Investment Office Monthly Fund Digest (February 2024)

Equity Income

Allspring Global Equity Enhanced Income Fund

ISIN: LU2360032135 (SGD, Cash/SRS), LU2125154935 (USD, Cash)

The fund offers a unique proposition with a target payout of 6%, derived from a high-yielding equity component (4%) and an options overlay strategy (2%) managed dynamically to safeguard equity upside. Led by a team of seven experienced portfolio managers, including two lead managers, the fund has outperformed its high dividend benchmark and peers since its inception in 2020.

The dynamic management of the two income sources ensures target payout fulfilment. Weekly adjustments in the options component, focusing on broad indices, preserve alpha derived from research. The high-yielding equity component combines quantitative tools and fundamental analysis, resulting in a high-conviction balanced portfolio of 60 to 80 holdings without overarching style bias. While the fund offers a consistent dividend income stream and broad equity exposure, investors should be prepared for periods of heightened volatility and drawdowns, particularly during strong bull markets.

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India Equities

Goldman Sachs India Equity Portfolio

ISIN: LU2032729951 (SGD, Cash), LU0333810181 (USD, Cash)

The fund presents a diversified portfolio spanning 70-100 names, offering comprehensive exposure to India Equities across sectors and market capitalizations, with a tilt towards small and medium-sized companies. Led by Hiren Dasani, the India Equity research team drives strong and consistent performance through meticulous stock selection, consistently outperforming its reference index over various periods.

Grounded in a philosophy emphasising business and valuation, the fund's robust investment process combines bottom-up fundamental research with cash flow-based analysis to identify companies with sustainable high returns on capital investment.

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*Annualised returns are calculated based on the returns of the target share class, and the oldest share class of the fund where the target share class is younger than three years. Three-year returns are based on the period from February 2021 to January 2024 unless otherwise stated. Returns are translated into SGD (except for non-SGD funds) and are net of fund-level fees.

**Where a fund or portfolio has both SGD and USD share classes, the fees of the SGD share class are shown. Total portfolio and fund-level fees include fund total fund-level fees.

***Endowus does not charge a preliminary sales charge or any other additional fees, other than the all-in Endowus Fee.

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