【SRT】
As of 8 Aug 2025 (Fri), SRT rose +1.52% WTD in SGD and +6.46% YTD in SGD. WTD gains were driven by office, retail and industrial by subsector and MPACT, Suntec REIT and CICT by individual REIT. Suntec REIT gained after having its rating and target price raised by DBS Group due to strong 1H earnings, and falling interest rates.
Separately, JPM’s July S-REITs review highlighted reduced borrowing costs and office REITs’ outperformance over retail peers, driven by Singapore’s SORA rate drop below 2% as office REITs have the highest leverage (>40%) which amplified gains. As reported by The Straits Times and The Business Times, CSOP's SRT ETFs was the best performer among S-REIT ETFs in June.
$CSOP iEdge SREIT ETF S$(SRT.SI)$ 2025 YTD Total Return: +6.46%
【MMF】
After Federal Reserve Governor Kugler’s resignation, effective 8 August, the successor to Fed Chair Powell will be closely watched due to its impact on Fed independence. Potential threats to Fed independence are expected to disrupt long-term inflation expectations. The upcoming economic data releases will also be critical to US interest rates trajectory.
Despite all of that, we expect CSOPUMM to continue to deliver stable yield in the near term. As of 2025/08/08, the fund has a net yield at 4.05%. ^
$CSOP USD Money Market Fund (SGXZ96797238.MF)$ Net 7-day Yield: +4.05%
^ 7-day net yield is calculated based on calendar days and NAVs in 5-decimal.
【CN】
Given that Ministry of Finance has announced that valued-added tax (VAT) will be levied on newly issued central government bonds, local government bonds and financial bonds, in order to raise tax revenue, this is expected to result in some premium for bonds issued before VAT was levied. Furthermore, considering fiscal-monetary coordination, HSBC shared that it expects the central bank to continue government bond buying this year.
Looking at YTD performance as of 2025/08/08, CYC/CYB’s NAV gained +0.59% in CNY and gained +2.23% in USD*.
* CYC/CYB/CYX USD NAV is converted based on benchmark FX, subject to rounding error
Global Market Outlook
【SG】Singapore’s Retail Sales in June Beat Expectations, Led by Motor Vehicles
According to the Singapore’s Department of Statistics, retail sales rose 2.3% YoY in June, driven by sales of motor vehicles. This was higher than economists’ estimates as polled by Bloomberg.
【US】Eyes on Upcoming July CPI Data Release as Driver of US Rate Trajectory
Looking ahead, the upcoming July CPI data will be pivotal for determining the US interest rate path. A higher-than-expected inflation reading could reverse recent rally in short-term rates and refocus attention on tariffs. However, further inflation and labor data will be released before the next FOMC meeting, which will also shape rate decisions. $S&P 500(.SPX)$ $Invesco QQQ(QQQ)$
Source: CSOP, Bloomberg, JPM, HSBC, as of 2025/08/08, except where otherwise stated.
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.
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