Amova Short Term Bond SGD

The fund seeks preservation of capital, liquidity and consistent with these objectives, to outperform the SIBOR by investing in a diversified portfolio of good quality, short-term bonds and money market instruments.

iFAST Research Team
iFAST Research Team09 Sep 2026 2246 Views
Amova Short Term Bond SGD
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  • The fund managers seek preservation of capital and liquidity while outperforming the 3-Month Singapore Overnight Rate Average (SORA), by investing in a diversified portfolio of good quality, short-term bonds and money market instruments.
  • The team believes that outperformance can be achieved through a systematic application of proprietary top-down macro and bottom-up credit research. The fund adopts a laddered approach in terms of bond maturities, protecting it against interest rate hikes to minimise immediate mark-to-market losses.
  • The fund team prioritises credit quality and diversification over yield. As of 31 March 2026, the fund had 187 holdings with an average credit rating of BBB+ and a weighted average duration of 1.67 years.
  • The managers progressively increased duration towards 2 years in anticipation of interest rate cuts, before beginning to reduce duration in 4Q 2025 on expectations that short-term bond yields may rise slightly in some Asian economies.
  • Looking ahead, they maintain a cautiously constructive view on Asian credit and will continue to focus the fund's investments in this region, with Australia remaining the largest country allocation given its attractive spreads and yields.


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

Amova Short Term Bond SGD

3.8%

-0.7%

0.4%

3.15

Peer Average

3.9%

-5.1%

1.5%

1.29

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

Leong Wai Hoong is the primary portfolio manager for the fund and is involved in the day-to-day management of the portfolio. Lionel Lee is the secondary portfolio manager for the fund and serves as a backup to Wai Hoong. Wai Hoong has managed the fund since 2008. Amova’s Asian Fixed Income team consists of 12 investment professionals based in Singapore, while the Credit Research team comprises 6 members.

The team counts three key principles in its investment philosophy, namely capital preservation, investing for the long term, and value discipline. It believes markets are often prone to economic noise and not always perfectly efficient. Consequently, it seeks to achieve outperformance through a systematic application of top-down macro and bottom-up credit research. The fund is managed with a focus on credit quality and diversification over yield.

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