FIRSTQUARTER2015
PERFORMANCE&RISK‐
MONITORINGREPORT
ForCPFIS‐IncludedUnitTrusts&Investment‐Linked
InsuranceProducts
March 2015 Lipper, a Thomson Reuters company © Thomson Reuters 2015. All rights reserved. FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
Contents
1 INTRODUCTION ....................................................................................................................................... 3 2 UPDATE ON CPFIS‐INCLUDED FUNDS ..................................................................................................... 4 3 MARKET DEVELOPMENTS IN Q1 2015 .................................................................................................... 5 3.1 Equity Markets ................................................................................................................................ 5 3.2 Bond Markets .................................................................................................................................. 6 3.3 The Outlook ..................................................................................................................................... 6 4 PERFORMANCE OF WORLDWIDE INDICES IN SGD .................................................................................. 8 5 SUMMARY OF PERFORMANCE OF CPFIS‐INCLUDED FUNDS .................................................................. 8 6 SUMMARY OF RISK‐ADJUSTED PERFORMANCE .................................................................................... 15 7 6.1 Lipper Leader Rating for CPFIS‐Included Unit Trusts .................................................................... 16 6.2 Lipper Leader Rating for CPFIS‐Included ILPs ................................................................................ 20 Appendices ............................................................................................................................................ 25 7.1 Complete List of Funds ................................................................................................................. 25 7.1.1 Full List of CPFIS‐Included Unit Trusts ................................................................................... 25 7.1.2 Full List of CPFIS–Included ILPs ............................................................................................. 30 7.2 Investment Terminology Definitions ............................................................................................. 39 Page2
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
1 INTRODUCTION
Lipper has been appointed by Investment Management Association of Singapore (IMAS) and Life Insurance Association of Singapore (LIAS) to monitor the performance of all unit trusts and investment‐
linked insurance products included under the Central Provident Fund Investment Scheme (CPFIS). This report shows Lipper’s findings for the three months ended March 31, 2015. Important Disclaimers: The data shown in this report is information for investors and is not a solicitation to buy, sell, or hold any fund. Past performance is not an indicator of future performance. Past performance is no guarantee of future return. This report should not be used as the sole basis for any investment decision. Before investing in any fund, investors should carefully read the prospectus or other necessary information about the fund. Lipper has used reasonable efforts in preparing this report based on data collected from the contributing asset management companies. However, Lipper doesn’t guarantee the accuracy of the data contained herein and will not bear any responsibility for investment decisions of investors or for any loss arising from using the data presented in this report. Page3
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
2 UPDATEONCPFIS‐INCLUDEDFUNDS
As of March 31, 2015, there were 106 unit trusts and 179 investment‐linked insurance products (ILPs) included under the CPFIS1, for a total of 285 funds. Table 1 Number of CPFIS‐Included Funds As of End Q1‐2015
As of End Q4‐2014 106 179 285 107 178 285 Unit Trust ILP Total Source: Central Provident Fund Board Table 2 Newly Listed Products ILP AXA Shariah Global Equity Fund Risk Classification
CPFIS Focus
HIGHER RISK Detail
Lipper Classification
BROADLY DIVERSIFIED N/A Equity Global CPFIS Focus
Detail
Lipper Classification
Source: Central Provident Fund Board Table 3 Delisted Products UT LionGlobal Malaysia Fund Risk Classification
HIGHER RISK NARROWLY FOCUSED Country ‐ Others Equity Malaysia Source: Central Provident Fund Board 1
Find more information about unit trusts and investment‐linked insurance products (ILPs) included under the CPF Investment Scheme at http://mycpf.cpf.gov.sg/Members/Gen‐Info/Sch‐Svc/Asset_Enhancement.htm Page4
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
3 MARKETDEVELOPMENTSINQ120152
3.1 EquityMarkets
Most of Global key equity markets posted positive return in Q1 2015. The MSCI World Index soared 2.45% (in U.S.dollar terms) for Q1 2015, while it slid 1.12% for Q4 2014. For U.S market, besides Dow Jones Industrial Index slightly fell 0.26%, the NASDAQ and S&P 500 soared 3.48% and 0.44%, respectively, for the period. Motivating by European Central Bank’s quantitative easing, most of key core European equity markets posted an impressive performance for Q1 2015. Xetra DAX and CAC 40 Index rallied 22.03% and 17.81%, respectively, while FTSE 100 Index soared 3.15%. (all in local currencies). China was still the best performing Asia single market and China Shanghai Composite Index continued rallying 15.87% for Q1 2015. Table 4 Major Stock Market Indices (all return figures are in the respective local currencies) Xetra DAX TR
CAC 40 CR
Period ended 31‐March‐2015
Price
2015/3/31 3 Months 6 Months 9 Months 1 Y ear 3 Years
11,966.17
22.03
26.30
21.69
25.22 72.25
5,033.64
17.81
13.98
13.81
14.62 47.02
Shanghai Composite CR
RTS CR
Nikkei 225 CR
Philippine PSE Composite CR
S&P/ ASX 200 CR
KOSPI Comp osite CR
3,747.90
880.42
19,206.99
7,940.49
5,891.50
2,041.03
15.87
11.35
10.06
9.82
8.88
6.55
58.55
‐21.65
18.76
9.03
11.31
1.04
82.97
‐35.55
26.68
16.02
9.19
1.94
84.33 65.63
‐28.19 ‐46.24
29.53 90.48
23.52 55.46
9.21 35.90
2.79
1.34
Jakarta SE Composite Ind ex
Hang Seng CR
5,518.68
24,900.89
5.58
5.49
7.42
8.58
13.12
7.37
15.74
12.41
33.90
21.14
FTSE Bursa Malaysia KLCI CR
NASDAQ Comp osite CR
1,830.78
4,900.88
3.95
3.48
‐0.84
9.07
‐2.76
11.18
‐1.00
16.72
14.69
58.52
FTSE 100 CR
TAIEX CR
6,773.04
9,586.44
3.15
3.00
2.27
6.91
0.43
2.06
2.65
8.33
17.42
20.84
Singap ore Straits Times CR
3,447.01
2.43
5.20
5.88
8.10
14.50
BOVESPA (Ibovespa) TR
S&P BSE SENSEX
51,150.16
27,957.49
2.29
1.67
‐5.48
4.98
‐3.80
10.01
1.46
24.89
‐20.71
60.64
Swiss Market Index CR
Thailand SET CR
9,128.98
1,505.94
1.62
0.55
3.33
‐5.03
6.72
1.36
7.99
9.42
46.40
25.83
S&P 500 Comp osite CR
2,067.89
Dow Jon es Industrial Average CR
17,776.12
Source: Lipper, a Thomson Reuters company 0.44
‐0.26
4.85
4.30
5.49
5.64
10.44
8.01
46.82
34.54
Name
2
Since the Singapore fund universe is not domestically focused and invests in a host of regions, currencies, and asset classes, discussion of global macroeconomic trends is imperative to understand fund performance. Furthermore, to avoid confusion from counter‐directional currency movements (against the Singapore dollar) in the discussion of market trends, all index/average performance figures in this section are expressed in local‐currency or U.S.‐dollar terms. Page5
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
3.2 BondMarkets
The Citigroup WGBI slid 2.51% for the quarter (in USD). The ten‐year Treasury ended at 1.934% for the first quarter versus 2.174% on the end of Q4 2014. 3.3 TheOutlook
The U.S. economy only grew an anemic 0.2% in the first quarter, much lower than expectations because of strong dollar impact. The trade deficit surged in March to its highest level since late 2008. Employment growth has also slowed, though the jobless rate held steady at 5.5%.Those results were awkward for US policy makers and the US Federal Reserve has kept its target interest rate at a record low. It is expected the U.S. Fed is likely to slow down its decision for interest rate hike. On the contrary, with European Central Bank’s (ECB) quantative easing and several central banks’ cutting official interest rate, many global equity markets were motivated for hot money flows. However, it also triggered some concerns about its real effect for Eurozone economy. Investors need to pay more attention to ongoing Greece issue and the progress of Eurozone economy recovery. Page6
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
Figure 1 U.S. Government Bond Market Movements b. Shifts in U.S. Benchmark Yields During Q1 2015 a. Changes in U.S. 10‐year Yields–Past 12 Months
Daily US10YT=RR
2014/3/31 - 2015/3/31 (EST)
Yield
Yield
2.75
3
As of December 31, 2014
2.7
2.750
2.7
2.65
2.6
2.540
2.4
2.55
2.5
2.1
2.45
2.4
1.8
2.35
2.3
1.5
2.25
As of March 31, 2015 2.2
2.1817
2.15
1.2
2.1
0.9
2.05
2
0.6
1.95
0.3
1.9
1.85
0
1.8
1.75
-0.3
Auto
1.7
Auto
01 16 01 16 02 16 01 16
2014 Q2
01 18 02 16 01 16
03 17 01 16 02 16 02 17 02 16
2014 Q3
2014 Q4
1M 6M
1Y 3Y 5Y 7Y
10Y
30Y
2015 Q1
Source: Thomson Reuters Figure 2 Singapore Government Bond Market Movements a. Changes in SG 10‐year Yields–Past 12 Months
b. Shifts in SG Benchmark Yields During Q1 2015 Daily SG10YT=RR
2014/3/31 - 2015/3/31 (GMT)
1M - 30Y
Yield
Yield
2.55
2.5
Yield
As of December 31, 2014
3
3
2.910
2.865
2.8
2.45
2.7
2.4
2.400
2.6
2.35
2.4
2.4
2.1
2.2
2.3
2.25
2
2.2
1.8
As of March 31, 2015 2.15
2.1
1.8
1.5
1.6
2.05
1.2
2
1.95
1.4
1.2
0.9
1.9
1
0.6
1.85
0.8
Auto
16 02
02 16 01 16 01 18 01 16 01 16 03 17 01 16 02 16 02 16
2014 Q2
2014 Q3
2014 Q4
2015 Q1
Auto
16
Auto
1M
1Y
5Y
10Y
15Y
20Y
30Y
Source: Thomson Reuters Page7
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
4 PERFORMANCEOFWORLDWIDEINDICESINSGD
Table 5 Worldwide Indices’ Performance in SGD Name MSCI AC Asia ex Jap an TR USD
MSCI World TR USD
MSCI EM (Emerging Markets) TR USD
STOXX Europ e 50 CR EUR
Singap ore Straits Times CR
Citi W GBI TR USD
SIBOR SGD 3 Months
UOB Singapore Government Securities All 1+ Years
Period ended 31‐March‐2015
3 Months 6 Months 9 Months
1 Year
8.5 9
13.03
13.85
21.10
6.0 6
11.43
11.66
16.28
5.8 8
5.13
3.93
9.94
5.0 6
2.41
‐1.64 0.11
2.4 3
5.20
5.88
8.10
0.9 1
3.29
1.67
3.08
0.1 6
0.26
0.37
0.47
0.0 9
1.42
1.43
2.90
3 Years
34.08
56.67
11.30
22.92
14.50
3.81
1.24
3.36
