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

Transcription

1 FIRST QUARTER 2017 PERFORMANCE & RISK- MONITORING REPORT For CPFIS-Included Unit Trusts & Investment-Linked Insurance Products MARCH 2017 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, 2017, there were 93 unit trusts and 171 investment-linked insurance products (ILPs) included under the CPFIS 1, for a total of 264 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 UT 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) Source: Central Provident Board Risk Classification HIGHER RISK HIGHER RISK CPFIS Focus Detail Lipper Classification BROADLY DIVERSIFIED NARROWLY FOCUSED N/A North America Equity Global Equity US Table 3 Delisted Products UT LionGlobal China Growth ILP AXA Singapore Dollar HSBC Insurance Premium Source: Central Provident Board Risk Classification CPFIS Focus Detail Lipper Classification HIGHER RISK LOW RISK MEDIUM TO HIGH RISK NARROWLY FOCUSED BROADLY DIVERSIFIED Greater China N/A N/A Equity Greater China Money Market SGD 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 Most of global equity markets outperformed for Q The MSCI World Index rallied 6.53% (in U.S.- dollar terms) for Q1 2017, while it rose 1.97% for Q India S&P BSE SENSEX Index soared 11.24% and took the lead among most of the global major markets for Q For the U.S. market the NASDAQ index rallied 9.82, while the Dow Jones Industrial Average and the S&P 500 soared 4.56% and 5.53%, respectively, for the period. Most European equity markets also continued delivering positive performance for Q The Xetra DAX, FTSE 100, and CAC 40 index rallied 7.25%, 2.52%, and 5.35%, respectively. In Asia the India S&P BSE SENSEX Index and Singapore Strait Times Index both soared over 10%, while the Russia RTS CR index slid 3.35% for Q Table 4 Major Stock Market Indices (all return figures are in the respective local currencies) Price Period ended 31-March-2017 Name 2017/3/31 3 Months 6 Months 9 Months 1 Year 3 Years S&P BSE SENSEX 29, Singapore Straits Times CR 3, NASDAQ Composite CR 5, Hang Seng CR 24, BOVESPA (Ibovespa) TR 64, Xetra DAX TR 12, Philippine PSE Composite CR 7, KOSPI Composite CR 2, TAIEX CR 9, FTSE Bursa Malaysia KLCI CR 1, S&P 500 CR 2, CAC 40 CR 5, Swiss Market Index CR 8, Jakarta SE Composite Index 5, Dow Jones Industrial Average CR 20, Shanghai Composite CR 3, S&P/ASX 200 CR AUD 5, FTSE 100 CR 7, Thailand SET CR 1, Nikkei 225 CR 18, RTS CR 1, 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 1.55% for the quarter (in USD). The ten-year Treasury yield ended at 2.395% for the first quarter of 2017 versus 2.432% at the end of Q The Outlook U.S. President Trump has reversed himself on labeling the Chinese government a currency manipulator. The White House also announced a tax reform plan, including slashing the corporate income tax rate to 15 percent from 35 percent, reducing the number of income tax brackets to three. However, the details of a complete tax proposal are not ready and concrete yet. Investors are concerned that the Trump administration's tax cuts proposal could increase the federal deficit and push up the national debt. It s also a big conflict for a giant fiscal stimulus and tax cut. Moreover, tensions have risen sharply in Korean Peninsula as North Korea has stepped up ballistic missile tests. It s unpredictable how a conflict or crisis could unfold, and the investors should watch out for further international political development. 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 2016/3/ /3/31 (EST) Q Q Q Q1 Source: Thomson Reuters Yield Yield M - 30Y Auto Auto 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 2016/3/ /3/31 (GMT) Yield As of December 31, 2016 As of December 31, 2016 As of March 31, 2017 As of March 31, 2017 Yield Yield Q Q Q Q1 Source: Thomson Reuters Auto Auto 1M 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-2017 Name 3 Months 6 Months 9 Months 1 Year 3 Years Singapore Straits Times CR MSCI AC Asia ex TR USD MSCI EM (Emerging Markets) TR USD MSCI World TR USD STOXX Europe 50 CR EUR Thomson Reuters/SGX SFI