To The Moon

Weekly Performance Checkpoint

【SRT】

Last week, SRT’s decline can be attributable to retail, office and industrial by subsectors, and Suntec REIT, CICT and MINT by individual REITs. Suntec REIT fell amidst its subsidiaries refinancing by signing AU$399mn loan agreements.  Despite Suntec REIT and CICT’s decline this week, they alongside with other mall landlords, are expected to benefit from Singapore’s 2025 budget, which saw handouts to household to alleviate rising living costs as well as support consumption.

$CSOP S-REITs INDEX ETF(SRT.SI)$ 2025 YTD Total Return: -1.86%

【MMF】

Last week, FOMC minutes confirmed the Fed's cautious stance on policy easing, due to high uncertainty, maintaining its easing bias. This reinforces the Fed’s preference for a “wait-and-see” approach while waiting for more clarity on the inflation and overall economic outlook. 

As such, we expect CSOPUMM to continue to deliver stable yield in the near term. As of 20250221, the fund has net yield at 4.22%. ^

$CSOP US Dollar Money Market ETF Unlisted Share Class P(HK0000503836)$ Net 7-day Yield: +4.22%

^ 7-day net yield is calculated based on calendar days and NAVs in 5-decimal.

【CN】

Last week, interbank funding conditions were still tight, and 7-day banks-only repo rate averaged 1.92% this month while the 7-day system-wide repo rate averaged 1.97%. This was worse than anticipated due to higher equity transaction volumes with daily equity transaction volume increasing till ~RMB 1.8trn at end of January, thereby raising transactional demand for liquidity. This week, it was announced that the China’s loan market quoted rate remains unchanged.

There is an expectation for the PBOC to prefer tighter-than-usual funding conditions to support RMB stability. As such, a reduction in the required reserve ratio is likely to either be delayed or delivered in smaller amounts.

Looking at YTD performance as of 2025/02/20, CYC/CYB’s NAV rose -0.17% in CNY and +0.32% in USD*.

* $ICBC CSOP CGB ETF SGD(CYC.SI)$ USD NAV is converted based on benchmark FX, subject to rounding error

Global Market Outlook

【SG】Singapore 2025 budget to benefit retail, office and industrial SREITs

Singapore's 2025 budget, featuring S$800/household handouts and SG60 vouchers of S$600-800 for citizens over 21, aims to ease living costs and stimulate retail sales, potentially benefiting mall landlords like CICT, FCT, Suntec REIT and MPACT. It also includes an S$5bn business growth investment, a S$3bn tech investment to the National Productivity Fund, and a S$1bn investment to Private Credit Growth Fund for high-growth firms. This could raise occupancy and rents for office and industrial REITs like CLAR, MINT, EREIT, CICT, KREIT and Suntec REIT. 

【US】PCE price index to be released this week

This coming week, the key data release to look out for will be the PCE price index which will serve as an input to determine the trajectory of rates. Moving forward, given the absence of a debt ceiling resolution, T-bill paydowns are anticipated in the next few weeks, particularly concentrated in the front-end, causing the sector to richen.

Disclaimer

The investment product(s), as mentioned in this document, is/are registered under section 286 of the Securities and Futures Act (Cap. 289) of Singapore (the “SFA”). This material and the information contained in this material shall not be regarded as an offer or solicitation of business in any jurisdiction to any person to whom it is unlawful to offer or solicit business in such jurisdictions. This document is not to be construed as recommendations to buy/sell any above-mentioned securities, or any securities in the above-mentioned sectors or jurisdictions.

CSOP Asset Management Pte. Ltd. (“CSOP”) which prepared this document believes that information in this document is based upon sources that are believed to be accurate, complete, and reliable. However, CSOP does not warrant the accuracy and completeness of the information and shall not be liable to the recipient or controlling shareholders of the recipient resulting from its use. CSOP is under no obligation to keep the information up to date. The provision of this document shall not be deemed as constituting any offer, acceptance, or promise of any further contract or amendment to any contract. The information herein shall not be disclosed, used, or disseminated, in whole or part, and shall not be reproduced, copied, or made available to others without the written consent of CSOP.

Advice should be sought from a financial adviser regarding the suitability of the investment and/or investment product before making an investment. Investment involves risk. The value of investments, and the income from them, can go down as well as up and an investor may get back less than the amount invested. Past performance is not necessarily indicative of future performance. Investor should read the prospectus and product highlights sheet, which can be obtained on CSOP website or authorized participating dealers, before deciding whether to invest. This document has not been reviewed by the Monetary Authority of Singapore.

Index Provider Disclaimer

SRT

The CSOP iEdge S-REIT Leaders Index ETF is not in any way sponsored, endorsed, sold or promoted by Singapore Exchange Limited and/or its affiliates (collectively, “SGX”) and SGX makes no warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the iEdge S-REIT Leaders Index and/or the figure at which the iEdge S-REIT Leaders Index stand at any particular time on any particular day or otherwise. The iEdge S-REIT Leaders Index are administered, calculated, and published by SGX. SGX shall not be liable (whether in negligence or otherwise) to any person for any error in the CSOP iEdge S-REIT Leaders Index ETF and the iEdge S-REIT Leaders Index and shall not be under any obligation to advise any person of any error therein. “SGX” is a trademark of SGX and is used by CSOP under license. All intellectual property rights in the iEdge S-REIT Leaders Index vest in SGX.

CYC/CYB/CYX

The ICBC CSOP FTSE Chinese Government Bond Index ETF (the “ETF”) has been developed solely by CSOP Asset Management Pte. Ltd. The ETF is not in any way connected to or sponsored, endorsed, sold, or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies. All rights in the FTSE Chinese Government Bond Index (the “Index”) vest in the relevant LSE Group company which owns the Index. FTSE® is a trademark of the relevant LSE Group company which own the Index and is used by any other LSE Group company under license. The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent, or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of reliance on or any error in the Index or (b) investment in or operation of the ETF. The LSE Group does not accept any liability whatsoever to any person arising out of the use of the ETF or the underlying data. The LSE Group makes no claim, prediction, warranty, or representation either as to the results to be obtained from the ETF or the suitability of the Index for the purpose to which it is being put by CSOP Asset Management Pte. Ltd.