SINGAPORE FUND FLOWS SUMMARY QUARTER END ANALYSIS September 30, 2013

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1 SINGAPORE FUND FLOWS SUMMARY QUARTER END ANALYSIS

2 Net Inflow of Funds Into Unit Trusts Continued Decreasing, Bond Funds Lost The Throne And Turned To Suffer Net Outflows in 3Q2013. Unit trusts registered for sale in Singapore, in aggregate, registered a net inflow of S$1, million for 3Q2013. By asset type fund group, bond funds ended its fifth consecutive quarter s net inflow and turned to suffer net outflow of S$ million. Equity funds become the leading asset type for net inflow of S$1, million for 3Q2013. The total inflow of capital for 3Q2013 has plunged 21.04% to S$6, million and the total outflow of capital also slid 12.19% to S$4, million for the period. Equity funds took bond funds top leading position and attracted the largest amount of capital inflow (S$2, million) by asset type fund group, climbed 30.39% for 3Q2013, while bond funds slid 51.39% to S$1, million for the quarter. The capital outflow of Equity funds plunged 22.12% to S$1, million and bond funds recorded a capital outflow of S$2, million for 2Q2013, slid 8.56% for 3Q2013. The capital inflow of mixed asset funds plunged 25.52% to S$ million, while its capital outflow also slid 36.83% to S$ million for 3Q2013. Contents 1. Fund Flow Overview for Q Equity Fund Flow Analysis Bond and Money Market Fund Flow Analysis Mixed Asset Funds Flows Analysis Outlook Appendix A Data Sources Appendix B Net Fund Flow by Lipper Global Classification for Q3 2013(S$ Million) Appendix C CPF Fund Flow by Lipper Global Classification for Q3 2013(S$ Million) Page 1 of 16

3 1. Fund Flow Overview for Q Table 1 Estimated Fund Flow by Major Asset Classes for Q3 2013(S$ Million) Inflows Outflows Asset Class CPF Non-CPF Total CPF Non-CPF Total Net Flows Alternatives (0.38) Bond , , , , (320.13) Commodity (12.22) Equity , , , , , Mixed Assets Money Market , , (164.35) Total , , , , , NB: Non CPF numbers may include flows into/from the Supplementary Retirement Scheme (SRS) accounts as well as selected sophisticated funds distributed by participating IMAS members. Total net flows in the table may differ because of rounding of numbers. For there re different assets types in alternatives, the total net flows of bond type has included Absolute Return USD Medium. Equity type has included part of Absolute Return Other and Mixed Assets has included part of Absolute Return Other and Absolute Return USD High. Mixed Assets includes Target Maturit y Funds. Based on data submitted by participating IMAS members (see Appendix A), the various authorised and recognised unit trusts registered for sale in Singapore, in aggregate, registered a net inflow of S$1, million for 3Q2013, slid 43.55% from the net inflow of S$2, million recorded for 2Q2013. By asset type fund group, bond funds ended its fifth consecutive quarter s net inflow and turned to receive net outflow of S$ million. Equity funds become the leading asset type for net inflow of S$1, million for 3Q2013, rallied from the net inflow of S$ million recorded for 2Q2013. Mixed asset fund received the net inflow of S$ million for 3Q2013, slid from the net inflow of S$ million recorded for 2Q2013. Money market funds continued recording a net outflow of S$ million for 3Q2013 versus a net inflow of S$2.29 million for 2Q2013. Equity funds has taken bond funds top leading position and attracted the largest amount of capital inflow by asset type fund group for 3Q2013. On a quarterly basis, the amount of capital inflow for equity fund climbed 30.39% for the quarter. It accounted for 40.38% (S$2, million) of the overall capital inflow into the unit trusts for 3Q2013. The capital outflow of Equity fund plunged 22.12% from S$1, million for 2Q2013 to S$1, million for 3Q2013. Page 1 of 16

4 The capital inflow for bond funds slid 51.39% to S$1, million, which accounted for 28.14% of the overall capital inflow. Mixed asset funds capital inflow also dropped 25.52% to S$ million, which accounted for 15.83% of the overall capital inflow for 3Q2013. Meanwhile bond funds recorded a capital outflow of S$2, million for 3Q2013, slid 8.56% for the period. The capital inflow of mixed asset funds plunged 25.52% from S$1, million for 2Q2013 to S$ million for 3Q2013. The capital outflow of mixed asset funds also slid 36.83% from S$ million for 2Q2012 to S$ million for 3Q2013. The total inflow of capital for 3Q2013 has plunged 21.04% from S$7, million for 2Q2013 to S$6, million for 3Q2013. The total outflow of capital for 3Q2013 also slid 21.04% from S$5, million for 2Q2013 to S$4, million for 3Q2013. Figure 1 Performance of Key Technical Indicators during 3Q 2013 Page 2 of 16

