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Register for the event
Endowus invites you to our exclusive event with Macquarie Asset Management, as we discuss unlocking opportunities in Infrastructure- a $1.3tn asset class.
This event is reserved for Accredited Investors (AIs) only. To register for the event, please indicate one of the following:
- Markets were put to the test multiple times in 2025 with the entrance of DeepSeek in January, Trump’s Liberation Day tariffs in April, and a brief tech sell-off in November.
- Top performing equity funds were predominantly in the commodities and biotech sectors.
- In the fixed income space, emerging market bonds dominated the year's winners. Varied winners across Singapore and capital securities highlight the need for diversification.
- In 2025, Endowus partnered with Amundi to launch the Amundi Singapore Straits Times Index fund, alongside working to select and avail EQDP funds to help our investors participate in the growth of small and mid cap companies in Singapore, starting with our partnership with Avanda.
- Endowus also introduced Shariah Portfolios to meet the investment needs of the Muslim community in Singapore, and lastly, we onboarded a range of CPF-SA funds to extend our efforts into helping Singaporeans achieve retirement adequacy.
2025 was a story of shocks, rebounds, caution, and exuberance, all strung together by one theme—artificial intelligence.
The first major test to markets came just before Lunar New Year 2025, with the debut of China’s DeepSeek-R1—a cheaper, more efficient AI model positioned against US rivals like OpenAI’s ChatGPT. Only months later, on 2 April, President Trump’s sweeping “Liberation Day” tariffs—the steepest in a century—reignited trade tensions and shook global investor confidence.
What initially looked like a lost year for technology quickly turned into a story of a spectacular rebound. From April onwards, the tech sector clawed back losses, surging more than 40% off its lows. AI adoption accelerated, turning the DeepSeek event from a perceived threat into a catalyst. In particular, Asia ex‑Japan, led by Korea, became the star performer, while fixed income delivered steady gains.
As the year progressed, unease grew. Equities pushed to new highs, but concerns about stretched valuations became louder. The 10 October selloff, sparked by renewed US‑China tariff tensions, reminded investors that volatility was never far away. By year‑end, markets finished higher, though the experience underscored the importance of diversification.
The other story beyond AI that dominated the market was the strength of Gold and Silver, as well as the performance of precious metals miners. Gold rose 65% in 2025 while Silver rose 145%. The Gold mining sector rose a whopping 159%. This happened during a year where high quality stocks underperformed low quality stocks and cyclicals outperformed defensives which is unique as Gold is often perceived sought after during times of stress.
Leaders and laggards in 2025
Across 2025, performance was uneven but revealed clear leaders.
On the equity side, gold, precious metals, commodities, and miners took center stage as investors sought protection from concerns over USD debasement, and diversification from over valued areas of equities. However, on the other hand, we believe a form of “FOMO” also happened in this segment as investors followed its strong momentum in lieu of continued central bank buying of gold.
By region, China, Asia ex‑Japan, and broader emerging markets equities also outperformed, buoyed by resilient growth drivers and policy support, while by sector biotech gained traction as innovation and healthcare demand created new opportunities.
In fixed income, frontier and emerging market bonds stood out, offering attractive yields and diversification benefits despite global volatility.
On the flipside, US defensives and small caps were the worst performers with the staples sector down 1.2% for the year and utilities & healthcare up only 12.8% & 12.5% respectively despite the recovery towards the end of the year. The Russell 2000 Index was also only up 11.2% underperforming large caps for its 5th consecutive year.
Together, these sectors and regions defined the year’s leadership, setting the stage for a closer look at the best‑performing funds on Endowus Fund Smart that captured these trends.
Top performing funds of 2025
By absolute returns
Top performing equity funds
The five top performing equity funds on Endowus Fund Smart in 2025 dramatically outpaced the broader equity market, which itself delivered strong returns.
The year's winners tell an interesting story. Precious metals and mining funds rode a historic commodity wave. Mining companies, which amplify commodity price movements, delivered even stronger returns. Biotechnology staged a remarkable recovery after years of underperformance, benefiting from innovation breakthroughs and China's biotech boom. Geographically, international markets—particularly China—outperformed US equities, a trend captured by the Allianz All China Equity Fund.
This represents a striking shift from 2024, when US stocks and technology dominated (see 2024 Fund Smart review). The rotation serves as a powerful reminder: predicting which markets or sectors will lead is exceptionally difficult. This is why maintaining diversified exposure across geographies and sectors remains crucial, rather than chasing last year's winners.
Beyond capturing these market trends, all five top performers exceeded their respective benchmarks through skilled active management—validating Endowus's rigorous fund selection process in identifying best-in-class managers for the Fund Smart platform.
Top performing fixed income funds
In the fixed income space, emerging market bonds dominated the year's winners, driven by a weaker US dollar, improving economic fundamentals, and attractive yields. Away from emerging markets, Singapore's bond market had an exceptional year, supported by the country's AAA credit rating, tight supply, and robust capital inflows. Another bright spot was capital securities—a specialised segment where financial companies issue subordinated debt—which also delivered strong returns.
The varied winners across 2025 reinforce an important lesson: even in fixed income, no single region or sector leads every year. Maintaining diversified bond exposure across geographies and credit qualities helps investors capture opportunities wherever they emerge, rather than betting on one area to outperform.
Top performing funds – Others (Multi-asset, commodities, and more)
The multi-asset space reflected the broader risk-on sentiment, with certain segments of commodities showing meaningful outperformance. Funds with a higher allocation to equities performed well, as did those with dedicated exposure to precious metals.
Spotlight on new solutions introduced in 2025
Providing attractive options to access Singapore’s local growth opportunities
In 2025, we partnered with Amundi to launch the Amundi Singapore Straits Times Index fund, offering investors an attractive option to gain passive exposure to Singapore’s largest 30 listed companies.
We also started working to select and avail EQDP funds to help our investors participate in the growth of small and mid cap companies in Singapore, starting with our partnership with Avanda.
Serving the Muslim community with Endowus Shariah Portfolios
We selected five Shariah compliant equities and Islamic fixed income funds, and constructed globally diversified Shariah-compliant portfolios to meet the investment needs of the Muslim community in Singapore.
Improving retirement planning by activating CPF-SA investment options
Beyond CPF-OA, investors can now invest with CPF-SA monies on Endowus to potentially earn higher returns than the guaranteed interest rate, by taking some investment risk. Highlighted below are the two multi-asset funds eligible for CPF-SA investments. We are working to bring on more solutions.
Customise your portfolio in minutes with Endowus Fund Smart
Fund Smart offers flexibility to customise and diversify your investment portfolio at the lowest fees possible. It features over 400 funds curated by our Investment Office after screening thousands of funds. The shortlisted funds go through rigorous assessments of the investment firms, fund managers, framework, process and performance, and continue to be regularly monitored.
Your money, your way. Select funds by funding source (cash, CPF OA/SA, and SRS) in six currencies including SGD, USD, AUD, CHF, EUR, and GBP. Customise your investment portfolio with up to 12 funds in your desired allocations. okay
Say goodbye to indecision, and hello to fund comparison. The Compare Funds feature gives you a single-page view to compare our curated funds based on fees, risk metrics, top exposures, performance (returns and daily Net Asset Values), and more. Find the right strategies with clarity, and construct a portfolio that aligns with your investment philosophy and goals.
Explore funds and build your own portfolio on Fund Smart—get started here.
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