For CPFIS-Included Unit Trusts & Investment-Linked Insurance Products

Transcription

1 FIRST QUARTER 2018 PERFORMANCE & RISK- MONITORING REPORT For CPFIS-Included Unit Trusts & Investment-Linked Insurance Products MARCH 2018 Thomson Reuters Lipper Thomson Reuters All rights reserved.

2 Contents 1 INTRODUCTION UPDATE ON CPFIS-INCLUDED FUNDS MARKET DEVELOPMENTS IN Q Equity Markets Bond Markets The Outlook PERFORMANCE OF WORLDWIDE INDICES IN SGD SUMMARY OF PERFORMANCE OF CPFIS-INCLUDED FUNDS SUMMARY OF RISK-ADJUSTED PERFORMANCE Lipper Leader Rating for CPFIS-Included Unit Trusts Lipper Leader Rating for CPFIS-Included ILPs Appendices Complete List of s Full List of CPFIS-Included Unit Trusts Full List of CPFIS Included ILPs Investment Terminology Definitions Page 2

3 1 INTRODUCTION Thomson Reuters Lipper has been appointed by Investment Management Association of Singapore (IMAS) and Life Insurance Association of Singapore (LIAS) to monitor the performance of all unit trusts and investment-linked insurance products included under the Central Provident Investment Scheme (CPFIS). This report shows Lipper s findings for the three months ended March 31, Important Disclaimers: The data shown in this report is information for investors and is not a solicitation to buy, sell, or hold any fund. Past performance is not an indicator of future performance. Past performance is no guarantee of future return. This report should not be used as the sole basis for any investment decision. Before investing in any fund, investors should carefully read the prospectus or other necessary information about the fund. Thomson Reuters Lipper has used reasonable efforts in preparing this report based on data collected from the contributing asset management companies. However, Thomson Reuters Lipper doesn t guarantee the accuracy of the data contained herein and will not bear any responsibility for investment decisions of investors or for any loss arising from using the data presented in this report. Page 3

4 2 UPDATE ON CPFIS-INCLUDED FUNDS As of March 31, 2018, there were 88 unit trusts and 168 investment-linked insurance products (ILPs) included under the CPFIS 1, for a total of 256 funds. Table 1 Number of CPFIS-Included s As of End Q As of End Q Unit Trust ILP Total Source: Central Provident Board Table 2 Newly Listed Products There are no newly listed funds for Q Table 3 Delisted Products UT Deutsche Lion Bond (Class A) ILP TMLS Global Bond Source: Central Provident Board Classification CPFIS Focus Detail Lipper Classification Low to Medium Low to Medium N/A N/A Bond Global Bond Global 1 Find more information about unit trusts and investment-linked insurance products (ILPs) included under the CPF Investment Scheme at Page 4

5 3 MARKET DEVELOPMENTS IN Q Equity Markets Global equity markets went varied for Q The MSCI World Index fell by 1.15% (in U.S.-dollar terms) for Q1 2018, while it soared 5.62% for Q Brazil BOVESPA (Ibovespa) TR and Russia RTS CR soared 11.73% and 8.23%, respectively and took the lead among most of the global major markets for Q In Asia, FTSE Bursa Malaysia KLCI CR and TAIEX CR Index rallied 3.71% and 2.60%, respectively, while Nikkei 225 CR and Philippine PSE Composite CR Index slid 5.76% and 6.76%, respectively, for Q Table 4 Major Stock Market Indices (all return figures are in the respective local currencies) Price Period ended 31-March-2018 Name 2018/3/31 3 Months 6 Months 9 Months 1 Year 3 Years BOVESPA (Ibovespa) TR 85, RTS CR 1, FTSE Bursa Malaysia KLCI CR 1, TAIEX CR 10, NASDAQ Composite CR 7, Thailand SET CR 1, Singapore Straits Times CR 3, Hang Seng CR 30, KOSPI Composite CR 2, S&P 500 CR 2, Dow Jones Industrial Average CR 24, Jakarta SE Composite Index 6, CAC 40 CR 5, S&P BSE SENSEX 32, Shanghai Composite CR 3, S&P/ASX 200 CR AUD 5, Nikkei 225 CR 21, Xetra DAX TR 12, Philippine PSE Composite CR 7, Swiss Market Index CR 8, FTSE 100 CR 7, Source: Thomson Reuters Lipper 2 Since the Singapore fund universe is not domestically focused and invests in a host of regions, currencies, and asset classes, discussion of global macroeconomic trends is imperative to understand fund performance. Furthermore, to avoid confusion from counter-directional currency movements (against the Singapore dollar) in the discussion of market trends, all index/average performance figures in this section are expressed in local-currency or U.S.-dollar terms. Page 5

6 3.2 Bond Markets The Citigroup WGBI rose 2.50% for the quarter (in USD). The ten-year Treasury yield ended at 2.744% for the first quarter of 2018 versus 2.411% at the end of Q The Outlook Global markets are indulging in a tension of the drums of a US-China trade war while US President Donald Trump has threatened tariffs on up to $150 billion worth of Chinese goods to punish China over its jointventure requirements and its trade representative (USTR) forced American companies to surrender their intellectual properties to state-backed Chinese competitors. China has also threatened retaliation in equal measure, including tariffs on U.S. soybeans and aircraft. Investors awaited development and result of US-China trade talks. Moreover, U.S PCE (Personal Consumption Expenditures) index, the Fed s preferred inflation barometer, rose to 2% year over year from a 1.7% pace in February. It is likely to reinforce expectations of a rate hike in June. Investors should continue monitoring potential volatility risk. Page 6

7 Figure 1 U.S. Government Bond Market Movements a. Changes in U.S. 10-year Yields Past 12 Months b. Shifts in U.S. Benchmark Yields During Q Daily US10YT=RR 2017/3/ /3/29 (EST) Yield Yield As of March 29, As of December 31, Q Q Q Q1 Source: Thomson Reuters 1.2 1M 6M 1Y 3Y 5Y 7Y 10Y 30Y Figure 2 Singapore Government Bond Market Movements a. Changes in SG 10-year Yields Past 12 Months b. Shifts in SG Benchmark Yields During Q Daily SG10YT=RR 2017/3/ /3/29 (GMT) Yield 2.45 As of March 29, 2018 Yield As of December 31, Q Q Q Q1 Source: Thomson Reuters 1M 6M 1Y 5Y 10Y 15Y 20Y 30Y Page 7