Source: Lipper, a Thomson Reuters company The above indices represent the benchmarks for various major financial markets, as follows: Indices Citigroup WGBI TR MSCI AC Asia ex Japan TR MSCI EM (Emerging Markets) TR MSCI World TR SIBOR SGD 3 Months Singapore Straits Times CR Stoxx Europe 50 CR UOB Singapore Government Securities All 1+ Years Financial Markets Global bond markets Asian ex‐Japan equities Emerging markets equities Global equities Singapore money markets Singapore equities European equities Singapore bond markets The minimum annual interest rate paid by the CPF board for the various accounts is as follows:  Ordinary: 2.5%  Special: 4.0%  Medisave: 4.0%  Retirement: 4.0% For more information about CPF interest rates please visit: http://mycpf.cpf.gov.sg/Members/Gen‐Info/Int‐Rates/Int‐Rates.htm 5
SUMMARY OF PERFORMANCE OF CPFIS‐INCLUDED FUNDS The average returns3 of CPFIS‐included unit trusts and ILPs are shown below: 3
Average performance is calculated by a summation of all returns of funds in the group, divided by the number of funds. Page8
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
Figure 3 Average Performance of CPFIS‐Included Funds at End Q1 2015 (% in SGD) 60
)
D
G
S
%
in
(
s
n
r
u
t
e
R
l
a
t
o
T
56.67
50
40
34.08
32.32
30
21.10
16.28
20
e
g
a
r 10
e
v
A
14.23
11.6512.66
5.64
4.87 5.17
6.06
8.59
3.08
3.81
0.91
0
Past Quarter
Unit Trusts
28.68
26.38
ILPs
All CPF
Past 1 Year
MSCI World TR USD
Past 3 Years
MSCI AC Asia ex Japan TR USD
Citigroup WGBI TR USD
Source: Lipper, a Thomson Reuters company Figure 4 Average Performance of CPFIS‐Included Funds at End Q1 2015 by Asset Class (% in SGD) 40
)
D
G
S
%
n
i(
s
n
r
u
t
e
R
l
a
t
o
T
36.07
35
30
25
21.67
20
15.56
15
e
g 10
a
r
e
v 5
A
10.25
9.51
5.09
6.51
4.08
1.40
1.04
0.11
0.06
0
Past Quarter
Bond
Past 1 Year
Equity
Mixed Assets
Past 3 Years
Money Market
Source: Lipper, a Thomson Reuters company Page9
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
For the first quarter of 2015, the overall performance of CPFIS‐included (unit trusts and ILPs combined) funds posted positive returns of 5.17% on average, given a positive return of 5.64% on average among CPFIS‐included unit trusts and a positive return of 4.87% among CPFIS‐included ILPs. For all the CPFIS‐
included, all asset type of funds posted positive return for the period, equity, bond, mixed‐assset and money market funds posted a positive return of 6.51%, 1.40%, 4.08% and 0.06%, respectively for the quarter. The MSCI World TR USD soared 6.06% and the MSCI AC Asia ex Japan Index rallied 8.59% for Q1 2015, while the Citigroup WGBI rose 0.91% for the quarter. For the 12‐month period the overall performance of CPFIS‐included funds posted a positive return of 12.66% on average. CPFIS‐included unit trusts rallied 14.23% on the year, and CPFIS‐included ILPs soared 11.65% on average. During the same period the key benchmark MSCI World TR USD and MSCI AC Asia ex Japan Index rallied 16.28% and 21.10%, respectively, while the Citigroup WGBI TR rose 3.08%. For the one‐year period equity products (+15.56% on average) outperformed the bond offerings (+5.09% on average) and mixed‐asset type (+10.25% on average). For the three‐year period CPFIS‐included funds soared 28.68% growth on average, accounted for by a gain of 32.32% on average from CPFIS‐included unit trusts and 26.38% on average from CPFIS‐included ILPs. During the same period MSCI World TR USD rallied 56.67%, while MSCI AC Asia ex Japan Index soared 34.08 %, while the Citigroup WGBI TR rose 3.08%. Equity funds were the leading gainers (+36.07%). Bond portfolios delivered 9.51% growth, and mixed‐asset funds posted a gain of 21.67% on average. Page10
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
The average returns of CPFIS‐included unit trusts by asset class4 are shown below: Figure 5 Average Performance of CPFIS‐Included Unit Trusts at End Q1‐2015 by Asset Class (% in SGD) 40
37.28
)
D 35
G
S
% 30
in
( 25
s
n
r
u
t 20
e
R
l 15
a
t
o
T
e 10
g
a
r 5
e
v
A
21.13
16.39
9.98
6.53
4.37
9.59
4.65
1.24
0
Past Quarter
Bond
Past 1 Year
Equity
Past 3 Years
Mixed Assets
Source: Lipper, a Thomson Reuters company During first quarter 2015, Equity, bond and mixed‐asset of UT portfolios posted positive returns of 6.53%, 1.24% and 4.37%, respectively, on average. For the one‐year period equity products (+16.39%) outperformed the bond offerings (4.65%) and mixed‐asset type (+9.98% on average). For the three‐year period equity funds were the leading gainers (+37.28%). Bond portfolios delivered 9.59% growth, and mixed‐asset funds posted a gain of 21.13% on average. 4
Definition of asset types is as follows: ‐ Equity: Funds with the primary investment objective of investing in stock markets ‐ Bond: Funds with the primary investment objective of investing in fixed income markets with an average maturity > 1 year ‐ Mixed‐asset: Funds with the primary investment objective of investing in a strategic mix of equities and fixed income securities ‐ Money market: Funds with the primary investment objective of investing in fixed income markets with an average residual life to maturity < 12 months Page11
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
The average returns of CPFIS‐included investment‐linked insurance products by asset class are shown below: Figure 6 Average Performance of CPFIS‐Included ILPs at End Q1‐2015 by Asset Class (% in SGD) 40
)
D
G
S
%
n
i(
s
n
r
u
t
e
R
l
a
t
o
T
e
g
a
r
e
v
A
34.89
35
30
25
21.78
20
14.75
15
10.30
10
5
6.49
9.46
5.41
4.02
1.52
1.04
0.11
0.06
0
Past 1 Year
Past Quarter
Bond
Equity
Mixed Assets
Past 3 Years
Money Market
Source: Lipper, a Thomson Reuters company For first quarter 2015 ILP portfolios, all asset types of funds posted positive returns. Equity, bond, mixed‐
asset and money market funds delivered positive returns of 6.49%, 1.52%, 4.02% and 0.06%, respectively. On average for the one‐year period, all asset types of funds posted positive returns. Equity, bond, mixed‐
asset and money market funds posted positive returns of 14.75%, 5.41%, 10.30% and 0.11%, respectively. Equity products (+34.89%) outperformed the other asset class offerings over the three‐year period, and mixed‐asset, bond and money market types posted gains of 21.78%, 9.46% and 1.04% on average, respectively, for the three years through March 2015. Page12
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
The average returns of CPFIS‐included unit trusts by Lipper Global Classification5 are shown below: Table 6 Average Performance of CPFIS‐Included Unit Trusts by Lipper Global Classification (% Growth in SGD) % Gro wth 3M 31/12/ 2014
To 31/ 03/20 15
1.34
1.21
3.78
8.53
7.03
% Growth 6M 3 0/09/ 2014
To 31/ 03/20 15
2.38
2.37
‐ 10.15
10.75
10.52
% Growth 9 M 3 0/06/ 2014
To 31/ 03/201 5
3.23
3.01
‐ 10.27
12.59
11.05
% Growth 1Y 31/ 03/2014
To 31/ 03/2015
4.49
4.88
‐ 7.69
16.29
17.65
% Growth 3Y 31/ 03/2012
To 31/ 03/2015
10.56
9.04
15.10
23.33
33.48
Equity A sia Pacific Sm& Mid C ap (2)
Equity C hina ( 4)
Equity Em erging Mkts A sia ( 1)
Equity Em erging Mkts Global (4)
Equity Europ e ( 7)
Equity Glob al (10 )
Equity Glob al Inc ome (3 )
Equity Greater Ch in a ( 7)
Equity Ho ng K ong (1)
Equity In dia ( 3)
Equity In donesia (1)
Equity Japan (3)
Equity Ko rea (1 )
Equity Malaysia (1)
Equity Malaysia/Singapore ( 1)
Equity Sector Biotechno lo gy (1)
Equity Sector Gold& Prec Metals (1)
Equity Sector Info rm ation Tec h (2)
Equity Sector Real Es t Global (2)
Equity Singapore (6)
Equity Thailand (3)
3.95
9.59
8.32
5.09
10.17
4.69
2.71
8.37
9.03
10.67
‐ 2.62
12.50
5.85
2.83
1.18
18.18
‐ 0.82
3.63
7.02
2.50
6.80
0.74
23.23
16.39
4.90
10.57
6.15
2.77
16.11
17.57
22.03
‐ 7.04
13.69
‐ 3.95
‐ 6.48
‐ 2.02
36.61
‐ 11.25
12.14
20.86
3.05
4.45
2.24
28.73
20.56
4.11
4.95
3.67
0.05
17.92
21.23
33.37
‐ 4.09
13.92
‐ 5.80
‐ 5.41
‐ 2.42
52.88
‐ 27.25
15.95
18.23
4.78
14.98
9.77
30.86
30.95
9.24
6.70
7.75
3.77
22.91
27.45
51.85
‐ 3.90
21.10
‐ 3.21
0.67
1.56
56.15
‐18.43
19.94
24.20
9.37
23.07
29.01
45.22
34.64
12.84
39.42
31.48
33.82
37.76
39.29
60.34
‐0.63
42.02
7.65
20.83
11.60
2 01.01
‐58.08
43.19
45.83
22.65
32.65
Mixed A sset SGD Balanced ( 6)
Mixed A sset U SD A ggressive (1)
Mixed A sset U SD Bal ‐ Global (1)
Protected (1)
Target Maturity Other (4)
Equity US (5)
A bsolute Return Other ( 1)
Equity Sector Healthc are (2)
Equity Sector Finan cials ( 1)
Bo nd As ia Pacif ic LC ( 2)
Grand Total ( 113)
4.63
9.29
5.19
‐ 0.08
2.54
4.86
6.41
12.58
2.63
1.18
5.64
7.38
13.26
6.21
‐ 0.08
4.40
13.94
5.73
25.65
10.80
1.73
8.69
7.95
12.59
4.39
‐ 0.17
4.57
17.65
5.73
29.79
10.42
2.43
9.55
11.83
15.40
6.01
0.00
6.84
22.68
11.41
34.93
12.06
4.01
14.23
20.03
35.18
36.75
2.68
15.35
66.05
31.75
1 07.85
46.16
9.56
32.32
Name Bo nd Global ( 4)
Bo nd SGD ( 8)
Equity A SEAN ( 1)
Equity A sia Pacific ( 1)
Equity A sia Pacific ex Japan (11)
Source: Lipper, a Thomson Reuters company Remark: The average calculation includes the different share classes of the funds. 5
For more information please go to Section 7.2—Investment Terminology Definitions. Page13
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
The average returns of CPFIS‐included ILPs by Lipper Global Classification are shown below: Table 7 Average Performance of CPFIS‐Included ILPs by Lipper Global Classification (% Growth in SGD) % Gro wth 3M 31/12/ 2014
% Growth 6M 3 0/09/ 2014
% Growth 9 M 3 0/06/ 2014
% Growth 1Y 31/ 03/2014
% Growth 3Y 31/ 03/2012
To 31/ 03/20 15
1.74
1.08
3.75
8.53
6.31
8.62
8.42
8.32
5.30
To 31/ 03/20 15
3.51
2.15
‐ 10.10
10.75
8.10
4.67
16.93
16.41
4.66
To 31/ 03/201 5
4.10
3.00
‐ 10.22
12.59
8.57
4.15
22.55
20.58
3.86
To 31/ 03/2015
5.53
4.85
‐ 7.77
16.29
13.26
10.41
23.47
30.99
9.83
To 31/ 03/2015
9.82
8.99
14.99
23.33
21.41
33.74
40.03
34.66
9.43
Equity Europ e ( 5)
Equity Glob al (24 )
Equity Greater Ch in a ( 4)
Equity In dia ( 4)
7.99
5.16
8.90
10.31
8.13
7.86
18.61
18.81
2.46
6.25
20.17
29.07
4.05
10.64
25.49
41.35
37.88
33.18
43.46
59.77
Equity Japan (5)
Equity Sector Info rm ation Tec h (4)
Equity Sector Real Es t Global (2)
Equity Singapore (10)
Mixed Asset SGD Aggressive ( 11)
12.03
8.19
7.99
1.77
4.02
12.65
18.40
21.05
3.15
6.39
12.50
21.97
18.94
3.85
6.58
20.24
23.30
27.19
9.54
10.50
39.50
57.49
50.18
21.79
24.81
Mixed Asset SGD Balanced ( 33)
Mixed Asset SGD Co nservative (9)
Mixed Asset U SD Aggressive (1)
Mixed Asset U SD Bal ‐ Global (1)
Money Market SGD (6)
Protected (1)
Target Maturity Other (7)
Equity US (1)
Bo nd Other Hed ged ( 1)
Equity Sector Healthc are (2)
4.11
2.74
9.26
5.09
0.06
‐ 0.11
4.37
4.77
2.81
12.74
6.96
4.86
13.16
7.23
0.09
‐ 0.15
6.86
15.39
5.60
25.92
7.32
5.14
12.48
0.00
0.07
‐ 0.26
7.13
20.20
7.30
