Rower Price China Evolution Fund was the best-performing constituent fund in the portfolio, delivering a positive 8.0% return.

Looking ahead, fund managers see the market firmly anchored in a "domestic demand at the core" policy loop. While the external geopolitical picture—particularly the ongoing Middle East conflict and its impact on global supply chains—remains complex and requires close monitoring, the domestic focus is clear. Managers across the portfolio anticipate that reflation will be gradual. Consequently, stock-picking will rely heavily on identifying companies with genuine pricing power, as the economy continues to work through the "anti-involution" phase.

Sustainability - Equities Model Portfolio

About the Sustainability - Equities Model Portfolio: It offers access to ESG (environmental, social, and governance), sustainable, and climate equity funds so that investors can contribute to a better, sustainable future.

Key performance highlights

In Q1, the Sustainability - Equities Model Portfolio underperformed the broader Equity Index, declining 3.9%, compared to the global equities market, which fell 2.9%.

The more thematic holdings were the key drivers of performance dispersion. The BlackRock BGF Sustainable Energy Fund was the standout performer, benefiting from the strong renewable energy tailwinds that characterised the quarter, supported by its defensive positioning. The Aberdeen Emerging Markets Sustainable Development Equity Fund also delivered positive returns as emerging markets showed resilience amid global market volatility. However, the two core Schroders holdings detracted from performance, both impacted by the quarter's rotation away from growth-oriented strategies and underweight positioning in mega-cap technology stocks that held up better during the downturn.

Future Trends Model Portfolio

‍About the Future Trends Model Portfolio: It is a 100% equities portfolio made up of six Best-In-Class funds spanning the major themes of healthcare, technology, industrials, and more. It caters to investors seeking exposure to high-growth firms.

Key performance highlights

‍In Q1, the Future Trends Model Portfolio underperformed the broader Morningstar Global Markets Index, declining by 6.0% compared to the broader equity market, which declined 2.9%.

The first quarter was a difficult one, with the positive momentum in January and February upended by the onset of the Iranian war. Funds with a higher equity beta suffered larger declines in March, although the bulk of the underperformance occurred in February. In February, the Index was up 1.6%, but the portfolio was flat, with performance dragged down by funds with larger technology and software exposure.

Sector-focused funds such as Schroder Global Climate Change and AB International Healthcare did well in the first two months of the quarter, but gave up all their returns in March’s drawdown​

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How to access portfolios on Endowus Hong Kong

With Endowus, you can plan and manage your money with institutional-grade portfolios that have been curated by our Investment Office, offering globally diversified exposure with Best-in-Class underlying funds as building blocks.

You can use these pre-populated portfolio templates as a starting point for your portfolio. You can either take the template as it is or tweak the portfolio allocations to suit your personal risk appetite, preference, and goals.

Alternatively, on the Fund Smart platform, you can build your own do-it-yourself (DIY) portfolios from scratch, through Endowus’ proprietary portfolio creation tool. To learn more about Fund Smart, refer to this article.

If you are new to Endowus in Hong Kong, you can get started by opening an account with us.

​Already have an account with Endowus HK? Here are a few simple steps to start using Fund Smart:

• Log in to your Endowus account
• Click Invest > Redeem
• Click on Add Goal, and then follow the instructions to select the fund or portfolio of your choice, based on your investment horizon and objective.

Read more: 

• Endowus Q3 2025 Market Update and Outlook — Stocks Soar, Gold Glitters
• Is 60/40 portfolio the future?
• Introducing the Endowus HK team
• Choosing Endowus when investing in Hong Kong

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Risk Warnings

Investment involves risk. Past performance is not an indicator nor a guarantee of future performance or returns. Projected performance or returns is not guaranteed to materialise. The value of investments and the income from them can go down as well as up, and you may not get the full amount you invested. Rates of exchange may cause the value of investments to go up or down. Individual stock performance does not represent the return of a fund. 

