
2026 | 2025 | 2019
- The fund combines top-down macro views with bottom-up credit selection to seek stable risk-adjusted returns, focusing on yield at an acceptable risk premium.
- The fund is benchmark-agnostic in credit selection but references the JACI Non-Investment Grade Index. As of 31 March 2026, its effective duration was 2.79 years and weighted average YTM was 10.35%.
- Its largest country exposures are China, Mongolia and the UK. The team sees selective value in China consumer and quasi-sovereign credits while avoiding marginal or event-driven names.
- Looking ahead, it remains defensive in China HY real estate while selectively favouring China consumer and quasi-sovereign issuers.
Fund Investment Style


Source: Bloomberg Finance L.P., iFAST
Compilations
Monthly total returns including gross dividends in SGD terms as of 31 Mar 2026
|
Recommended fund |
3-year Annualised return |
3-year Maximum drawdown |
3-year Downside deviation |
3-year Risk-return ratio |
|
5.9% |
-14.3% |
4.3% |
0.80 |
|
|
Peer Average |
1.3% |
-26.6% |
9.7% |
-0.10 |
Source: Bloomberg Finance L.P., iFAST Compilations
Monthly total returns including gross dividends in SGD terms as of 31 Mar 2026
About the Fund Managers
The United Asian High Yield Bond Fund’s main fund manager is Melvin Chan, who has managed the fund since 2021. With effect from April 2021, UOBAM has also integrated both Singapore and Asia Fixed Incom teams under the management of Joyce Tan. The team is based in Singapore and ultimately reports to the CIO.
The fund is actively managed with a focus on yield at an acceptable risk premium. Credit spreads are seen as the main source of incremental returns. Risk management is an integral part of the investment process – risks are carefully budgeted with allocation limits, tracking risks, and style characteristics reviewed regularly to ensure that portfolios are best-aligned with client objectives.