29.78
10.90
7.35
15.29
0.00
0.11
‐ 0.12
10.27
25.85
9.24
34.84
22.60
14.02
35.24
0.00
1.04
2.31
21.36
75.42
7.01
1 08.05
Bo nd As ia Pacif ic LC ( 1)
Grand Total ( 180)
0.19
4.87
0.00
7.48
1.03
7.88
2.85
11.65
0.00
26.38
Name Bo nd Global ( 12)
Bo nd SGD ( 6)
Equity ASEAN ( 2)
Equity Asia Pacific ( 1)
Equity Asia Pacific ex Japan (12)
Equity Asia Pacific Sm& Mid C ap (4)
Equity C hina ( 4)
Equity Em erging Mkts Asia ( 1)
Equity Em erging Mkts Global (6)
Source: Lipper, a Thomson Reuters company Remark: The average calculation includes the different share classes of the funds. Page14
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
6 SUMMARYOFRISK‐ADJUSTEDPERFORMANCE
The Lipper Leader rating methodology consists of four metrics that rate funds’ success in meeting certain goals:  Total Return: Ability of a fund to provide superior total return compared to its peers 
Consistent Return: Ability of a fund to provide relatively superior consistency and risk‐adjusted return compared to its peers 
Preservation: Ability of a fund to demonstrate superior preservation of capital in a variety of markets compared with other funds in its asset class 
Expense: Ability of a fund to successfully manage to keep its expenses low relative to its peers and within its load structure Funds are ranked against their Lipper peer group classifications for a three‐year period. In other words, if a fund doesn’t have at least three years of historical performance and it is not in a group with more than five funds, it is not rated by Lipper. The rating is based on an equal‐weighted average of percentile ranks of the four Lipper Leader metrics. For each metric: The top 20% of funds receive a rating of “5” and are named Lipper Leaders. The next 20% of funds receive a rating of “4.” The middle 20% of funds receive a rating of “3.” The next 20% of funds receive a rating of “2.” The lowest 20% of funds receive a rating of “1.” Page15
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
6.1 LipperLeaderRatingforCPFIS‐IncludedUnitTrusts
Figure 6 Venn Diagram of CPFIS–Included Unit Trusts With a Lipper Leader Rating (Rating of “5”) CPFIS–Unit Trust
23
1
29
8
21
Source: Lipper, a Thomson Reuters company As of the end of March 2015 the number of CPFIS‐included unit trusts in the top 20% of funds, receiving a rating of “5” and named Lipper Leaders in each metric, was as follows: 
Total Return: 23 funds 
Consistent Return: 21 funds 
Preservation: 29 funds 
Expense: 8 funds APS Alpha Fund A SGD is the only CPFIS‐included unit trusts received a rating of “5” (Lipper Leader) in all four metrics. Page16
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
Table 8 Full List of CPFIS‐Included Unit Trusts with a Lipper Leader Rating 3 Years Lipper Rating Name Aberdeen Asian Smaller Companies Fund SGD Aberdeen China Opportunities Fund Aberdeen European Opportunities Fund Aberdeen Global Emerging Markets Fund SGD Aberdeen Global Opportunities Fund SGD Aberdeen India Opportunities Fund SGD Aberdeen Indonesia Equity Fund SGD Aberdeen Malaysian Equity Fund SGD Aberdeen Pacific Equity Fund SGD Aberdeen Singapore Equity Fund SGD Aberdeen Thailand Equity Fund SGD AllianceBernstein ‐ Global Equity Blend Portfolio A SGD AllianceBernstein ‐ Global Growth Trends Portfolio A SGD AllianceBernstein ‐ International Health Care Portfolio A SGD Allianz China Equity AT SGD Allianz Global Investors Premier Funds ‐ Allianz Global High Payout Fund SGD Allianz Hong Kong Equity AT SGD Allianz Oriental Income AT SGD Allianz US Equity Fund AT SGD Amundi Opportunities‐Amundi Singapore Dividend Growth APS Alpha Fund A SGD Deutsche China Equity Fund A SGD Deutsche Global Themes Equity Fund A SGD Deutsche Lion Bond Fund A SGD Deutsche Premier Select Trust SGD Eastspring Investments U.T. ‐ Asian Balanced Fund Eastspring Investments U.T. ‐ Dragon Peacock Fund Eastspring Investments U.T. ‐ Global Balanced Fund Eastspring Investments U.T. ‐ Global Leaders Fund SGD Eastspring Investments U.T. ‐ Global Technology Fund Eastspring Investments U.T. ‐ Pan European Fund Eastspring Investments U.T. ‐ Protected Global Titans Fund (S$) Eastspring Investments U.T. ‐ Singapore ASEAN Equity Fund Eastspring Investments U.T. ‐ Singapore Select Bond Fund A Fidelity Funds‐America Fund A SGD Fidelity Funds‐America Fund A SGD H Fidelity Funds‐America Fund A USD Fidelity Funds‐Asian Special Situations Fund A SGD Fidelity Funds‐Asian Special Situations Fund A USD Fidelity Funds‐China Focus Fund A SGD Fidelity Funds‐Emerging Markets Fund Class A SGD Fidelity Funds‐European Growth Fund A EUR Fidelity Funds‐European Growth Fund A SGD Fidelity Funds‐Greater China Fund A SGD Consistent Return 1 1 1 3 1 2 1 4 2 2 Leader Expense 3 3 2 3 3 4 4 3 3 3 4 Total Return 1 1 1 3 1 3 1 Leader 2 3 Leader Preservation 3 3 3 2 Leader 1 2 2 4 4 2 Equity Global 4 2 3 4 Equity Global 2 2 2 4 Equity Sector Healthcare 2 2 2 Leader Equity China 4 3 2 2 Equity Global Income 2 2 1 Leader Equity Hong Kong Mixed Asset USD Aggressive Equity US 2 2 1 3 4 2 1 3 1 3 2 4 Equity Singapore 2 3 2 3 Leader 1 2 2 3 2 4 1 Leader 4 3 Leader 4 4 4 3 Leader 1 2 2 3 3 4 1 Leader 2 3 Leader 4 Leader 2 4 Equity Global 2 2 2 4 Equity Sector Information Tech 3 4 3 4 Equity Europe 1 3 1 3 Leader N/A Leader Leader 2 3 4 4 Bond SGD Leader 4 Leader 4 Equity US Equity US Equity US Equity Asia Pacific ex Japan Equity Asia Pacific ex Japan Equity China Equity Emerging Mkts Global Equity Europe Equity Europe Equity Greater China Leader 3 Leader Leader Leader Leader Leader 3 3 Leader 2 2 2 3 3 3 3 2 2 3 Leader 4 Leader Leader Leader 4 Leader 3 3 Leader Leader Leader Leader 4 Leader 2 3 3 3 4 Lipper Global Classification Equity Asia Pacific Sm&Mid Cap Equity Greater China Equity Europe Equity Emerging Mkts Global Equity Global Equity India Equity Indonesia Equity Malaysia Equity Asia Pacific ex Japan Equity Singapore Equity Thailand Absolute Return Other Equity China Equity Global Bond Global Mixed Asset SGD Balanced Mixed Asset SGD Balanced Equity Emerging Mkts Asia Mixed Asset SGD Balanced Protected Equity Singapore Page17
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
3 Years Lipper Rating Name Fidelity Funds‐Greater China Fund A USD Fidelity Funds‐Southeast Asia Fund A SGD Fidelity Funds‐Southeast Asia Fund A USD First State Asian Growth Fund SGD First State Bridge First State Dividend Advantage SGD First State Global Resources Fund SGD First State Regional China Fund SGD FTIF ‐ Franklin Biotechnology Discovery Fund A Acc SGD FTIF ‐ Franklin Global Growth Fund A Acc SGD FTIF ‐ Franklin Gold And Precious Metals Fund A Acc SGD FTIF ‐ Franklin India Fund A Acc SGD FTIF ‐ Franklin U.S. Opportunities Fund A Acc SGD FTIF ‐ Templeton Asian Growth Fund A Acc SGD FTIF ‐ Templeton China Fund A Acc SGD FTIF ‐ Templeton Emerging Markets Fund A Acc SGD FTIF ‐ Templeton European Fund A Acc SGD FTIF ‐ Templeton Global Balanced Fund A Acc SGD FTIF ‐ Templeton Global Equity Income Fund A Qdis SGD FTIF ‐ Templeton Global Fund A Acc SGD FTIF ‐ Templeton Korea Fund A Acc SGD FTIF ‐ Templeton Thailand Fund A Acc SGD Henderson European Fund Henderson Global Property Equities Fund Henderson Global Technology Fund Legg Mason Western Asset Asian Enterprise Trust Legg Mason Western Asset Global Bond Trust Legg Mason Western Asset SE Asia Special Situations Trust Legg Mason Western Asset Singapore Bond Fund LionGlobal China Growth Fund SGD LionGlobal Japan Fund SGD LionGlobal Japan Growth Fund SGD LionGlobal Short Duration Bond Fund LionGlobal Singapore Fixed Income Investment LionGlobal Singapore/Malaysia Fund SGD LionGlobal Thailand Fund SGD Nikko AM Asia Investment Funds‐Nikko AM Shenton Global Property Securities Fund SGD Nikko AM Shenton Japan Fund Nikko AM Shenton Short Term Bond Funds‐Nikko AM Shenton Short Term Bond Fund (S$) Nikko AM Shenton Thrift Fund PineBridge International Funds ‐ Acorns of Asia Balanced Fund PineBridge International Funds ‐ Singapore Bond Fund Schroder Asian Equity Yield Fund Schroder Asian Growth Fund SGD Schroder Asian Investment Grade Credit Consistent Return Leader 3 2 Leader Leader Leader 1 4 Expense 3 3 3 3 Leader 4 3 4 Total Return Leader 2 2 Leader Leader Leader 1 4 Preservation 4 4 4 4 4 Leader 1 Leader N/A N/A N/A 3 Equity Global 2 3 2 3 Equity Sector Gold&Prec Metals 3 3 3 1 Equity India Equity US Equity Asia Pacific ex Japan Equity Greater China Equity Emerging Mkts Global Equity Europe Mixed Asset USD Bal ‐ Global 4 4 1 1 2 1 4 4 3 1 1 1 3 4 3 4 1 1 2 2 Leader 1 4 3 2 2 2 3 Equity Global Income 4 3 4 4 Leader 4 3 4 2 3 2 3 3 2 1 2 2 3 3 4 Leader Leader 3 4 2 3 2 3 4 2 1 3 Leader 4 3 Leader 1 4 2 2 3 3 4 Leader 3 2 3 1 2 Leader 3 3 Leader 3 Leader 4 3 3 3 4 3 2 3 1 Leader 4 3 3 Leader 4 4 1 Equity Sector Real Est Global 4 2 4 4 Equity Japan 4 4 3 2 Bond Global 2 Leader 2 Leader Equity Singapore 4 Leader Leader 4 Mixed Asset SGD Balanced 1 4 1 3 Bond SGD 4 1 4 Leader 4 Leader 1 3 4 4 Leader Leader 2 Leader 4 Leader Lipper Global Classification Equity Greater China Equity Asia Pacific ex Japan Equity Asia Pacific ex Japan Equity Asia Pacific ex Japan Mixed Asset SGD Balanced Equity Asia Pacific ex Japan Equity Global Equity Greater China Equity Sector Biotechnology Equity Global Equity Korea Equity Thailand Equity Europe Equity Sector Real Est Global Equity Sector Information Tech Equity Asia Pacific Sm&Mid Cap Bond Global Equity ASEAN Bond SGD Equity Greater China Equity Japan Equity Japan Bond Global Bond SGD Equity Malaysia/Singapore Equity Thailand Equity Asia Pacific ex Japan Equity Asia Pacific ex Japan Bond Asia Pacific LC Page18
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
3 Years Lipper Rating Name Schroder China Opportunities Fund Schroder Global Emerging Market Opportunities Fund Schroder Greater China Fund Schroder Multi‐Asset Revolution Schroder Singapore Fixed Income Fund Schroder Singapore Trust United Asia Top‐50 Fund United Global Financials Fund United Global Healthcare Fund United International Growth Fund United SGD Fund United Singapore Bond Fund United Singapore Growth Fund UOB GrowthPath 2020 UOB GrowthPath 2030 UOB GrowthPath 2040 Lipper Global Classification Equity China Equity Emerging Mkts Global Equity Greater China Mixed Asset SGD Balanced Bond SGD Equity Singapore Equity Asia Pacific Equity Sector Financials Equity Sector Healthcare Equity Global Bond SGD Bond SGD Equity Singapore Target Maturity Other Target Maturity Other Target Maturity Other Consistent Return 3 Expense 3 Total Return 3 Preservation 3 4 3 4 2 3 4 2 Leader 2 1 Leader 2 Leader 3 2 2 2 4 3 4 2 4 1 3 2 4 3 2 4 2 1 2 2 4 2 4 1 2 Leader 2 Leader 3 2 2 2 4 3 Leader 4 4 4 4 Leader 4 Leader Leader 3 Leader Leader Leader Source: Lipper, a Thomson Reuters company Page19