8 4 PERFORMANCE OF WORLDWIDE INDICES IN SGD Table 5 Worldwide Indices Performance in SGD Period ended 31-March-2018 Name 3 Months 6 Months 9 Months 1 Year 3 Years Singapore Straits Times CR Citi WGBI TR USD SIBOR SGD 3 Month MSCI EM (Emerging Markets) TR USD Thomson Reuters/SGX SFI MSCI All Country Asia Minus Japan TR MSCI World TR USD STOXX Europe 50 CR EUR Source: Thomson Reuters Lipper The above indices represent the benchmarks for various major financial markets, as follows: Indices Financial Markets Citigroup WGBI TR Global bond markets MSCI AC Asia ex Japan TR Asian ex-japan equities MSCI EM (Emerging Markets) TR Emerging markets equities MSCI World TR Global equities SIBOR SGD 3 Months Singapore money markets Singapore Straits Times CR Singapore equities Stoxx Europe 50 CR European equities Thomson Reuters/SGX SFI Singapore bond markets The minimum annual interest rate paid by the CPF board for the various accounts is as follows: Ordinary: 2.5% Special: 4.0% Medisave: 4.0% Retirement: 4.0% For more information about CPF interest rates please visit: Page 8

9 5 SUMMARY OF PERFORMANCE OF CPFIS-INCLUDED FUNDS The average returns 3 of CPFIS-included unit trusts and ILPs are shown below: Figure 3 Average Performance of CPFIS-Included s at End Q (% in SGD) Past Quarter Past 1 Year Past 3 Years Unit Trus ts ILPs All CPF MSCI World TR USD MSCI All Country Asia Minus Japan TR Citi WGBI TR USD Source: Thomson Reuters Lipper 3 Average performance is calculated by a summation of all returns of funds in the group, divided by the number of funds. Page 9

10 Figure 4 Average Performance of CPFIS-Included s at End Q by Asset Class (% in SGD) Past Quarter Past 1 Year Past 3 Years Bond Equity Mixed Assets Money Market Source: Thomson Reuters Lipper For the first quarter of 2018, the overall performance of CPFIS-included funds (unit trusts and ILPs combined) started posting negative returns of 1.65% on average, given a negative return of 1.75% on average among CPFIS-included unit trusts and a negative return of 1.60% among CPFIS-included ILPs. For all the CPFIS-included funds, besides money market types posted postitive return of 0.2%, all other asset types posted negative returns. Equity, mixed-assset and bond posted negative return of 1.84%, 1.77% and 0.78% respectively for the quarter. MSCI World TR USD and the MSCI AC Asia ex Japan Index also slid 3.01% and 1.20% respectively, while the Citigroup WGBI rose 0.57% for Q For the one-year period, the overall performance of CPFIS-included funds posted a positive return of 8.32% on average. CPFIS-included unit trusts rallied 8.79% on the year, and CPFIS-included ILPs soared 8.05% on average. During the same period, the key benchmark MSCI World TR USD rallied 7.17% and MSCI AC Asia ex Japan Index soared 18.39% respectively, while the Citigroup WGBI TR rose 1.81%. For the one-year period, equity products (+10.75% on average) outperformed the bond (+1.05% on average), mixed-asset (+6.54% on average) and money market (+0.67%) type offering. For the three-year period, CPFIS-included funds achieved 13.09% growth on average, accounted for a gain of 13.83% on average from CPFIS-included unit trusts and 12.75% on average from CPFIS-included ILPs. During the same period, MSCI World TR USD and MSCI AC Asia ex Japan Index rallied 22.37% and 25.61% respectively, while the Citigroup WGBI TR achieved 5.84%. Equity type was the leading gainers (+15.97%) and bond portfolio posted 5.12% return on average for the period. Page 10

11 The average returns of CPFIS-included unit trusts by asset class 4 are shown below: Figure 5 Average Performance of CPFIS-Included Unit Trusts at End Q by Asset Class (% in SGD) Past Quarter Past 1 Year Past 3 Years Bond Equity Mixed Assets Source: Thomson Reuters Lipper During first quarter 2018, equity, mixed-asset and money market types of UT portfolios posted negative return of 1.82%, 2.38% and 1.07% on average. On average for the one-year period, all asset types of UT portfolios posted positive return. Equity, mixedasset and bond type posted positive return of 10.26%, 5.75% and 0.95% on average respectively. Equity products (+15.50%) outperformed the other asset class offerings over the three-year period (through March 2018), with mixed-asset and bond types posting gains of 12.30% and 6.59% on average respectively. 4 Definition of asset types is as follows: - Equity: s with the primary investment objective of investing in stock markets - Bond: s with the primary investment objective of investing in fixed income markets with an average maturity > 1 year - Mixed-asset: s with the primary investment objective of investing in a strategic mix of equities and fixed income securities - Money market: s with the primary investment objective of investing in fixed income markets with an average residual life to maturity < 12 months Page 11

12 The average returns of CPFIS-included investment-linked insurance products by asset class are shown below: Figure 6 Average Performance of CPFIS-Included ILPs at End Q by Asset Class (% in SGD) Past Quarter Past 1 Year Past 3 Years Bond Equity Mixed Assets Money Market Source: Thomson Reuters Lipper For first quarter 2018, ILP portfolios on average posted negative returns. Equity, mixed-asset and bond types of ILP portfolios posted negative returns of 1.85%, 1.72% and 0.60%, while money market type posted positive return of 0.20% on average respectively. For the one-year period, equity products (+11.23% on average) outperformed the bond offerings (+1.11% on average), mixed-asset type (+6.61% on average) and money market (+0.67% on average). For the three-year period, equity funds were the leading gainers (+16.32%). Bond, mixed-asset and money market portfolios delivered 4.12%, 11.40% and 2.07% growth on average respectively. Page 12

