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November 2024
Top Fund Ideas For 4Q2024
PIMCO GIS Income Fund
Seeking high current income
MSCI ESG Rating: Nil
Suitable for:
The Income Fund is a portfolio that is actively managed and utilises a broad range of fixed income securities that seek to produce an attractive level of income while maintaining a relatively low risk profile, with a secondary goal of capital appreciation.
From now to March 2025, the Fed is likely to further cut rates in 0.25% moves at each Federal Open Market Committee (FOMC) meeting in November, December, January and March. The Fed Funds rate is expected to fall to 3.75-4.00% at end-March 2025. The belly of the curve (4-7 years) currently offers good risk-reward at present, which this fund is well-positioned for.
Past performance (%)
| Past performance (%) | 1Y | 3Y | 5Y | Since Inception |
| E SGD- H Income1 | 6.39 | -0.16 | 1.79 | 3.17 |
| Net of 5% Fee2 | 1.06 | -1.86 | 0.75 | 2.71 |
Why we like the fund
Potentially attractive yield – The Fund has a yield-to-maturity of 6.86%1,3 and this provides additional buffer against any further increases in rates or spreads.
Diversified approach – The Fund is highly diversified with 6,800+ holdings, investing across the entire fixed income market. As we approach the later stage of the economic cycle, holding a higher quality and diversified portfolio is crucial to protect against a market selloff.
Capital preservation – Consistent income can help build returns over time, with capital gain potential when markets recover. The Fund is built for resilience under many scenarios for rates & spreads.
About the fund
| Annualised Distribution Yield | 6.40% |
| Fund inception date | 30 November 2012 |
| Fund size | USD $84,644mil |
| Unified Fee | 1.45% p.a. |
| Subscription modes | Cash Only |
Top 5 holdings (as of 30 June 2024)
| % | |
| FNMA TBA 6.0% AUG 30YR | 9.47 |
| FNMA TBA 6.5% AUG 30YR | 6.10 |
| FNMA TBA 5.0% SEP 30YR | 5.56 |
| FNMA TBA 5.5% AUG 30YR | 5.07 |
| FNMA TBA 6.5% JUL 30YR | 4.85 |
NAV movement1
Source: NAV chart based on PIMCO data as at 31 Aug 2024; fund information extracted from PIMCO as at 31 Aug 2024.
Sector allocation
Fund performance figures are extracted from PIMCO for the E SGD- Hedged Income share class. These figures are as at 31 August 2024, on a single pricing basis with no realisation charge, on the assumption that all dividends and distributions are reinvested taking into account all charges payable upon such reinvestment, if any. 1These figures exclude subscription fee. 2These figures include a 5% subscription fee. Performance figures exceeding 1 year, if any, were stated on an average annual compounded basis. Past performance figures do not reflect future performance.
3PIMCO calculates a Fund's Estimated Yield to Maturity by averaging the yield to maturity of each security held in the Fund on a market weighted basis. PIMCO sources each security's yield to maturity from PIMCO's Portfolio Analytics database. When not available in PIMCO's Portfolio Analytics database, PIMCO sources the security's yield to maturity from Bloomberg. When not available in either database, PIMCO will assign a yield to maturity for that security from a PIMCO matrix based on prior data. The source data used in such circumstances is a static metric and PIMCO makes no representation as to the accuracy of the data for the purposes of calculating the Estimated Yield to Maturity. The Estimated Yield to Maturity is provided for illustrative purposes only and should not be relied upon as a primary basis for an investment decision and should not be interpreted as a guarantee or prediction of future performance of the Fund or the likely returns of any investment.
PIMCO GIS Balanced Income and Growth Fund
All weather, balanced strategy seeking income and growth
MSCI ESG Rating: Nil
Suitable for:
Uncertainties remain high going into 4Q 2024, with geopolitical issues and a contentious US presidential election on the horizon. This uncertainty provides both risk and opportunity, thus investors should maintain a diversified approach to ride through the volatility while remaining invested.
Income investing can be a suitable investment strategy for investors who want to be defensive as income instruments tend to be less volatile, while the passive income generated provides some returns for investors.
Past performance
| Past performance (%) | 1Y | 3Y | 5Y | Since Inception |
| M Retail SGD-Hedged Income II1 | - | - | - | 15.87 |
| Net of 5% Fee2 | - | - | - | 10.04 |
Why we like the fund
Diversified exposure for new investors – The Fund is a high quality 60% Equity, 40% Fixed Income strategy, designed to be a core holding for investors across market environments and cycles. The balanced approach also reduces market timing risk.
