To The Moon

【PERFORMANCE AT A GLANCE 】 【PRODUCT COMMENTARY 】 Money Market Fund  US$ MMF net 7-day yield: 3.65%   7-day net yield is calculated using calendar days and NAVs rounded to five decimal places.  US Treasury yields declined across the curve following the 3 November US midterm elections, with the front end leading the rally. The Democratic sweep in the US election eased political uncertainty and led to speculation of Iran war ending sooner, which resulted in oil prices plunging. The risk-off move in technology shares reinforced safe haven demand.   OIS markets’ rate-hike pricing for 2027 had been pared back. Focus turns to US CPI on 10 November, followed by jobless claims on 12 November and PPI on 13 November.  S-REITs  SRT YTD total return: -7.07%&

【PERFORMANCE AT A GLANCE 】 【PRODUCT COMMENTARY 】 Money Market Fund  US$ MMF net 7-day yield: 3.65%   7-day net yield is calculated using calendar days and NAVs rounded to five decimal places.  US Treasury yields declined across the curve following the 3 November US midterm elections, with the front end leading the rally. The Democratic sweep in the US election eased political uncertainty and led to speculation of Iran war ending sooner, which resulted in oil prices plunging. The risk-off move in technology shares reinforced safe haven demand.   OIS markets’ rate-hike pricing for 2027 had been pared back. Focus turns to US CPI on 10 November, followed by jobless claims on 12 November and PPI on 13 November.  S-REITs  SRT YTD total return: -7.07%&

Money Market Fund US$ MMF net 7-day yield: 3.69% 7-day net yield is calculated using calendar days and NAVs rounded to five decimal places. Last week, the Fed held the target range at 3.75%–4.00% at the 28 October FOMC, as widely expected; Chair Warsh signalled no pre-set policy path. The curve twist-steepened after the meeting. US Treasuries rallied into Friday on haven demand amid the tech sell-off: the 2Y fell to 4.59% and the 10Y to 4.93%. Nevertheless, September PCE (+0.5% m/m, 3.6% y/y) kept inflation risks in view. Focus now turns to the 3 November midterms and the 4 November Treasury refunding. S-REITs SRT YTD total return: -9.07% SRT was flat WTD (0.00%). Office and data-centre REITs were the largest sub-sector drags while residential and hotel were the top gainers. MINT was the l

【Money Market Fund】 US$ MMF Net 7-day Yield: +3.70%* During the week, US Treasury yields moved lower across the curve over the past week as concerns around AI-related equities outweighed the impact of higher oil prices, which led to a rise in safe-haven demand. With the FOMC in its pre-meeting blackout period, markets saw only less than 10% probability of an October rate hike, showcasing broad expectations that Fed remain on hold in October. Looking ahead, attention turns to the 28 October FOMC meeting. * 7-day net yield is calculated based on calendar days and NAVs in 5-decimal. 【REITs】 $CSOP iEdge SREIT ETF S$(SRT.SI)$ YTD total return: -9.07% As of 23 Oct 2026, SRT gained 1.49% WTD, bringing its YTD total return to-9.07%. WTD gains were led

【Money Market Fund】 US$ MMF Net 7-day Yield: +3.70%* Over the course of the last week, US Treasury yields retraced to new highs on Wednesday following a firm CPI report, but reversed lower as AI equity valuation concerns and Fed officials' commentary tempered rate-hike expectations. Warsh said on Friday that “the world has broadly conformed to our expectations” since the last FOMC meeting in September. Looking ahead, pre-October FOMC blackout period begins, limiting policymaker commentary, while data calendar is also relatively light. As of Friday, markets largely priced in a hold in October and a 25bp hike in December. * 7-day net yield is calculated based on calendar days and NAVs in 5-decimal. 【REITs】 S$ SRT YTD total return: -10.41% As of 16 Oct 2026,

【Money Market Fund】 US$ MMF Net 7-day Yield: +3.70%* During the week, markets saw a downside surprise in revised PCE data with core PCE at 3%, compared with both the prior reading and market expectations of 3.3%. Furthermore, September’s nonfarm payrolls also missed estimates, with job gains of 29k versus the 90k expected, and unemployment rate also ticked up slightly to 4.2%, above market expectations. These developments have reduced expectations for further front-end rate hikes, although long-end yields remain elevated. Looking ahead, this week’s data calendar is relatively lighter. * 7-day net yield is calculated based on calendar days and NAVs in 5-decimal. 【REITs】 $CSOP iEdge SREIT ETF S$(SRT.SI)$ YTD total return: -9.07% As of 2 Oct 2026

【Money Market Fund】 US$ MMF Net 7-day Yield: +3.66%* During the week, US treasuries sold off, with yields rising amid strong PMI data, rising energy prices, and a weak 5-year auction. US 30Y treasury yields reached 5.49% on 25 Sep 2026 (Fri). Looking ahead, a hawkish Fed, geopolitical uncertainty and market volatility would affect the trajectory of rates. * 7-day net yield is calculated based on calendar days and NAVs in 5-decimal. 【REITs】 $CSOP iEdge SREIT ETF S$(SRT.SI)$ YTD total return: -8.00% As of 25 Sep 2026, SRT declined 1.01% WTD, bringing its YTD total return to -8.00%. WTD losses were led by industrial, retail and data center by subsector, and CLAR, CICT and FCT by individual REIT. On the macro data front, Singapore core inflation ro

【Money Market Fund】 US$ MMF Net 7-day Yield: +3.62%* During the week, the Fed raised rates by 25bp to 3.75%-4.00%, its first hike since July 2023, in line with market expectations. Policymakers signaled a hawkish outlook, with the median dot forecast pointing to one more hike this year and rates holding steady in 2027. Following the Fed’s rate hike, MMF balances may see modest support, though a significant jump in AUM is unlikely. Looking ahead, data calendar is relatively light, with market’s focus likely on geopolitical developments, oil prices, and further Fed commentary. * 7-day net yield is calculated based on calendar days and NAVs in 5-decimal. 【REITs】 S$ SRT YTD total return: -7.07% As of 18 Sep 2026, $CSOP iEdge SREIT ETF S$(SRT.SI)$ de

【Money Market Fund】 US$ MMF Net 7-day Yield: +3.67%* Over the past week, US 10-year treasury yields have reached multi-year highs as a rally in oil prices and stronger inflation data raised the probability of a September Fed hike. Furthermore, Treasury’s long-end buyback announcement last week had fallen short of some investors’ expectations. Looking ahead, markets turn their attention to the upcoming September FOMC meeting, with OIS markets currently pricing in an 86% probability of a Fed rate hike. Investors will also be paying close attention to the updated dot plot for future guidance. * 7-day net yield is calculated based on calendar days and NAVs in 5-decimal. 【REITs】 S$ SRT YTD total return: -6.53% As of 11 Sep 2026, $CSOP iEdge SREIT ETF S$(

【Money Market Fund】 US$ MMF Net 7-day Yield: +3.58%* While last week’s manufacturing and services indicators were weaker than consensus estimates, nonfarm payrolls surprised to the upside, rising 162k (vs 55k consensus) with unemployment holding at 4.1%. Looking ahead, markets are focused on the upcoming US inflation data print, especially as Fed Chair Warsh had signalled that further policy action may be needed if inflation does not move clearly and sufficiently toward the 2% target. Additionally, markets will be watching the Treasury’s larger long-end buybacks, though it is unlikely to materially change the outlook for longer-term yields given the persistent fiscal deficits and reduced Fed holding share in the Treasury market.   * 7-day net yield is calculated based on calendar days