13 The average returns of CPFIS-included unit trusts by Lipper Global Classification 5 are shown below: Table 6 Average Performance of CPFIS-Included Unit Trusts by Lipper Global Classification (% Growth in SGD) % Growth % Growth % Growth % Growth % Growth 3M 31/12/2017 6M 30/09/2017 9M 30/06/2017 1Y 31/03/2017 3Y 31/03/2015 Name To 31/03/2018 To 31/03/2018 To 31/03/2018 To 31/03/2018 To 31/03/2018 Bond Global (3) Bond SGD (8) Equity ASEAN (1) Equity Asia Pacific (2) Equity Asia Pacific ex Japan (11) Equity Asia Pacific Sm&Mid Cap (1) Equity China (2) Equity Emerging Mkts Asia (1) Equity Emerging Mkts Global (4) Equity Europe (6) Equity Global (6) Equity Global Income (5) Equity Greater China (5) Equity India (3) Equity Indonesia (1) Equity Japan (4) Equity Korea (1) Equity Malaysia (1) Equity Malaysia/Singapore (1) Equity Sector Biotechnology (1) Equity Sector Information Tech (1) Equity Sector Real Est Global (1) Equity Singapore (6) Equity Thailand (3) Mixed Asset SGD Balanced (4) Mixed Asset USD Bal - Global (1) Equity US (7) Absolute Return Other (1) Equity Sector Healthcare (2) Equity Sector Financials (1) Bond Asia Pacific LC (2) Equity Japan Income (2) Grand Total (98) Source: Thomson Reuters Lipper Remark: The average calculation includes the different share classes of the funds. 5 For more information please go to Section 7.2 Investment Terminology Definitions. Page 13

14 The average returns of CPFIS-included ILPs by Lipper Global Classification are shown below: Table 7 Average Performance of CPFIS-Included ILPs by Lipper Global Classification (% Growth in SGD) % Growth % Growth % Growth % Growth % Growth 3M 31/12/2017 6M 30/09/2017 9M 30/06/2017 1Y 31/03/2017 3Y 31/03/2015 Name To 31/03/2018 To 31/03/2018 To 31/03/2018 To 31/03/2018 To 31/03/2018 Bond Global (12) Bond SGD (7) Equity ASEAN (2) Equity Asia Pacific (1) Equity Asia Pacific ex Japan (14) Equity Asia Pacific Sm&Mid Cap (1) Equity China (3) Equity Emerging Mkts Asia (1) Equity Emerging Mkts Global (6) Equity Europe (4) Equity Global (17) Equity Global Income (1) Equity Greater China (4) Equity India (5) Equity Japan (5) Equity Sector Information Tech (4) Equity Sector Real Est Global (2) Equity Singapore (10) Mixed Asset SGD Aggressive (13) Mixed Asset SGD Balanced (32) Mixed Asset SGD Conservative (10) Mixed Asset USD Bal - Global (1) Money Market SGD (5) Target Maturity Other (5) Equity US (1) Equity Sector Healthcare (2) Bond Asia Pacific LC (1) Grand Total (169) Source: Thomson Reuters Lipper Page 14

15 6 SUMMARY OF RISK-ADJUSTED PERFORMANCE The Lipper Leader rating methodology consists of four metrics that rate funds success in meeting certain goals: Total Return: Ability of a fund to provide superior total return compared to its peers Consistent Return: Ability of a fund to provide relatively superior consistency and risk-adjusted return compared to its peers Preservation: Ability of a fund to demonstrate superior preservation of capital in a variety of markets compared with other funds in its asset class Expense: Ability of a fund to successfully manage to keep its expenses low relative to its peers and within its load structure s are ranked against their Lipper peer group classifications for a three-year period. In other words, if a fund doesn t have at least three years of historical performance and it is not in a group with more than five funds, it is not rated by Lipper. The rating is based on an equal-weighted average of percentile ranks of the four Lipper Leader metrics. For each metric: The top 20% of funds receive a rating of 5 and are named Lipper Leaders. The next 20% of funds receive a rating of 4. The middle 20% of funds receive a rating of 3. The next 20% of funds receive a rating of 2. The lowest 20% of funds receive a rating of 1. Page 15

16 6.1 Lipper Leader Rating for CPFIS-Included Unit Trusts Figure 6 Venn Diagram of CPFIS Included Unit Trusts With a Lipper Leader Rating (Rating of 5 ) CPFIS Unit Trust Source: Thomson Reuters Lipper As of the end of March 2018, the number of CPFIS-included unit trusts in the top 20% of funds, receiving a rating of 5 and named Lipper Leaders in each metric, was as follows: Total Return: 12 funds Consistent Return: 11 funds Preservation: 24funds Expense: 7 funds There s no CPFIS-included UT received a rating of 5 (Lipper Leader) in all four metrics combined. Page 16

17 Table 8 Full List of CPFIS-Included Unit Trusts with a Lipper Leader Rating Name AB SICAV I-International Health Care Portfolio (Class A) - SGD Lipper Global Classification Consistent Return 3 Years Lipper Rating Expense Total Return Preservation Equity Sector Healthcare Leader 2 Leader 2 Aberdeen Asian Smaller Companies Equity Asia Pacific Sm&Mid Cap Leader Aberdeen China Opportunities Equity Greater China Aberdeen European Opportunities Equity Europe Aberdeen Global Emerging Markets Equity Emerging Mkts Global Aberdeen Global Opportunities Equity Global Aberdeen India Opportunities Equity India Aberdeen Indonesia Equity Equity Indonesia Aberdeen Malaysian Equity Equity Malaysia Aberdeen Pacific Equity Equity Asia Pacific ex Japan Aberdeen Singapore Equity Equity Singapore Aberdeen Thailand Equity Equity Thailand Allianz Europe Equity Growth - Class AT (H2-SGD) Equity Europe Allianz Global Investors Premier s Allianz Global High Payout - SGD Equity Global Income Leader Allianz Global Investors Premier s Allianz Global High Payout (USD Share Class) Equity Global Income Leader Allianz Oriental Income - Class AT (SGD) Equity Asia Pacific Leader Amundi Opportunities-Amundi Singapore Dividend Growth (AS-D Class) Equity Singapore APS Alpha (SGD) Absolute Return Other Leader Leader Leader 3 Eastspring Investments - Japan Dynamic Class As (hedged) Equity Japan Eastspring Investments Unit Trusts Asian Balanced Mixed Asset SGD Balanced Eastspring Investments Unit Trusts - Dragon Peacock Equity Emerging Mkts Asia Eastspring Investments Unit Trusts Global Technology Equity Sector Information Tech Eastspring Investments Unit Trusts Pan European Equity Europe Leader 3 Leader 3 Eastspring Investments Unit Trusts Singapore ASEAN Equity Equity Singapore Eastspring Investments Unit Trusts Singapore Select Bond Class A Eastspring Investments Unit Trusts Singapore Select Bond Class AD Eastspring Investments-Asian Equity Income Class as Hedged Bond SGD Leader 4 Leader Leader Bond SGD Leader Equity Asia Pacific ex Japan First State Asian Growth Equity Asia Pacific ex Japan Leader First State Bridge Mixed Asset SGD Balanced Leader 4 Leader Leader First State Dividend Advantage Equity Asia Pacific ex Japan Leader First State Global Resources Equity Global First State Regional China Equity Greater China Franklin Templeton Investment s - Templeton Emerging Markets A(acc)SGD Equity Emerging Mkts Global Franklin Templeton Investment s Franklin Biotechnology Discovery A(acc)SGD Equity Sector Biotechnology Page 17

