Endowus Core-Flagship Cash/SRS Portfolio

The 100% Equity Portfolio declined by -2.6% in April, underperforming the broader equity benchmark.

• The Flagship Cash 100% Equity Portfolio posted a minus 2.6% return after fund fees, underperforming the equity market’s return of minus 1.9% (before fees).
• A primary factor behind the portfolio’s underperformance was its structural overweight in value stocks and emerging markets equities, which negatively impacted overall returns. This exposure, implemented via the Dimensional Global Core Equity Fund, contributed to a 2.9% decline in SGD terms.
• The best-performing fund for the month was the Dimensional Pacific Basin Small Companies Fund, as it rose 0.2% for the month. 

In February, the 100% Fixed Income Portfolio posted positive returns, returning 0.1% but underperforming the broader fixed income market.

• The global fixed-income market, as tracked by the Bloomberg Global Aggregate Index, experienced notable volatility throughout April but ultimately delivered positive returns, rising 0.8% for the month.
• All the underlying fixed-income funds posted positive returns for April except for the PIMCO GIS Income Fund, which fell 0.1%. 
• The best-performing fund in the fixed-income sleeve was the Amundi Global Aggregate Bond Fund that tracked the benchmark and returned 0.8% for the month, while the worst performing fund was the Pimco GIS Income Fund. 

Endowus Core-Flagship CPF Portfolio

Note: The Flagship CPF Portfolio allocations were updated in July 2024 with three new funds from Dimensional. 

The 100% Equity Portfolio declined by 2.7% in April, underperforming the broader equity benchmark.

• The CPF 100% Equity Portfolio underperformed the broader global equity market in April 2025, posting a return of minus 2.7%. This was mainly driven by its structural overweight in value stocks and emerging markets equities, which weighed on overall performance.
• Similar to the Cash Flagship portfolio, the allocation to the Dimensional Global Core Equity III Fund detracted from returns, declining by 2.9%. Within the equity segment, the Schroders Emerging Market Opportunities Fund was the largest drag, falling 4.7% over the month.

The 100% Fixed Income Portfolio posted strong positive returns, returning 0.7% and slightly underperforming the broader fixed income market by about 0.1%

• The 100% Fixed Income Portfolio ended the month with positive returns despite notable intra-month volatility, though its gains were more modest compared to the broader market.
• The best-performing fund in the fixed-income sleeve was the Amundi Global Aggregate Bond Fund, which tracked the benchmark and returned 0.8%, while the worst-performing fund for April was the United SGD Fund, which rose 0.2%. 

Endowus Income Portfolios

The Stable Income Portfolio was flat in April, underperforming the broader credit market

• A shorter duration positioning negatively impacted overall performance; despite significant volatility in the rates market, the 0-10 year segment of the Treasury curve ended the month with lower yields. (Note: Price and yield are inversely related.)
• The Portfolio’s allocation to emerging markets bonds detracted from performance, as hard currency emerging markets bonds underperformed the global credit market. 
• The best-performing underlying fund was the AB American Income Portfolio (+0.35%).

The Higher Income Portfolio was flat in April, slightly outperforming the 20-80 benchmark

• The fixed income component lagged the broader credit market, with shorter duration positioning and exposure to the high yield fund negatively affecting overall performance.
• The equity component significantly outperformed the global equity market, driven by an overweight position in real assets and Asian equities. Additionally, currency hedging of most underlying funds contributed positively to relative performance, effectively protecting the portfolio from USD depreciation in April.

The Future Income Portfolio delivered a negative return in April, underperforming the 40-60 benchmark

• Its fixed income component underperformed for reasons similar to those of the Stable Income.
• The equity component performed in line with the global equity market. The portfolio's overweight exposure to European equities and effective currency hedging of underlying funds were key contributors to its 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 Secure Portfolio maintained its stable return profile, posting a 0.3% gain in April 2025. 
• This performance could be attributed to the continued positive returns from both the underlying funds, the Fullerton SGD Cash Fund and the LionGlobal SGD Enhanced Liquidity Fund, which contributed 0.2% and 0.3%, respectively. 

Cash Smart Enhanced sees modest gains in February

• Cash Smart Enhanced generated a return of 0.2% during the month.
• This performance was supported by steady returns from the two underlying money market funds, Fullerton SGD and LGI SGD Enhanced Liquidity. In contrast, the UOBAM United SGD Fund experienced more volatility due to its longer duration positioning, which exposed it to market fluctuations. Regardless, it ended the month positively, with a 0.2% gain.

Cash Smart Ultra benefited from allocation into longer-duration and credit components

• Cash Smart Ultra achieved a return of 0.2% in April.
• The largest detraction came from the PIMCO Low Duration Income Fund, which pulled back slightly by -0.1% as it was more affected by market volatility than other funds.
• Nevertheless, all the other funds finished in positive territory, helping the portfolio achieve positive returns despite heavy market turbulence during the month.

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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