Authorised and recognised unit trusts registered for sale in Singapore posted net inflows of SGD 975m ($724.1m) for the first quarter of 2024, reversing a trend where net outflows of SGD 998m was recorded in the fourth quarter of 2023, according to a Morningstar report.
The overall net positive observed in Singapore fund flows was supported by fixed income and money market funds, with combined inflows of SGD 1.215bn based on data submitted by the participating 24 members of the Investment Management Association of Singapore.
Indeed, breaking down the data by asset type, every asset class except fixed income and money market funds reported outflows. Equities saw outflows of SGD 172.8m, allocation funds saw outflows of SGD 61.56 m and convertibles saw a minor outflow of SGD 0.05m.
Fund Flows by Major Asset Classes, Q1 2024 (SGD millions)
Fixed income fund flows
Global fixed income saw the highest flows of SGD 1.1685bn. US fixed income followed, with flows of SGD 117.48m; Asia fixed-income funds lost the most, seeing outflows of SGD 244.76m.
However, Asia money market funds reversed their losses from Q4 2023 and posted gains of SGD 137m in Q1 2024. Miscellaneous money market funds gained SGD 37.42m.
Inflows by Category
Equity fund flows
In the city-state, Singapore equity saw the highest net in flows of SGD 68.21m, followed by India equity with flows of SGD 64.22m.
On the other hand, global large-cap growth equity recorded the largest net outflows of SGD 67.79m. This was followed closely by Asia ex-Japan equity with SGD 62.51m. The US large-cap growth equity saw losses of SGD 44.17m, with global equity income rounding off the top 5 net outflows with SGD 31.9m.
Allocation (or mixed) funds collectively posted net outflows of SGD 61.28m for the first quarter. The allocation miscellaneous category saw the most outflows of SGD 244.59m. Moderate allocation, aggressive allocation, flexible allocation all saw net inflows, which helped to reduce the volume of net outflows for allocation funds substantially when compared with Q4 2023. Global macro posted a slight outflow of SGD 2.79m.
Outflows by Category