18 Name Franklin Templeton Investment s Templeton Asian Growth A(acc)SGD Franklin Templeton Investment s Templeton China A(acc)SGD Franklin Templeton Investment s Templeton European A(acc)SGD Franklin Templeton Investment s Templeton Korea A(acc)SGD Franklin Templeton Investment s Templeton Thailand A(acc)SGD Legg Mason Martin Currie Southeast Asia Trust (Class A (SGD) Accumulating) Lipper Global Classification 3 Years Lipper Rating Consistent Return Expense Total Return Preservation Equity Asia Pacific ex Japan Equity Greater China Equity Europe Equity Korea Equity Thailand Leader 2 Leader Leader Equity ASEAN Legg Mason Western Asset Global Bond Trust (Class A (SGD) Accumulating) Bond Global Leader Legg Mason Western Asset Singapore Bond (Class A (SGD) Accumulating) Bond SGD Leader LionGlobal Japan Growth (SGD) Equity Japan Leader 3 Leader 4 LionGlobal Japan Growth SGD-Hedged Class Equity Japan LionGlobal Short Duration Bond Class A (SGD) (Dist) Bond Global 4 Leader 4 Leader LionGlobal Singapore / Malaysia (SGD) Equity Malaysia/Singapore 2 Leader 2 3 LionGlobal TEAM - Singapore Fixed Income Investment (Class A) Bond SGD Leader LionGlobal Thailand (SGD) Equity Thailand Manulife Asia Pacific Investment Grade Bond Class A Bond Asia Pacific LC 4 Leader 4 Leader Natixis International s (LUX) I - Harris Associates Global Equity P/A (SGD) Equity Global Natixis International s (LUX) I - Harris Associates U.S. Equity H-P/A (SGD) Equity US Nikko AM Asia Investment s - Nikko AM Shenton Global Property Securities S$ Class Equity Sector Real Est Global Nikko AM Shenton Japan (S$) Class Equity Japan Nikko AM Shenton Short Term Bond s - Nikko AM Shenton Short Term Bond (S$) Bond Global 4 Leader 4 Leader Class Nikko AM Shenton Thrift Equity Singapore Leader Leader Leader 4 PineBridge Asia Ex Japan Small Cap Equity - Class A5CP Equity Asia Pacific ex Japan Leader PineBridge Asia Ex Japan Small Cap Equity - Class Y Equity Asia Pacific ex Japan 4 4 Leader Leader Pinebridge India Equity - Class A5CP Equity India PineBridge International s - Acorns of Asia Balanced Mixed Asset SGD Balanced Leader 4 Leader 4 PineBridge International s - Singapore Bond Bond SGD Leader Pinebridge US Large Cap Research Enhanced - Class Y Equity US Leader Schroder Asian Equity Yield Equity Asia Pacific ex Japan Leader Schroder Asian Growth Equity Asia Pacific ex Japan Leader 4 Leader 4 Schroder Asian Investment Grade Credit Bond Asia Pacific LC 3 Leader 3 Leader Schroder China Opportunities Equity China Schroder Global Emerging Market Opportunities Equity Emerging Mkts Global Leader 3 Leader Leader Schroder Multi-Asset Revolution Class A Mixed Asset SGD Balanced Page 18

19 3 Years Lipper Rating Name Lipper Global Classification Consistent Return Expense Total Return Preservation Schroder Singapore Fixed Income Class A Bond SGD Leader Schroder Singapore Trust Class A Equity Singapore United Asia Top-50 Equity Asia Pacific United Global Financials Equity Sector Financials United Global Healthcare Equity Sector Healthcare United International Growth Equity Global Leader United SGD - Class A (ACC) SGD Bond SGD Leader United Singapore Bond Bond SGD Leader United Singapore Growth Equity Singapore Source: Thomson Reuters Lipper Page 19

20 6.2 Lipper Leader Rating for CPFIS-Included ILPs Figure 7 Venn Diagram of CPFIS-Included ILPs With a Lipper Leader Rating (Rating of 5 ) CPFIS Insurance Source: Thomson Reuters Lipper As of the end of March 2018 the number of CPFIS-included ILPs in the top 20% of funds, receiving a rating of 5 and named Lipper Leaders, in each metric was as follows: Total Return: 25 funds Consistent Return: 25 funds Preservation: 47 funds Expense: 21 funds There s no CPFIS-included ILPs received a rating of 5 (Lipper Leader) in all four metrics combined. Page 20

