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Weekly Outlook

Market Commentary – November 2025

Market Commentary – November 2025

EQUITY MARKET UPDATE

Source: Bloomberg (Total Return in USD/Local Currency terms)

Equity movements were quite mixed in November. The S&P 500 returned flat MoM while value stocks as loosely represented by the DJIA (+0.5% MoM) held out better than the tech-heavy NASDAQ Composite (-1.4% MoM). Mounting concerns over lofty valuations in technology stocks, on top of fluctuating expectations surrounding the Federal Reserve’s interest rate policy, were the primary reasons for the value preference.

Global Small-Caps (+1.7% MoM) outperformed Large-Caps (+0.3% MoM), while Emerging Markets slipped (-2.4% MoM), likely caused by the tech sector pullback as well in countries such as South Korea. In Europe, performance continued to be mixed with UK equities (+0.4% MoM) leading on the back of hopes of an imminent Bank of England rate cut and a relatively attractive valuation level. German equities (-0.6% MoM) fell due to concerns of a stagnant economy, macro trade uncertainties, and weakness in the industrial sectors.

Closer to home, most of APAC and ASEAN equities had fallen into the negative territory except for Singapore (+2.7% MoM) and India (+1% MoM). Singapore continued to be an attractive safe haven for investors given its low inflation, on top of resilient economic growth, strong banking sector fundamentals and attractive valuation level. In contrast, South Korea (-4.1% MoM) and Japan (-4.1% MoM) were the worst performing APAC markets. Both countries have a heavy concentration of semiconductor and AI-related companies in their benchmarks. Investors also mull over Japan’s fiscal sustainability and rising trade tensions with China.

China/HK equities (-2.3%/-0.1% MoM) ended the month notably weaker as investors booked profits after earlier gains and rotated out of risk assets amid mixed economic signals and heightened volatility. The drop was driven by a combination of external risk-off sentiment from global markets and muted domestic catalysts amid a policy vacuum and lack of strong new economic drivers. This was compounded by soft economic data showing slowing industrial and retail activity that weighed on investor confidence and valuation sentiment.

Source: Bloomberg (Total Return in USD terms)

Within the S&P 500 we observed renewed appetite for sectors tied to tangible economic drivers against a backdrop of ongoing macro volatility. Healthcare (+9.3% MoM) was the top performer for the month as investors rotated toward sectors with stronger near-term fundamentals. The sector has recently reported strong earnings beats, resilient clinical pipelines, and increased M&A activity in biotech/pharma bolstered confidence in both defensive and growth-oriented subsegments, underpinning relative strength despite broader market volatility. Comm Services (+6.4% MoM) advanced on improving advertising revenue trends and renewed interest in AI-driven content and media platforms. Meanwhile, Materials (+4.2% MoM) benefited from structural demand tied to energy transition infrastructure (e.g., power-grid upgrades, electrification) and data-center expansion materials demand.

In the other hand, InfoTech (-4.3% MoM), Consumer Discretionary (-2.4% MTD), and Industrial (+1.4% MTD) lagged. InfoTech underperformed as broad tech shares faced valuation pressure. Consumer Discretionary also lagged on signs of softening consumer demand and earnings miss risk, with the sector feeling the pinch from weakening spending indicators and cautious outlooks that dampened sector sentiment during the month. Industrials trailed the broader market’s stronger sectors as mixed data and uncertainty around manufacturing momentum led investors to favor more resilient areas, with volume tied to traditional industrial activity unable to keep pace with defensive and growth-oriented flows despite pockets of strength in specific industrial subsectors.

Source: Bloomberg (Total Return in Local Currency terms)

Global REITs reported a mostly positive performance in November, with Malaysia (+4.7% MoM) and Japan (+3.4% MoM) delivering the only positive returns MoM. S-REITs (0.5% MoM) have relatively lagged, but continue to benefit from resilient fundamentals, attractive dividend yields, and broad-based sector strength, including recovery in hospitality, and continued industrial and retail. Valuations and yields remain attractive with a compelling 3% trailing yield spread, the second highest globally, and trading at a fair 1x PB, reflecting both value and income potential.

EQUITY MARKET OUTLOOK

Market Remains Highly Sensitive: Positioned for Optimism, Prone to Sharp Repricing

Source: Bloomberg.

Volatility has cooled down in November, with the VIX falling by 109 bps MoM, crossing under both the Trailing 3M (~18%) and 1Y (~19%) averages. The SKEW also gone up, hovering near 150 level. Both volatility indicators are still pointing to a risk-on equity market. Concerns for an AI bubble or an unexpected tail risk event still exist, but the increased probability for the Fed’s December rate-cut still bring positive sentiment to equities.

