To The Moon

Weekly Performance Checkpoint

【SRT】

Last week, SRT traded relatively flat. Gains were led by data centre, industrial and office by subsectors and CICT, KDCREIT and MPACT by individual REITs. Losses were led by hotel by subsectors and FCT, DCREIT and FLT by individual REITs.

According to Business Times, S-REITs outperformed as banking stocks weakened, signalling a potential sector rotation and S-REITs attracted institutional buying after weeks of net institutional outflows. Over the month of March, S-REITs outperformed Singapore’s major banks (DBS, UOB, OCBC).

$CSOP S-REITs INDEX ETF(SRT.SI)$ 2025 YTD Total Return: +2.07%

【MMF】

Last week, equity markets saw a rise in risk-on sentiment amid easing tariff fears. Economic releases presented a mixed picture amid near-term uncertainty in bond markets. Besides that, there was news that Trump intends to extend his 2017 tax cuts and raise debt ceiling limit.

Nevertheless, we expect CSOPUMM to continue to deliver stable yield in the near term. As of 20250328, the fund has a net yield at 4.16%. ^

$CSOP US Dollar Money Market ETF Unlisted Share Class P(HK0000503836)$ Net 7-day Yield: +4.16%

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

【CN】

Over the quarter-end accounting period, funding costs are relatively elevated with 7-day repo rate fixing averaging 2.18% last week (vs 1.97% prior).

Last week, the central bank has shifted the monthly medium-term lending facility (MLF) auction to a multiple price system, marking the end of a chapter in China’s monetary policy. In other news, PBOC officials reiterated plans to cut the reserve requirement ratio (RRR) and interest rates at an appropriate time, considering domestic and global economic and financial conditions.  

Moving into April, liquidity conditions are postulated to improve after the quarter-end period. Despite the aforementioned plans by PBOC, given resilient equity market performance, and economic data and credit data being better than anticipated, the probability of an impending RRR reduction stays low.

Looking at YTD performance as of 2025/03/27, $ICBC CSOP CGB ETF SGD(CYC.SI)$ / $ICBC CSOP CGB ETF US$D(CYB.SI)$ ’s NAV fell -0.78% in CNY and gained -0.32% in USD*.

* CYC/CYB/CYX USD NAV is converted based on benchmark FX, subject to rounding error

Global Market Outlook

【SG】Macquarie Sees Upside for S-REITs

Macquarie noted that markets anticipate ~47bps Fed rate cuts in 2025 which potentially boosts S-REITs, despite its own forecast for unchanged rates. Lower rates could drive over 10% upside for S-REITs.

【US】Uncertainty over Tariff Impact Prompts Federal Reserve Bank of St. Louis President to Caution that Officials Could Hold Rates Steady for Longer

Trump’s 25% tariff on auto imports is postulated to impact this year’s GDP growth and push inflation higher, and Federal Reserve Bank of St. Louis President said last week that it is not clear the impact of tariffs will prove temporary, and cautioned that secondary effects could prompt officials to hold interest rates steady for longer.

Source: CSOP, Bloomberg, JPM, HSBC, as of 2025/03/28.

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.