21 Table 9 Full List of CPFIS-Included ILPs with a Lipper Leader Rating 3 Years Lipper Rating Consistent Total Name Lipper Global Classification Return Expense Return Preservation AIA Acorns of Asia Mixed Asset SGD Balanced Leader 3 Leader 3 AIA Emerging Markets Balanced Mixed Asset SGD Balanced Leader 3 Leader 4 AIA Emerging Markets Equity Equity Emerging Mkts Global Leader 3 Leader 4 AIA Global Balanced Mixed Asset SGD Balanced AIA Global Bond Bond Global Leader AIA Global Resources Equity Global AIA Global Technology Equity Sector Information Tech AIA Greater China Balanced Mixed Asset SGD Balanced Leader 3 Leader 2 AIA Greater China Equity Equity Greater China AIA Growth Mixed Asset SGD Aggressive 4 Leader Leader 2 AIA India Balanced Mixed Asset SGD Balanced AIA India Opportunities Equity India AIA International Health Care Equity Sector Healthcare Leader 2 Leader 2 AIA Japan Balanced Mixed Asset SGD Balanced Leader 3 Leader 3 AIA Japan Equity Equity Japan AIA Portfolio 100 Equity Global Income Leader AIA Portfolio 30 Mixed Asset SGD Conservative 3 Leader 3 Leader AIA Portfolio 50 Mixed Asset SGD Balanced Leader AIA Portfolio 70 Mixed Asset SGD Aggressive AIA Regional Equity Equity Asia Pacific ex Japan Leader 3 Leader Leader AIA Regional Fixed Income Bond SGD Leader Aviva Aberdeen Pacific Equity (SP) Equity Asia Pacific ex Japan Aviva Balanced Growth (SP) Mixed Asset SGD Balanced Leader 1 Leader 2 Aviva Capital Growth (SP) Equity Asia Pacific ex Japan Aviva Income Growth (SP) Mixed Asset SGD Conservative Leader Aviva Legg Mason Western Asset Global Bond Trust (SP) Bond Global Aviva LionGlobal Japan Growth (SP) Equity Japan Aviva MM Balanced Growth Mixed Asset SGD Balanced Leader 3 Leader 2 Aviva MM Capital Growth Equity Asia Pacific ex Japan Leader 4 Leader 4 Aviva MM Income Growth Mixed Asset SGD Conservative Leader 2 Leader Leader Aviva Nikko AM Shenton Short Term Bond (SP) Bond Global Leader Aviva Schroder Multi Asset Revolution Mixed Asset SGD Balanced 3 Leader 3 4 Aviva Templeton Global Balanced (SP) - CPF Mixed Asset SGD Balanced N/A N/A N/A N/A AXA Asian Balanced Mixed Asset SGD Balanced Leader 3 Leader 3 AXA Asian Growth Equity Asia Pacific ex Japan AXA China Growth Equity Greater China AXA Fortress A Equity Singapore Leader AXA Fortress B Equity Singapore AXA Global Balanced Mixed Asset SGD Balanced Leader AXA Global Defensive Bond Global Leader AXA Global Emerging Markets Equity Equity Emerging Mkts Global Leader 3 Leader Leader AXA Global Equity Blend Equity Global AXA Global Growth Mixed Asset SGD Aggressive AXA Global High Growth Equity Global AXA Global Secure Mixed Asset SGD Conservative 3 Leader 4 Leader Page 21

22 3 Years Lipper Rating Consistent Total Name Lipper Global Classification Return Expense Return Preservation AXA India Equity India AXA Pacific Equity Equity Asia Pacific ex Japan AXA Shariah Global Equity Equity Global Leader AXA Singapore Balanced Mixed Asset SGD Balanced AXA Singapore Bond Bond SGD Leader AXA Singapore Equity Equity Singapore AXA South East Asia Special Situations Equity ASEAN AXA Value Growth Equity Asia Pacific ex Japan GreatLink Asia Pacific Equity Equity Asia Pacific ex Japan GreatLink China Growth Equity Greater China GreatLink European Equity Equity Europe GreatLink Global Bond Bond Global Leader GreatLink Global Emerging Markets Equity Equity Emerging Mkts Global GreatLink Global Equity Alpha Equity Global GreatLink Global Opportunities Equity Global GreatLink Global Real Estate Securities Equity Sector Real Est Global GreatLink Global Supreme Mixed Asset SGD Balanced 4 Leader 4 Leader GreatLink Global Technology Equity Sector Information Tech GreatLink Lifestyle Balanced Portfolio Mixed Asset SGD Balanced 4 Leader 4 4 GreatLink LifeStyle Dynamic Portfolio Equity Global GreatLink LifeStyle Progressive Portfolio Mixed Asset SGD Aggressive Leader GreatLink Lifestyle Secure Portfolio Mixed Asset SGD Conservative 3 Leader 3 Leader GreatLink Lifestyle Steady Portfolio Mixed Asset SGD Balanced 3 Leader 3 Leader GreatLink Lion Asian Balanced Mixed Asset SGD Balanced 4 Leader 4 4 GreatLink Lion Japan Growth Equity Japan GreatLink Short Duration Bond Bond Global 4 Leader 4 Leader GreatLink Singapore Equities Equity Singapore HSBC Insurance Ethical Global Equity Equity Global HSBC Insurance Global Bond Bond Global Leader HSBC Insurance Pacific Equity Equity Asia Pacific ex Japan HSBC Insurance Singapore Bond Bond Global Leader John Hancock Adventurous Portfolio Mixed Asset SGD Aggressive John Hancock Balanced Portfolio Mixed Asset SGD Balanced John Hancock Cautious Portfolio Mixed Asset SGD Conservative Leader John Hancock European Equity Equity Europe John Hancock Global Balanced Mixed Asset SGD Balanced John Hancock Greater China Equity China John Hancock Japan Growth Equity Japan John Hancock Pacific Equity Equity Asia Pacific ex Japan John Hancock Pacific Harvest Mixed Asset SGD Aggressive John Hancock Worldwide Bond Bond Global Leader John Hancock Worldwide Equities Equity Global Manulife Asian Small-Cap Equity Equity Asia Pacific Sm&Mid Cap Manulife European Equity Equity Europe Page 22