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
6.2 LipperLeaderRatingforCPFIS‐IncludedILPs
Figure 7 Venn Diagram of CPFIS‐Included ILPs With a Lipper Leader Rating (Rating of “5”) CPFIS–Insurance
26
3
58
21
24
Source: Lipper, a Thomson Reuters company As of the end of March 2015 the number of CPFIS‐included ILPs in the top 20% of funds, receiving a rating of “5” and named Lipper Leaders, in each metric was as follows: 
Total Return: 26 funds 
Consistent Return: 24 funds 
Preservation: 58 funds 
Expense: 21 funds Three of the CPFIS‐included ILPs received a rating of “5” (Lipper Leader) in all four metrics combined. They are: GreatLink Global Supreme Fund, NTUC Global Managed Fund (Balanced) and NTUC Global Managed Fund (Conservative). Page20
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
Table 9 Full List of CPFIS‐Included ILPs with a Lipper Leader Rating 3 Years Lipper Rating Name AIA Acorns of Asia Fund AIA Emerging Markets Balanced Fund AIA Emerging Markets Equity Fund AIA Global Balanced Fund AIA Global Bond Fund AIA Global Resources Fund AIA Global Technology Fund AIA Greater China Balanced Fund AIA Greater China Equity Fund AIA Growth Fund AIA India Balanced Fund AIA India Opportunities Fund AIA International Health Care Fund AIA Japan Balanced Fund AIA Japan Equity Fund AIA Portfolio 100 AIA Portfolio 30 AIA Portfolio 50 AIA Portfolio 70 AIA Regional Fixed Income Fund Aviva Aberdeen Pacific Equity (SP) Aviva AllianceBernstein Global Growth Trends (SP) Aviva Balanced Growth (SP) Aviva Capital Growth (SP) Aviva Henderson European (SP) Aviva Income Growth (SP) Aviva Legg Mason Western Asset Asian Enterprise Trust (SP) Aviva Legg Mason Western Asset Global Bond Trust (SP) Aviva LionGlobal Japan Growth (SP) Aviva MM Balanced Growth Aviva MM Capital Growth Aviva MM Income Growth Aviva Nikko AM Shenton Short Term Bond (SP) Aviva Schroder Multi Asset Revolution Aviva Templeton Global Balanced (SP) AXA Asian Balanced Fund AXA Asian Growth Fund AXA China Growth Fund AXA Fortress Fund A AXA Fortress Fund B AXA Global Balanced Fund AXA Global Defensive Fund AXA Global Emerging Markets Equity Fund AXA Global Equity Blend Lipper Global Classification Mixed Asset SGD Balanced Mixed Asset SGD Balanced Equity Emerging Mkts Global Mixed Asset SGD Balanced Bond Other Hedged Equity Global Equity Sector Information Tech Mixed Asset SGD Balanced Equity Greater China Mixed Asset SGD Aggressive Mixed Asset SGD Balanced Equity India Equity Sector Healthcare Mixed Asset SGD Balanced Equity Japan Equity Global Mixed Asset SGD Conservative Mixed Asset SGD Balanced Mixed Asset SGD Aggressive Bond SGD Equity Asia Pacific ex Japan Equity Global Mixed Asset SGD Balanced Equity Asia Pacific ex Japan Equity Europe Mixed Asset SGD Conservative Consistent Return 2 1 4 Leader 2 1 4 Leader Leader 1 Leader 2 2 4 3 1 Leader 3 4 3 1 2 2 3 4 2 Expense 4 2 3 2 2 3 3 2 3 Leader 2 4 2 3 3 3 4 2 2 2 1 1 1 2 3 1 Total Return 2 1 4 Leader 2 1 4 Leader Leader 1 Leader 3 2 Leader 3 1 Leader 2 4 3 1 2 2 2 4 2 Preservation 3 3 2 Leader 4 1 2 3 4 3 2 1 Leader 3 2 Leader Leader Leader Leader Leader 3 4 4 4 3 Leader Equity Asia Pacific Sm&Mid Cap 2 2 2 3 Bond Global 3 1 3 Leader 3 3 3 3 1 4 Leader 3 2 3 Leader Leader 2 3 3 4 1 Leader Leader 4 1 3 1 2 3 3 1 1 3 3 3 2 3 3 3 3 1 4 Leader 3 2 2 Leader Leader 2 3 3 3 2 4 Leader Leader Leader Leader 3 4 Leader 4 Leader 4 Leader 4 3 4 Equity Japan Mixed Asset SGD Balanced Equity Asia Pacific ex Japan Mixed Asset SGD Conservative Bond Global Mixed Asset SGD Balanced Mixed Asset SGD Balanced Mixed Asset SGD Balanced Equity Asia Pacific ex Japan Equity Greater China Equity Singapore Equity Singapore Mixed Asset SGD Balanced Bond Global Equity Emerging Mkts Global Equity Global Page21
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
3 Years Lipper Rating Name AXA Global Growth Fund AXA Global High Growth Fund AXA Global Secure Fund AXA India Fund AXA Pacific Equity Fund AXA Singapore Balanced Fund AXA Singapore Equity Fund AXA Value Growth Fund GreatLink China Growth Fund GreatLink Enhancer Fund GreatLink European Equity Fund GreatLink Global Bond Fund GreatLink Global Equity Alpha Fund GreatLink Global Equity Fund GreatLink Global Growth Trends Portfolio GreatLink Global Opportunities Fund GreatLink Global Optimum Fund GreatLink Global Real Estate Securities Fund GreatLink Global Supreme Fund GreatLink Global Technology Fund GreatLink Lifestyle Balanced Portfolio GreatLink LifeStyle Dynamic Portfolio GreatLink LifeStyle Progressive Portfolio GreatLink Lifestyle Secure Portfolio GreatLink Lifestyle Steady Portfolio GreatLink Lion Asian Balanced Fund GreatLink Lion Japan Growth Fund GreatLink Singapore Equities Fund GreatLink Stable Bond Fund HSBC Insurance China Equity Fund HSBC Insurance Ethical Global Equity Fund HSBC Insurance Global Bond Fund HSBC Insurance Global Equity Fund HSBC Insurance Pacific Equity Fund HSBC Insurance Premium Balanced Fund HSBC Insurance Singapore Bond Fund John Hancock Adventurous Portfolio John Hancock Balanced Portfolio John Hancock Cautious Portfolio John Hancock European Equity Fund John Hancock Global Balanced Fund Lipper Global Classification Mixed Asset SGD Aggressive Equity Global Mixed Asset SGD Conservative Equity India Equity Asia Pacific ex Japan Mixed Asset SGD Balanced Equity Singapore Equity Asia Pacific ex Japan Equity Greater China Equity Asia Pacific ex Japan Equity Europe Bond Global Equity Global Equity Global Equity Global Equity Global Mixed Asset SGD Balanced Equity Sector Real Est Global Mixed Asset SGD Balanced Equity Sector Information Tech Mixed Asset SGD Balanced Equity Global Mixed Asset SGD Aggressive Mixed Asset SGD Conservative Mixed Asset SGD Balanced Mixed Asset SGD Balanced Equity Japan Equity Singapore Bond Global Equity China Equity Global Bond Global Equity Global Equity Asia Pacific ex Japan Mixed Asset SGD Balanced Bond Global Mixed Asset SGD Aggressive Mixed Asset SGD Balanced Mixed Asset SGD Conservative Equity Europe Mixed Asset SGD Balanced Consistent Return 4 3 3 2 2 1 2 3 3 1 Leader 2 3 Leader 3 1 2 4 Leader Leader 3 1 3 3 2 1 4 1 2 3 1 3 4 2 3 2 Leader 4 Leader 1 4 Expense 3 2 4 4 3 2 1 3 4 4 2 4 2 3 3 3 Leader 4 Leader 4 Leader 3 4 Leader Leader 4 3 3 Leader 3 3 4 3 3 3 Leader 2 2 2 3 1 Total Return 3 3 3 3 2 2 2 2 3 1 Leader 2 3 Leader 2 1 2 4 Leader Leader 3 1 2 3 1 1 4 1 2 3 1 3 4 2 3 2 Leader 4 Leader 1 4 Page22
Preservation Leader Leader Leader 1 4 3 4 Leader 4 3 3 4 Leader Leader 4 Leader Leader Leader Leader 4 Leader Leader 4 Leader Leader 3 3 3 Leader 3 3 Leader 4 3 4 Leader 4 4 Leader 2 4 FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
3 Years Lipper Rating Name John Hancock Greater China Fund John Hancock Japan Growth Fund John Hancock Pacific Equity Fund John Hancock Pacific Harvest Fund John Hancock Worldwide Bond Fund John Hancock Worldwide Equities Fund Manulife European Equity Fund Manulife Global Emerging Markets Fund Manulife Golden Asia Growth Fund Manulife Golden Balanced Growth Fund Manulife Golden Global Balanced Fund Manulife Golden International Bond Fund Manulife Golden Regional China Fund Manulife Golden S.E.A. Special Situations Fund Manulife Golden Singapore Growth Fund Manulife Golden Worldwide Equity Fund Manulife India Equity Fund Manulife Japan Growth Fund Manulife Lifestyle Portfolios ‐ Aggressive Manulife Lifestyle Portfolios ‐ Conservative Manulife Lifestyle Portfolios ‐ Growth Manulife Lifestyle Portfolios ‐ Moderate Manulife Lifestyle Portfolios ‐ Secure Manulife Pacific Equity Fund Manulife Singapore Bond Fund Manulife Singapore Cash Fund NTUC AIM 2015 NTUC AIM 2025 NTUC AIM 2035 NTUC AIM 2045 NTUC AIM NOW NTUC Asia Managed Fund NTUC Global Bond Fund NTUC Global Equity Fund NTUC Global Managed Fund (Balanced) NTUC Global Managed Fund (Conservative) NTUC Global Managed Fund (Growth) NTUC Global Technology Fund NTUC Prime Fund NTUC Singapore Bond Fund NTUC Singapore Equity Fund NTUC Singapore Managed Fund Lipper Global Classification Equity China Equity Japan Equity Asia Pacific Sm&Mid Cap Mixed Asset SGD Aggressive Bond Global Equity Global Equity Europe Equity Emerging Mkts Global Equity Asia Pacific Sm&Mid Cap Mixed Asset SGD Balanced Mixed Asset SGD Balanced Bond Global Equity China Equity ASEAN Equity Singapore Equity Global Equity India Equity Japan Equity Global Mixed Asset SGD Conservative Mixed Asset SGD Aggressive Mixed Asset SGD Balanced Mixed Asset SGD Balanced Equity Asia Pacific ex Japan Bond SGD Money Market SGD Target Maturity Other Target Maturity Other Target Maturity Other Target Maturity Other Mixed Asset SGD Conservative Mixed Asset SGD Aggressive Bond Global Equity Global Mixed Asset SGD Balanced Mixed Asset SGD Conservative Mixed Asset SGD Aggressive Equity Sector Information Tech Mixed Asset SGD Balanced Bond SGD Equity Singapore Mixed Asset SGD Balanced Consistent Return 1 3 2 3 3 2 1 3 2 3 4 3 1 1 4 2 2 3 1 4 4 4 3 2 3 N/A 1 Leader Leader Leader 2 4 3 4 Leader Leader Leader 3 2 2 4 2 Expense 3 2 3 1 2 2 2 3 3 Leader 3 4 3 4 2 3 4 3 3 3 2 4 Leader 3 1 N/A 3 3 3 3 Leader 4 4 4 Leader Leader Leader Leader Leader 4 Leader Leader Total Return 1 3 2 4 3 2 1 3 2 3 4 3 1 2 4 2 3 3 1 4 4 4 3 2 3 N/A 1 Leader Leader Leader 2 4 3 4 Leader Leader Leader Leader 3 2 4 2 Page23
Preservation 2 2 3 3 Leader 4 3 2 3 4 Leader Leader 2 2 4 4 1 2 4 Leader 3 4 Leader 4 Leader N/A Leader Leader 4 4 Leader 3 Leader Leader Leader Leader 4 1 3 4 4 3 FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