Treasury yields continued to shift lower across the yield curve, with the US 2Y Treasury yield down -8 bps MoM to 3.5% and the 10Y also lower by -6 bps to 4%, reflecting market positioning for eventual Fed easing. The 10Y-2Y spread is roughly unchanged 0.5% (2 bps MoM), but stil marking a bull-steepening of the yield curve. This means that the bond market is growing more bullish overall and has better short-term outlook. In parallel, credit markets also showed a growing risk appetite as the global high yield and investment-grade (HY–IG) spread tightened to 1.9% (-14 bps MoM)

Overall, the equity market still has a risk-on backdrop but with investors hedging against tail risks (high SKEW). Expectations for a December Fed rate cut supported sentiment, driving Treasury 10Y-2Y yields lower across the curve and contributing to a modest bull-steepening of the treasury yield spread, consistent with improving near-term growth expectations. Credit markets also showed firmer risk appetite, with HY–IG spreads tightening through November. Yet, this equilibrium remains fragile. While cooling inflation and AI-driven productivity themes underpin risk-taking, markets stay highly sensitive to any upside inflation surprise or hawkish shift that could quickly reprice both rates and equities.

Mixed Macro Backdrop: Stabilizing Growth but Persistent Inflation Keeps Policy Cautious

Source: Bloomberg.

The U.S. government shutdown earlier in Q4 disrupted key data releases, including delayed inflation, employment, and GDP reports. The Fed will be more cautious given its data-dependent policy framework and complicating real-time assessments of price pressures and growth trends. Despite this, global growth indicators showed pockets of stabilization, with the Global Composite PMI further gained in the expansionary territory (52.9%), signaling resilient services demand and broad order momentum outside the U.S. even as trade and export conditions subside. In contrast, the U.S. manufacturing sector continued to struggle, with the ISM Manufacturing PMI (48.7%) falling further in contractionary range, reflecting persistent weakness in factory activity and softened new orders amid higher input costs.

Sticky core inflation remains a policy constraint, reinforced by tariff-related price pressures and services inflation that have kept underlying price gains elevated, dampening the Fed’s appetite for aggressive easing until a clearer disinflation path is evident. At the same time, services sectors and consumer spending indicators have shown relative resilience, particularly outside the US, helping counterbalance industrial softness and suggesting that growth trajectories will likely hinge on continued services demand, external demand contributions (notably from Europe and Asia), and the persistence of underlying inflation trends. This balance of forces points to cautious central bank positioning, with policymakers unwilling to pre-emptively ease until disinflation is more durable and broader-based growth momentum is reaffirmed.

AI-Led Momentum Supports a Constructive Outlook, but Fragile Macro Undercurrents Persist

We maintain a constructive medium-term outlook as the momentum behind the AI investment cycle and solid corporate earnings continue to anchor market confidence. AI-related capital spending supports demand across semiconductors, cloud infrastructure, data-center supply chains and industrial automation, while earnings strength has broadened beyond a handful of mega-caps to include infrastructure, utilities and select industrials. Macro conditions are also becoming more supportive. The US labour market is cooling in an orderly manner, inflation has moderated from mid-year peaks, and the Federal Reserve is moving closer to a gradual pivot toward rate cuts as financial conditions stabilize.

Looking further out, the long-term backdrop remains cautiously optimistic but is shaped by several structural risks. Valuations within leading AI beneficiaries are increasingly stretched, market concentration has intensified, and investor scrutiny of central-bank independence and policy consistency is rising. These factors heighten sensitivity to any signs of premature easing, renewed inflation pressure or a shift in policy credibility. In this environment, investors can still participate in the equity upside, but doing so prudently remains essential, with an emphasis on diversification beyond U.S. mega-caps and clear awareness of potential tail risks around geopolitics, inflation dynamics and the sustainability of AI-driven market enthusiasm.

FIXED INCOME UPDATE 

Source: Bloomberg; Returns are presented in USD terms

Source: Bloomberg; Returns are presented in USD terms

Bond markets extended their gains in November, with most major indices posting positive returns. The exception was the SGD Overall Index which posted a modest decline in USD terms due to continued currency translation effects as the Singapore dollar weakened further against the US dollar. The marks the third consecutive month in which FX movement have weighted on SGD-based returns, despite stable domestic credit fundamentals. The weakness partly reflected the unwinding of USD funded carry trades, as heightened geopolitical uncertainty, crowded positioning, and technical rebound dynamics prompted investors to close positions and repay funding, generating renewed demand for dollars. While such episodes have temporarily bolstered the USD, the broader narrative remains that Fed easing makes the dollar an increasingly attractive funding currency for carry strategies, a dynamic that could reassert itself once risk sentiment stabilizes.