23 Name Lipper Global Classification Consistent Return 3 Years Lipper Rating Expense Total Return Manulife Global Emerging Markets Equity Emerging Mkts Global Manulife Golden Asia Growth Equity Asia Pacific ex Japan Manulife Golden Balanced Growth Mixed Asset SGD Balanced 3 Leader 3 4 Manulife Golden Global Balanced Mixed Asset SGD Balanced Preservation Manulife Golden International Bond Bond Global Leader Manulife Golden Regional China Equity China Manulife Golden S.E.A. Special Situations Equity ASEAN Manulife Golden Singapore Growth Equity Singapore Manulife Golden Worldwide Equity Equity Global Manulife Income Series Asia Pacific Investment Grade Bond Bond Asia Pacific LC 4 Leader 4 Leader Manulife Income Series Asian Balanced Mixed Asset SGD Balanced Leader Manulife Income Series - Global Balanced Mixed Asset USD Bal - Global Manulife India Equity Equity India Manulife Japan Growth Equity Japan Manulife Lifestyle Portfolios - Aggressive Equity Global Manulife Lifestyle Portfolios - Conservative Mixed Asset SGD Conservative Leader Manulife Lifestyle Portfolios - Growth Mixed Asset SGD Aggressive Manulife Lifestyle Portfolios - Moderate Mixed Asset SGD Balanced Leader Manulife Lifestyle Portfolios - Secure Mixed Asset SGD Balanced 1 Leader 1 Leader Manulife Pacific Equity Equity Asia Pacific ex Japan Manulife Singapore Bond Bond SGD Leader NTUC AIM 2025 Target Maturity Other Leader NTUC AIM 2035 Target Maturity Other Leader 2 Leader 4 NTUC AIM 2045 Target Maturity Other Leader 2 Leader 4 NTUC AIM NOW Mixed Asset SGD Conservative 2 Leader 3 Leader NTUC Asia Managed Mixed Asset SGD Aggressive Leader 4 Leader 3 NTUC Global Bond Bond Global Leader NTUC Global Equity Equity Global Leader NTUC Global Managed (Balanced) Mixed Asset SGD Balanced 4 Leader 4 Leader NTUC Global Managed (Conservative) Mixed Asset SGD Conservative Leader NTUC Global Managed (Growth) Mixed Asset SGD Aggressive Leader Leader Leader 4 NTUC Global Technology Equity Sector Information Tech NTUC Prime Mixed Asset SGD Balanced Leader Leader Leader 3 NTUC Singapore Bond Bond SGD Leader 4 Leader Leader NTUC Singapore Equity Equity Singapore 2 Leader 2 2 NTUC Singapore Managed Mixed Asset SGD Balanced 4 Leader 4 2 NTUC Takaful Equity Global Leader 4 Leader Leader PruLink Adapt 2025 Target Maturity Other Leader PruLink Adapt 2035 Target Maturity Other Leader 2 Leader 4 PruLink America Equity US PruLink Asian American Managed Mixed Asset SGD Balanced PruLink Asian Equity Equity Asia Pacific ex Japan PruLink Asian Income and Growth Mixed Asset SGD Balanced Leader 4 Leader Leader Prulink China-India Equity Emerging Mkts Asia PruLink Emerging Markets Equity Emerging Mkts Global PruLink Global Bond Bond Global Leader Page 23

24 Name Lipper Global Classification Consistent Return 3 Years Lipper Rating Expense Total Return PruLink Global Equity Equity Global PruLink Global Managed Mixed Asset SGD Balanced PruLink Global Property Securities Equity Sector Real Est Global PruLink Global Technology Equity Sector Information Tech Preservation PruLink Greater China Equity Greater China PruLink Pan European Equity Europe Leader 3 Leader 3 PruLink Singapore ASEAN Managed Mixed Asset SGD Aggressive 2 Leader 3 2 PruLink Singapore Dynamic Bond Bond SGD Leader 4 Leader Leader PruLink Singapore Growth Equity Singapore PruLink Singapore Managed Mixed Asset SGD Aggressive 4 Leader 3 1 TMLS Asian Equity Equity Asia Pacific ex Japan TMLS China Equity Equity China TMLS Global Emerging Markets Equity Equity Emerging Mkts Global TMLS Global Equity Equity Global TMLS India Equity Equity India TMLS Singapore Bond Bond SGD Leader TMLS Singapore Equity Equity Singapore UOB Life FOF Asia Top 50 Equity Asia Pacific UOB Life FOF Global Healthcare Equity Sector Healthcare UOB Life FOF Growth Equity Singapore UOB Life FOF International Growth Equity Global Leader UOB LifeLink Global Equity Global Leader UOB LifeLink Growth Equity Singapore Source: Thomson Reuters Lipper Page 24

25 7 Appendices 7.1 Complete List of s Full List of CPFIS-Included Unit Trusts S/N Name Lipper Global CPFIS CPF Focus TER Date Franklin Templeton Investment s Templeton Korea A(acc)SGD Franklin Templeton Investment s Templeton Thailand A(acc)SGD Franklin Templeton Investment s - Templeton Emerging Markets A(acc)SGD Franklin Templeton Investment s Templeton China A(acc)SGD Expense Ratio Equity Korea Higher 31/12/ Equity Thailand Higher 31/12/ Equity Emerging Mkts Global Higher 31/12/ Equity Greater China Higher 31/12/ United Asia Top-50 Equity Asia Pacific Higher 31/12/ Franklin Templeton Investment s Templeton Asian Growth A(acc)SGD 7 United Global Financials 8 United Global Healthcare 9 AB SICAV I-International Health Care Portfolio (Class A) - SGD Equity Asia Pacific ex Japan Equity Sector Financials Equity Sector Healthcare Equity Sector Healthcare Higher 31/12/ Higher 31/12/ Higher 31/12/ Higher 30/11/ Nikko AM Asia Investment s - Nikko AM Shenton Global Property Securities S$ Class Equity Sector Real Est Global Higher 31/12/ Franklin Templeton Shariah s Templeton Shariah Global Equity Equity Global Higher 31/10/ AS (acc)sgd 12 Allianz Oriental Income - Class AT (SGD) Equity Asia Pacific Higher 30/09/ Allianz Europe Equity Growth - Class AT (H2-SGD) Equity Europe Higher 30/09/ Franklin Templeton Investment s Templeton European Equity Europe Higher 31/12/ A(acc)SGD 15 LionGlobal Thailand (SGD) Equity Thailand Higher 31/12/ Franklin Templeton Investment s Franklin Biotechnology Discovery A(acc)SGD Aberdeen Asian Smaller Companies Equity Sector Biotechnology Equity Asia Pacific Sm&Mid Cap Higher 31/12/ Higher 30/09/ These expense ratios may not be up to end of December 2017 but already represent the most up-to-date information (which may include unaudited expense ratio) submitted by the FMCs/Insurers. Some funds which are newly launched or have newly launched share classes have no available data. Page 25