Generates passive income – The Fund seeks an attractive, consistent distribution yield and long-term NAV stability.
Systematic approach to growing wealth – The Fund adopts a disciplined, systematic approach to equity investing, instead of active stock picking which can be prone to emotional biases. The Fund’s core equity strategy not constrained or biased to any particular style, enabling long term growth.
About the fund
| Annualised Distribution Yield | 6.84% |
| Fund inception date | 29 November 2023 |
| Fund size | US$1,121mil |
| Unified Fee | 1.60% p.a. |
| Subscription modes | Cash Only |
Top 5 holdings (as of 30 June 2024)
| % | |
| FNMA TBA 6.0% AUG 30YR | 4.34 |
| FNMA TBA 6.5% JUL 30YR | 2.51 |
| FNMA TBA 5.5% AUG 30YR | 2.45 |
| U S TREASURY NOTE | 2.25 |
| MICROSOFT CORP | 2.08 |
NAV movement1
Source: NAV chart based on PIMCO data as at 31 Aug 2024; fund information extracted from PIMCO as at 31 Aug 2024.
Sector allocation
Fund performance figures are extracted from PIMCO for the M Retail SGD-Hedged Income II share class. These figures are as at 31 August 2024, on a single pricing basis with no realisation charge, on the assumption that all dividends and distributions are reinvested taking into account all charges payable upon such reinvestment, if any. 1These figures exclude subscription fee. 2These figures include a 5% subscription fee. Performance figures exceeding 1 year, if any, were stated on an average annual compounded basis. Past performance figures do not reflect future performance.
M&G (Lux) Optimal Income Fund
Capture higher yields to beat inflation
MSCI ESG Rating: A
Suitable for:
2024 so far has been characterized by slowing inflation and better-than-expected economic growth. As a result, bond yields rose. Going into Q4 2024, we are now at the beginning of a rate cut cycle, reflecting an environment supportive of positive economic growth and relatively low defaults.
In this environment, investors can benefit by having exposure to a basket of high yield and investment-grade bonds to diversify and increase portfolio resilience.
Past performance
| Past performance (%) | 1Y | 3Y | 5Y | Since Inception |
| A-H SGD M F11 | 8.54 | 1.01 | N/A | 4.90 |
| Net of 5% Fee2 | 3.11 | -4.04 | N/A | -0.35 |
Why we like the fund
Potential for high income – The Fund offers a monthly distribution share class, with a historical dividend payout of 6.0% per annum of net asset value per share.
Globally diversified – The Fund targets the most attractive opportunities across sectors, issuers and markets such as US, Europe, UK.
Flexible allocation within fixed income assets – The Fund offers a good entry point into fixed income, driven by interest rate volatility and falling inflation. The Fund also provides optimal flexibility to allocate across government, investment grade corporate and high yield corporate bonds.
About the fund
| Past 12M Dividend Yield | 6.66% |
| Fund inception date | 7 September 2018 |
| Fund size2 | USD $10,771 mil |
| Annual management fee | 1.25% p.a. |
| Subscription modes | Cash Only |
Top 5 holdings
| % | |
| JP Morgan | 1.08 |
| Intesa Sanpaolo | 0.96 |
| Morgan Stanley | 0.93 |
| Boeing | 0.91 |
| Lloyds Banking Group | 0.90 |
NAV movement1
Source: NAV chart based on M&G data as at 31 August 2024; fund information extracted from M&G as at 31 August 2024.
Sector allocation
Fund performance figures are extracted from Morningstar for the A-H SGD M F1 Inc share class. These figures are as at 31 August 2024, on a single pricing basis with no realisation charge, on the assumption that all dividends and distributions are reinvested taking into account all charges payable upon such reinvestment, if any. 1These figures exclude subscription fee. 2These figures include a 5% subscription fee. Performance figures exceeding 1 year, if any, were stated on an average annual compounded basis. Past performance figures do not reflect future performance.
LionGlobal Short Duration Bond Fund
Building defensive yields
MSCI ESG Rating: A
Suitable for:
Interest rates are anticipated to decrease for the rest of 2024 in most developed markets. Specifically, we expect yields on shorter duration U.S. Treasury bonds to decline in a gradual manner throughout the fourth quarter of 2024.
As time passes, the expected rate cuts will increasingly impact the value of shorter-term bond yields. In order for longer-term bond yields to decrease, real yields would need to go down, and we anticipate only a slight decrease in real yields. The fiscal position of the United States, as well as the supply of bonds, will continue to be potential risks to consider.