3 Years Lipper Rating Name NTUC Takaful Fund PruLink Adapt 2015 PruLink Adapt 2025 PruLink Adapt 2035 PruLink America Fund PruLink Asian American Managed Fund PruLink Asian Equity Fund Prulink China‐India Fund PruLink Emerging Markets Fund PruLink Global Basics Fund PruLink Global Bond Fund PruLink Global Equity Fund PruLink Global Leaders Fund PruLink Global Managed Fund PruLink Global Property Securities Fund PruLink Global Technology Fund PruLink Greater China Fund PruLink Oriental Opportunities Fund PruLink Pan European Fund PruLink Protected Global Titans Fund PruLink Singapore ASEAN Managed Fund PruLink Singapore Dynamic Bond Fund PruLink Singapore Growth Fund PruLink Singapore Managed Fund TMLS Asian Equity Fund TMLS China Equity Fund TMLS Global Balanced Fund TMLS Global Bond Fund TMLS Global Equity Fund UOB Life FOF Asia Top 50 Fund Lipper Global Classification Equity Global Target Maturity Other Target Maturity Other Target Maturity Other Equity US Mixed Asset SGD Balanced Equity Asia Pacific ex Japan Equity Emerging Mkts Asia Equity Emerging Mkts Global Equity Global Bond Global Equity Global Equity Global Mixed Asset SGD Balanced Equity Sector Real Est Global Equity Sector Information Tech Equity Greater China Mixed Asset USD Aggressive Equity Europe Protected Mixed Asset SGD Aggressive Bond SGD Equity Singapore Mixed Asset SGD Aggressive Equity Asia Pacific ex Japan Equity China Mixed Asset SGD Balanced Bond Global Equity Global Equity Asia Pacific Consistent Return Leader 1 3 Leader Leader 2 2 4 3 1 2 1 2 4 4 3 3 2 1 4 2 4 3 2 2 2 3 2 1 2 Expense 4 1 1 1 2 4 4 4 3 3 4 3 2 3 3 4 3 4 3 N/A 4 4 3 Leader 3 4 4 4 3 1 Total Return Leader 1 3 Leader Leader 2 1 4 3 1 2 1 2 4 4 3 3 3 1 4 2 4 3 2 2 2 3 2 1 1 Source: Lipper, a Thomson Reuters company Page24
Preservation Leader Leader Leader 4 Leader Leader 3 2 2 3 4 Leader 4 Leader 4 4 3 2 3 Leader 3 4 4 3 4 3 4 Leader Leader 4 FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
7 Appendices
7.1 CompleteListofFunds6
7.1.1 FullListofCPFIS‐IncludedUnitTrusts
N ame Lipper Globa l CPFIS R is k
FT IF ‐ Templeton Korea Fund A A cc SGD
Equity Korea
T ER Date
Expense Ra tio
Hig her Risk Na rrowly Focused
31/ 12/2014
2.50 Equity T ha iland
Hig her Risk Na rrowly Focused
31/ 12/2014
2.49 Equity E merging M kts Global
Hig her Risk Na rrowly Focused
31/ 12/2014
2.47 FT IF ‐ Templeton China Fund A Acc SGD
Equity Greater China
Hig her Risk Na rrowly Focused
31/ 12/2014
2.44 United A sia T op‐50 Fund
Equity A sia Pacific
Hig her Risk Na rrowly Focused
31/ 12/2014
2.31 FT IF ‐ Templeton Asian Growth Fund A A cc SGD
Equity A sia Pacific ex Japan
Hig her Risk Na rrowly Focused
31/ 12/2014
2.22 United Globa l Healthcare Fund
Equity Sector Healthcare
Hig her Risk Na rrowly Focused
31/ 12/2014
2.21 Hig her Risk Na rrowly Focused
30/ 11/2014
2.18 31/ 08/2014
2.04 Hig her Risk Na rrowly Focused
31/ 12/2014
1.98 Hig her Risk Na rrowly Focused
30/ 09/2014
1.95 Hig her Risk Na rrowly Focused
31/ 10/2014
1.95 Hig her Risk Na rrowly Focused
31/ 10/2014
1.95 Fidelity Funds‐Greater China Fund A SGD Equity Greater China
Hig her Risk Na rrowly Focused
31/ 10/2014
1.95 Fidelity Funds‐Greater China Fund A USD Equity Greater China
FT IF ‐ Templeton Thailand Fund A A cc SGD
FT IF ‐ Templeton Emerging M arkets Fund A A cc SGD
A llia nceBernstein ‐ Interna tional Hea lth Equity Sector Healthcare
Ca re Portfolio A SGD
A llia nceBernstein ‐ Global Growth Equity Globa l
T rends Portfolio A SGD
United Globa l Financia ls Fund
Equity Sector F inancials
A berdeen India Opportunities Fund S GD Equity India
Fidelity Funds‐Asian Special Situa tions Fund A SGD
Fidelity Funds‐Asian Special Situa tions Fund A USD
Equity A sia Pacific ex Japan
Equity A sia Pacific ex Japan
Hig her Risk CPF Focus
Broa dly Diversified
Hig her Risk Na rrowly Focused
31/ 10/2014
1.95 Henderson Globa l Property Equities Fund
Nikko AM As ia Investment F unds‐Nikko A M Shenton Global Property Securities Fund SGD
Fidelity Funds‐Emerging M arkets Fund Class A SGD
Equity Sector Real E st Global
Hig her Risk Na rrowly Focused
31/ 12/2014
1.95 Equity Sector Real E st Global
Hig her Risk Na rrowly Focused
31/ 12/2014
1.95 Equity E merging M kts Global
Hig her Risk Na rrowly Focused
31/ 10/2014
1.94 Pinebridge India Equity F und
Equity India
Hig her Risk Na rrowly Focused
31/ 12/2014
1.94 Equity Globa l Income
Hig her Risk 31/ 12/2014
1.93 Hig her Risk Na rrowly Focused
31/ 10/2014
1.93 Hig her Risk Na rrowly Focused
31/ 10/2014
1.93 A llia nz Globa l Investors Premier Funds ‐ A llia nz Globa l High Pa yout Fund SGD
Fidelity Funds‐Southea st A sia Fund A SGD
Fidelity Funds‐Southea st A sia Fund A US D
Equity A sia Pacific ex Japan
Equity A sia Pacific ex Japan
Broa dly Diversified
6
These expense ratios may not be up to end of September 2014 but already represent the most up‐to‐date information (which may include unaudited expense ratio) submitted by the FMCs/Insurers. Some funds which newly launched in recent months have no available Expense Ratio. Page25
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
N ame Lipper Globa l CPFIS R isk
CPF Focus
T ER Date
Expense Ra tio
E astspring Investments U.T. ‐ Global Leaders Fund SGD
Equity Globa l
Hig her Risk Broa dly Diversified
31/ 12/2014
1.92 Fidelity Funds‐America Fund A SGD H
Equity US
Hig her Risk Na rrowly Focused
31/ 10/2014
1.92 Fidelity Funds‐China Focus Fund A SGD
Equity China
Hig her Risk Na rrowly Focused
31/ 10/2014
1.92 31/ 08/2014
1.91 A llia nceBernstein ‐ Global E quity Blend Portfolio A SGD
Equity Globa l
Hig her Risk Schroder Greater China Fund
Equity Greater China
Hig her Risk Na rrowly Focused
31/ 12/2014
1.91 Hig her Risk Na rrowly Focused
31/ 12/2014
1.90 31/ 10/2014
1.90 FT IF ‐ Franklin Gold And Precious M etals Equity Sector Gold&Prec Fund A A cc SGD
Meta ls
Fra nklin Templeton Shariah Funds ‐ Equity Globa l
T empleton Sharia h Global E quity Fund
Hig her Risk Broa dly Diversified
Broa dly Diversified
Fidelity Funds‐America Fund A SGD
Equity US
Hig her Risk Na rrowly Focused
31/ 10/2014
1.89 Fidelity Funds‐America Fund A USD
Equity US
Hig her Risk Na rrowly Focused
31/ 10/2014
1.89 Hig her Risk Na rrowly Focused
31/ 10/2014
1.89 Hig her Risk Na rrowly Focused
31/ 10/2014
1.89 Fidelity Funds‐European Growth Fund A Equity E urope
E UR
Fidelity Funds‐European Growth Fund A Equity E urope
SGD
Schroder China Opportunities Fund
Equity China
Hig her Risk Na rrowly Focused
31/ 12/2014
1.89 A llia nz China Equity AT SGD
Equity China
Hig her Risk Na rrowly Focused
30/ 09/2014
1.88 FT IF ‐ Franklin India Fund A Acc SGD
Equity India
Hig her Risk Na rrowly Focused
31/ 12/2014
1.87 Henderson Globa l Technology Fund
Equity Sector Information Tech
Hig her Risk Na rrowly Focused
31/ 12/2014
1.87 A llia nz Hong Kong Equity A T SGD
Equity Hong Kong
Hig her Risk Na rrowly Focused
30/ 09/2014
1.85 A llia nz US Equity Fund AT SGD
Equity US
Hig her Risk Na rrowly Focused
30/ 09/2014
1.85 FT IF ‐ Franklin Global Growth F und A A cc Equity Globa l
SGD
Hig her Risk Na rrowly Focused
31/ 12/2014
1.85 Henderson E uropea n Fund
Equity E urope
Hig her Risk Na rrowly Focused
31/ 12/2014
1.85 A llia nz E urope Equity Growth
Equity E urope
Hig her Risk Na rrowly Focused
30/ 09/2014
1.85 Nikko AM Global Dividend Equity Fund
Equity Globa l Income
Hig her Risk 31/ 12/2014
1.85 30/ 09/2014
1.84 A berdeen European Opportunities Fund Equity E urope
Broa dly Diversified
Hig her Risk Na rrowly Focused
Page26
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
N ame Lipper Globa l CPFIS R isk
A llia nz O riental Income A T SGD
Mixed A sset USD Aggressive
FT IF ‐ Templeton European Fund A Acc SGD
Equity Europe
CPF Focus
TER Date
Expense Ra tio
Hig her Risk Na rrowly Focused
30/ 09/2014
1.84 Hig her Risk Na rrowly Focused
31/ 12/2014
1.83 31/ 12/2014
1.83 31/ 12/2014
1.82 Broa dly Diversified
Broa dly Diversified
FT IF ‐ Templeton Global Fund A Acc SGD Equity Globa l
Hig her Risk FT IF ‐ Templeton Global Equity Income Fund A Q dis SGD
Equity Globa l Income
Hig her Risk LionGloba l Japa n Fund SGD
Equity Japan
Hig her Risk Na rrowly Focused
31/ 12/2014
1.82 Hig her Risk Na rrowly Focused
30/ 09/2014
1.81 Hig her Risk Na rrowly Focused
31/ 12/2014
1.81 Hig her Risk Na rrowly Focused
31/ 12/2014
1.81 Hig her Risk Na rrowly Focused
30/ 09/2014
1.81 Hig her Risk Na rrowly Focused
30/ 09/2014
1.80 Hig her Risk Na rrowly Focused
30/ 09/2014
1.79 Hig her Risk Na rrowly Focused
31/ 12/2014
1.77 Equity Europe
Hig her Risk Na rrowly Focused
31/ 12/2014
1.76 Equity Globa l
Hig her Risk 30/ 09/2014
1.75 Equity Tha iland
Hig her Risk Na rrowly Focused
31/ 12/2014
1.75 Hig her Risk Na rrowly Focused
31/ 12/2014
1.75 Hig her Risk Na rrowly Focused
31/ 12/2014
1.74 Hig her Risk Na rrowly Focused
30/ 09/2014
1.74 Hig her Risk Na rrowly Focused
31/ 12/2014
1.73 Equity A SEAN
Hig her Risk Na rrowly Focused
30/ 09/2014
1.73 A berdeen Indones ia E quity Fund SGD
Equity Indonesia
Hig her Risk Na rrowly Focused
30/ 09/2014
1.72 A berdeen Ma la ysia n Equity Fund SGD
Equity M alaysia
Hig her Risk Na rrowly Focused
30/ 09/2014
1.72 A berdeen As ia n Smaller Compa nies Fund Equity A sia Pacific SGD
Sm& Mid Cap
FT IF ‐ Franklin Biotechnology Discovery Equity Sector Fund A A cc SGD
Biotechnology
FT IF ‐ Franklin U.S. Opportunities Fund A Equity US
A cc SGD
A berdeen China Opportunities Fund
Equity Greater China
A berdeen Global E merging M arkets Fund SGD
Equity E merging M kts Global
Equity A sia Pacific ex Japan
Equity E merging M kts Global
A berdeen Pacific E quity Fund SGD
Schroder Globa l Emerg ing Market O pportunities Fund
E astspring Investments U.T. ‐ Pan E uropean Fund
A berdeen Global O pportunities F und SGD
LionGloba l Thaila nd Fund SGD
Schroder A sia n Equity Yield Fund
First State A sia n Growth Fund S GD
Legg M as on Western As set Asian E nterprise T rus t
E astspring Investments U.T. ‐ Global T echnology Fund
Legg M as on Western As set SE Asia Special Situa tions T rus t
Equity A sia Pacific ex Japan
Equity A sia Pacific ex Japan
Equity A sia Pacific Sm& Mid Cap
Equity Sector Information Tech
Broa dly Diversified
Page27
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
N ame Lipper Globa l CPFIS R isk
First State Regional China Fund SGD
Equity Gre ater China
De uts che China Equity Fund A SGD
TER Date
Expense Ratio
Hig he r Risk Na rrowly Focused
31/ 12/2014
1.70 Equity China
Hig he r Risk Na rrowly Focused
30/ 06/2014
1.70 A berdeen Thailand Equity Fund S GD
Equity T ha iland
Hig he r Risk Na rrowly Focused
30/ 09/2014
1.69 First State Dividend A dvanta ge SGD
Equity A sia Pacific ex Japan
Hig he r Risk Na rrowly Focused
31/ 12/2014
1.68 De uts che Globa l Theme s Equity Fund A SGD
Equity Globa l
Hig he r Risk 30/ 06/2014
1.68 LionGloba l Japa n Growth F und SGD
Equity Japan
Hig he r Risk Na rrowly Focused
31/ 12/2014
1.67 A berdeen Sing apore E quity Fund SGD
Equity Singapore
Hig he r Risk Na rrowly Focused
30/ 09/2014
1.66 Hig he r Risk Na rrowly Focused
31/ 12/2014
1.66 Hig he r Risk Na rrowly Focused
31/ 12/2014
1.65 E astspring Investments U.T. ‐ Drag on Equity E merging M kts Peacock Fund
Asia
E astspring Investments U.T. ‐ Singapore Equity Singapore
A SEA N E quity Fund
CPF Focus
Broa dly Dive rsifie d
First State Globa l Res ources Fund SGD
Equity Globa l
Hig he r Risk Na rrowly Focused
31/ 12/2014
1.63 E astspring Investments – As ian Equity Income Fund Class A s Hedged
A mundi Opportunities‐Amundi Singapore Dividend Growth