26 Aberdeen China Opportunities Aberdeen European Opportunities Aberdeen Global Emerging Markets Aberdeen Global Opportunities Aberdeen India Opportunities Equity Greater China Higher 30/09/ Equity Europe Higher 30/09/ Equity Emerging Mkts Global 23 Aberdeen Malaysian Equity Equity Malaysia 24 Eastspring Investments Unit Trusts Pan European 25 First State Asian Growth Legg Mason Martin Currie Southeast Asia Trust (Class A (SGD) Accumulating) Natixis International s (LUX) I - Harris Associates Global Equity P/A (SGD) Natixis International s (LUX) I - Harris Associates U.S. Equity H-P/A (SGD) Franklin Templeton Investment s Franklin India AS (acc)sgd Franklin Templeton Investment s Templeton Global Equity Income AS (Mdis)SGD Higher 30/09/ Equity Global Higher 30/09/ Equity India Higher 30/09/ Equity Europe Equity Asia Pacific ex Japan Equity ASEAN Equity Global Equity US Equity India Equity Global Income BROADLY DIVERSIFIED BROADLY DIVERSIFIED 30/09/ /12/ /12/ /09/ /12/ /12/ /12/ /12/ Nikko AM Japan Dividend Equity -SGD Hedged Class Units Equity Japan Income 31/12/ Aberdeen Indonesia Equity Equity Indonesia Fidelity s Asia Focus SR-ACC-SGD Fidelity s-emerging Markets SR-ACC-SGD Franklin Templeton Investment s Templeton Global AS (acc)sgd Equity Asia Pacific ex Japan Equity Emerging Mkts Global Equity Global BROADLY DIVERSIFIED 30/09/ /10/ /10/ /12/ Nikko AM Japan Dividend Equity -SGD Class Units Equity Japan Income 31/12/ PineBridge Asia Ex Japan Small Cap Equity - Class A5CP Pinebridge India Equity - Class A5CP Fidelity s - Asian Special Situations SR-ACC-SGD Fidelity s - Greater China SR-ACC-SGD Equity Asia Pacific ex Japan Equity India Equity Asia Pacific ex Japan Equity Greater China 31/12/ /12/ /10/ /10/ Page 26

27 41 Franklin Templeton Investment s Franklin U.S. Opportunities AS (acc)sgd Equity US 31/12/ Schroder Asian Equity Yield Equity Asia Pacific ex Japan 31/12/ Aberdeen Thailand Equity Equity Thailand 44 First State Dividend Advantage Equity Asia Pacific ex Japan 45 First State Regional China Equity Greater China Schroder International Selection Greater China Class F Fidelity s-china Focus SR-ACC-SGD Pinebridge US Large Cap Research Enhanced - Class A5CP Eastspring Investments Unit Trusts Global Technology Fidelity s European Growth SR-ACC-Euro Fidelity s European Growth SR-ACC-SGD Fidelity s-global Dividend SR-ACC-SGD Fidelity s-global Dividend SR-MINCOME(G)-SGD Schroder China Opportunities Fidelity s America SR- ACC-SGD Fidelity s America SR- ACC-USD Fidelity s-america SR- ACC-SGD (Hedged) Schroder Global Emerging Market Opportunities 59 Aberdeen Pacific Equity Equity Greater China Equity China Equity US Equity Sector Information Tech Equity Europe Equity Europe Equity Global Income Equity Global Income Equity China Equity US Equity US Equity US Equity Emerging Mkts Global Equity Asia Pacific ex Japan 60 First State Global Resources Equity Global 61 Aberdeen Singapore Equity Equity Singapore Eastspring Investments Unit Trusts - Dragon Peacock Eastspring Investments-Asian Equity Income Class as Hedged Allianz Global Investors Premier s Allianz Global High Payout - SGD Equity Emerging Mkts Asia Equity Asia Pacific ex Japan Equity Global Income BROADLY DIVERSIFIED BROADLY DIVERSIFIED BROADLY DIVERSIFIED 30/09/ /12/ /12/ /12/ /10/ /12/ /12/ /10/ /10/ /10/ /10/ /12/ /10/ /10/ /10/ /12/ /09/ /12/ /09/ /12/ /12/ /12/ Page 27

28 65 Allianz Global Investors Premier s Allianz Global High Payout (USD Share Class) Equity Global Income BROADLY DIVERSIFIED 31/12/ Eastspring Investments Unit Trusts Singapore ASEAN Equity Equity Singapore 31/12/ LionGlobal Japan Growth (SGD) LionGlobal Japan Growth SGD-Hedged Class Eastspring Investments - Japan Dynamic Class As (hedged) Amundi Opportunities-Amundi Singapore Dividend Growth (AS-D Class) LionGlobal Singapore / Malaysia (SGD) 72 Schroder Asian Growth Equity Japan Equity Japan Equity Japan Equity Singapore Equity Malaysia/Singapore Equity Asia Pacific ex Japan 73 United Singapore Growth Equity Singapore 74 Schroder Singapore Trust Class A Equity Singapore 75 PineBridge Asia Ex Japan Small Cap Equity - Class Y Equity Asia Pacific ex Japan 76 United International Growth Equity Global BROADLY DIVERSIFIED 31/12/ /12/ /12/ /11/ /12/ /12/ /12/ /12/ /12/ /12/ Pinebridge US Large Cap Research Enhanced - Class Y Equity US 31/12/ Nikko AM Shenton Japan (S$) Class Equity Japan 79 Nikko AM Shenton Thrift Equity Singapore 80 APS Alpha (SGD) Absolute Return Other Franklin Templeton Investment s Templeton Global Balanced AS (acc)sgd Schroder Multi-Asset Revolution Class A Eastspring Investments Unit Trusts Asian Balanced PineBridge International s - Acorns of Asia Balanced 85 First State Bridge Mixed Asset USD Bal - Global Mixed Asset SGD Balanced Mixed Asset SGD Balanced Mixed Asset SGD Balanced Mixed Asset SGD Balanced MEDIUM TO HIGH RISK MEDIUM TO HIGH RISK MEDIUM TO HIGH RISK MEDIUM TO HIGH RISK MEDIUM TO HIGH RISK BROADLY DIVERSIFIED BROADLY DIVERSIFIED 31/12/ /12/ /12/ /12/ /12/ /12/ /12/ /12/ Manulife Asia Pacific Investment Grade Bond Class A Bond Asia Pacific LC LOW TO MEDIUM RISK 31/12/ Legg Mason Western Asset Singapore Bond (Class A (SGD) Accumulating) Bond SGD LOW TO MEDIUM RISK 30/09/ Page 28

