Capturing some capital growth with low risk exposure.
For the risk-averse with stable returns. For a conservative portfolio in 2016, we prefer developed market government bonds amid expected further downside pressure on total returns for corporate bonds. In terms of equities, we see more value in stocks in the US and Asia Pacific ex-Japan over Europe and Japan.
|Tactical Asset Allocation|
|Asia Pacific ex Japan||0.00%|
|Emerging Markets ex Asia||0.00%|
|Source: DBS CIO Office, Morningstar Investment Management Asia Limited, as of 28 June 2016|
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