To The Moon

Weekly Performance Checkpoint 【SRT】 SRT’s gains last week was led by industrial, retail and hotel by subsectors, as well as MLT, CICT and FLT by individual REITs. CICT gained amidst news that Singapore retail sales excluding vehicles gained 4.8% y/y in January, the highest growth since February 2024. This could lead to higher turnover rents and might lift 1Q revenue for mall landlords including CICT. $CSOP S-REITs INDEX ETF(SRT.SI)$ 2025 YTD Total Return: -2.42% 【MMF】 Last week, short-term US Treasury yields fell sharply while long-term rates held steady, though tariff news and frequent economic data kept long-end volatility elevated. This drove significant steepening in both Treasury and TIPS curves. Nevertheless, we expect CSOPUMM to continue

Weekly Performance Checkpoint 【SRT】 SRT’s decline last week was led by data centre and multi asset class by subsectors and KDCREIT, DCREIT, and CLINT by individual REITs. KDCREIT fell after issuing 5.8mn new units at average price of S$2.1487 each to pay management and acquisition fees. $CSOP S-REITs INDEX ETF(SRT.SI)$ 2025 YTD Total Return: -2.56% 【MMF】 Last week, US treasury curve bull flattened sharply with 10Y yields falling more than 11bp on 24th Feb. The tariff headlines resulted in more growth concerns than inflation concerns, with forwards pricing over 50bp of rate cuts in 2025. Trump proceeded with tariffs on Canada and Mexico. Trump has also announced additional 10% tariffs on Chinese goods effective 4th March.  Separately, the Co

East Asia  $CSOP LOW CARBON US$(LCU.SI)$ YTD return: +5.39% Asian stocks were impacted by Trump's moves to curb Chinese investments into US technology, critical infrastructure, healthcare, agriculture, energy, raw materials.  Furthermore, weaker US consumer confidence stoked economic worries, which also further affected Asian stocks.     $CSOP SEA TECH ETF US$(SQU.SI)$ YTD return: -8.83% Deutsche Bank and Citi Research raised Grab's target price, while JPM upgraded it to overweight, boosting its shares after a post-earnings decline.  Macquarie sees Sime Darby's 1H25 adjusted net profit of RM657mn (39%/43% of their/Bloomberg consensus estimates) as in line with expectation

Weekly Performance Checkpoint 【SRT】 Last week, SRT’s decline can be attributable to retail, office and industrial by subsectors, and Suntec REIT, CICT and MINT by individual REITs. Suntec REIT fell amidst its subsidiaries refinancing by signing AU$399mn loan agreements.  Despite Suntec REIT and CICT’s decline this week, they alongside with other mall landlords, are expected to benefit from Singapore’s 2025 budget, which saw handouts to household to alleviate rising living costs as well as support consumption. $CSOP S-REITs INDEX ETF(SRT.SI)$ 2025 YTD Total Return: -1.86% 【MMF】 Last week, FOMC minutes confirmed the Fed's cautious stance on policy easing, due to high uncertainty, maintaining its easing bias. This reinforces the Fed’s preferen

East Asia $CSOP LOW CARBON US$(LCU.SI)$ YTD return: +7.13% • The week began with China's tech-driven rally, fueled by DeepSeek's AI breakthrough and optimism about China's economic recovery, sparked by President Xi Jinping's meeting with business leaders, including Alibaba co-founder Jack Ma. • Goldman Sachs has increased its targets for Chinese equity benchmarks. • However, Trump's threats of a 25% tariffs on automobile, semiconductor and pharmaceutical imports has resulted in Asia stock market fluctuations. $CSOP SEA TECH ETF US$(SQU.SI)$ YTD return: -3.86% • Singapore's 2025 budget includes a 50% corporate tax rebate, capped at S$40,000, which could potentially benefit Sea and Grab, thereby boostin

Global Outlook: US Still Matters Inflation Crisis will End Soon? Beware of Reflation High inflation has been a common predicament for countries in the post-pandemic era, leading to an expansion of the wealth gap and an intensification of social conflicts. Many voters have sought new governments to solve the problem of inflation, which was also the reason for the failure of incumbent parties around the world in the past 2024 election year. However, Trump's policy advocacy seems to contradict his campaign promise to fight inflation: controlling inflation is a key goal, but trade and immigration policies are detrimental to controlling inflation: under the background of Trump's various policies, the US inflation rate in 2026 will be more than 4 percentage points^ higher than before. ^ ^ Peters

Weekly Performance Checkpoint 【SRT】 Last week, SRT’s decline was attributed to industrial, office and data centre by subsectors, and MINT, MPACT and KDCREIT by individual REITs. MINT fell after JPM cut it from overweight to underweight due to expectations of rising vacancies at US and SG data centres with upcoming non-renewals as well concerns over Deepseek. $CSOP S-REITs INDEX ETF(SRT.SI)$ 2025 YTD Total Return: -1.16% 【MMF】 Last week, US rates were up following higher oil prices, Fed Chair Powell’s remarks and higher-than-forecasted January CPI prints. Following last Wednesday’s CPI report release, Fed fund futures suggest the next full 25bp policy rate cut in 4Q25 (vs 3Q25 previously). As such, we expect CSOPUMM to continue to deliver stable

East Asia 【$CSOP LOW CARBON US$(LCU.SI)$ / $CSOP LOW CARBON S$(LCS.SI)$ 】YTD Return: +3.49% • The week started with President Trump imposing 25% tariffs on all US steel and aluminium imports, applicable to all countries, which unsettled markets, causing investors to seek safety. Nevertheless, Asian equities remained resilient and generally slightly rebounded after falling on Monday. • Japanese markets were closed on Tuesday for a public holiday. 【 $CSOP SEA TECH ETF S$(SQQ.SI)$ / $CSOP SEA TECH ETF US$(SQU.SI)$ 】YTD Return: -4.19% • Within the portfolio, Sea Ltd gained week-to-date; UBS' ASEAN internet and teleco

Weekly Performance Checkpoint 【 $CSOP S-REITs INDEX ETF(SRT.SI)$ 】 SRT’s fall was primarily due to industrial and office REIT by subsectors as well as MINT, FLT and CLINT. CLINT fell after Temasek sold its shares.  【 $CSOP US Dollar Money Market ETF Unlisted Share Class P(HK0000503836)$ 】 Last week, headline CPI and the core CPI both increased by 0.3% MoM in November, slightly below JPM's prediction. The core basket had unexpected variations, with owner's equivalent rent and tenant's rent lower than anticipated, while hotel prices surged beyond expectations. This has slightly shifted the odds in favor of Fed cutting rates at the December meeting despite sturdy core CPI might still cause

East Asia 【 $CSOP SEA TECH ETF S$(SQQ.SI)$ $CSOP SEA TECH ETF US$(SQU.SI)$ 】YTD Return: +30.60% • Sea Ltd's stock outperformed in 2H, rising 59% from mid-year to 29 Nov due to strong 3Q revenue and earnings, easing concerns over margin pressure from increased competition in Southeast Asia. • Amid potentially higher US tariffs on Chinese goods, this may benefit e-commerce in Southeast Asia. • JPM notes that since 2019, ASEAN's TMT sectors have consistently provided appealing trading opportunities, with at least one stock surpassing MSCI EM by 30pp annually, with Sea Ltd and Grab leading in 2024. Looking into 2025, the main catalysts for Sea and Grab's stock prices will be network effects contributing