To The Moon

Weekly Performance Checkpoint

【SRT】

SRT’s decline last week was led by data centre and multi asset class by subsectors and KDCREIT, DCREIT, and CLINT by individual REITs. KDCREIT fell after issuing 5.8mn new units at average price of S$2.1487 each to pay management and acquisition fees.

$CSOP S-REITs INDEX ETF(SRT.SI)$ 2025 YTD Total Return: -2.56%

【MMF】

Last week, US treasury curve bull flattened sharply with 10Y yields falling more than 11bp on 24th Feb. The tariff headlines resulted in more growth concerns than inflation concerns, with forwards pricing over 50bp of rate cuts in 2025.

Trump proceeded with tariffs on Canada and Mexico. Trump has also announced additional 10% tariffs on Chinese goods effective 4th March. 

Separately, the Conference Board’s consumer confidence index dropping sharply from 105.3 in January to 98.3 in February (consensus: 102.5), near post-pandemic lows amid labor market cooling.

Nevertheless, we expect CSOPUMM to continue to deliver stable yield in the near term. As of 20250228, the fund has net yield at 4.17%. ^

$CSOP US Dollar Money Market ETF Unlisted Share Class P(HK0000503836)$ Net 7-day Yield: +4.17%

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

【CN】

Last week, funding conditions were still tight amidst partial cooling of equity. Nevertheless, outflows from bond funds this month are minimal in comparison with the large outflows in September 2024. This signals that the growth narrative has probably not shifted significantly to trigger a major asset reallocation.

Looking ahead, there is unlikely to be monetary easing during the Two Sessions unless there is a required reserve ratio reduction this weekend. If so, funding rates may stay high through mid-March. 

Looking at YTD performance as of 2025/02/27, CYC/CYB’s NAV fell -0.60% in CNY and -0.22% in USD*.

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

Global Market Outlook

【SG】Singapore 2025 budget to benefit Singapore equities  

Morgan Stanley expects a boost for Singapore equities, including SREITs, as the Monetary Authority of Singapore plans to inject S$5bn into actively managed funds focused on local stocks, alongside other measures to enhance trading liquidity, likely driving share prices higher.

【US】Fed could purchase more front-end bills to match SOMA portfolio with distribution of outstanding Treasuries

January’s FOMC meeting minutes underscored the consideration of pausing or suspension of quantitative tightening till debt limit issue is resolved. Besides that, Dallas Fed president Logan expressed her support for the Fed aligning its SOMA portfolio with maturity distribution of Treasuries outstanding. Given that SOMA holdings now overweight on longer-dated bonds, the normalization could result in relatively more Fed purchases on the front-end.

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.[KS1] 

 [KS1]Updated disclaimer