Therefore, short duration bonds can benefit from this shift in interest rates.
Past performance
| Past performance (%) | 1Y | 3Y | 5Y | Since Inception |
| SGD Dist (M) Hedged1 | 5.4 | 0.9 | 1.8 | 3.6 |
| Net of 5% Fee2 | 0.1 | -0.7 | 0.8 | 3.4 |
Why we like the fund
Diversified investment grade bonds – The Fund holds a diversified basket of various investment grade bonds to support yields and lower risks.
More defensive in nature – Short dated bonds are less sensitive to interest rate movements, and thus fall less in price should interest rates rise.
Potential for higher yield than cash – Short duration bonds often offer higher yields compared to cash or money market funds. While the yields may not be as high as longer-term bonds, they can still provide a competitive return on investment. This makes short duration bonds an attractive option for investors seeking a balance between income and lower risk.
About the fund
| Past 12M Dividend Yield | 4.48% |
| Fund inception date | 22 March 1991 |
| Fund size | S$829.36 mil |
| Annual management fee | 0.5% p.a. |
| Subscription modes | Cash, SRS, CPFOA/SA |
Top 5 holdings
| % | |
| LionGlobal SGD Liquidity Fund | 4.54 |
| Manulife Financial Corp 21/11/2029 | 2.23 |
| Allgreen Treasury Pte 3.15% 16/01/2025 | 2.10 |
| Singapore Government 0.5% 01/11/2025 | 2.06 |
| ZhongSheng Group Conv 21/05/2025 | 2.04 |
NAV movement1
Source: NAV chart based on Bloomberg data as at 31 Aug 2024; fund information extracted from the fund’s factsheet provided by Lion Global Investors as at 31 Aug 2024.
Sector allocation
Fund performance figures are extracted from Lion Global Investors for the SGD Dist (M) Hedged share class. These figures are as at 31 August 2024, on a single pricing basis with no realisation charge, on the assumption that all dividends and distributions are reinvested taking into account all charges payable upon such reinvestment, if any. 1These figures exclude subscription fee. 2These figures include a 5% subscription fee. Performance figures exceeding 1 year, if any, were stated on an average annual compounded basis. Past performance figures do not reflect future performance.
Allianz Income and Growth
Position for income and potential growth
MSCI ESG Rating: A
Suitable for:
The Fund aims to provide high monthly income, potential capital appreciation, and lower volatility than pure equity funds, making it suitable for investors seeking a "participate-and-protect" return profile.
The start of the US’ rate cutting cycle amid a resilient US economy should be positive developments for stocks.
Stable credit fundamentals, lower interest rates and low refinancing needs suggest low default rates, which is beneficial for bond investors.
Past performance
| Past performance (%) | 1Y | 3Y | 5Y | Since Inception |
| AM Dis H2-SGD1 | 10.1 | -0.2 | 6.8 | 6.5 |
| Net of 5% Fee2 | 4.6 | -1.5 | 6.0 | 6.0 |
Why we like the fund
A diversified 3-sleeve approach – The fund adopts a “three-sleeves” approach, with the core holdings invested primarily in a portfolio consisting of 1/3 US high-yield bonds, 1/3 US convertible bonds and 1/3 US equities/equity securities.
Position for income and potential growth – The three-sleeves approach has historically provided investors with good upside participation potential and lower downside risk compared to pure equity.
Targeted monthly dividend – The fund aims to provide a stable income stream regardless of NAV fluctuations.
About the fund
| Past 12M Dividend Yield | 7.38%3 |
| Fund inception date | 18 November 2011 |
| Fund size | US$49,264.35 mil |
| Annual management fee | 1.25% p.a. |
| Subscription modes | Cash and SRS Only |
Top 5 holdings
| % | |
| Apple Inc. | 2.50 |
| Microsoft Corp | 2.20 |
| Nvidia Corp | 1.90 |
| Amazon.com Inc. | 1.20 |
| Wells Fargo & Company | 1.10 |
NAV movement1
Source: NAV chart based on Pico as at 30 August 2024; fund information extracted from the fund’s factsheet provided by AllianzGI as at 31 August 2024.
Sector allocation
Fund performance figures are extracted from Allianz Global Investors for the AM Dis H2-SGD share class. These figures are as at 31 August 2024, on a single pricing basis with no realisation charge, on the assumption that all dividends and distributions are reinvested taking into account all charges payable upon such reinvestment, if any. 1These figures exclude subscription fee. 2These figures include a 5% subscription fee. Performance figures exceeding 1 year, if any, were stated on an average annual compounded basis. Past performance figures do not reflect future performance.
