Global markets have moved higher over the past two years, with global stocks up 44.5% and global bonds up 11%, as measured by the MSCI World index and Bloomberg Global Aggregate index.

However, investors have still had to endure two major bouts of volatility during this period, first with the tariff announcement shock in April 2025 and, more recently, the outbreak of the US-Iran war in late February 2026.

After both selloff periods, equity markets rebounded quickly, and bond markets held up, although yields remained elevated.

Against this backdrop, FSA highlights 20 multi-asset funds available in either Hong Kong or Singapore that have delivered a high two-year return while also maintaining top-ranked low volatility*.

Fund	2yr return (%)	2yr volatility (%)	2 yr cumulative max drawdown (%)
Franklin Templeton Select APAC Income	36.94	8.99	-6.49
GMO Global Real Return UCITS	35.32	7.12	-4.15
BlackRock GF Asian Multi Asset Income	34.79	9.89	-7.45
Manulife Asia Dynamic Income	32.94	9.79	-6.69
JPM Asia Pacific Income	31.66	8.68	-6.41
HSBC GIF Managed Solutions Asia Focused Income	31.34	10.21	-7.71
HSBC Global Diversified Real Return	29.62	6.94	-4.79
iFAST-DWS Premier Selectust	28.81	8.25	-5.21
Amundi Income Opportunities	28.27	6.37	-4.1
Amundi HK Balanced	28.04	9.49	-7.16
Franklin Global Income and Growth Opportunities Fund	27.58	6.53	-4.29
Schroder ISF Global Target Return	27.15	5.35	-3.43
Manulife Global Dynamic Asset Allocation	27.13	7.2	-4.87
AB (HK) All Market Income Portfolio	26.87	6.48	-4.54
U Asset Allocation Balanced Asian Biased	26.83	7.59	-6.41
UBAM U Asset Allocation Balanced USD	26.42	6.87	-5.39
MDO Emirates Signature Moderate	26.34	8.04	-6.81
CITI Multi Asset Class Balanced Level 3 (L3)	26.19	8.39	-5.86
Struktura SA SICAV RAIF All-Weather	25.95	7.32	-6.1
AB All Market Income Portfolio	25.88	6.48	-4.5
UOB United CIO Income	25.77	7.22	-5.68
Allianz Selection Income and Growth	25.63	7.69	-4.04
Fullerton Conservative Balanced	25.34	7.35	-5.6

One clear trend was a heavy concentration of Asia Pacific-focused strategies in the list of top performers.

Asian equity markets have outpaced the returns of broader global stock market indices over the past two years on the back of lower starting valuations and the presence of the region’s technology index heavyweights.

Asian equity markets have benefitted from their leadership in mega-cap semiconductor stocks across Taiwan and South Korea in particular.

Outside of Asian equity strategies, one standout performer was the GMO Global Real Return UCITS fund which delivered top-ranked 35.3% performance over the period with volatility of just 7.12% and a cumulative maximum drawdown of 4.15%.

This strategy has a mix of equities, equity long/short positions, and alternatives made up of allocations in strategies ranging from fixed income absolute return and systematic global macro to event-driven and equity dislocation.

Another notable fund in the list was Amundi Income Opportunities fund, which delivered a 28.3% return with volatility of just 6.37% and a cumulative maximum drawdown of 4.1%.

This $6bn fund invests in a portfolio of equities, fixed income, securitised assets and equity-linked notes. Almost 20% of its portfolio is in hedges, according to the fund’s latest factsheet.

*All data was sourced from FE fundinfo as of the last month-end, based in US dollars.