SIBOR SGD 3 Month Citi WGBI TR USD 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 TR Asian ex- 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 Trusts ILPs All CPF MSCI World TR USD MSCI AC Asia ex TR USD Citigroup 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 2017, the overall performance of CPFIS-included (unit trusts and ILPs combined) funds continued posting positive returns of 5.10% on average, given a positive return of 5.20% on average among CPFIS-included unit trusts and a positive return of 5.04% among CPFIS-included ILPs. For all the CPFIS-included, equity, mixed-assset, bond and money market types posted 6.44%, 4.10%, 1.27% and 0.19%, respectively for the quarter. The MSCI World TR USD and the MSCI AC Asia ex Index rallied 3.03% and 9.68%, respectively, while the Citigroup WGBI slid 1.78% for Q For the one year period the overall performance of CPFIS-included funds posted a positive return of 14.17% on average. CPFIS-included unit trusts rallied 15.80% on the year, and CPFIS-included ILPs soared 13.16% on average. During the same period the key benchmark MSCI World TR USD rallied 19.78% and MSCI AC Asia ex Index soared 22.25%, respectively, while the Citigroup WGBI TR fell slightly 0.03%. For the one-year period equity products (+18.55% on average) outperformed the bond (+1.16% on average), mixed-asset (+10.66% on average) and money market (+0.64%) type offering. For the three-year period CPFIS-included funds soared 17.11% growth on average, accounted for by a gain of 18.71% on average from CPFIS-included unit trusts and 16.27% on average from CPFIS-included ILPs. During the same period MSCI World TR USD and MSCI AC Asia ex Index rallied 32.78% and 28.49%, respectively, while the Citigroup WGBI TR rose 7.16%. Equity type was the leading gainers (+20.11%), while money market portfolio posted 1.52% 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 2017, equity and mixed-asset types of UT portfolios posted positive return of 5.90% and 4.04% on average, while bond type only posted positive return of 1.67% for Q On average for the one-year period, all asset types of UT portfolios posted positive return. Bond, equity and mixed-asset posted positive return of 2.03%, 18.32% and 13.01% on average, respectively. Equity products (+20.41%) outperformed the other asset class offerings over the three-year period, and mixed-asset and bond types posted gains of 20.37% and 10.36% on average, respectively, for the three years through March 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 2017, ILP portfolios all posted positive return. Equity, mixed-asset, bond and money market types of ILP portfolios posted positive return of 6.99%, 4.11%, 0.98% and 0.19% on average, respectively. For the one-year period equity products(+18.78% on average) outperformed the bond offerings (+0.55% on average), mixed-asset type(+10.41% on average) and money market (+0.64% on average). For the three-year period equity funds were the leading gainers (+19.86%). Bond, mixed-asset and money market portfolios delivered 8.50%, 15.12% and 1.52% 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) Name % Growth % Growth % Growth % Growth % Growth 3M 31/12/2016 6M 30/09/2016 9M 30/06/2016 1Y 31/03/2016 3Y 31/03/2014 To 31/03/2017 To 31/03/2017 To 31/03/2017 To 31/03/2017 To 31/03/2017 Bond Global (5) Bond SGD (8) Equity ASEAN (1) Equity Asia Pacific (1) Equity Asia Pacific ex (9) Equity Asia Pacific Sm&Mid Cap (4) Equity China (3) Equity Emerging Mkts Asia (1) Equity Emerging Mkts Global (4) Equity Europe (10) Equity Global (7) Equity Global Income (5) Equity Greater China (5) Equity India (3) Equity Indonesia (1) Equity (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) (4) Mixed Asset USD Aggressive (1) 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 Income (2) Grand Total (107) 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 31/12/2016 6M 30/09/2016 9M 30/06/2016 1Y 31/03/2016 3Y 31/03/2014 Name To 31/03/2017 To 31/03/2017 To 31/03/2017 To 31/03/2017 To 31/03/2017 Bond Global (12) Bond SGD (7) Equity ASEAN (2) Equity Asia Pacific (1) Equity Asia Pacific ex (12) Equity Asia Pacific Sm&Mid Cap (4) Equity China (3) Equity Emerging Mkts Asia (1) Equity Emerging Mkts Global (6) Equity Europe (4) Equity Global (18) Equity Global Income (1) Equity Greater China (4) Equity India (5) Equity (5) Equity Sector Information Tech (4) Equity Sector Real Est Global (2) Equity Singapore (10) Aggressive (13) (32) Conservative (10) Mixed Asset USD Bal - Global (1) Money Market SGD (5) Target Maturity Other (5) Equity US (1) Bond Other Hedged (1) Equity Sector Healthcare (2) Bond Asia Pacific LC (1) Grand Total (172) Source: Thomson Reuters Lipper Remark: The average calculation includes the different share classes of the funds. 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 2017 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: 15 funds Consistent Return: 14 funds Preservation: 22 funds Expense: 4 funds There s no CPFIS-included unit trust received a rating of 5 (Lipper Leader) in all four metrics. 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 Aberdeen Asian Smaller Companies Equity Asia Pacific Sm&Mid Cap 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 Aberdeen Singapore Equity Equity Singapore Aberdeen Thailand Equity Equity Thailand Allianz Europe Equity Growth - Class AT (H2-SGD) Equity Europe Leader 2 Leader 3 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) Mixed Asset USD Aggressive Amundi Opportunities-Amundi Singapore Dividend Growth (AS-D Class) Equity Singapore APS Alpha (SGD) Absolute Return Other Leader Leader Leader 3 Capital Group European Growth and Income (LUX) Share Class B, Currency EUR Equity Europe Capital Group European Growth and Income (LUX) Share Class B, Currency USD Equity Europe Capital Group European Growth and Income (LUX) Share Class Bd, Currency EUR Equity Europe Capital Group European Growth and Income (LUX) Share Class Bd, Currency USD Equity Europe Deutsche China Equity (Class A) Equity China Deutsche Global Themes Equity - Class A - SGD Equity Global Deutsche Lion Bond (Class A) Bond Global Leader Eastspring Investments - Dynamic Class As (hedged) Equity 3 3 Leader 1 Eastspring Investments Unit Trusts Asian 4 4 Leader 4 Eastspring Investments Unit Trusts - Dragon Peacock Equity Emerging Mkts Asia 4 3 Leader 4 Eastspring Investments Unit Trusts Global Technology Eastspring Investments Unit Trusts Pan European Eastspring Investments Unit Trusts Singapore ASEAN Equity 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 Equity Sector Information Tech Equity Europe Equity Singapore Bond SGD Leader 3 Leader Leader Bond SGD Leader 3 Leader Leader Equity Asia Pacific ex First State Asian Growth Equity Asia Pacific ex Leader Page 17

18 3 Years Lipper Rating Consistent Total Name Lipper Global Classification Return Expense Return Preservation First State Bridge Leader 4 Leader Leader First State Dividend Advantage Equity Asia Pacific ex Leader 3 Leader 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 Franklin Templeton Investment s Templeton Asian Growth A(acc)SGD Equity Asia Pacific ex Franklin Templeton Investment s Templeton China A(acc)SGD Equity Greater China Franklin Templeton Investment s Templeton European A(acc)SGD Equity Europe Franklin Templeton Investment s Templeton Korea A(acc)SGD Equity Korea Franklin Templeton Investment s Templeton Thailand A(acc)SGD Equity Thailand Leader 1 Leader 4 Legg Mason Western Asset Asian Enterprise Trust (Class A (SGD) Accumulating) Equity Asia Pacific Sm&Mid Cap 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 Legg Mason Western Asset Southeast Asia Special Situations Trust (Class A (SGD) Accumulating) Equity ASEAN LionGlobal Growth (SGD) Equity Leader LionGlobal Growth SGD-Hedged Class Equity LionGlobal Short Duration Bond Class A (SGD) (Dist) Bond Global 4 Leader 4 Leader LionGlobal Singapore / Malaysia (SGD) Equity Malaysia/Singapore 1 Leader 1 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 Leader Nikko AM Asia Investment s - Nikko AM Shenton Global Property Securities S$ Class Equity Sector Real Est Global Nikko AM Shenton (S$) Class Equity Nikko AM Shenton Short Term Bond s - Nikko AM Shenton Short Term Bond (S$) Class Bond Global 3 Leader 2 Leader Nikko AM Shenton Thrift Equity Singapore Leader 4 Leader 4 PineBridge Asia Ex Small Cap Equity - Class A5CP Equity Asia Pacific Sm&Mid Cap Leader 2 Leader Leader PineBridge Asia Ex Small Cap Equity - Class Y Equity Asia Pacific Sm&Mid Cap Leader 4 Leader Leader Pinebridge India Equity - Class A5CP Equity India Leader 4 Leader 3 PineBridge International s - Acorns of Asia Leader 1 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 Leader Schroder Asian Growth Equity Asia Pacific ex Leader 4 Leader 4 Schroder Asian Investment Grade Credit Bond Asia Pacific LC Leader Schroder China Opportunities Equity China Leader Schroder Global Emerging Market Opportunities Equity Emerging Mkts Global Page 18

19 3 Years Lipper Rating Consistent Total Name Lipper Global Classification Return Expense Return Preservation Schroder Multi-Asset Revolution Class A Leader 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 Leader 2 Leader 1 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 2017 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: 22 funds Consistent Return: 23 funds Preservation: 57 funds Expense: 21 funds Two of the CPFIS-included ILPs received a rating of 5 (Lipper Leader) in all four metrics combined. They are: AIA Portfolio 30 and NTUC Global Managed (Growth). 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 Leader 3 Leader 4 AIA Emerging Markets AIA Emerging Markets Equity Equity Emerging Mkts Global AIA Global Leader 3 Leader Leader AIA Global Bond Bond Other Hedged 4 3 Leader Leader AIA Global Resources Equity Global AIA Global Technology Equity Sector Information Tech AIA Greater China Leader 3 Leader 3 AIA Greater China Equity Equity Greater China Leader 4 Leader 2 AIA Growth Aggressive 2 Leader 2 2 AIA India Leader 3 Leader 2 AIA India Opportunities Equity India AIA International Health Care Equity Sector Healthcare AIA Leader 3 Leader 3 AIA Equity Equity AIA Portfolio 100 Equity Global Income Leader AIA Portfolio 30 Conservative Leader Leader Leader Leader AIA Portfolio Leader AIA Portfolio 70 Aggressive Leader 3 Leader 4 AIA Regional Equity Equity Asia Pacific ex N/A N/A N/A N/A AIA Regional Fixed Income Bond SGD Leader AIA S$ Money Market Money Market SGD N/A N/A N/A N/A Aviva Aberdeen Pacific Equity (SP) Equity Asia Pacific ex Aviva Growth (SP) Aviva Capital Growth (SP) Equity Asia Pacific ex Aviva Income Growth (SP) Conservative Leader Aviva Legg Mason Western Asset Asian Enterprise Trust (SP) Equity Asia Pacific Sm&Mid Cap Aviva Legg Mason Western Asset Global Bond Trust (SP) Bond Global Aviva LionGlobal Growth (SP) Equity Aviva MM Growth 4 Leader 4 3 Aviva MM Capital Growth Equity Asia Pacific ex 4 Leader 4 4 Aviva MM Income Growth Conservative Leader Aviva Nikko AM Shenton Short Term Bond (SP) Bond Global Leader Aviva Schroder Multi Asset Revolution Leader AXA Asian Leader 3 Leader 4 AXA Asian Growth Equity Asia Pacific ex AXA China Growth Equity Greater China AXA Fortress A Equity Singapore Leader AXA Fortress B Equity Singapore 4 2 Leader 4 AXA Global Leader AXA Global Defensive Bond Global Leader AXA Global Emerging Markets Equity Equity Emerging Mkts Global AXA Global Equity Blend Equity Global AXA Global Growth Aggressive AXA Global High Growth Equity Global Page 21

22 3 Years Lipper Rating Consistent Total Name Lipper Global Classification Return Expense Return Preservation AXA Global Secure Conservative Leader Leader 4 Leader AXA India Equity India AXA Pacific Equity Equity Asia Pacific ex AXA Singapore 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 GreatLink Asia Pacific Equity Equity Asia Pacific ex 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 Leader 4 Leader Leader GreatLink Global Supreme 3 Leader 3 Leader GreatLink Global Technology Equity Sector Information Tech Leader 4 Leader 4 GreatLink Lifestyle Portfolio 4 Leader 3 Leader GreatLink LifeStyle Dynamic Portfolio Equity Global Leader GreatLink LifeStyle Progressive Portfolio Aggressive GreatLink