Mixed trading in March Executive Summary Portfolio Performance So Far The 1-month performance of model portfolios were mixed, with returns ranging from -0.92% to 0.06%. There will be no switches for the portfolios in April. Bonds Solutions Portfolio Update The portfolio was up 0.06% for the month and PIMCO Emerging Markets Bond SGD Hedged outperformed, gaining 1.00%. Money Plus + Portfolio Update The portfolio was up 0.26% on a 1-month basis. s Performance Table s were mixed in the 1-month period, with Fidelity ASEAN outperforming and Schroders AS Gold and Precious Metals underperforming. Market and Model Portfolio Update* Equity markets slowed in March after the recovery in Jan and Feb, with the MSCI World gaining 1.9 while MSCI AC Asia Pacific ex Japan retracing 1.. China was the main laggard as economic data continue pointing to further slowdown, with Shanghai Composite Index falling 4.1%. Within bonds, emerging market outperformed developed market in terms of performance and fund inflow. Commodities generally fell in Mar, with the Dow Jones- UBS Commodity Index declining 3.1%. Most model portfolios and funds were relatively flat for the 1-month period, with performance around -2% and 2%. Schroders AS Gold and Precious Metals was an exception, falling 8.3% for the one month period, causing cash portfolios to underperform CPF portfolios. On the other hand, Fidelity ASEAN contributed to the cash portfolios as it rose 1.8%. High Risk Cash High Risk CPF Table 1: Model Portfolio Performance* Med Risk Cash Med Risk CPF Low Risk Cash Low Risk CPF Bonds Solutions Portfolio Money Plus + Portfolio 1 Week -0.59% -0.58% -0.32% -0.53% -0.29% -0.41% 0.09% 0.00% 1 Month -0.53% -0.2-0.47% -0.29% -0.92% 0.06% 0.06% 0.26% 3 Month 5.96% 5.94% 4.44% 4.83% 3.40% 4.34% 1.94% 1.00% YTD 5.94% 5.88% 4.66% 4.59% 3.72% 4.41% 1.79% 0.98% 1 Year -3.23% -3.01% -2.51% -1.14% -2.1-0.41% -0.34% -- 2010-0.48% 6.5 1.36% 3.62% 4.8 3.33% 5.00% -- 2009 6.26% 10.01% 5.40% 6.98% 0.92% 3.70% -- -- 2008-33.38% -44.07% -22.73% -31.69% -9.41% -13.2 -- -- 2007 26.88% 27.49% 18.1 19.08% 3.92% 7.29% -- -- Net of WRAP Fees at 1. pa at 0. pa at 0.2 pa Inception 29 Dec 2006 4 Jan 2010 6 Oct 2011 Source: Bloomberg, Financial Express and UT Research Team, performance as of 26 th Mar2012 + Money Plus is not a deposit and investment through Money Plus is not the same as placing money on deposit with a bank or deposit-taking company such as a finance company. 1
Key Changes to High Risk Portfolio ( Source: Cash) Fidelity ASEAN and Aberdeen Global Opportunities outperformed, with 1.77% and 1.47% respectively. The underperformer was Schroder AS Gold and Precious Metals A Acc SGD Hedged, which declined 8.27% Table 2: Latest Portfolio Components High Risk Portfolio First State Bridge (Core) Fullerton Asian Bond (Core) Aberdeen Pacific Equity 12% Schroder AS Gold and Precious Metals A Acc SGD Hedged Templeton Global Total Return A H1 MDis Fidelity ASEAN 13% Aberdeen Global Opportunities Aberdeen China Opportunities Phillip Money Market (Cash Component) 2
Key Changes to Medium Risk Portfolio ( Source: Cash) Fidelity ASEAN and Aberdeen Global Opportunities outperformed, with 1.77% and 1.47% respectively. The underperformer was Schroder AS Gold and Precious Metals A Acc SGD Hedged, which declined 8.27% Table 3: Latest Portfolio Components Medium Risk Portfolio First State Bridge (Core) (Core) LionGlobal Singapore Fixed Income Investment DWS Lion Bond Aberdeen Pacific Equity 12% Fullerton Asian Bond Fidelity ASEAN 13% Aberdeen Global Opportunities Schroder AS Gold and Precious Metals A Acc SGD Hedged Phillip Money Market (Cash Component) 3
Key Changes to Low Risk Portfolio ( Source: Cash) Aberdeen Global Opportunities and Aberdeen Pacific Equity outperformed, with 1.47% and 0.77% respectively. The underperformer was Schroder AS Gold and Precious Metals A Acc SGD Hedged, which declined 8.27% Table 4: Latest Portfolio Components Low Risk Portfolio First State Bridge (Core) (Core) LionGlobal Singapore Fixed Income Investment Fullerton Asian Bond Aberdeen Pacific Equity 12% DWS Lion Bond Schroder AS Gold and Precious Metals A Acc SGD Hedged Fullerton Short Term Interest Rate 13% Aberdeen Global Opportunities Phillip Money Market (Cash Component) 4
