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About the session

Given the recent banking turmoil, the Federal Reserve has sounded warnings of a mild recession in the US this year. The collapse of Silicon Valley Bank (SVB) and the takeover of Credit Suisse by UBS have set up a bigger backdrop of tighter credit conditions.

With this in mind, how have markets done in recent times, and how should investors position themselves for the rest of the year?

In this quarterly update, join our Head of Investments, Sean Wong, and Director of Investment Research, Min Axthelm, as they discuss:

1. How key Endowus Portfolios performed in Q1 2023
2. How equities and fixed income markets moved during the quarter
3. Key macro events and news to look out for in the months ahead

Read more:

• Endowus Q1 2023 Performance Review‍
• Q1 2023 Market Update and Outlook — Markets Rally: Is A Recession Priced In Already?

Chapters

00:00 – Introduction

02:45 – How major asset classes did in Q1 2023

18:36 – Flagship Portfolio (Cash/SRS and CPF)

21:46 – Factor Portfolio

22:50 – ESG Portfolio

26:16 – Satellite Portfolios

29:34 – Income Portfolios

32:33 – Cash Smart Portfolios

35:19 – Market outlook: inflation, interest rates, volatility

43:09 – Are we going into a recession?

45:33 – What happens to equities in a typical recession

49:45 – Q&A: Why the Flagship Portfolio has two US passive funds

51:24 – Q&A: What’s the outlook on inflation and recession?

55:43 – Q&A: Will Endowus Flagship Portfolios maintain their overweight exposure to value, small-cap, and short-duration bonds?

56:57 – Q&A: What are your thoughts on the India economy?

59:02 – Upcoming webinars

Questions from the live audience can be found here.

About the speakers

Sean Wong, Head of Investments, Endowus 

Sean Wong is the Head of Investments of Endowus. In this role, Sean oversees Endowus’ advisory and investment solutions, and leads the investment office in optimising portfolio strategies and fund selection to drive growth. Sean also focuses on developing strategic relationships with fund management companies, broadening the range of investment solutions and market innovations in the sector. 

Prior to his current role, Sean was an Executive Director in the Investment Management Services (IMS) team at Morgan Stanley Private Wealth Management Asia, serving as their Head of Offerings. In this role, Sean was responsible for the identification, selection, due diligence, as well as sales and distribution of all fee-based products and discretionary portfolio offerings to the firms’ Wealth Management clients.

Sean has over 14 years of experience in the wealth management industry, having started his career with BBR Partners, LLC, where he focused on developing integrated investment solutions for ultra-high-net-worth individuals and families.

Min Axthelm, Director of Investment Research, Endowus‍

Min Axthelm is the Director of Investment Research at Endowus.

In her current role, Min leads the efforts at Endowus’ Investment Office on research and content creation on the macro market and asset allocation, portfolio construction & optimisation and investment manager due diligence. She also works closely with the Product team on product research and development.

Min has more than a decade of experience in the investment industry, including fund manager due diligence and asset management, and joined Endowus from Morgan Stanley in New York, where she was Lead Analyst with its Wealth Management Global Investment Office, overseeing the due diligence process from inception to completion for US Equity strategies and mutual funds