Lifestyle Secure Portfolio Conservative 4 Leader 3 Leader GreatLink Lifestyle Steady Portfolio 3 Leader 2 Leader GreatLink Lion Asian 2 Leader 2 4 GreatLink Lion Growth Equity GreatLink Short Duration Bond Bond Global 4 Leader 3 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 HSBC Insurance Singapore Bond Bond Global Leader John Hancock Adventurous Portfolio Aggressive John Hancock Portfolio Leader John Hancock Cautious Portfolio Conservative Leader John Hancock European Equity Equity Europe John Hancock Global John Hancock Greater China Equity China John Hancock Growth Equity John Hancock Pacific Equity Equity Asia Pacific Sm&Mid Cap John Hancock Pacific Harvest Aggressive John Hancock Worldwide Bond Bond Global Leader John Hancock Worldwide Equities Equity Global Leader Manulife Asian Small-Cap Equity Equity Asia Pacific Sm&Mid Cap Page 22

23 Name Lipper Global Classification Consistent Return 3 Years Lipper Rating Expense Total Return Manulife European Equity Equity Europe Manulife Global Emerging Markets Equity Emerging Mkts Global Manulife Golden Asia Growth Equity Asia Pacific Sm&Mid Cap Manulife Golden Growth 2 Leader 2 4 Preservation Manulife Golden Global 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 Leader Manulife Income Series - Asia Pacific Investment Grade Bond Bond Asia Pacific LC Leader Manulife Income Series - Asian Leader Manulife India Equity Equity India Manulife Growth Equity Manulife Lifestyle Portfolios - Aggressive Equity Global Leader Manulife Lifestyle Portfolios - Conservative Conservative Leader Manulife Lifestyle Portfolios - Growth Aggressive Manulife Lifestyle Portfolios - Moderate Leader Manulife Lifestyle Portfolios - Secure 3 Leader 3 Leader Manulife Pacific Equity Equity Asia Pacific ex Manulife Singapore Bond Bond SGD Leader NTUC AIM 2025 Target Maturity Other Leader NTUC AIM 2035 Target Maturity Other Leader NTUC AIM 2045 Target Maturity Other NTUC AIM NOW Conservative 3 Leader 3 Leader NTUC Asia Managed Aggressive Leader Leader Leader 3 NTUC Global Bond Bond Global Leader NTUC Global Equity Equity Global Leader NTUC Global Managed () 4 Leader 4 Leader NTUC Global Managed (Conservative) Conservative Leader 4 Leader Leader NTUC Global Managed (Growth) Aggressive Leader Leader Leader Leader NTUC Global Technology Equity Sector Information Tech NTUC Prime Leader Leader Leader 3 NTUC Singapore Bond Bond SGD Leader NTUC Singapore Equity Equity Singapore NTUC Singapore Managed 2 Leader 2 3 NTUC Takaful Equity Global Leader 4 Leader Leader PruLink Adapt 2025 Target Maturity Other Leader PruLink Adapt 2035 Target Maturity Other PruLink America Equity US Leader PruLink Asian American Managed PruLink Asian Equity Equity Asia Pacific ex PruLink Asian Income and Growth Leader 4 4 Leader Prulink China-India Equity Emerging Mkts Asia Leader 4 Leader 4 PruLink Emerging Markets Equity Emerging Mkts Global Page 23

24 Name Lipper Global Classification Consistent Return 3 Years Lipper Rating Expense Total Return PruLink Global Bond Bond Global PruLink Global Developing Trends Equity Global PruLink Global Equity Equity Global Preservation PruLink Global Managed Leader PruLink Global Property Securities Equity Sector Real Est Global PruLink Global Technology Equity Sector Information Tech PruLink Greater China Equity Greater China Leader 4 Leader 3 PruLink Singapore ASEAN Managed Aggressive PruLink Singapore Dynamic Bond Bond SGD Leader 3 Leader Leader PruLink Singapore Growth Equity Singapore PruLink Singapore Managed Aggressive 2 Leader 2 2 TMLS Asian Equity Equity Asia Pacific ex TMLS China Equity Equity China Leader TMLS Global Bond Bond Global 3 Leader 2 Leader TMLS Global Equity Equity Global Leader UOB Life FOF Asia Top 50 Equity Asia Pacific UOB Life FOF Global Healthcare Equity Sector Healthcare Leader 2 Leader 1 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 Name Lipper Global CPFIS Risk CPF Focus TER Date Expense Ratio Franklin Templeton Investment s Templeton Korea A(acc)SGD Franklin Templeton Investment s Templeton Thailand A(acc)SGD Equity Korea 31/12/ Equity Thailand 