Equity A sia Pacific ex Japan
Hig he r Risk Na rrowly Focused
30/ 06/2014
1.56 Equity Singapore
Hig he r Risk Na rrowly Focused
30/ 11/2014
1.52 LionGloba l China Growth Fund SGD
Equity Gre ater China
Hig he r Risk Na rrowly Focused
31/ 12/2014
1.45 LionGloba l Singa pore/Ma laysia Fund SGD
Equity Malaysia/ Singapore
Equity A sia Pacific ex Japan
Hig he r Risk Na rrowly Focused
31/ 12/2014
1.42 Hig he r Risk Na rrowly Focused
31/ 12/2014
1.38 Hig he r Risk Na rrowly Focused
31/ 12/2014
1.32 31/ 12/2014
1.30 Schroder A sia n Growth Fund SGD
Schroder Singapore Trust
Equity Singapore
Broa dly Dive rsifie d
United International Growth Fund
Equity Globa l
Hig he r Risk United Singapore Growth Fund
Equity Singapore
Hig he r Risk Na rrowly Focused
31/ 12/2014
1.25 Nikko AM Shenton Ja pa n Fund
Equity Japan
Hig he r Risk Na rrowly Focused
31/ 12/2014
1.18 Nikko AM Shenton Thrift Fund
Equity Singapore
Hig he r Risk Na rrowly Focused
31/ 12/2014
0.90 A PS Alpha Fund A SGD
Absolute Return Other
Hig he r Risk Na rrowly Focused
31/ 12/2014
0.00 UO B GrowthPa th 2030
Targe t Ma turity Other
M edium To High Risk 31/ 12/2014
1.73 Broa dly Dive rsifie d
Page28
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
Name Lipper Global Eastspring Investments U.T. ‐ Global Mixed Asset SGD Balanced Fund
Balanced
FTIF ‐ Templeton Global Balanced Fund A Mixed Asset USD Bal ‐ Acc SGD
Global
Mixed Asset SGD Schroder Multi‐Asset Revolution
Balanced
PineBridge International Funds ‐ Acorns Mixed Asset SGD of Asia Balanced Fund
Balanced
Mixed Asset SGD Deutsche Premier Select Trust SGD
Balanced
UOB GrowthPath 2020
Target Maturity Other
Eastspring Investments U.T. ‐ Asian Balanced Fund
Mixed Asset SGD Balanced
Mixed Asset SGD Balanced
First State Bridge
UOB GrowthPath 2040
Target Maturity Other
UOB GrowthPath Today
Target Maturity Other
PineBridge International Funds ‐ Singapore Bond Fund
Bond SGD
Schroder Asian Investment Grade Credit Bond Asia Pacific LC
Legg Mason Western Asset Singapore Bond SGD
Bond Fund
Manulife Asia Pacific Investment Grade Bond Asia Pacific LC
Bond Fund Class A
Legg Mason Western Asset Global Bond Bond Global
Trust
United Singapore Bond Fund
Bond SGD
LionGlobal Short Duration Bond Fund
Bond Global
Schroder Singapore Fixed Income Fund
Bond SGD
Eastspring Investments U.T. ‐ Protected Protected
Global Titans Fund (S$)
Deutsche Lion Bond Fund A SGD
Bond Global
United SGD Fund
Bond SGD
LionGlobal Singapore Fixed Income Investment
Eastspring Investments U.T. ‐ Singapore Select Bond Fund A
Eastspring Investments U.T. ‐ Singapore Select Bond Fund AD
Nikko AM Shenton Short Term Bond Funds‐Nikko AM Shenton Short Term Bond Fund (S$)
Bond SGD
Bond SGD
Bond SGD
Bond Global
CPFIS Risk
CPF Focus
TER Date
Medium To Broadly 31/12/2014
High Risk Diversified
Medium To Broadly 31/12/2014
High Risk Diversified
Medium To Broadly 31/12/2014
High Risk Diversified
Medium To Narrowly Focused 31/12/2014
High Risk Medium To Broadly 30/06/2014
High Risk Diversified
Broadly Medium To 31/12/2014
Diversified
High Risk Medium To Narrowly Focused 31/12/2014
High Risk Medium To Narrowly Focused 31/12/2014
High Risk MEDIUM TO BROADLY 31/12/2014
HIGH RISK DIVERSIFIED
LOW TO BROADLY 31/12/2014
MEDIUM RISK DIVERSIFIED
LOW TO NARROWLY 31/12/2014
MEDIUM RISK FOCUSED
LOW TO NARROWLY 31/12/2014
MEDIUM RISK FOCUSED
LOW TO NARROWLY 30/09/2014
MEDIUM RISK FOCUSED
LOW TO NARROWLY 30/06/2014
MEDIUM RISK FOCUSED
LOW TO BROADLY 30/09/2014
MEDIUM RISK DIVERSIFIED
LOW TO NARROWLY 31/12/2014
MEDIUM RISK FOCUSED
LOW TO NARROWLY 31/12/2014
MEDIUM RISK FOCUSED
LOW TO NARROWLY 31/12/2014
MEDIUM RISK FOCUSED
LOW TO BROADLY 31/12/2014
MEDIUM RISK DIVERSIFIED
LOW TO BROADLY 30/06/2014
MEDIUM RISK DIVERSIFIED
LOW TO BROADLY 31/12/2014
MEDIUM RISK DIVERSIFIED
LOW TO NARROWLY 31/12/2014
MEDIUM RISK FOCUSED
LOW TO NARROWLY 31/12/2014
MEDIUM RISK FOCUSED
LOW TO NARROWLY 31/12/2014
MEDIUM RISK FOCUSED
LOW TO MEDIUM RISK BROADLY DIVERSIFIED
31/12/2014
Expense Ratio
1.70 1.63 1.54 1.53 1.52 1.48 1.46 1.41 1.39 1.25 1.11 1.00 0.96 0.96 0.89 0.80 0.74 0.73 0.68 0.68 0.66 0.64 0.62 0.62 0.42 Source: Central Provident Fund Board and Lipper, a Thomson Reuters company Page29
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
7.1.2 FullListofCPFIS–IncludedILPs
N ame (CPF)
Lipper Global CPFIS Risk
A viva A llianceBernstein Global Growth Trends (SP)
E quity Globa l
Hig her Risk A viva LionGlobal Japan Growth (SP)
E quity Japan
Hig her Risk A viva A be rdee n Pacific E quity (SP)
E quity A sia Pacific ex Japan
Hig her Risk UO B Life FOF Asia Top 50 Fund
E quity A sia Pacific
Hig her Risk A IA International Health Ca re Fund
E quity Sector Healthcare
Hig her Risk UO B Life FOF Global Healthcare Fund E quity Sector Healthcare
Hig her Risk A viva Capita l Growth (SP)
E quity A sia Pacific ex Japan
Hig her Risk A IA India Opportunities Fund
E quity India
Hig her Risk A XA A sian Growth Fund
E quity A sia Pacific ex Japan
Hig her Risk A XA Fortress F und B
E quity Singapore
Hig her Risk A XA Global Equity Blend
E quity Globa l
Hig her Risk A XA Global High Growth Fund
E quity Globa l
Hig her Risk A XA India Fund
E quity India
Hig her Risk A XA Pacific Equity Fund
E quity A sia Pacific ex Japan
Hig her Risk A XA Singapore Equity F und
E quity Singapore
Hig her Risk M anulife India Equity Fund
E quity India
Hig her Risk E quity E me rging Mk ts Global
E quity A sia Pacific M anulife A sia Small‐Cap E quity Fund
Sm& Mid Cap
E quity A sia Pacific ex A XA V alue Growth Fund
Japan
Hig her Risk GreatLink Globa l Equity Alpha Fund
E quity Globa l
Hig her Risk John Hancock European E quity Fund
E quity E urope
Hig her Risk John Hancock Worldwide Equities Fund
E quity Globa l
Hig her Risk GreatLink Globa l Emerg ing Markets E quity Fund
Hig her Risk Hig her Risk CPF Focus
Broadly Diversified
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Broadly Diversified
Broadly Diversified
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Broadly Diversified
Na rrowly Focused
Broadly Diversified
Detail
TE R Date
Expense Ratio
N /A
31/12/2014
3.36 Japan
31/12/2014
2.95 As ia
31/12/2014
2.92 As ia
31/12/2014
2.31 Hea lthcare
31/12/2014
2.23 Hea lthcare
31/12/2014
2.21 As ia
31/12/2014
2.11 Country ‐ Others
31/12/2014
1.95 As ia
31/12/2014
1.95 Singa pore
31/12/2014
1.95 N /A
31/12/2014
1.95 N /A
31/12/2014
1.95 Country ‐ Others
31/12/2014
1.95 As ia
31/12/2014
1.95 Singa pore
31/12/2014
1.95 31/12/2014
1.95 30/11/2014
1.95 As ia
31/12/2014
1.95 As ia
31/12/2014
1.94 N /A
30/11/2014
1.94 E urope
31/12/2014
1.94 N /A
31/12/2014
1.94 Country ‐ Others
E merging Ma rkets
Page30
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
N ame (CPF)
Lipper Globa l CPFIS Risk
PruLink Globa l Leaders Fund
E quity Globa l
Hig her Risk A XA South E ast A sia Special Situa tions E quity A SEAN
Fund
Hig her Risk A IA Greater China E quity Fund
E quity Gre ater China
Hig her Risk A XA Fortres s F und A
E quity Singapore
Hig her Risk A XA China Growth Fund
E quity Gre ater China
Hig her Risk PruLink Globa l Property Securities Fund
E quity Sector Re al E st Global
Hig her Risk A IA Portfolio 100
E quity Globa l
Hig her Risk A viva Leg g M ason Western Ass et A sian E nterprise Trust (SP)
A XA Global Emerging Marke ts E quity Fund
E quity A sia Pacific Sm& Mid Cap
E quity E merging Mk ts Global
T MLS Global Equity Fund
E quity Globa l
Hig her Risk HSBC Ins urance Ethical Global Equity E quity Globa l
Fund
Hig her Risk GreatLink E uropea n Equity Fund
E quity E urope
Hig her Risk GreatLink Globa l Opportunities Fund E quity Globa l
Hig her Risk PruLink A merica Fund
E quity US
Hig her Risk HSBC Ins urance China Equity Fund
E quity China
Hig her Risk A IA E merging M arkets Equity Fund
E quity E merging Mk ts Global
Hig her Risk John Hancock Greater China Fund
E quity China
Hig her Risk M anulife Golden Re gional China Fund E quity China
Hig her Risk Hig her Risk Hig her Risk PruLink O riental O pportunities Fund
M ixed Asset USD A ggressive
Hig her Risk M anulife Lifes tyle Portfolios ‐ A ggres sive
E quity Globa l
Hig her Risk John Hancock Japan Growth Fund
E quity Japan
Hig her Risk PruLink E merging M arkets Fund
A IA Global Technology Fund
E quity E merging Mk ts Global
E quity Sector Information Tech
Hig her Risk Hig her Risk PruLink Gre ater China Fund
E quity Gre ater China
Hig her Risk T MLS Asian E quity Fund
E quity A sia Pacific ex Japan
Hig her Risk CPF Focus
Broadly Diversified
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Broadly Diversified
Na rrowly Focused
Na rrowly Focused
Broadly Diversified
Broadly Diversified
Na rrowly Focused
Broadly Diversified
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Broadly Diversified
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Detail
TE R Date
Expense Ratio
N /A
31/12/2014
1.94 Asia
31/12/2014
1.93 Grea ter China
31/12/2014
1.92 Singa pore
31/12/2014
1.92 31/12/2014
1.91 31/12/2014
1.91 N /A
31/12/2014
1.90 Asia
31/12/2014
1.90 E merging Ma rkets
31/12/2014
1.90 N /A
31/12/2014
1.90 N /A
31/12/2014
1.90 E urope
30/11/2014
1.89 N /A
30/11/2014
1.89 31/12/2014
1.89 31/12/2014
1.89 31/12/2014
1.88 31/12/2014
1.88 31/12/2014
1.88 Asia
31/12/2014
1.88 N /A
31/12/2014
1.86 Japan
31/12/2014
1.85 E merging Ma rkets
31/12/2014
1.85 Technology
31/12/2014
1.84 Grea ter China
31/12/2014
1.84 Asia
31/12/2014
1.84 Grea ter China
Sector ‐ Others
North America
Grea ter China
E merging Ma rkets
Grea ter China
Grea ter China
Page31
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
N ame (CPF)
Lipper Globa l CPFIS Risk
M anulife E uropea n Equity Fund
E quity E urope
Hig her Risk M anulife Globa l Emerging M arkets Fund
E quity E merging Mk ts Global
E quity A sia Pacific ex Japan
HSBC Ins urance Pacific E quity Fund
Hig her Risk Hig her Risk M anulife Golden W orldwide E quity Fund
E quity Globa l
Hig her Risk M anulife Pacific Equity Fund
E quity A sia Pacific ex Japan
Hig her Risk A viva Henders on European (SP)
E quity E urope
Hig her Risk M anulife Golden Sing apore Growth Fund
E quity Singapore
Hig her Risk GreatLink LifeStyle Dyna mic Portfolio E quity Globa l
Hig her Risk GreatLink Lion Japan Growth Fund
Hig her Risk John Hancock Pa cific Equity Fund
M anulife Golden As ia Growth Fund
E quity Japan
E quity A sia Pacific Sm& Mid Cap
E quity A sia Pacific Sm& Mid Cap
Hig her Risk Hig her Risk PruLink Pan European Fund
E quity E urope
Hig her Risk M anulife Golden S.E.A. Specia l Situa tions F und
E quity A SEAN
Hig her Risk PruLink Globa l Equity Fund
E quity Globa l
Hig her Risk PruLink Globa l Technology Fund