5 Table 2 Ten Top Fund Sector Inflow and Outflow by Lipper Global Classification for Q3 2013(S$ Million) Inflows Outflows Lipper Global Classification Fund Flow Lipper Global Classification Fund Flow 1 Equity Asia Pacific Ex Japan Money Market SGD 1, Money Market SGD Bond Global Bond USD High Yield Bond Emrg Mkts Global HC Bond Global Equity Asia Pacific Ex Japan Equity Singapore Bond Global High Yield Bond Global High Yield Bond USD Equity US Mixed Asset SGD Balanced Bond SGD Bond SGD Mixed Asset USD Flex - Global Bond Asia Pacific Mixed Asset SGD Conservative Equity China Note: Lipper Global Classifications are created only when there are a minimum of ten representative products with a similar investment mandate. Fund groupings not meeting this requirement will be categorised in an equivalent category where appropriate or placed in Other. 2. Equity Fund Flow Analysis Most global markets rebounded in Q The MSCI World Index rallied 8.29% (in U.S. dollar terms) for Q3 2013, while it slightly rose 0.85% for Q The U.S. equity markets continued playing leading positions and posting positive returns for Q The S&P 500, Dow Jones Industrial and NASDAQ average rallied 4.69%, 1.48% and 10.82%, respectively. European equity core markets followed the U.S. equity markets bullish direction for Q3 2013: the FTSE 100, Xetra DAX and the CAC 40 rose 3.97%, 7.98% and 10.82%, respectively (all in local currencies). Among the main Asian equity markets, Hong Kong Hang Seng Index rallied 9.89% and took a lead for Q3 2013, while Indonesia Jakarta SE Composite Index slid 10.43% for Q For all funds registered for sale in Singapore and contributed fund flows by participating IMAS members, 23 of the 61 LGC typed equity fund groups posted a net capital inflow and 38 LGC typed equity fund groups posted net capital outflow for the quarter. Among all Equity types, Equity Asia Pacific Ex Japan gained the biggest fund net inflows for S$ million, while Equity Emerging Markets Global posted the biggest outflows for S$60.98 million. Among all equity fund groups investing in all seven different regions and sectors, LGC type equity fund groups that invest in Asia Pacific gained the biggest capital net inflow for S$ million of equity funds, while global region and sector funds posted the biggest net capital outflow for S$48.15 and S$44.73 million, respectively, of equity funds for the period. Page 3 of 16

6 Table 3 Ten Top and Bottom Equity Fund Classification by Net Flow for Q3 2013(in S$ Million) Equity Sector Net Flows Equity Asia Pacific Ex Japan Equity Singapore Equity US Equity Europe Equity Japan Equity Global Income Equity Thailand Equity Vietnam 9.00 Equity Indonesia 6.64 Equity EuroZone 6.35 Equity Asia Pacific Sm&Mid Cap Equity Taiwan Equity India Equity Emerging Mkts Asia Equity Global Equity Sector Natural Resource Equity Sector Real Est As Pac Equity China Equity Greater China Equity Emerging Mkts Global Table 4 Estimated Equity Fund Flow by Broad Geographical Classifications for Q3 2013(in S$ Million) Geographical Classification Asia-Pacific Europe Global Latin America North America Middle East/Other Sector Total 1, The total net number is slightly different from table 1 for it doesn t include Alternatives which belongs to equity type. Page 4 of 16