31/12/ Franklin Templeton Investment s - Equity Emerging Mkts Templeton Emerging Markets 31/12/ Global A(acc)SGD Franklin Templeton Investment s Equity Greater China 31/12/ Templeton China A(acc)SGD Franklin Templeton Investment s Equity Asia Pacific ex Templeton Asian Growth 31/12/ A(acc)SGD United Asia Top-50 Equity Asia Pacific 31/12/ United Global Healthcare PineBridge Asia Ex Small Cap Equity - Class A5CP Equity Sector Healthcare Equity Asia Pacific Sm&Mid Cap 30/06/ /12/ LionGlobal Thailand (SGD) Equity Thailand 31/12/ AB SICAV I-International Health Care Portfolio (Class A) - SGD United Global Financials Allianz Europe Equity Growth - Class AT (H2-SGD) Allianz Oriental Income - Class AT (SGD) Equity Sector Healthcare Equity Sector Financials 30/11/ /12/ Equity Europe 30/09/ Mixed Asset USD Aggressive 30/09/ Franklin Templeton Investment s Templeton European A(acc)SGD Equity Europe 31/12/ Franklin Templeton Investment s Equity Sector Franklin Biotechnology Discovery Biotechnology A(acc)SGD 31/12/ Capital Group European Growth and Income (LUX) Share Class Bd, Equity Europe 31/12/ Currency EUR Capital Group European Growth and Income (LUX) Share Class Bd, Currency USD Equity Europe 31/12/ Allianz Global Investors Premier s Allianz Global High Payout (USD Equity Global Income Share Class) 30/06/ LionGlobal Growth SGD- Hedged Class Equity 30/06/ Nikko AM Asia Investment s - Nikko Equity Sector Real Est AM Shenton Global Property Securities Global S$ Class 31/12/ First State Asian Growth Equity Asia Pacific ex 30/06/ Equity Asia Pacific Aberdeen Asian Smaller Companies Sm&Mid Cap 30/09/ These expense ratios may not be up to end of Dec 2016 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 Name Lipper Global CPFIS Risk CPF Focus TER Date Expense Ratio Aberdeen Asian Smaller Companies Equity Asia Pacific Sm&Mid Cap 30/09/ Aberdeen China Opportunities Equity Greater China 30/09/ Aberdeen European Opportunities Equity Europe 30/09/ Aberdeen Global Emerging Markets Equity Emerging Mkts Global Aberdeen Global Opportunities Equity Global 30/09/ /09/ Aberdeen India Opportunities Equity India 30/09/ Aberdeen Malaysian Equity Equity Malaysia 30/09/ Aberdeen Pacific Equity Equity Asia Pacific ex 30/09/ Capital Group European Growth and Income (LUX) Share Class B, Equity Europe 30/06/ Currency EUR Capital Group European Growth and Income (LUX) Share Class B, Equity Europe 30/06/ Currency USD Franklin Templeton Investment s Franklin India AS (acc)sgd Equity India 30/06/ Franklin Templeton Investment s Templeton Global Equity Income Equity Global Income AS (Mdis)SGD 30/06/ Franklin Templeton Shariah s Templeton Shariah Global Equity Equity Global AS (acc)sgd 31/10/ Natixis International s (LUX) I - Harris Associates Global Equity P/A Equity Global (SGD) 31/12/ Natixis International s (LUX) I - Harris Associates U.S. Equity H-P/A (SGD) Equity US 31/12/ Aberdeen Indonesia Equity Equity Indonesia 30/09/ Fidelity s - Greater China SR- ACC-SGD Franklin Templeton Investment s Templeton Global AS (acc)sgd Legg Mason Western Asset Southeast Asia Special Situations Trust (Class A (SGD) Accumulating) Schroder Asian Equity Yield Schroder Global Emerging Market Opportunities Equity Greater China 31/10/ Equity Global 30/06/ Equity ASEAN 30/09/ Equity Asia Pacific ex Equity Emerging Mkts Global 31/12/ /12/ Aberdeen Thailand Equity Equity Thailand 30/09/ Page 26

27 Name Lipper Global CPFIS Risk CPF Focus TER Date Expense Ratio Fidelity s Asia Focus SR-ACC- Equity Asia Pacific ex SGD 31/10/ Fidelity s - Asian Special Situations Equity Asia Pacific ex SR-ACC-SGD 31/10/ Franklin Templeton Investment s Franklin U.S. Opportunities AS (acc)sgd Equity US 30/06/ Legg Mason Western Asset Asian Equity Asia Pacific Enterprise Trust (Class A (SGD) Sm&Mid Cap Accumulating) 30/09/ Pinebridge India Equity - Class A5CP Equity India 31/12/ Schroder International Selection Greater China Equity Greater China 30/06/ Nikko AM Dividend Equity - SGD Hedged Class Units Equity Income 31/12/ Schroder China Opportunities Equity China 31/12/ Fidelity s-china Focus SR-ACC- SGD