3Past payout yields do not represent future payout yields and payments. Historical payments may comprise of distributable income or capital, or both (for further details, please refer to AllianzGI’s website). Annualised Dividend Yield = [(1 + Dividend Per Share / Ex-Dividend Date NAV)¹² - 1] X 100. The annualised dividend yield is calculated based on the latest dividend distribution with dividend reinvested, and may be higher or lower than the actual annual dividend yield. Positive distribution yield does not imply positive return. Dividend is not guaranteed. Historical dividend yield is not indicative of future dividend payouts.
Allianz Global Sustainability
Position in companies with solid financial and ESG performance
MSCI ESG Rating: AA
Suitable for:
Global sustainability challenges are introducing new risks for investors, and modern investors may seek to re-evaluate traditional approaches to investment. As Environmental, Social and Governance (ESG) grows in significance, fund flows into sustainable investing has seen sustained increase year-on-year. The impressive advancement has been mainly driven by institutional investors, and we have also seen increasing interest from retail investors.
Companies prioritising ESG factors are becoming increasingly attractive to investors as they may potentially generate superior long-term financial performance.
We believe that integrating ESG factors in the investment decision making process will help investors mitigate certain risks and improve the quality of their portfolios.
Past performance
| Past performance (%) | 1Y | 3Y | 5Y | Since Inception |
| A EUR Dis.1 | 15.2 | 5.1 | -- | 10.0 |
| Net of 5% Fee2 | 9.4 | 3.4 | -- | 8.8 |
Why we like the fund
Best-in-class approach to sustainable and responsible investing (SRI) – The fund focuses on high conviction Sustainable Responsible Investment (SRI) investments and integrates ESG assessment of prospective investments, focusing on companies with solid aspects of ESG and financial characteristics.
Resilience in diversification – The fund has exposure to a global portfolio of quality stocks with sustainable growth at reasonable valuations.
Generating competitive and sustainable income – The fund focuses on high quality companies generating returns sustainably above the cost of capital, with a clear growth trajectory, on reasonable valuations.
About the fund
| Past 12M Dividend Yield | 5.80%3 |
| Fund inception date | 2 January 2003 |
| Fund size | EUR 2,288.26 mil |
| Annual management fee | 1.50% p.a. |
| Subscription modes | Cash and SRS Only |
Top 5 holdings
| % | |
| Microsoft Corp | 7.20 |
| Alphabet Inc – Cl A | 3.20 |
| Unilever PLC | 3.10 |
| S&P Global Inc | 3.10 |
| Medtronic PLC | 3.00 |
NAV movement1
Source: NAV chart based on Pico as at 31 August 2024; fund information extracted from the fund’s factsheet provided by AllianzGI as at 31 August 2024.
Sector allocation
Fund performance figures are extracted from Allianz Global Investors for the A EUR Dis. share class. These figures are as at 31 August 2024, on a single pricing basis with no realisation charge, on the assumption that all dividends and distributions are reinvested taking into account all charges payable upon such reinvestment, if any. 1These figures exclude subscription fee. 2These figures include a 5% subscription fee. Performance figures exceeding 1 year, if any, were stated on an average annual compounded basis. Past performance figures do not reflect future performance. 3Past payout yields do not represent future payout yields and payments. Historical payments may comprise of distributable income or capital, or both (for further details, please refer to AllianzGI’s website). Annualised Dividend Yield = [(1 + Dividend Per Share / Ex-Dividend Date NAV)¹² - 1] X 100. The annualised dividend yield is calculated based on the latest dividend distribution with dividend reinvested, and may be higher or lower than the actual annual dividend yield. Positive distribution yield does not imply positive return. Dividend is not guaranteed. Historical dividend yield is not indicative of future dividend payouts.
AB Low Volatility Equity Portfolio
Seeks to deliver high quality and stability at an attractive price
Morningstar Rating: AA
Suitable for:
Equity portfolios designed to smooth volatility are especially appealing in the current market environment and companies that offer a combination of quality and stability at attractive prices are investments that ride through near-term uncertainty.
In the long-term, companies with these features are best positioned to deliver strong returns through changing environments and emerge as winners later.
With uncertainties around the outcome of the US elections and geopolitical tensions in Eastern Europe and the Middle East, investors can position more defensively by holding more high-quality stocks in your portfolio.