E quity Sector Information Tech
Hig her Risk T MLS Singapore Equity Fund
E quity Singapore
Hig her Risk M anulife Lifes tyle Portfolios ‐ Growth
M ixe d As set SGD A ggressive
Hig her Risk PruLink Globa l Basics F und
E quity Globa l
Hig her Risk GreatLink Globa l Growth T rends Portfolio
E quity Globa l
Hig her Risk M anulife Japan Growth Fund
E quity Japan
Hig her Risk HSBC Ins urance Global E quity Fund
E quity Globa l
Hig her Risk A IA Japan Equity Fund
E quity Japan
Hig her Risk PruLink A da pt 2035
T arget Ma turity Other
Hig her Risk A IA Regiona l Equity Fund
E quity A sia Pacific ex Japan
Hig her Risk CPF Focus
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Broadly Diversified
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Broadly Diversified
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Broadly Diversified
Na rrowly Focused
Na rrowly Focused
Broadly Diversified
Broadly Diversified
Broadly Diversified
Na rrowly Focused
Broadly Diversified
Na rrowly Focused
Broadly Diversified
Na rrowly Focused
Detail
TE R Da te
Expense Ratio
E urope
31/12/2014
1.84 E merging Ma rkets
31/12/2014
1.83 As ia
31/12/2014
1.83 N /A
31/12/2014
1.82 As ia
31/12/2014
1.82 E urope
31/12/2014
1.80 Singa pore
31/12/2014
1.80 N /A
30/11/2014
1.77 Japan
30/11/2014
1.77 As ia
31/12/2014
1.77 As ia
31/12/2014
1.77 E urope
31/12/2014
1.77 As ia
31/12/2014
1.76 N /A
31/12/2014
1.76 Technology
31/12/2014
1.73 Country ‐ Singa pore
31/12/2014
1.73 N /A
31/12/2014
1.72 N /A
31/12/2014
1.72 N /A
30/11/2014
1.71 Japan
31/12/2014
1.70 N /A
31/12/2014
1.70 Japan
31/12/2014
1.69 N /A
31/12/2014
1.69 As ia
31/12/2014
1.67 Page32
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
N ame (CPF)
Lipper Globa l CPFIS Risk
GreatLink Globa l Technology Fund
E quity Sector Information Tech
Hig her Risk GreatLink Globa l Equity Fund
E quity Globa l
Hig her Risk GreatLink Globa l Rea l Estate Securities Fund
E quity Sector Real E st Global
E quity E me rging Mk ts A sia
Prulink China‐India Fund
Hig her Risk Hig her Risk A IA Global Res ources Fund
E quity Globa l
Hig her Risk GreatLink E nha ncer Fund
E quity A sia Pacific ex Japan
Hig her Risk GreatLink Singapore Equities Fund
E quity Singapore
Hig her Risk GreatLink LifeStyle Progressive Portfolio
M ixed As set SGD A ggressive
Hig her Risk GreatLink China Growth Fund
E quity Greater China
Hig her Risk PruLink A sian E quity Fund
E quity A sia Pacific ex Japan
Hig her Risk NT UC Global Equity Fund
E quity Globa l
Hig her Risk PruLink Singapore Growth Fund
E quity Singapore
Hig her Risk NT UC Global Technology Fund
E quity Sector Information Tech
Hig her Risk T MLS China E quity Fund
E quity China
Hig her Risk T MLS Global Emerging Ma rkets E quity Fund
E quity E me rging Mk ts Global
Hig her Risk UO B Life FOF Growth Fund
E quity Singapore
Hig her Risk NT UC A IM 2035
T arget Ma turity Other
Hig her Risk NT UC A IM 2045
T arget Ma turity Other
Hig her Risk NT UC T akaful Fund
E quity Globa l
Hig her Risk A viva M M Capital Growth
E quity A sia Pacific ex Japan
Hig her Risk NT UC Singapore Equity F und
E quity Singapore
Hig her Risk T MLS India E quity Fund
E quity India
Hig her Risk A XA Sha riah Global Equity
E quity Globa l
Hig her Risk A viva T empleton Global Balanced (SP)
M ixed As set SGD Ba la nced
M ixed As set SGD Ba la nced
M ixed As set SGD Conservative
M ixed As set SGD Ba la nced
M ixed As set SGD A ggressive
M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk A viva Balanced Growth (SP)
A viva Income Growth (SP)
John Hancock Global Balanced Fund
John Hancock Pa cific Harves t Fund
CPF Focus
Na rrowly Focused
Broadly Diversified
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Broadly Diversified
Na rrowly Focused
Na rrowly Focused
Broadly Diversified
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Broadly Diversified
Broadly Diversified
Broadly Diversified
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Broadly Diversified
Broadly Diversified
Na rrowly Focused
Na rrowly Focused
Broadly Diversified
Na rrowly Focused
Detail
TE R Da te
Expense Ratio
Technology
30/11/2014
1.67 N /A
30/11/2014
1.66 30/11/2014
1.66 31/12/2014
1.66 31/12/2014
1.65 As ia
30/11/2014
1.61 Singa pore
30/11/2014
1.60 N /A
30/11/2014
1.59 Grea ter China
30/11/2014
1.55 As ia
31/12/2014
1.53 N /A
31/12/2014
1.47 Singa pore
31/12/2014
1.45 Technology
31/12/2014
1.31 31/12/2014
1.31 31/12/2014
1.26 Singa pore
31/12/2014
1.25 N /A
31/12/2014
1.17 N /A
31/12/2014
1.17 N /A
31/12/2014
1.16 As ia
31/12/2014
1.11 Singa pore
31/12/2014
0.72 Country ‐ Others
31/12/2014
0.66 N /A
N/A
N/A
N /A
31/12/2014
2.31 As ia
31/12/2014
2.10 As ia
31/12/2014
2.09 N /A
31/12/2014
1.97 As ia
31/12/2014
1.92 Sector ‐ Others
Country ‐ Others
Sector ‐ Others
Grea ter China
E merging Ma rkets
Page33
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
Lipper Globa l CPFIS Risk
CPF Focus
Detail
TE R Date
Expense Ratio
1.75 N /A
31/12/2014
1.75 31/12/2014
1.75 31/12/2014
1.75 N /A
31/12/2014
1.75 N /A
31/12/2014
1.75 Asia
31/12/2014
1.75 Singa pore
31/12/2014
1.75 N /A
31/12/2014
1.73 N /A
31/12/2014
1.73 Country ‐ Others
31/12/2014
1.68 Asia
31/12/2014
1.67 N /A
31/12/2014
1.67 N /A
31/12/2014
1.66 N /A
31/12/2014
1.64 N /A
31/12/2014
1.64 T arget Ma turity Other
Na rrowly Focused
Broadly Diversified
Na rrowly Focused
Na rrowly Focused
Broadly Diversified
Broadly Diversified
Na rrowly Focused
Na rrowly Focused
Broadly Diversified
Broadly Diversified
Na rrowly Focused
Na rrowly Focused
Broadly Diversified
Broadly Diversified
Broadly Diversified
Broadly Diversified
Broadly Diversified
Broadly Diversified
Broadly Diversified
Broadly Diversified
Broadly Diversified
Broadly Diversified
31/12/2014
PruLink A da pt 2025
M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk Regional ‐ Others
M anulife Golden Globa l Bala nced Fund
M ixed Asset SGD Ba la nced
M ixed Asset SGD Ba la nced
M ixed Asset SGD Ba la nced
M ixed Asset SGD Ba la nced
M ixed Asset SGD Ba la nced
M ixed Asset SGD A ggressive
M ixed Asset SGD Ba la nced
M ixed Asset SGD Ba la nced
M ixed Asset SGD A ggressive
M ixed Asset SGD Ba la nced
M ixed Asset SGD Ba la nced
M ixed Asset SGD Ba la nced
M ixed Asset SGD Ba la nced
M ixed Asset USD Ba l ‐ Global
M ixed Asset SGD A ggressive
M ixed Asset SGD Ba la nced
N /A
31/12/2014
1.64 N /A
31/12/2014
1.62 N /A
31/12/2014
1.61 N /A
31/12/2014
1.60 N /A
31/12/2014
1.59 N /A
31/12/2014
1.58 N ame (CPF)
A IA E merging M arkets Balanced Fund
A IA Global Balanced Fund
A IA Greater China Ba la nced Fund
A IA India Balanced Fund
A IA Portfolio 50
A IA Portfolio 70
A XA A sian Balanced Fund
A XA Singapore Balanced Fund
John Hancock Adventurous Portfolio
John Hancock Bala nced Portfolio
A IA Japan Bala nced Fund
M anulife Income Se ries ‐ A sian Ba la nced Fund
HSBC Ins urance Premium Bala nced Fund
M anulife Income Se ries ‐ Global Ba la nced Fund
A XA Global Growth Fund
A XA Global Balance d Fund
John Hancock Ca utious Portfolio
PruLink A da pt 2015
PruLink Globa l Ma na ged Fund
A viva Schrode r M ulti Asset Re volution
M ixed Asset SGD Ba la nced
M ixed Asset SGD Conservative
T arget Ma turity Other
M ixed Asset SGD Ba la nced
M ixed Asset SGD Ba la nced
Grea ter China
Country ‐ Others
Page34
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
N ame (CPF)
Lipper Global M ixed As set SGD Ba la nced
M anulife Lifes tyle Portfolios ‐ M ixed As set SGD M oderate
Ba la nced
PruLink A sian American Managed M ixed As set SGD Fund
Ba la nced
PruLink Singapore ASEA N M anaged M ixed As set SGD Fund
A ggressive
M ixed As set SGD GreatLink Lion Asian Ba la nced Fund
Ba la nced
M ixed As set SGD T MLS Global Balanced Fund
Ba la nced
M ixed As set SGD M anulife Lifes tyle Portfolios ‐ Secure
Ba la nced
M ixed As set SGD GreatLink Globa l Supreme Fund
Ba la nced
M ixed As set SGD GreatLink Lifes tyle Balanced Portfolio
Ba la nced
M anulife Golden Balanced Growth M ixed As set SGD Fund
Ba la nced
M ixed As set SGD NT UC A sia M anaged Fund
A ggressive
M ixed As set SGD GreatLink Globa l Optimum Fund
Ba la nced
M anulife Lifes tyle Portfolios ‐ M ixed As set SGD Conservative
Conservative
M ixed As set SGD PruLink Singapore Manag ed Fund
A ggressive
M ixed As set SGD A IA Growth Fund
A ggressive
M ixed As set SGD GreatLink Lifes tyle Stea dy Portfolio
Ba la nced
M ixed As set SGD NT UC Global Ma na ged Fund (Growth)
A ggressive
A IA A corns of Asia Fund
NT UC A IM 2025
T arget Ma turity Other
NT UC Global Ma na ged Fund (Balanced)
M ixed As set SGD Ba la nced
M ixed As set SGD Ba la nced
M ixed As set SGD Conservative
A viva M M Balanced Growth
A viva M M Income Growth
NT UC A IM 2015
T arget Ma turity Other
CPFIS Risk
CPF Focus
M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk M edium To High Risk Na rrowly Focused
Broadly Diversified
Na rrowly Focused
Na rrowly Focused
Na rrowly Focused
Broadly Diversified
Broadly Diversified
Broadly Diversified
Broadly Diversified
Na rrowly Focused
Na rrowly Focused
Broadly Diversified
Broadly Diversified
Na rrowly Focused
Na rrowly Focused
Broadly Diversified
Broadly Diversified
Broadly Diversified
Broadly Diversified
Na rrowly Focused
Na rrowly Focused
Broadly Diversified
Detail
TE R Date
Expense Ratio
As ia
31/12/2014
1.54 N /A
31/12/2014
1.51 As ia
31/12/2014
1.47 As ia
31/12/2014
1.46 As ia
30/11/2014
1.45 N /A
31/12/2014
1.45 N /A
31/12/2014
1.42 N /A
30/11/2014
1.41 N /A
30/11/2014
1.40 Singa pore
31/12/2014
1.38 As ia
31/12/2014
1.38 N /A
30/11/2014
1.36 N /A
31/12/2014
1.31 Singa pore
31/12/2014
1.31 Singa pore
31/12/2014
1.27 N /A
30/11/2014
1.22 N /A
31/12/2014
1.21 N /A
31/12/2014
1.16 N /A
31/12/2014
1.13 As ia
31/12/2014
1.10 As ia
31/12/2014
1.09 N /A
31/12/2014
1.06 Page35
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
Name (CPF)
GreatLink Lifestyle Secure Portfolio
NTUC Global Managed Fund (Conservative)
NTUC Prime Fund
NTUC Singapore Managed Fund
Lipper Global Mixed Asset SGD Conservative
Mixed Asset SGD Conservative
Mixed Asset SGD Balanced
Mixed Asset SGD Balanced
Aviva Legg Mason Western Asset Bond Global
Global Bond Trust (SP)
Aviva Nikko AM Shenton Short Term Bond Global
Bond (SP)
John Hancock Worldwide Bond Fund Bond Global
AIA Portfolio 30
Mixed Asset SGD Conservative
AXA Singapore Bond Fund
Bond SGD
AXA Global Defensive Fund
Bond Global
AIA Global Bond Fund
Bond Other Hedged
AXA Global Secure Fund
Mixed Asset SGD Conservative
Manulife Income Series ‐ Asia Pacific Bond Asia Pacific LC
Investment Grade Bond Fund
TMLS Singapore Bond Fund
Bond SGD
NTUC AIM NOW
Mixed Asset SGD Conservative
Manulife Singapore Bond Fund