Key Changes to High Risk Portfolio ( Source: CPF) Aberdeen Global Opportunities and Aberdeen Pacific Equity outperformed, with 1.47% and 0.77% respectively. The underperformer was Fidelity China Focus, which declined 3.18% Table 5: Latest Portfolio Components High Risk Portfolio First State Bridge (Core) Aberdeen Global Opportunities (Core) Fidelity China Focus Aberdeen Pacific Equity 12% DWS Lion Bond Schroder Singapore Trust 13% PineBridge Singapore Bond Aberdeen Global Emerging Markets Nikko AM Shenton Short Term Bond (Liquidity Component) 5
Key Changes to Medium Risk Portfolio ( Source: CPF) Aberdeen Global Opportunities and Aberdeen Pacific Equity outperformed, with 1.47% and 0.77% respectively. The underperformer was Fidelity China Focus, which declined 3.18% Table 6: Latest Portfolio Components Medium Risk Portfolio First State Bridge (Core) Aberdeen Global Opportunities (Core) Aberdeen Pacific Equity 12% Aberdeen Global Emerging Markets PineBridge Singapore Bond Fidelity China Focus LionGlobal Singapore Fixed Income Investment 1 13% DWS Lion Bond Nikko AM Shenton Short Term Bond (Liquidity Component) 6
Key Changes to Low Risk Portfolio ( Source: CPF) Aberdeen Global Opportunities and Aberdeen Pacific Equity outperformed, with 1.47% and 0.77% respectively. Table 7: Latest Portfolio Components Low Risk Portfolio First State Bridge (Core) PineBridge Singapore Bond (Core) LionGlobal Singapore Fixed Income Investment 1 Aberdeen Pacific Equity 12% DWS Lion Bond 1 Aberdeen Global Emerging Markets Nikko AM Shenton Short Term Bond (Liquidity Component) 13% Aberdeen Global Opportunities 7
Key Changes to Bonds Solutions Portfolio ( Source: Cash) PIMCO Emerging Markets Bond SGD Hedged outperformed, gaining 1.00%. Table 8: Latest Portfolio Components Bonds Solutions Portfolio Fullerton Asian Bond 18% DWS Lion Bond 13% PIMCO Emerging Markets Bond SGD Hedged PineBridge Singapore Bond 18% Templeton Global Total Return A H1 MDis LionGlobal Singapore Fixed Income Investment Phillip Money Market (Cash Component) Schroder Singapore Fixed Income 18% 18% 8
Key Changes to Money Plus + Portfolio ( Source: Cash) Fullerton Short Term Interest Rate and Nikko AM Shenton Short Term Bond gained 0.34% and 0.46% in the 1-month period. Table 9: Latest Portfolio Components Money Plus+ Portfolio Nikko AM Shenton Short Term Bond LionGlobal SGD Money Market 30% 30% Fullerton Short Term Interest Rate Phillip Money Market (Cash Component) 3 + Money Plus is not a deposit and investment through Money Plus is not the same as placing money on deposit with a bank or deposit-taking company such as a finance company. # There is no guarantee that the returns over the long term will be stable and steady as investment returns are subject to market conditions and investment risks which may cause you to lose your original principal amount invested. 9
Table 10: Portfolio s Performance Name 1 Mth Return % 3 Mth Return % 1 Yr Return % 1 Yr Sharpe Ratio* Aberdeen China Opportunities -0.70 11.03 0.24 0.00 Aberdeen Global Emerging Markets -0.34 10.26 2.72 0.00 Aberdeen Global Opportunities 1.47 6.04 4.58 0.15 Aberdeen Pacific Equity 0.77 11.45 2.77 0.01 DWS Lion Bond 0.22 0.81 1.72 1.16 Fidelity ASEAN 1.77 9.75 4.51 0.06 Fidelity China Focus -3.18 5.39-11.62-0.03 First State Bridge 0.09 4.02 2.64 0.18 Fullerton Asian Bond 0.64 3.82 5.65 1.04 Fullerton Short Term Interest Rate 0.34 1.70 2.57 1.81 LionGlobal SGD Money Market 0.06 0.13 0.39-5.88-0.25 5.64-4.14-0.01 LionGlobal Singapore Fixed Income Investment -0.42 0.78 4.46 1.99 Nikko AM Shenton Short Term Bond 0.46 1.43 2.26 3.68 Phillip Money Market 0.05 0.15 0.53 0.74 PIMCO Emerging Markets Bond SGD Hedged 1.00 5.82 9.85 1.35 PineBridge Singapore Bond 0.20 1.78 4.26 1.62 Schroder Singapore Trust -0.44 11.66-2.34-0.01 Schroder Singapore Fixed Income -0.27 0.74 4.26 1.78 Schroder AS Gold & Precious Metals A Acc H -8.27 0.86-0.77 0.00 Templeton Global Total Return A H1 MDis -0.12 7.72 4.27 0.17 Source: Financial Express, performance as of 26 th Mar 2012 *Sharpe ratios are calculated assuming a risk-free rate of 0.. 10
