
2026 | 2025 | 2024
- The fund seeks to achieve a stable performance in line with the US Federal Funds Capitalised rate, which the team considers representative of US money market rates.
- The fund invests at least 67% of its assets in money market instruments denominated in USD or other hedged currencies to minimise currency risks. The fund may use derivative instruments for hedging and efficient portfolio management.
- The team adopts a cautious approach, with a focus on issuer selection and credit quality.
- The heaviest allocation is in financials, which account for 67.5% of the portfolio as of 31 March 2026, reflecting the team's focus on high-quality, liquid issuers with strong credit profiles.
- Looking ahead, the team highlights persistent US inflation and a K-shaped economy as key themes, with the Fed needing to balance the cases for rate hikes against rate cuts. Middle East conflict and potential Strait of Hormuz disruptions remain the key near-term risks to watch.
Fund Investment Style
Source: Bloomberg Finance L.P., iFAST
Compilations
Monthly total returns including gross dividends in USD 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 |
|
4.7% |
0.0% |
0.0% |
N/A* |
|
|
Peer Average |
4.6% |
-0.1% |
0.0% |
N/A* |
*Not meaningful due to low drawdown and downside deviation figures
Source: Bloomberg Finance L.P., iFAST Compilations. Monthly total returns including gross dividends in USD terms as of 31 Mar 2026
About the Fund Managers
Benoit Palliez is the lead portfolio manager of this fund, with Stéphane Dutrey as the back-up portfolio manager. The team has been working together since 2000, with continuous evolution and the addition of experienced members to strengthen its expertise in responsible investment and sustainable strategies. The investment team currently has 9 portfolio managers, 39 credit analysts, 22 ESG analysts and 10 Credit Risk analysts.
The team’s philosophy is based on a conservative approach. To the team, liquidity is key when managing an MMF, and it uses liquid and easily negotiable underlying investments with maturity diversification to efficiently manage liquidity. Preservation of capital is also core to the team, and the Credit Risk Department sets ex-ante limits per issuer by amount and maturity. It aims to deliver a steady performance in line with what investors likely require most from a liquid-solutions product.