Past performance
| Past performance (%) | 1Y | 3Y | 5Y | Since Inception |
| Class A USD1 | 20.23 | 5.97 | 8.70 | 8.63 |
| Net of 4% Fee2 | 15.42 | 4.54 | 7.82 | 8.22 |
Why we like the fund
Healthy returns with low volatility – The investment team selects a portfolio of global equities that appear to be of high quality, have low volatility and reasonable valuations, and offer attractive shareholder returns.
Experienced and well-resourced Investment team – The team has decades of combined experience. As bottom-up stock pickers we focus on fundamental research and analysis, drawing on firmwide expertise of AB’s investment specialists to identify the best businesses across the world.
Potential to grow your capital – The Portfolio aims to increase the value of your investment over time through capital growth.
About the fund
| Past 12M Dividend Yield (Class AD USD) | 2.88%3 |
| Fund inception date | 11 December 2012 |
| Fund size | US$6,926.94 mil3 |
| Annual management fee | 1.50% p.a. |
| Subscription modes | Cash Only |
Top 5 holdings3
| % | |
| Microsoft Corp. | 5.13 |
| Apple, Inc. | 3.26 |
| Broadcom, Inc. | 3.08 |
| Alphabet, Inc. | 3.00 |
| UnitedHealth Group, Inc. | 2.14 |
NAV movement4
Source: 2Fund information from factsheet as at 31 August 2024, 3 NAV chart for Class A SGD H from AB as at 31 August 2024.
Sector allocation3
Fund performance figures are extracted from AllianceBernstein for the Class AD USD share class. These figures are as at 31 August 2024, on a single pricing basis with no realisation charge, on the assumption that all dividends and distributions are reinvested taking into account all charges payable upon such reinvestment, if any. 1These figures exclude subscription fee. 2These figures include a 4% subscription fee. Performance figures exceeding 1 year, if any, were stated on an average annual compounded basis. Past performance figures do not reflect future performance.
Source: 3 Fund information extracted from the fund’s factsheet provided by AB as at 31 August 2024, 4 NAV chart sourced from AB as at 31 August 2024.
FSSA Dividend Advantage Fund
Capturing the Asian growth story
MSCI ESG Rating: A
Suitable for:
China's recent stimulus measures, including rate cuts and support for property and equities markets, have boosted risk assets and sparked optimism among investors. The coordinated approach taken by policymakers is seen as a positive surprise. Further fiscal easing and support for the property market have been promised, with plans to inject funds into state banks and issue special sovereign bonds. While these actions are steps in the right direction, more needs to be done to address economic challenges such as the real estate sector, declining confidence, and deflationary trends. Despite this, a rebound in Hong Kong and China stocks is expected due to attractive valuations and excessive pessimism that was previously priced in.
Past performance
| Past performance (%) | 1Y | 3Y | 5Y | Since Inception |
| Class A (SGD – Q Dist)1 | 4.1 | -7.0 | 1.9 | 7.5 |
| Net of 5% Fee2 | -1.1 | -8.6 | 0.9 | 7.3 |
Why we like the fund
Diversified exposure in the Asian region – The fund offers broad exposure towards China, India and ASEAN equities, allowing investors to benefit from the growth trends in the region.
Preference for quality companies – The fund adopts a bottom-up selection methodology to identify high quality companies with sustainable and predictable growth to invest for the long term.
Proven track record – In a low real interest rate environment, this fund appeals to investors who are looking for yield; it pays a quarterly dividend of approximately 4% p.a.
About the fund
| Past 12M Dividend Yield | 4.06% |
| Fund inception date | 20 December 2004 |
| Fund size | S$4,707.6mn |
| Annual management fee | 1.50% p.a. |
| Subscription modes | Cash/SRS/CPF – Ordinary Acct |
Top 5 holdings
| % | |
| HDFC Bank | 8.6 |
| Taiwan Semiconductor (TSMC) | 8.2 |
| Tencent Holdings Ltd. | 7.2 |
| ICICI Bank Limited | 4.6 |
| Oversea-Chinese Banking Corporation | 3.9 |
NAV movement1
Source: NAV chart based on Lipper data as at 31 August 2024; fund information extracted from the fund’s factsheet provided by First Sentier Investors as at 31 August 2024.
Sector allocation
Fund performance figures are extracted from First Sentier Investors for the Class A SGD – Q Dist share class. These figures are as at 31 August 2024, on a single pricing basis with no realisation charge, on the assumption that all dividends and distributions are reinvested taking into account all charges payable upon such reinvestment, if any. 1These figures exclude subscription fee. 2These figures include a 5% subscription fee. Performance figures exceeding 1 year, if any, were stated on an average annual compounded basis. Past performance figures do not reflect future performance.
