CPFIS funds gain 6.17% YoY despite mixed Q1

As of end-March 2025, the CPFIS covered a total of 232 funds.

Funds included under Singapore’s Central Provident Fund Investment Scheme (CPFIS) delivered an average 6.17% gain over the past year, despite a mixed first quarter that saw modest short-term declines, according to the latest Performance and Risk Monitoring Report published by the Investment Management Association of Singapore (IMAS) and Morningstar.

As of end-March 2025, the CPFIS covered a total of 232 funds, comprising 96 unit trusts and 136 investment-linked insurance products (ILPs).

For the first quarter of 2025, CPFIS-included funds posted an average return of -0.18%, with unit trusts down 0.71% whilst ILPs edged up 0.19%.

Over a three-year cumulative horizon, CPFIS funds delivered 6.75%, with unit trusts gaining 7.92% and ILPs returning 6.03%, according to Morningstar data.

The report noted that uneven market conditions and persistent global uncertainties weighed on short-term performance, whilst longer-term returns remained positive across most asset classes.

In the equity markets, Hong Kong’s Hang Seng Index led global gains in the first quarter with a 15.25% increase, supported by improving economic prospects and tech sector growth.

Germany’s DAX followed with an 11.32% rise, whilst Singapore’s Straits Times Index posted a 4.88% gain. On the downside, Thailand’s SET Index fell sharply by 17.29%, and both the NASDAQ Composite and Japan’s Nikkei 225 recorded double-digit declines.

Fixed income markets fared better as falling global interest rates lifted bond prices. The Morningstar US Core Bond Index rose 2.78% during Q1, whilst global bond funds (unhedged) gained 2.68%. Singapore’s government bonds also recorded gains as local yields declined.

Amongst CPFIS-included unit trusts, China Equity led category returns for the quarter with a 9.98% gain, followed by Singapore Equity at 5.35%, and Europe Large-Cap Blend Equity at 6.45%.

Meanwhile, the weakest performers included Thailand Equity (-11.43%), US Large-Cap Growth Equity (-11.26%), and Asia ex-Japan Small/Mid-Cap Equity (-9.08%).