To The Moon

Money Market Fund

US$ MMF net 7-day yield: 3.69% 7-day net yield is calculated using calendar days and NAVs rounded to five decimal places.

Last week, the Fed held the target range at 3.75%–4.00% at the 28 October FOMC, as widely expected; Chair Warsh signalled no pre-set policy path. The curve twist-steepened after the meeting.

US Treasuries rallied into Friday on haven demand amid the tech sell-off: the 2Y fell to 4.59% and the 10Y to 4.93%.

Nevertheless, September PCE (+0.5% m/m, 3.6% y/y) kept inflation risks in view.

Focus now turns to the 3 November midterms and the 4 November Treasury refunding.

S-REITs

SRT YTD total return: -9.07%

SRT was flat WTD (0.00%). Office and data-centre REITs were the largest sub-sector drags while residential and hotel were the top gainers.

MINT was the largest detractor by individual REIT WTD after its Q2 FY26/27 DPU fell 6.6% on higher North American vacancies. Meanwhile, MLT was the top WTD contributor amid resilient Q2 FY26/27 results with DPU up 0.1% YoY on enlarged unit base and continued portfolio rejuvenation with development plans at Changi South announced.

On the valuation front, SRT's benchmark index, SREITLSN Index's estimated dividend yield is still attractive at 6.4% with an estimated price to book of 0.84x.

Fixed Income

$ICBC CSOP CGB ETF S$(CYC.SI)$ YTD NAV: +2.70% in CNY | +7.83% in USD CYC/CYB/CYX USD NAV is converted using benchmark FX and is subject to rounding. $ICBC CSOP CGB ETF US$D(CYB.SI)$

The PBoC leaned heavily on overnight reverse repos to meet month-end liquidity needs, reinforcing expectations that the policy benchmark may shift from the 7-day to the overnight rate as early as this year.

Seasonally lower Q1 supply also tends to support CGBs in November and December.

Regional Equity ETFs

LCU YTD: +16.56% | SQU YTD: -24.29%

$CSOP APAC SELECT US$(LCU.SI)$ gained 0.63% WTD in USD. Financials and IT led by sector; South Korea and Hong Kong were top gainers by region; SK hynix, Samsung Electronics, and Advantest were the top contributors by individual stock.

SK hynix rose after it posted record operating profit in Q3, surging 632% YoY, and announced massive shareholder return plan of ~KRW 100tn. AI-driven memory demand and tight supply supported record results, and long-term agreements strengthened demand visibility. However, gains were pared as AI concerns resurfaced after disappointing results from the likes of Amazon’s and Intel’s.

SQU declined 1.19% WTD in USD, with Delta Electronics Thailand, Grab and Cal-Comp as top detractors.

A-Share Equity ETFs

SHD YTD: +17.31% | SCY YTD: -17.80% | CSA500 YTD*: -15.52%

China’s tech stocks sold off, and markets saw a rotation from growth into value with $CSOP DIV ETF S$(SHD.SI)$ gaining 4.82% WTD while $CSOP Star&Chinext50 S$(SCY.SI)$ falling 12.07% WTD. Lofty AI-chip valuation led to concerns whether the AI boom can sustain profits.

October’s official manufacturing PMI fell to 49.3, pointing to softer domestic demand heading into November.

SCY underlying fund: top 10 holdings

SHD underlying fund: top 10 holdings

$CSOP CS A500 ETF S$(SUN.SI)$ underlying fund: top 10 holdings

Disclaimers:

All information and data presented are based on the latest available weekly performance data at the time of preparation, unless stated otherwise.

The investment product(s), as mentioned in this document, is/are registered under section 286 of the Securities and Futures Act (Cap. 289) of Singapore (the “SFA”). This material and the information contained in this material shall not be regarded as an offer or solicitation of business in any jurisdiction to any person to whom it is unlawful to offer or solicit business in such jurisdictions.

CSOP Asset Management Pte. Ltd. (“CSOP”) which prepared this document believes that information in this document is based upon sources that are believed to be accurate, complete, and reliable. Neither CSOP nor any of its affiliates accepts any responsibility or liability for any loss arising from the improper use of, or reliance upon, the whole or any part of the contents of this document. CSOP is under no obligation to keep the information up-to-date. The provision of this document shall not be deemed as constituting any offer, acceptance, or promise of any further contract or amendment to any contract. The information herein shall not be disclosed, used or disseminated, in whole or part, and shall not be reproduced, copied or made available to others without the written consent of CSOP.

Advice should be sought from a financial adviser regarding the suitability of the investment and/or investment product before making an investment. Investment involves risk. The value of investments, and the income from them, can go down as well as up and an investor may get back less than the amount invested. Past performance is not necessarily indicative of future performance. Investor should read the prospectus and product highlights sheet, which can be obtained on CSOP website or authorized participating dealers, before deciding whether to invest. This document has not been reviewed by the Monetary Authority of Singapore.

Index provider disclaimers:

SRT & SQQ

The CSOP iEdge S-REIT Leaders Index ETF and CSOP iEdge Southeast Asia+ TECH Index ETF (collectively, the “ETFs”)  is not in any way sponsored, endorsed, sold or promoted by Singapore Exchange Limited and/or its affiliates (collectively, “SGX”) and SGX makes no warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the iEdge S-REIT Leaders Index and/or iEdge Southeast Asia+ TECH Index (collectively, the “Index”) and/or the figure at which the Index stand at any particular time on any particular day or otherwise. The Index are administered, calculated and published by SGX. SGX shall not be liable (whether in negligence or otherwise) to any person for any error in the ETFs and the Index and shall not be under any obligation to advise any person of any error therein.

“SGX” is a trademark of SGX and is used by CSOP under license. All intellectual property rights in the index vest in SGX.

CYC/CYB & LCU

The ICBC CSOP FTSE Chinese Government Bond Index ETF (the “ETF”) and CSOP FTSE Asia Pacific Select Index ETF (the “ETF”) has been developed solely by CSOP Asset Management Pte. Ltd. The ETF is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.

All rights in the FTSE Chinese Government Bond Index & FTSE Asia Pacific Select Index (collectively, the “Index”) vest in the relevant LSE Group company which owns the Index. FTSE® is a trade mark of the relevant LSE Group company which own the Index and is used by any other LSE Group company under license.

The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the ETF. The LSE Group does not accept any liability whatsoever to any person arising out of the use of the ETF or the underlying data. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the ETF or the suitability of the Index for the purpose to which it is being put by CSOP Asset Management Pte. Ltd.

SHD & CSA500 & SCY

All rights in the Index vest in China Securities Index Company (“CSI”). CSI does not make any warranties, express or implied, regarding the accuracy or completeness of any data related to the Index. CSI is not liable to any person for any error of the Index (whether due to negligence or otherwise), nor shall it be under any obligation to advise any person of any error therein. The Product based on the Index is in no way sponsored, endorsed, sold or promoted by CSI and CSI shall not have any liability with respect thereto. The Index Provider is not related to the Underlying Fund Manager. An index licensing agreement was signed between CSI and the Underlying Fund Manager.