May 30, 2017

Central Provident Fund Investment Scheme-included funds delivered 5.10% on average in Q1 2017

SINGAPORE – Thomson Reuters Lipper today announced its findings on the performance of all unit trusts and investment-linked insurance products (ILPs) that are included under the Central Provident Fund Investment Scheme (CPFIS) as of 31 March 2017.

In Q1 2017, the overall performance of CPFIS-included funds rose 5.10% on average. Specifically, CPFIS-included unit trusts increased 5.20% and CPFIS-included ILPs rose 5.04%. For all CPFIS-included funds, equities posted positive returns of 6.44%, mixed-asset 4.10%, bonds 1.27% and money market funds 0.19%. During the same period, MSCI AC Asia ex-Japan index rallied 9.68% while Citigroup WGBI TR fell 1.78%.

For the one year since March 2016, the overall performance of CPFIS-included funds posted a positive return of 14.17% on average. CPFIS-included unit trusts rallied 15.80% on the year and CPFIS-included ILPs soared 13.16%. For the one-year period, equities (+18.55%) outperformed bonds (+1.16%), mixed-asset (+10.66%) and money market funds (+0.64%) on average. Meanwhile, MSCI AC Asia ex Japan Index soared 22.25%, whereas Citigroup WGBI TR fell 0.03%.

From March 2014 through to March 2017, CPFIS-included funds reported a strong growth of 17.11% on average, accounted for by a gain of 18.71% from CPFIS-included unit trusts and 16.27% from CPFIS-included ILPs. Equities were the lead gainer with growth of 20.11%, while the money market portfolio posted 1.52%. During this period, MSCI AC Asia ex-Japan Index rallied 28.49% and Citigroup WGBI TR rose 7.16%.

Xav Feng, Head of Asia Pacific Research, Thomson Reuters Lipper, commented, “CPFIS funds delivered strong returns in the first quarter of 2017. On a macro-level, reflation is a key global trend and growth expectations are gradually on the rise, while geopolitical tensions continue to impact financial markets. With the US becoming more of a driver of policy uncertainty than a stabilizer, China and emerging markets are gaining significant traction. Looking ahead, investors are advised to sift through copious amounts of data and news to identify solid investment opportunities and to maintain a diversified portfolio.”

Performance of CPFIS-included unit trusts and ILPs during the 3, 12 and 36 month periods ending March 2017:


Average of CPFIS-included unit trusts & ILPs

CPFIS-included unit trusts

CPFIS-included ILPs

3-month period ended March 2017




12-month period ended March 2017




36-month period ended March 2017




Source: Thomson Reuters Lipper

The Investment Management Association of Singapore (IMAS) and Life Insurance Association of Singapore (LIAS) have appointed Lipper to monitor the performance of all unit trusts and investment-linked insurance products included under the Central Provident Fund Investment Scheme (CPFIS).

Notes to the Editor:

Information provided by Lipper has been obtained from or is based upon sources believed to be reliable but is not warranted to be accurate or complete. Lipper does not make any representation or warranty, express or implied, to investors or any member of the public regarding the advisability of investing in securities generally or in any product or mutual fund particularly. Past performance is not necessarily a guide to future performance and investors should remember that past performance is not a guarantee of future results.

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