Monthly Market Research
View the latest research and analyses on current market movements
April 2024 Research Report
While we have a preference for Equities and Bonds over Cash, investors should diversify their portfolios across geographies and asset classes to manage the tail risks.
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March 2024 Research Report
While the robust macro and earnings growth momentum remains supportive of risk assets, investors should remain diversified and focus on margin of safety.
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February 2024 Research Report
The benign macro landscape remains supportive of markets but is not without risks. Adopt an up-in-quality stance in equities while secure income with quality bonds.
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December 2023 Research Report
We maintain our preference for fixed income assets but are turning more constructive on Asia ex-Japan stocks.
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November 2023 Research Report
Maintain a well-diversified portfolio with a quality focus to ensure more resilient returns for the long-term.
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October 2023 Research Report
We would continue to seek quality investments in a diversified portfolio amid the macro uncertainties.
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September 2023 Research Report
We continue to advocate the approach of staying invested in a diversified portfolio with a focus on quality.
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August 2023 Research Report
While growth uncertainties continue to linger, we see attractive investment opportunities in quality bonds and Asia equities.
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July 2023 Research Report
We adopt a more balanced view on risk assets but will continue to seek quality investments amidst the lingering macro uncertainties.
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June 2023 Research Report
Global economy is not entirely out of the woods.
As such, we remain defensive in our asset allocation and would manage the uncertainties with a focus on quality and risk reward.
May 2023 Research Report
With tightening financial conditions weighing on growth, we maintain a cautious stance on equities and see better risk reward in cash and fixed income.
Stay invested but be selective and diversified.
Apr 2023 Research Report
We remain wary of the headwinds from the banking sector stresses as tightening financial conditions continue to weigh on the growth outlook.
Given the macro uncertainties, investors should stay prudent and nimble to capitalise on the opportunities as they arise.
Mar 2023 Research Report
We see upside risks to U.S. inflation amid the tight labour market and robust wage growth which could lead to more aggressive monetary tightening.
Given the macro uncertainties, we continue to stay defensive and reposition accordingly to capitalise on the opportunities as they arise.
Jan 2023 Research Report
We start the year with a defensive stance in our asset allocation while waiting for inflection point to turn more constructive.
The evolving macroeconomic landscape would require investors to stay nimble and reposition accordingly in order to rejuvenate portfolio returns.
Dec 2022 Research Report
While the risk-on sentiment may continue in the near term, we retain our defensive stance in asset allocation as recession and earnings risks remain under-priced.
We continue to maintain a cash buffer to mitigate the downside risks and see better risk reward for fixed income relative to equities.
Nov 2022 Research Report
More cracks are starting to surface in the financial markets and the economy. In addition, there are several high profile events in November that could add to market volatility.
In view of the above, we maintain our defensive stance and would look to build cash buffer to protect the portfolio.
Oct 2022 Research Report
Risk assets continue to face headwinds of slowing growth and declining liquidity as major central banks continue to tighten monetary policy aggressively to rein in inflation.
Given the many uncertainties, we would focus on capital preservation and build buffers to protect the portfolio against the downside risks. .
Sep 2022 Research Report
The global economy is veering towards a bumpy ride as central banks are increasingly focused to bring down inflation at the expense of economic growth.
We maintain a defensive stance in asset allocation with a focus on diversification and quality to mitigate downside risks.
Aug 2022 Research Report
The recent reprieve in risk assets may be short-lived with earnings growth momentum likely to decelerate further.
We maintain a defensive stance in asset allocation with a focus on diversification and quality to mitigate downside risks.
Jul 2022 Research Report
We remain cautious on the macro outlook with tightening financial conditions affecting both economic growth and corporate earnings. Hence, investors should look to position defensively with an increased focus on diversification and quality to build portfolio resilience.
Jun 2022 Research Report
The risk-reward outlook has deteriorated over the past month amid heightened concerns over slowing growth and corporate profit margins.
We continue to stay invested, but reiterate the importance of diversification and building a resilient portfolio to navigate the challenging environment.
May 2022 Research Report
The protracted Russia-Ukraine conflict and sustained inflationary pressures are adding downside risks to economic growth amidst a normalisation of monetary and fiscal policies, hence we advocate staying invested with a diversified portfolio to mitigate current market volatility.
Apr 2022 Research Report
The protracted geopolitical tension between Russia and Ukraine is adding downside risk to economic growth amidst tightening monetary policy, hence we advocate staying invested with a diversified portfolio to mitigate current market volatility.
Mar 2022 Research Report
The geopolitical tension between Russia and Ukraine is unlikely to derail global economic recovery, hence we advocate staying invested with a diversified portfolio to mitigate current market volatility.
Feb 2022 Research Report
Global growth is set to remain strong, albeit uneven, hence we advocate staying invested with a diversified portfolio to mitigate current market volatility.
Jan 2022 Research Report
Stay invested with a diversified portfolio, as we expect further reopening of the economy to support global growth although the recalibration of monetary and fiscal policies could lead to market volatility from time to time.
Dec 2021 Research Report
We continue to advocate a diversified portfolio to mitigate the uncertainties with an increased emphasis on sustainability to help future proof one's investments.
Nov 2021 Research Report
We expect to see a sustained economic recovery despite the ongoing supply chain challenges. To mitigate the downside risks, we would stay invested but in a diversified manner.
Oct 2021 Research Report
While the global economy is on track for a year of above-trend growth for 2021, signs of moderating global growth momentum as well as regulatory and geopolitical uncertainty will continue to weigh on market sentiment.
Feb 2023 Research Report
Persistent macro risks will continue to weigh on risk assets.
Stay defensive and reposition accordingly to capitalise on the opportunities as they arise.