In contrast, the Emerging Market (“EM”) USD Aggregate Index continued its strong performance, supported by improving fundamentals, easing inflation pressures, and renewed investor appetite for carry. EM high yield default rates remain low, and growth in key economies such as India and Brazil- has exceeded expectation. In addition, investors have gradually diversified away from dollar denominated exposures, partly as a hedge against unpredictable U.S. policy. This secular shift has bolstered demand for EM debt, amplifying cyclical tailwinds.

European bonds remained the weakest performers on a year-to-date basis, with the Pan-Euro Aggregate Index still trailing peers. Persistent rate volatility and macro uncertainty particularly around fiscal consolidation and growth risks continue to weigh on sentiment. Although yields have moderated, the recovery in eurozone debt remains uneven.

Despite recent FX-related setbacks, the SGD Overall Index maintains its leadership year-to-date, with gains approaching 15%. Strong domestic credit and favourable rate dynamics have been the key drivers. EM debt and US corporates also remain significant contributors to YTD performance, while global aggregate and eurozone indices continue to lag.

Singapore Monetary Policy: Stability Amid Shifting Crosscurrents

At its October meeting, MAS left the parameters of the S$NEER policy band unchanged — slope, width, and level all steady — maintaining the prevailing modest and gradual appreciation path intact for a second consecutive quarter, after two easings earlier in 2025. The decision reflected stronger than expected economic performance, with Q3 GDP advance estimates beating market expectations, and the output gap is now projected to remain positive through year end.

Core inflation is projected to average around 0.5% in 2025 before gradually rising to 0.5–1.5% in 2026 as temporary disinflationary factors fade. CPI All Items inflation is expected to remain within the 0.5–1.0% this year and 0.5–1.5% next year. While risks are considered as more balanced than before, MAS continues to monitor potential upside pressures stemming from geopolitical supply shocks. Against this backdrop, the central bank judged that there was no urgency to adjust its stance, opting instead to balance resilient growth with the aim of securing low and stable inflation over the medium term.

For the Singapore dollar, policy stability has helped temper volatility in the trade weighted basket, anchoring expectations even as a stronger USD has weighed on bilateral performance. In the domestic bond market, MAS’s steady hand has reinforced the attractiveness of SGD denominated assets. Yields remain supported by favourable rate dynamics and solid credit fundamentals. At the front end, rates which fell sharply earlier in 2025 are now expected to consolidate rather than decline further, reflecting the absence of fresh easing signals. At the long end, resilient growth and balanced inflation risks are likely to keep yields firm limiting excessive flattening. Overall, the curve reflects a shift from the earlier bull steepening trend toward a more stable profile, underpinned by MAS’s credibility and sustained investor demand for SGD assets.

Looking further ahead, Singapore may stand to benefit structurally from ongoing tariff realignments in global trade. As a major trans shipment hub with a relatively low base tariff rate of 10%, Singapore is positioned to capture incremental trade flows as regional trade activities is diverted to avoid higher bilateral tariffs elsewhere in APAC. Such potential re routing of supply chains could reinforce Singapore’s growth resilience, support continued demand for SGD-denominated assets, and further strengthen the credibility of MAS’s policy framework in sustaining investor confidence.

Important Information

This material is provided by Phillip Capital Management (S) Ltd (“PCM”) for general information only and does not constitute a recommendation, an offer to sell, or a solicitation of any offer to invest in any of the exchange-traded fund (“ETF”) or the unit trust (“Products”) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. You should read the Prospectus and the accompanying Product Highlights Sheet (“PHS”) for key features, key risks and other important information of the Products and obtain advice from a financial adviser (“FA“) before making a commitment to invest in the Products. In the event that you choose not to obtain advice from a FA, you should assess whether the Products are suitable for you before proceeding to invest. A copy of the Prospectus and PHS are available from PCM, any of its Participating Dealers (“PDs“) for the ETF, or any of its authorised distributors for the unit trust managed by PCM.

An ETF is not like a typical unit trust as the units of the ETF (the “Units“) are to be listed and traded like any share on the Singapore Exchange Securities Trading Limited (“SGX-ST”). Listing on the SGX-ST does not guarantee a liquid market for the Units which may be traded at prices above or below its NAV or may be suspended or delisted. Investors may buy or sell the Units on SGX-ST when it is listed. Investors cannot create or redeem Units directly with PCM and have no rights to request PCM to redeem or purchase their Units. Creation and redemption of Units are through PDs if investors are clients of the PDs, who have no obligation to agree to create or redeem Units on behalf of any investor and may impose terms and conditions in connection with such creation or redemption orders. Please refer to the Prospectus of the ETF for more details.

