To The Moon

【SRT】

Last week, SRT gained slightly. Gains were led by industrial, retail and office by subsectors and CICT, FCT and CLAR by individual REITs.

Even though last week’s announcement of Trump’s reciprocal, “Liberation Day” tariffs (set at 10% on all US-bound exports) triggered stagflation fears, SRT gained as investors rush to defensive assets (gold, cash, government bonds, and REITs). The rise in Fed rate cut expectations on recessionary concerns, is a tailwind for S-REITs. Despite inflationary concerns, given that SRT is invested in large-cap S-REITs, they are better able to pass-through the higher costs via higher rents to tenants. This continues the trend we saw in March. In March, SRT’s NAV surged 5.07% in SGD as falling SORA rates and sector rotation boosted S-REITs.

$CSOP S-REITs INDEX ETF(SRT.SI)$ 2025 YTD Total Return: +2.63%

【MMF】

Last week, after Trump’s reciprocal, “Liberation Day” tariffs (set at 10% on all US-bound exports), which triggered stagflation fears, equity markets saw a rise in risk-off sentiment and safe haven assets rallied. U.S. Treasuries also rallied across the curve.

We expect CSOPUMM to continue to deliver stable yield in the near term. As of 20250404, the fund has a net yield at 4.20%. ^

$CSOP US Dollar Money Market ETF Unlisted Share Class P(HK0000503836)$ Net 7-day Yield: +4.20%

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

【CN】

Despite facing significant U.S. tariffs, China’s Commerce Ministry signaled readiness for retaliation, dimming prospects for a bilateral trade deal. While potential monetary policy easing may follow, interbank funding conditions are expected to remain constrained as the central bank prioritizes currency stability through tight controls on funding rates. 

Looking at YTD performance as of 2025/04/03, CYC/CYB’s NAV fell -0.26% 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】Singapore to Gain Relative Advantage over Peers in Global Trade War

While Singapore’s small, open economy could be greatly affected by a U.S.-led global trade slowdown, following Trump’s tariffs, it gains relative advantage over regional peers as it faces lower tariffs. Singapore could become an enticing import source for U.S. buyers looking for alternatives to heavily taxed suppliers, which would increase Singapore’s share of U.S. imports. Furthermore, trade may be rerouted to Singapore, away from countries that face high tariffs.

【US】Trump’s ‘Liberation Day’ Tariffs Threaten Growth and Ignited Stagflation Fears

Trump’s reciprocal, ‘Liberation Day’ tariffs will have a notable drag on economic activity, stock market and labour market, thereby leading to stagflation fears. Money markets have also priced in 50% probability of the Fed delivering 4 quarter-point rate cuts this year.

Source: CSOP, Bloomberg, JPM, HSBC, and CNA as of 2025/04/04.

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.