29 88 Schroder Asian Investment Grade Credit Bond Asia Pacific LC LOW TO MEDIUM RISK 31/12/ Legg Mason Western Asset Global Bond Trust (Class A (SGD) Accumulating) Bond Global LOW TO MEDIUM RISK BROADLY DIVERSIFIED 30/09/ PineBridge International s - Singapore Bond Bond SGD LOW TO MEDIUM RISK 31/12/ United Singapore Bond Bond SGD LOW TO MEDIUM RISK 31/12/ Schroder Singapore Fixed Income Class A Bond SGD LOW TO MEDIUM RISK 31/12/ LionGlobal TEAM - Singapore Fixed Income Investment (Class A) Bond SGD LOW TO MEDIUM RISK 31/12/ United SGD - Class A (ACC) SGD Eastspring Investments Unit Trusts Singapore Select Bond Class A Eastspring Investments Unit Trusts Singapore Select Bond Class AD LionGlobal Short Duration Bond Class A (SGD) (Dist) Nikko AM Shenton Short Term Bond s - Nikko AM Shenton Short Term Bond (S$) Class Bond SGD Bond SGD Bond SGD Bond Global Bond Global Source: Central Provident Board and Thomson Reuters Lipper LOW TO MEDIUM RISK LOW TO MEDIUM RISK LOW TO MEDIUM RISK LOW TO MEDIUM RISK LOW TO MEDIUM RISK BROADLY DIVERSIFIED BROADLY DIVERSIFIED 31/12/ /12/ /12/ /12/ /12/ Page 29

30 7.1.2 Full List of CPFIS Included ILPs 1 2 Name (CPF) Lipper Global CPFIS CPF Focus Detail TER Date Aviva Aberdeen Pacific Equity (SP) Aviva LionGlobal Japan Growth (SP) Equity Asia Pacific ex Japan Equity Japan Higher Higher 3 Aviva Capital Growth (SP) Equity Asia Pacific ex Japan Higher 4 UOB Life FOF Asia Top 50 Equity Asia Pacific Higher UOB Life FOF Global Healthcare AIA International Health Care PruLink Global Property Securities AIA Emerging Markets Equity Equity Sector Healthcare Equity Sector Healthcare Equity Sector Real Est Global Equity Emerging Mkts Global Higher Higher Higher Higher 9 AIA Global Technology Equity Sector Information Tech Higher 10 AIA Greater China Equity Equity Greater China Higher 11 AIA India Opportunities Equity India Higher 12 AIA Portfolio 100 Equity Global Income Higher 13 AXA Asian Growth Equity Asia Pacific ex Japan Higher 14 AXA China Growth Equity Greater China Higher 15 AXA Fortress A Equity Singapore Higher 16 AXA Fortress B Equity Singapore Higher 17 AXA Global Emerging Markets Equity Equity Emerging Mkts Global Higher 18 AXA Global Equity Blend Equity Global Higher 19 AXA Global High Growth Equity Global Higher 20 AXA India Equity India Higher 21 AXA Pacific Equity Equity Asia Pacific ex Japan Higher 22 AXA Shariah Global Equity Equity Global Higher 23 AXA Singapore Equity Equity Singapore Higher 24 AXA South East Asia Special Situations Equity ASEAN Higher Expense Ratio Asia 30/09/ Japan 30/09/ Asia 30/09/ Asia 31/12/ Healthcare 31/12/ Healthcare 31/12/ Sector - Others 31/12/ Emerging Markets 31/12/ Technology 31/12/ Greater China 31/12/ Country - Others 31/12/ N/A 31/12/ Asia 31/12/ Greater China 31/12/ Singapore 31/12/ Singapore 31/12/ Emerging Markets 31/12/ N/A 31/12/ N/A 31/12/ Country - Others 31/12/ Asia 31/12/ N/A 31/12/ Singapore 31/12/ Asia 31/12/ Page 30

31 25 AXA Value Growth Equity Asia Pacific ex Japan Higher John Hancock Worldwide Equities Equity Global Manulife Asian Small-Cap Equity Equity Asia Pacific Sm&Mid Cap Higher Higher 28 Manulife European Equity Equity Europe Higher Manulife Global Emerging Markets Manulife Golden Worldwide Equity Equity Emerging Mkts Global Equity Global Higher Higher 31 Manulife India Equity Equity India Higher 32 PruLink Emerging Markets Equity Emerging Mkts Global Higher 33 PruLink Pan European Equity Europe Higher 34 GreatLink Global Opportunities Equity Global Higher 35 John Hancock Pacific Equity Equity Asia Pacific ex Japan Higher 36 Manulife Golden Asia Growth Equity Asia Pacific ex Japan Higher 37 TMLS Multi-Asset 90 Mixed Asset SGD Aggressive Higher GreatLink Global Emerging Markets Equity John Hancock European Equity Equity Emerging Mkts Global Equity Europe Higher Higher 40 John Hancock Japan Growth Equity Japan Higher TMLS Global Emerging Markets Equity HSBC Insurance Ethical Global Equity Manulife Golden S.E.A. Special Situations Manulife Golden Singapore Growth Equity Emerging Mkts Global Equity Global Equity ASEAN Equity Singapore Higher Higher Higher Higher 45 Manulife Pacific Equity Equity Asia Pacific ex Japan Higher 46 PruLink America Equity US Higher 47 TMLS China Equity Equity China Higher 48 AIA Global Resources Equity Global Higher 49 Manulife Lifestyle Portfolios - Aggressive Equity Global Higher 50 TMLS India Equity Equity India Higher 51 GreatLink Global Equity Alpha Equity Global Higher Asia 31/12/ N/A 31/12/ Asia 31/12/ Europe 31/12/ Emerging Markets 31/12/ N/A 31/12/ Country - Others 31/12/ Emerging Markets 31/12/ Europe 31/12/ N/A 31/12/ Asia 31/12/ Asia 31/12/ N/A 31/12/ Emerging Markets 31/12/ Europe 31/12/ Japan 31/12/ Emerging Markets 31/12/ N/A 31/12/ Asia 31/12/ Singapore 31/12/ Asia 31/12/ North America 31/12/ Greater China 31/12/ Sector - Others 31/12/ N/A 31/12/ Country - Others 31/12/ N/A 31/12/ Page 31