To The Moon

【Money Market Fund】 US$ MMF Net 7-day Yield: +3.57%* Looking ahead to the week, markets widely expect the Fed to hold rates at the 17 June FOMC meeting, the first under new Fed Chair Warsh, with focus on Warsh’s first policy signals and a potential removal of the “easing bias” from the policy statement. Attention will also be on the dot plot for updated rate trajectory guidance. HSBC views that any hawkish read from Warsh’s press conference, such as an explicit focus on keeping inflation in check, could send front-end rates higher and flatten the curve, whereas a wait-and-see view could be read as dovish. HSBC thinks the latter is unlikely given the continued labour market resilience and upward inflationary pressure. * Data as of 2026/06/12. 7-day net yield is calculated based on calendar

“I always want to have cash, and I never want to buy anything just because people think the market is going up," Warren Buffett said in a recent CNBC interview. As US equities continue to trade near elevated levels, Warren Buffett's Berkshire Hathaway has drawn market attention for maintaining a historically high cash position, with cash and US Treasury holdings reaching US$370 billion in its most recent annual report. This reflects a disciplined approach to investing: keeping enough cash on hand while patiently waiting for better opportunities. For investors, this also highlights the importance of keeping part of their portfolio in readily available cash or cash-equivalent products. Instead of leaving idle cash uninvested, investors may consider allocating short-term liquidity to stable m

【Money Market Fund】 US$ MMF Net 7-day Yield: +3.62%* Stronger‑than‑expected labor data drove markets during the week, with May nonfarm payrolls rising 172k (vs. 88k consensus), unemployment stable at 4.3%, and falling continuing claims, indicating a healthier labor market. Combining that with resilient growth, the market lifted rate hike bets, pushing US Treasury yields higher, which should support stable-to-firm yields for CSOPUMM. * Data as of 2026/06/05. 7-day net yield is calculated based on calendar days and NAVs in 5-decimal. 【REITs】 S$ SRT YTD total return: ‑4.32% As of 5 Jun 2026 (Fri), $CSOP iEdge SREIT ETF S$(SRT.SI)$ declined 1.34% WTD in SGD, bringing YTD return to ‑4.32%. WTD declines were led by industrial, office and retail by sub

【Money Market Fund】 US$ MMF Net 7-day Yield: +3.53%* Looking to the week ahead, focus shifts back to labour data. Unemployment has stayed low and payrolls stayed broadly firm this year, supporting a more hawkish market stance amid rising inflation pressures. With policymakers adopting a hawkish tone in recent times, markets increasingly expect the possibility of renewed Fed rate hikes. We broadly expect CSOPUMM to continue delivering stable yields in the near term. * Data as of 2026/05/29. 7-day net yield is calculated based on calendar days and NAVs in 5-decimal. 【REITs】 S$ SRT YTD total return: ‑3.02% As of 29 May 2026 (Fri), $CSOP iEdge SREIT ETF S$(SRT.SI)$ gained 0.67% WTD in SGD, bringing YTD return to ‑3.02%. WTD gains were led by industr

【Money Market Fund】 US$ MMF Net 7-day Yield: +3.56%* During the week, U.S. Treasury market fluctuated alongside Middle East conflict headlines. Notably, UST 30Y yields briefly reached 5.0% (highest since July) as the conflict re-escalated and drove oil prices higher. On the data front, labor market remains resilient with continuing claims declining to 1.766mn (consensus: 1.800mn), the lowest since early-2024. Additionally, Friday's data release showed U.S. job growth remained strong, with April payrolls rising 115k, marking the fastest two-month gain since 2024. Meanwhile, as expected, Treasury kept auction sizes unchanged, but it did not remove “at least” from the long-standing guidance that it “anticipates maintaining nominal coupon and FRN auction sizes for at least the next several qua

【Money Market Fund】 US$ MMF Net 7-day Yield: +3.58%* During the week, the hawkish FOMC held rates amid oil-driven inflation risks. The committee was divided with Governor Miran voting for a cut while three officials (Hammack, Kashkari, and Logan) pushing to drop easing bias in the statement. Powell noted that rate cuts will require clearer signals, like energy prices stabilising and tariff progress being made. As a result, money markets priced in chances of a hike early next year (vs nearly a full ease by late-2027 prior). Looking ahead, the focus turns to key labour data and the Treasury’s quarterly refunding outlook. HSBC expects coupon auction sizes to remain unchanged at the May refunding announcement, though sustained fiscal deficits continue to add upward pressure on Treasury supply,

【Money Market Fund】 US$ MMF Net 7-day Yield: +3.63%* Looking ahead, the FOMC meeting in the coming week is widely expected to deliver another rate pause amid ongoing Middle East tensions, with no updated SEP released. According to HSBC, with this likely being Fed Chair Powell’s final meeting and Chair‑nominee Kevin Warsh’s confirmation timing uncertain, markets are taking limited policy signals, leaving near‑term moves largely driven by geopolitical headlines. Despite the geopolitical headlines, we expect CSOPUMM to continue delivering stable yields in the near-term. * Data as of 2026/04/24. 7-day net yield is calculated based on calendar days and NAVs in 5-decimal. 【REITs】 S$ SRT YTD total return: ‑1.46% As of 24 April 2026 (Fri), $CSOP iEdge SREIT

【Money Market Fund】 US$ MMF Net 7-day Yield: +3.59%* According to HSBC, U.S. Treasuries have stabilised in April with volatility easing from March, and while Middle East headlines may still trigger short‑term moves, markets are now less sensitive to such narratives. Attention is shifting to Kevin Warsh’s Fed Chair hearing on 21 April, with focus on Fed funds rate outlook and Fed balance sheet policy, though no near‑term policy changes are expected. Market rate expectations suggest confidence in Fed independence and that policy path depends on economic outlook. Meanwhile, we expect CSOPUMM to continue delivering stable yields in the near-term. * Data as of 2026/04/17. 7-day net yield is calculated based on calendar days and NAVs in 5-decimal. 【REITs】 S$ SRT YTD total return: ‑1.33% As of 17

【Money Market Fund】 US$ MMF Net 7-day Yield: +3.55%* Last week, Middle East developments continued to impact markets. Treasury markets saw some relief after a two-week ceasefire announcement and indications of the Strait of Hormuz reopening, but uncertainty from stalled negotiations over the weekend briefly pushed yields up before optimism returned. By Tuesday (2026/04/14), growing ceasefire optimism and Trump's remarks that he sees the war very close to being over drove US Treasury yields lower. Looking ahead, Fed Chair nominee Warsh's outlook on Fed funds rate trajectory will be in focus. HSBC expects ongoing influence from Middle East conflict headlines and oil prices. Despite geopolitical uncertainty, we expect CSOPUMM to continue delivering stable yields in the near-term. * Data as of

【Money Market Fund】 US$ MMF Net 7-day Yield: +3.59%* Last week, markets continued to be affected by the Middle East conflict and the effective closure of the Strait of Hormuz. This week, on 8 Apr 2026, US and Iran agreed to a two-week ceasefire, with the Strait of Hormuz reopening during the period. This fuelled hopes that lower oil prices will tame inflation, thereby reviving rate cut expectations that seemed improbable at earlier in the week. Despite geopolitical uncertainty, we expect CSOPUMM to continue delivering stable yields in the near-term. * Data as of 2026/04/07. 7-day net yield is calculated based on calendar days and NAVs in 5-decimal. 【REITs】 S$ SRT YTD total return: ‑5.49% As of 7 April 2026 (Tue), $CSOP iEdge SREIT ETF S$(SRT.SI)$