Risk related to discretionary management . As Flagship Portfolios are provided under discretionary services, Endowus will manage the assets under the portfolio subject to compliance with the terms and conditions of the DPM Services Agreement and on a fully discretionary basis; you will not have any role or right to make investment decisions, except for making contributions or withdrawals from the portfolio; it would not be mandatory for Endowus to provide the underlying fund prospectuses or other fund information to you for each and every investment decision made on behalf of you.  You should exercise caution before investing in discretionary managed portfolios. 

Flagship Portfolio may contain professional-investors only fund(s) and/or “Complex Product”.  In general, Professional-investors only funds are funds that have not been authorised, nor have the offering documents been reviewed by the SFC.  “Complex Products” (as defined by the Securities and Futures Commission, the “SFC”) refer to investment products (e.g. funds) whose terms, features and risks are not reasonably likely to be understood by retail investors because of their complex structures.  Professional-investor only funds and Complex Product in general may have higher risk than other retail and non-complex products.  Past performance is not indicative of future performance. All investments involve risks (including the possibility of loss of the capital invested) and the price of fund units may go up as well as down. This fund may invest in financial derivatives which may involve additional risks (e.g. market, counterparty, liquidity, leverage and volatility risks) and lead to higher volatility. In adverse situations, the fund may suffer significant losses. This fund is not principal protected. In the worst-case scenario, you may lose the entire invested amount. Do not invest in a complex product unless you understand and are willing to assume the risks associated with it, including (in some cases) the risk that you may lose more than the invested amount. Please refer to the “Important Information About Funds” for details of the risks involved.  If you are in any doubt, you should clarify with us or seek independent professional advice.

General risk warnings relating to collective investment schemes 

Before making an investment decision, you are reminded to refer to the relevant prospectus/ offering document for specific risk considerations and related fees and charges. Funds are not a bank deposit and not capital guaranteed, and is subject to investment risks, including the possible loss of the principal amount invested. Some of the funds also involve derivatives. Do not invest in them unless you fully understand and are willing to assume the risks associated with them.

Opinions

Whilst Endowus HK Limited (“Endowus”) has tried to provide accurate and timely information, there may be inadvertent delays, omissions, technical or factual inaccuracies or typographical errors.  Any forward-looking statements, prediction, projection or forecast on the economy, stock market, bond market or economic trends of the markets contained in this material are subject to market influences and contingent upon matters outside the control of Endowus HK Limited (“Endowus”) and therefore may not be realised in the future. Further, any opinion or estimate is made on a general basis and subject to change without notice. In presenting the information above, none of Endowus HK Limited, its affiliates, directors, employees, representatives or agents have given any consideration to, nor have made any investigation of the objective, financial situation or particular need of any user, reader, any specific person or group of persons. Therefore, no representation is made as to the completeness and adequacy of the information to make an informed decision. You should carefully consider whether any investment views and products/ services are appropriate in view of your investment experience, objectives, financial resources and relevant circumstances. You may also wish to seek financial advice through a financial advisor or the Endowus platform and independent legal, accounting, regulatory or tax advice, as appropriate.

No invitation or solicitation

Nothing contained in this article should be construed as a solicitation, an offer to buy or sale, or recommendation, to acquire or dispose of any security, commodity, investment or to engage in any other transaction in any jurisdiction in which such solicitation, offer to buy or sale would be unlawful under the securities laws in such jurisdiction. No information included in this article is to be construed as investment advice or as a recommendation or a representation about the suitability or appropriateness of any advisory product or service; or an offer to buy or sell, or the solicitation of an offer to buy or sell, any security, financial product, or instrument; or to participate in any particular trading strategy. Investors should seek independent financial and tax advice before making any investment decision.

Product Risk Rating: Please note that any product risk rating (the “PRR”) provided by us is an internal rating assigned based on our product risk assessment model, and is for your reference only. The PRR is subject to change from time to time. The PRR does not take into account your individual circumstances, objectives or needs and should not be regarded as advice or recommendation to purchase, hold or sell any fund or make any other investment decisions. Accordingly, you should not solely rely on the PRR in making your investment decision in the relevant Fund.

This article  has not been reviewed by the Securities and Futures Commission or any regulatory authority in Hong Kong.