GENERAL DISCLAIMER This publication shall not be reproduced in whole or in part, distributed or published by you for any purpose. Phillip Securities Pte Ltd shall not be liable for any direct or consequential loss arising from any use of material contained in this publication. This publication is solely for general information and should not be construed as an offer or solicitation for the subscription, purchase or sale of the securities, and specifically funds, mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person or group of persons acting on such information and advice. Unit Trusts distributed by Phillip Securities Pte Ltd are not obligations of, deposits in, or guaranteed by, Phillip Securities Pte Ltd or any of its affiliates. No action should be taken without first viewing the details in a fund s prospectus. A copy of the prospectus can be obtained from Phillip Securities Pte Ltd or online at www.poems.com.sg/unittrust. Past performance is not necessarily indicative of future returns. Investments in unit trusts are subject to investment risks, including the possible loss of the principal amount invested. Investors should note that the value of the units and income from the fund may rise as well as decline. Investors should also note that there are limitations whenever performance is stated or comparison is made to another unit trust or index for any specific period as no funds or indices are directly comparable. This publication should not be relied upon as authoritative without further being subject to the recipient s own independent verification and exercise of judgment. The fact that this publication has been made available constitutes neither a recommendation to enter into a particular transaction nor a representation that any investment product described in this material is suitable or appropriate for the recipient. Recipients should be aware that the investment products described in this publication may involve significant risks and may not be suitable for all investors, and that any decision to enter into transactions involving such products should not be made unless all such risks are understood and an independent determination has been made that such transactions would be appropriate. Any discussion of the risks contained herein with respect to any product should not be considered to be a disclosure of all risks or a complete discussion of such risks. Whilst we have taken all reasonable care to ensure that the information contained in this publication is accurate, we do not guarantee the accuracy or completeness of this publication. Any advice contained in this publication is made only on a general basis and is subject to change without notice. We have not given any consideration to and have not made any investigation of the investment objectives, financial situation or particular needs of any specific person or group of persons as we are not in possession of any such information. You may wish to seek advice from a financial adviser before making a commitment to purchase the investment products mentioned. In the event you choose not to seek advice from a financial adviser, you should consider whether the investment product is suitable for you. Any unit trusts mentioned in this publication is not intended for U.S. citizens. DISCLOSURE OF INTEREST Statement pursuant to section 36 of the Financial Advisers Act - Phillip Securities Pte Ltd, its directors and employees may have interest in the securities recommended herein from time to time, and its associates and connected persons may also have positions from time to time. Opinions and views expressed in this report are subject to change without notice. PhillipCapital is a group of companies who together offer a full range of quality and innovative financial services to retail, corporate and institutional customers. Member companies in Singapore include Phillip Securities Pte Ltd, Phillip Securities Research Pte Ltd, Phillip Financial Pte Ltd, Phillip Futures Pte Ltd, Phillip Trading Pte Ltd, Phillip Capital Management (S) Ltd, CyberQuote Pte Ltd, International Factors (Singapore) Ltd and ECICS Ltd. Information on any and all independent PhillipCapital members and the respective financial services they offer can be obtained through the following website www.phillip.com.sg. Members can otherwise be identified by their authorised use of PhillipCapital brand name along with their own name in their documentation and literature. 11