7 3. Bond and Money Market Fund Flow Analysis The Citigroup WGBI rose 1.79% for the quarter (in USD). The ten year Treasury ended at % the third quarter versus 2.487% on the end of Q2. 14 of 26 LGC type bond fund groups recorded a net capital inflow for 3Q2013. The five most popular LGC type bond fund groups were: Bond USD High Yield(+S$ million), Bond SGD(+S$92.32 million), Bond Global High Yield (+S$15.62 million), Bond Convertibles Global(+S$7.67 million) and Bond Europe High Yield(+S$6.27 million). As for money market funds, only Money Market SGD fund groups recorded a net outflow of capital for the period. Table 5 Net Flow into Bond and Money Market Funds for Q3 2013(in S$ Million) Bond Funds Net Flows Money Market Funds Net Flows Bond USD High Yield Money Market EUR 0.00 Bond SGD Money Market SGD Bond Global High Yield Money Market USD Bond Convertibles Global 7.67 Bond Europe High Yield 6.27 Bond USD Short Term 2.43 Bond Other Hedged 0.56 Bond EUR High Yield 0.17 Bond EUR 0.09 Bond Global Short Term 0.00 Bond Europe Bond GBP Bond Global Corporates Bond Other Bond Global Inflation Linked Bond USD Corporates Bond CNY Bond Emrg Mkts Global LC Bond Asia Pacific Bond USD Bond Global Bond Emrg Mkts Global HC Total Bond Funds Total Money Market Funds The total net number is slightly different from table 1 for it doesn t include Alternatives which belongs to bond type. Page 5 of 16

8 Figure 2 Shifts in Benchmark Yield Curves between June 30, 2013 and (a) United States 1M - 30Y Yield 3.9 As of September As of June M 6M 3Y 5Y 7Y 10Y 30Y (b) Singapore 1M - 30Y Yield As of June As of September M 2Y 5Y 10Y 15Y 20Y 30Y Source: Thomson Reuters Page 6 of 16

9 4. Mixed Asset Funds Flows Analysis Total net flow in asset allocation products including mixed asset funds and target maturity funds plunged to S$ million for 3Q2013, representing a decrease of 17.2% from 2Q2013. The increase in the net capital inflow of this fund category was attributed mainly to mixed asset balanced, conservative and flexible funds. The net capital inflow of mixed asset balanced funds slightly rose 4.15% from S$279 million for 2Q2013 to S$ million for 3Q2013. Both mixed asset conservative and flexible funds have also gained net inflow for S$ million and S$ million, respectively, for 3Q2013. Table 6 Net Flow of Mixed Asset and Other Funds for Q3 2013(S$ Million) Funds Net Flows Aggressive Balanced Flexible Conservative Target Maturity Total Mixed-Asset Absolute Return Alternative Commodity Protected Subtotal Other Assets The total net number is slightly different from table 1 for it doesn t include Alternatives which belongs to Mixed Assets type. Page 7 of 16

10 5. Outlook It is widely expected that the Fed would announced a cut to its bond buying program in September. However, the Federal Open Market Committee announced unexpectedly that it would leave its monthly bond purchases unchanged at $85 billion a month, in a decision that surprised the market. The Fed wants to see more signs that economic improvement will be sustained before tapering. The consensus is now that tapering won't begin until at least March Xav Feng xav.feng@thomsonreuters.com Thomson Reuters All Rights Reserved. Lipper FundFlows Insight Reports are for informational purposes only, and do not constitute investment advice or an offer to sell or the solicitation of an offer to buy any security of any entity in any jurisdiction. No guarantee is made that the information in this report is accurate or complete and no warranties are made with regard to the results to be obtained from its use. In addition, Lipper, a Thomson Reuters company, will not be liable for any loss or damage resulting from information obtained from Lipper or any of its affiliates. Page 8 of 16

11 6.1 Appendix A Data Sources Data and analyses are based on information provided by the following IMAS members: 1 Aberdeen Asset Management Asia Limited 2 AllianceBernstein (Singapore) Ltd. 3 Allianz Global Investors Singapore Limited 4 Amundi Singapore Limited 5 APS Asset Management Pte Ltd 6 Aviva Limited 7 Deutsche Asset Management (Asia) Limited 8 Eastspring Investments (Singapore) Limited 9 FIL Investment Management (Singapore) Limited 10 First State Investments (Singapore) 11 Henderson Global Investors (Singapore) Limited 12 ING Investment Management Asia Pacific (Singapore) Ltd 13 JPMorgan Asset Management (Singapore) Limited 14 Lion Global Investors Limited 15 Navigator Investment Services Limited 16 Nikko Asset Management Asia Limited 17 Phillip Capital Management (S) Ltd 18 PIMCO Asia Pte Ltd 19 PineBridge Investments Singapore Limited 20 Schroder Investment Management (Singapore) Ltd 21 Singapore Unit Trusts Limited 22 Singapore Consortium Investment Management Ltd 23 Templeton Asset Management Ltd 24 UBS Global Asset Management (Singapore) Ltd 25 UOB Asset Management Ltd 26 Western Asset Management Company Pte Ltd Page 9 of 16