Bond SGD
HSBC Insurance Global Bond Fund
Bond Global
NTUC Global Bond Fund
Bond Global
Manulife Golden International Bond Bond Global
Fund
GreatLink Global Bond Fund
Bond Global
AIA Regional Fixed Income Fund
Bond SGD
TMLS Global Bond Fund
Bond Global
PruLink Protected Global Titans Fund Protected
PruLink Global Bond Fund
Bond Global
GreatLink Stable Bond Fund
Bond Global
HSBC Insurance Singapore Bond Fund Bond Global
CPFIS Risk
CPF Focus
Medium To High Risk Medium To High Risk Medium To High Risk Medium To High Risk Low To Medium Risk Low To Medium Risk Low To Medium Risk Low To Medium Risk Low To Medium Risk Low To Medium Risk Low To Medium Risk Low To Medium Risk Broadly Diversified
Broadly Diversified
Narrowly Focused
Narrowly Focused
Broadly Diversified
Broadly Diversified
Broadly Diversified
Broadly Diversified
Narrowly Focused
Broadly Diversified
Broadly Diversified
Broadly Diversified
Low To Medium Risk Narrowly Focused
Low To Medium Risk Low To Medium Risk Low To Medium Risk Low To Medium Risk Low To Medium Risk Low To Medium Risk Low To Medium Risk Low To Medium Risk Low To Medium Risk Low To Medium Risk Low To Medium Risk Low To Medium Risk Low To Medium Risk Low To Medium Risk Low To Medium Risk Narrowly Focused
Broadly Diversified
Narrowly Focused
Broadly Diversified
Broadly Diversified
Broadly Diversified
Broadly Diversified
Narrowly Focused
Broadly Diversified
Broadly Diversified
Broadly Diversified
Broadly Diversified
Broadly Diversified
Narrowly Focused
Narrowly Focused
Narrowly Focused
Narrowly Focused
Broadly Diversified
Broadly Diversified
Broadly Diversified
Narrowly Focused
PruLink Singapore Dynamic Bond Fund
Bond SGD
NTUC Singapore Bond Fund
Bond SGD
John Hancock Singapore Cash Fund
Money Market SGD
Lower Risk
Manulife Singapore Cash Fund
Money Market SGD
Lower Risk
AXA Singapore Dollar Fund
Money Market SGD
Lower Risk
GreatLink Cash Fund
Money Market SGD
Lower Risk
PruLink Singapore Cash Fund
Money Market SGD
Lower Risk
AIA S$ Money Market Fund
Money Market SGD
Lower Risk
Detail
TER Date
Expense Ratio
N/A
30/11/2014
1.02 N/A
31/12/2014
1.02 Asia
31/12/2014
0.90 Singapore
31/12/2014
0.90 N/A
31/12/2014
2.26 N/A
31/12/2014
2.10 N/A
31/12/2014
1.42 N/A
31/12/2014
1.15 Singapore
31/12/2014
1.15 N/A
31/12/2014
1.14 N/A
31/12/2014
1.11 N/A
31/12/2014
1.09 Asia
31/12/2014
1.04 Country ‐ Singapore
31/12/2014
1.02 N/A
31/12/2014
1.00 Singapore
31/12/2014
0.99 N/A
31/12/2014
0.98 N/A
31/12/2014
0.93 N/A
31/12/2014
0.92 N/A
30/11/2014
0.89 Singapore
31/12/2014
0.86 N/A
31/12/2014
0.84 N/A
31/12/2014
0.81 N/A
31/12/2014
0.76 N/A
30/11/2014
0.74 N/A
31/12/2014
0.73 Singapore
31/12/2014
0.62 Singapore
31/12/2014
0.56 Singapore
31/12/2014
0.76 Singapore
31/12/2014
0.75 N/A
31/12/2014
0.49 N/A
30/11/2014
0.32 N/A
31/12/2014
0.31 Singapore
31/12/2014
0.30 Page36
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
Source: Central Provident Fund Board and Lipper, a Thomson Reuters company Lipper Leader Rating Methodology Unlike many competing quantitative measures, the strength of the Lipper Leader rating system is that it uses investor‐centered criteria and not asset‐ or style/strategy‐based criteria. These investor‐centered criteria deliver clear, straightforward descriptions of a fund’s success in meeting certain goals, such as preserving capital or building wealth through consistent, strong returns. Investor‐centered measures of fund performance and suitability The Lipper Leader rating system consists of four metrics that provide clear, straightforward descriptions of a fund’s success in meeting certain goals for constructing individualized portfolios. Total Return Consistent Return Preservation Expense Determine whether you are investing in funds that fit your investment goals Lipper Leaders provide context and perspective for making informed investment decisions but do not predict future performance. Funds are ranked against their Lipper peer group classifications each month for three‐, five‐, and ten‐year periods and for the overall period. These ratings are based on an equal‐
weighted average of percentile ranks of the four Lipper Leader metrics. For each metric: The top 20% of funds receive a rating of “5” and are named Lipper Leaders. The next 20% of funds receive a rating of “4.” The middle 20% of funds receive a rating of “3.” The next 20% of funds receive a rating of “2.” The lowest 20% of funds receive a rating of “1.”
Page37
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
Lipper Leader Metrics Total Return The Lipper Leader rating for Total Return denotes a fund that has provided superior total return (income from dividends and interest as well as capital appreciation) compared to a group of similar funds. A Lipper Leader for Total Return may be the best fit for investors who want the best historical return, without looking at risk. This measure alone may not be suitable for investors who want to avoid downside risk. For more risk‐averse investors the Total Return rating can be used with the Preservation and/or Consistent Return ratings to make an appropriate selection that balances risk and return. Expense The Lipper Leader rating for Expense identifies a fund that has successfully managed to keep its expenses low relative to its peers and within its load structure. A Lipper Leader for Expense may be the best fit for investors who want to minimize their total costs. This measure can be used in conjunction with Total Return or Consistent Return to identify funds with above‐average performance and lower‐than‐average cost.
Consistent Return The Lipper Leader rating for Consistent Return identifies a fund that has provided relatively superior consistency and risk‐adjusted returns compared to a group of similar funds. Funds that achieve high ratings for Consistent Return may be the best fit for investors who value a fund’s year‐to‐year consistency relative to other funds in a particular peer group. Investors are cautioned that some peer groups are inherently more volatile than others, and even Lipper Leaders for Consistent Return in the most volatile groups may not be well suited to shorter‐term goals or less risk‐tolerant investors. Preservation The Lipper Leader rating for Preservation is for a fund that has demonstrated a superior ability to preserve capital in a variety of markets compared with other funds in its asset class. Choosing a Lipper Leader for Preservation may help to minimize downside risk relative to other fund choices in the same asset class. Investors are cautioned that equity funds have historically been more volatile than mixed‐equity or fixed income funds, and that even a Lipper Leader for Preservation in more volatile asset classes may not be well suited to shorter‐term goals or less risk‐tolerant investors. Page38
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT
7.2 InvestmentTerminologyDefinitions
Lipper Global Classification The Lipper Global Classification (LGC) is the unique fund classification system developed by Lipper to assist fund information users in comparing fund performance within a reasonable peer group. Its purpose is to create homogeneous groups of funds with comparable investment objectives. We refine our existing classifications to ensure meaningful peer groups and add new classifications in response to client requests and market trends. For more information please visit http://www.lipperweb.com/Research/ClassMethodology.aspx Quantitative Analysis 
Return All returns are calculated on a NAV‐to‐NAV basis in Singapore dollars with dividends reinvested. The gain or loss of a particular fund in a particular period is calculated with the following formula: 
Return Relative to Benchmark Relative return is a measure of fund performance relative to its benchmark’s performance. It is calculated as the difference between the fund’s return and the benchmark’s return over a given period. Higher relative return means better fund performance relative to the benchmark’s performance. Page39
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT

Expense Ratio Expense ratio expresses the management, trustee, and certain other expenses of a managed fund as a proportion of the net asset value of the fund. The expense ratio expresses the sum of all operating expenses charged on an ongoing basis to the fund’s assets as a percentage of the fund’s average net asset value and is calculated using the following formula: Total Expense Ratio (%) 
Total Operating Expenses
100 Average Net Asset Value

Information Ratio Information ratio is a risk‐adjusted measure of a fund’s performance relative to its benchmark’s performance. (The fund’s benchmark can be found in the supplementary document Return Performance Review.) The information ratio is given by the ratio of average relative return (excess return) and tracking error. Tracking error or tracking risk refers to the volatility or standard deviation of the investment manager’s excess return over the benchmark’s return. A higher information ratio means better fund performance relative to the benchmark’s performance on a risk‐adjusted basis. 
Sharpe Ratio The Sharpe ratio is a risk‐adjusted measure of performance developed by William F. Sharpe; it is also known as the reward‐to‐volatility ratio. It is calculated as the average subperiod excess return divided by the standard deviation of subperiod excess return over a given period. Subperiod excess return is the difference between the investment return and the CPFIS‐OA guaranteed interest rate for a subperiod. A higher Sharpe ratio means better fund performance relative to the risk‐free rate on a risk‐adjusted basis. The Sharpe ratio is a special form of information ratio where the risk‐free rate is the benchmark. Formula: Page40
FIRSTQUARTER2015PERFORMANCE&RISK‐MONITORINGREPORT

Standard Deviation Standard deviation is a measure of investment risk or volatility in subperiod returns. It is calculated as the square root of variance, which is the average of the subperiod squared deviations over a given period. Higher standard deviation means higher risk. 
Maximum Gain Maximum gain is the most positive monthly return over a given period. 
Maximum Loss Maximum loss is the most negative monthly return over a given period. 
Return/Risk The return/risk ratio is a measure of risk‐adjusted performance. It is calculated as the average return divided by the standard deviation of subperiod returns over a given period. A higher return/risk ratio means better fund performance relative to fund volatility on a risk‐adjusted basis. Page41