Equity China 31/10/ Fidelity s-emerging Markets Equity Emerging Mkts SR-ACC-SGD Global 31/10/ First State Dividend Advantage Equity Asia Pacific ex 30/06/ Pinebridge US Large Cap Research Enhanced - Class A5CP Equity US 31/12/ Deutsche China Equity (Class A) Equity China 30/06/ Eastspring Investments Unit Trusts Equity Sector Global Technology Information Tech 31/12/ Eastspring Investments Unit Trusts Pan Equity Europe European 31/12/ Fidelity s-america SR-ACC-SGD Equity US (Hedged) 31/10/ Fidelity s-global Dividend SR- Equity Global Income ACC-SGD 31/10/ Fidelity s-global Dividend SR- Equity Global Income MINCOME(G)-SGD 31/10/ Fidelity s European Growth SR-ACC-Euro Equity Europe 31/10/ First State Global Resources Equity Global 30/06/ First State Regional China Equity Greater China 30/06/ Fidelity s America SR-ACC- SGD Equity US 31/10/ Page 27

28 Name Lipper Global CPFIS Risk CPF Focus TER Date Expense Ratio Fidelity s America SR-ACC- USD Fidelity s European Growth SR-ACC-SGD Equity US 31/10/ Equity Europe 31/10/ Aberdeen Singapore Equity Equity Singapore 30/09/ Deutsche Global Themes Equity - Class A - SGD Nikko AM Dividend Equity - SGD Class Units Allianz Global Investors Premier s Allianz Global High Payout - SGD Eastspring Investments Unit Trusts - Dragon Peacock Equity Global 30/06/ Equity Income 31/12/ Equity Global Income Equity Emerging Mkts Asia 31/12/ /12/ LionGlobal Growth (SGD) Equity 31/12/ Eastspring Investments Unit Trusts Singapore ASEAN Equity Equity Singapore 31/12/ Eastspring Investments - Dynamic Equity Class As (hedged) 31/12/ Eastspring Investments-Asian Equity Equity Asia Pacific ex Income Class as Hedged 30/06/ Amundi Opportunities-Amundi Singapore Dividend Growth (AS-D Class) LionGlobal Singapore / Malaysia (SGD) Schroder Asian Growth PineBridge Asia Ex Small Cap Equity - Class Y Equity Singapore 30/11/ Equity Malaysia/Singapore Equity Asia Pacific ex Equity Asia Pacific Sm&Mid Cap 31/12/ /12/ /12/ Schroder Singapore Trust Class A Equity Singapore 31/12/ United International Growth Equity Global 30/06/ United Singapore Growth Equity Singapore 30/06/ Pinebridge US Large Cap Research Enhanced - Class Y Equity US 31/12/ Nikko AM Shenton (S$) Class Equity 31/12/ Nikko AM Shenton Thrift Equity Singapore 31/12/ APS Alpha (SGD) Absolute Return Other 30/06/ Page 28

29 Name Lipper Global CPFIS Risk CPF Focus TER Date Expense Ratio Schroder Multi-Asset Revolution Class A PineBridge International s - Acorns of Asia Eastspring Investments Unit Trusts Asian First State Bridge Manulife Asia Pacific Investment Grade Bond Class A Legg Mason Western Asset Singapore Bond (Class A (SGD) Accumulating) Schroder Asian Investment Grade Credit Legg Mason Western Asset Global Bond Trust (Class A (SGD) Accumulating) Bond Asia Pacific LC Bond SGD Low Bond Asia Pacific LC Bond Global To PineBridge International s - Bond SGD Singapore Bond United Singapore Bond Bond SGD Schroder Singapore Fixed Income Bond SGD Class A Deutsche Lion Bond (Class A) Bond Global LionGlobal TEAM - Singapore Fixed Bond SGD Income Investment (Class A) United SGD - Class A (ACC) SGD Bond SGD Eastspring Investments Unit Trusts Bond SGD Singapore Select Bond Class A Eastspring Investments Unit Trusts Bond SGD Singapore Select Bond Class AD LionGlobal Short Duration Bond Bond Global Class A (SGD) (Dist) Nikko AM Shenton Short Term Bond s - Nikko AM Shenton Short Term Bond Global Bond (S$) Class LionGlobal Short Duration Bond Bond Global Class A (SGD) (Acc) Source: Central Provident Board and Thomson Reuters Lipper 31/12/ /12/ /12/ /06/ /06/ /09/ /12/ /09/ /12/ /12/ /06/ /06/ /12/ /06/ /12/ /12/ /12/ /12/ /06/ Page 29