12 6.2 Appendix B Net Fund Flow by Lipper Global Classification for Q3 2013(S$ Million) Lipper Global Classification CPF Net Flow Non CPF Net Flow Absolute Return Other Absolute Return USD High 0.10 Absolute Return USD Low 1.77 Absolute Return USD Medium Alternative Credit Focus 0.88 Alternative Currency Strats 0.39 Alternative Event Driven Alternative Global Macro 0.81 Bond Asia Pacific Bond CNY Bond Convertibles Global 7.67 Bond Emrg Mkts Global HC Bond Emrg Mkts Global LC Bond EUR 0.09 Bond EUR High Yield 0.17 Bond Europe 0.12 Bond Europe High Yield 6.27 Bond GBP 0.14 Bond Global Bond Global Corporates 0.18 Bond Global High Yield Bond Global Inflation Linked 0.93 Bond Other 0.40 Bond Other Hedged 0.56 Bond SGD Bond USD Bond USD Corporates Bond USD High Yield Bond USD Short Term 2.43 Commodity Agriculture 1.29 Commodity Blended 5.97 Commodity Precious Metals 4.95 Equity ASEAN Equity Asia Pacific Equity Asia Pacific Ex Japan Page 10 of 16

13 Lipper Global Classification CPF Net Flow Non CPF Net Flow Equity Asia Pacific Sm&Mid Cap Equity Australasia 5.31 Equity Australia 1.90 Equity Brazil 0.03 Equity China Equity Emerging Mkts Asia Equity Emerging Mkts Europe Equity Emerging Mkts Global Equity Emerging Mkts Latin Am 5.88 Equity Emerging Mkts Other 1.22 Equity Europe Equity Europe ex UK 0.17 Equity Europe Sm&Mid Cap 0.16 Equity EuroZone Equity France 0.25 Equity Germany 0.93 Equity Global Equity Global Income Equity Global Sm&Mid Cap Equity Greater China Equity Hong Kong Equity Iberia 0.44 Equity India Equity Indonesia Equity Italy 0.18 Equity Japan Equity Japan Sm&Mid Cap 1.01 Equity Korea Equity Malaysia Equity Malaysia/Singapore Equity MENA 2.35 Equity Nordic 0.05 Equity Philippines 0.21 Equity Russia 0.58 Equity Sector Banks&Financial Equity Sector Basic Industries 0.89 Equity Sector Biotechnology Equity Sector Cyc Cons Gds&Svc Page 11 of 16

14 Lipper Global Classification CPF Net Flow Non CPF Net Flow Equity Sector Gold&Prec Metals Equity Sector Information Tech Equity Sector Natural Resource Equity Sector Pharma&Health Equity Sector Real Est As Pac Equity Sector Real Est Europe Equity Sector Real Est Global Equity Sector Real Est Other 0.04 Equity Sector Tech Media&Tele 0.02 Equity Sector Telecom Srvcs 0.92 Equity Singapore Equity Switzerland 0.08 Equity Taiwan Equity Thailand Equity UK 0.11 Equity US Equity US Income 0.11 Equity US Small & Mid Cap 0.13 Equity Vietnam 9.00 Mixed Asset AUD Balanced Mixed Asset EUR Bal Global 0.05 Mixed Asset Other Aggressive 0.23 Mixed Asset Other Balanced Mixed Asset Other Flexible Mixed Asset SGD Aggressive Mixed Asset SGD Balanced Mixed Asset SGD Conservative Mixed Asset USD Bal Global Mixed Asset USD Bal US Mixed Asset USD Conservative 0.14 Mixed Asset USD Flex Global Money Market SGD Money Market USD Protected Target Maturity MA USD Target Maturity Other Total , Page 12 of 16

15 6.3 Appendix C CPF Fund Flow by Lipper Global Classification for Q3 2013(S$ Million) Rank Lipper Global Classification CPF Inflow 1 Equity Asia Pacific Ex Japan Equity US Mixed Asset SGD Balanced Equity Singapore Equity ASEAN Equity Europe Equity China Bond SGD Equity Japan Equity Indonesia 1.23 Rank Lipper Global Classification CPF Outflow 1 Equity Asia Pacific Ex Japan Mixed Asset SGD Balanced Equity US Equity Singapore Equity Greater China Equity China Equity Emerging Mkts Global Equity Global Equity ASEAN Mixed Asset USD Bal Global 2.41 Page 13 of 16

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