
2026 | 2025
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The fund aims to deliver consistent, risk-adjusted returns in Asia’s fixed income markets by capturing opportunities across interest rate, credit, and currency strategies. Its four-stage investment process integrates top-down macro analysis with bottom-up credit selection, alongside ESG considerations focused on material risks and issuer preparedness.
The strategy does not track a benchmark but soft references the JPMorgan Asia Credit Index (JACI) as a reflection of its Asian bond investment universe, remaining active in positioning without benchmark constraints.
The fund primarily invests in USD-denominated Asian credit, with selective local currency exposure. Duration is capped at eight years and high-yield exposure at 30%. As of 31 March 2026, the fund held 242 securities.
The fund reduced portfolio beta as valuations became less compelling, with credit spreads tight and duration compensation less attractive after the strong 2025 rally. Cross-currency basis trades in non-USD markets remain a key return driver.
The team sees opportunity to lock in historically high yields without excessive credit risk. Looking ahead, 2026 is likely to be more carry-driven, with disciplined risk management and portfolio flexibility remaining a priority.
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 |
|
4.9% |
-13.1% |
2.4% |
1.01 |
|
|
Peer Average |
2.6% |
-19.3% |
2.9% |
0.11 |
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 fund is led by Goh Rong Ren, who is responsible for the final investment decisions of the portfolio and is ultimately responsible for its performance. He is supported by back-up portfolio manager Shao Keng Ang, while Clement Chong, Head of Credit Research, continues to play a key role through his oversight of the credit analyst team. The fund's investment team is made up of 19 professionals with an average of 18 years of investment experience.
The fund uses a four-stage investment process combining top-down and bottom-up analyses to identify value opportunities. Its bottom-up process is extensive, and includes the generation of an 'internal credit rating' for each credit under analyst coverage. This internal credit rating ensures that analysts have an independent view on the credit quality of each issuer, especially if the issuer is unrated by the major rating agencies. Overall, the team believes a disciplined research process coupled with sound risk management can support its objective of delivering consistent risk-adjusted returns.