30 7.1.2 Full List of CPFIS Included ILPs Name (CPF) Lipper Global CPFIS Risk CPF Focus Detail TER Date Aviva LionGlobal Growth (SP) Equity Aviva Aberdeen Pacific Equity (SP) Equity Asia Pacific ex UOB Life FOF Asia Top 50 Equity Asia Pacific UOB Life FOF Global Healthcare Equity Sector Healthcare AIA International Health Care Equity Sector Healthcare Aviva Capital Growth (SP) Equity Asia Pacific ex PruLink Global Property Securities Equity Sector Real Est Global Equity Asia Pacific Manulife Asian Small-Cap Equity Sm&Mid Cap Manulife Pacific Equity Equity Asia Pacific ex AIA Emerging Markets Equity Equity Emerging Mkts Global AIA Global Technology Equity Sector Information Tech AIA Greater China Equity Equity Greater China AIA India Opportunities Equity India Aviva Legg Mason Western Asset Asian Enterprise Trust (SP) AXA Asian Growth Equity Asia Pacific Sm&Mid Cap Equity Asia Pacific ex AXA China Growth Equity Greater China AXA Fortress A Equity Singapore AXA Fortress B Equity Singapore AXA Global Emerging Markets Equity Equity Emerging Mkts Global AXA Global Equity Blend Equity Global AXA Global High Growth Equity Global AXA India Equity India Expense Ratio 30/06/ Asia 30/06/ Asia 30/06/ Healthcare 30/06/ Healthcare 31/12/ Asia 30/06/ Sector - Others 30/06/ Asia 30/06/ Asia 30/06/ Emerging Markets 31/12/ Technology 31/12/ Greater China Country - Others 31/12/ /12/ Asia 30/06/ 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/ Page 30

31 Name (CPF) Lipper Global CPFIS Risk CPF Focus Detail TER Date AXA Pacific Equity Equity Asia Pacific ex AXA Shariah Global Equity Equity Global AXA Singapore Equity Equity Singapore AXA South East Asia Special Situations AXA Value Growth Manulife Golden Singapore Growth Manulife Golden Worldwide Equity PruLink Emerging Markets Equity ASEAN Equity Asia Pacific ex Equity Singapore Equity Global Equity Emerging Mkts Global PruLink Global Equity Equity Global GreatLink Global Opportunities Equity Global John Hancock Worldwide Equities Equity Global AIA Global Resources Equity Global AIA Portfolio 100 Equity Global Income PruLink Greater China Equity Greater China GreatLink Global Equity Alpha Equity Global John Hancock Growth Equity Manulife European Equity Equity Europe PruLink Global Technology Equity Sector Information Tech PruLink Pan European Equity Europe TMLS India Equity Equity India TMLS Singapore Equity Equity Singapore GreatLink Global Emerging Markets Equity HSBC Insurance Pacific Equity John Hancock Pacific Equity Manulife Golden Asia Growth Equity Emerging Mkts Global Equity Asia Pacific ex Equity Asia Pacific Sm&Mid Cap Equity Asia Pacific Sm&Mid Cap Expense Ratio Asia 31/12/ N/A 31/12/ Singapore 31/12/ Asia 31/12/ Asia 31/12/ Singapore 30/06/ N/A 30/06/ Emerging Markets 30/06/ N/A 30/06/ N/A 31/12/ N/A 30/06/ Sector - Others 31/12/ N/A 31/12/ Greater China 30/06/ N/A 31/12/ /06/ Europe 30/06/ Technology 30/06/ Europe 30/06/ Country - Others Country - Singapore Emerging Markets 31/12/ /12/ /12/ Asia 31/12/ Asia 30/06/ Asia 30/06/ Page 31

32 Name (CPF) Lipper Global CPFIS Risk CPF Focus Detail TER Date Manulife Golden Regional China Equity China Manulife Lifestyle Portfolios - Aggressive Equity Global PruLink America Equity US John Hancock Greater China Equity China Manulife Global Emerging Markets Manulife Golden S.E.A. Special Situations Equity Emerging Mkts Global Equity ASEAN TMLS Global Equity Equity Global TMLS Multi-Asset 90 Aggressive GreatLink Singapore Equities Equity Singapore HSBC Insurance Ethical Global Equity Equity Global PruLink Adapt 2035 Target Maturity Other AIA Regional Equity GreatLink Asia Pacific Equity GreatLink Global Real Estate Securities Equity Asia Pacific ex Equity Asia Pacific ex Equity Sector Real Est Global Manulife Growth Equity AIA Equity Equity PruLink Global Developing Trends Equity Global Manulife India Equity Equity India Equity Sector GreatLink Global Technology Information Tech Manulife Lifestyle Portfolios - Growth Aggressive Equity Emerging Mkts Prulink China-India Asia PRUlink India Equity Equity India GreatLink European Equity Equity Europe GreatLink LifeStyle Dynamic Portfolio Equity Global Greater China Expense Ratio 30/06/ N/A 30/06/ North America Greater China Emerging Markets 30/06/ /06/ /06/ Asia 30/06/ N/A 31/12/ N/A 31/12/ Singapore 31/12/ N/A 31/12/ N/A 30/06/ Asia 31/12/ Asia 31/12/ Sector - Others 31/12/ /06/ /12/ N/A 30/06/ Country - Others 30/06/ Technology 31/12/ N/A 30/06/ Country - Others Country - Others 30/06/ /12/ Europe 31/12/ N/A 31/12/ Page 32