Investments are subject to investment risks including the possible loss of the principal amount invested, and are not obligations of, deposits in, guaranteed or insured by PCM or any of its subsidiaries, associates, affiliates or PDs. The value of the units and the income accruing to the units may fall or rise. Past performance is not necessarily indicative of the future or likely performance of the Products. There can be no assurance that investment objectives will be achieved. Any use of financial derivative instruments will be for hedging and/or for efficient portfolio management. PCM reserves the discretion to determine if currency exposure should be hedged actively, passively or not at all, in the best interest of the Products. The regular dividend distributions, out of either income and/or capital, are not guaranteed and subject to PCM’s discretion. Past payout yields and payments do not represent future payout yields and payments. Such dividend distributions will reduce the available capital for reinvestment and may result in an immediate decrease in the net asset value (“NAV”) of the Products. Please refer to <www.phillipfunds.com> for more information in relation to the dividend distributions.

The information provided herein may be obtained or compiled from public and/or third party sources that PCM has no reason to believe are unreliable. Any opinion or view herein is an expression of belief of the individual author or the indicated source (as applicable) only. PCM makes no representation or warranty that such information is accurate, complete, verified or should be relied upon as such. The information does not constitute, and should not be used as a substitute for tax, legal or investment advice.

The information herein are not for any person in any jurisdiction or country where such distribution or availability for use would contravene any applicable law or regulation or would subject PCM to any registration or licensing requirement in such jurisdiction or country. The Products is not offered to U.S. Persons. PhillipCapital Group of Companies, including PCM, their affiliates and/or their officers, directors and/or employees may own or have positions in the Products. This advertisement has not been reviewed by the Monetary Authority of Singapore.

FATCA NOTICE

With effect from 1st July 2014, this FATCA Notice (the “Notice”) forms part of the terms and conditions of our products and services (the “Terms and Conditions”) governing your relationship (“you”, “your”, “yours” referred to herein include joint-account holders and beneficiary holders of an entity who are a natural person) with Phillip Capital Management (S) Ltd and its related corporations (collectively referred to herein as “PCM”, “us”, “we” or “our”) and should be read in conjunction with those Terms and Conditions, including those under our Personal Data Protection Notice.The existing terms and conditions of any contractual agreement entered into between PCM a nd you (the “Existing Terms and Conditions”) remain in full force and effect. In the event of any conflict or inconsistency between the provisions of this Notice and those of the Existing Terms and Conditions, the provisions of this Notice shall prevail.

We may from time to time update the Terms and Conditions listed here to ensure their consistency with our future developments,industry trends and/or any changes in legal or regulatory requirements. Such updates will be published at http://www.phillipfunds.com/ .

On March 18, 2010, the United States of America’s (“U.S.”) Hiring Incentives to Restore Employment Act of 2010 (Pub.L.111-147H.R.2847)) (the “Act”) was enacted into law. Section 501(a) of the Act added a new chapter 4 (sections 1471-1474) to Subtitle A of the U.S.’s Internal Revenue Code (Code).Chapter 4 expands the information reporting requirements imposed on foreign financial institutions (as defined in section 1471(d)(4)) (FFIs) with respect to certain U.S. accounts (as defined in section 1471(d)(1)) of specified U.S. person, and imposes withholding, documentation, and reporting requirements with respect to certain payments made to certain foreign entities.

PCM will be obliged to comply with the provisions of FATCA under the terms of the inter-governmental agreement (“IGA”) Model I between the U.S. and Singapore and under the terms of Singapore’s subsidiary legislation which will be issued pursuant to Singapore’s Income Tax Act (Cap. 134) to implement the IGA. “FATCA” or “Foreign Account Tax Compliance Act” means Chapter 4 (sections 1471 to 1474) to Subtitle A of the U.S. Internal Revenue Code.

“FATCA” or “Foreign Account Tax Compliance Act” means Chapter 4 (sections 1471 to 1474) to Subtitle A of the U.S.Internal Revenue Code.

“U.S. person” means a U.S. citizen or resident individual, a partnership or corporation organised in the U.S. or under the laws of the U.S. or any state of the U.S. thereof, a trust if: (i) a court within the U.S.would have authority under the applicable law to render orders or judgments concerning substantially all issues regarding the administration of the trust; and (ii) one or more U.S. persons have the authority to control all substantial decisions of the trust, or an estate of a decedent that is a citizen or resident of the U.S..This definition shall be interpreted in accordance with the provisions of the U.S. Internal Revenue Code.

  • You shall provide all required documentation or information, including but not limited to your date of birth, countries of citizenship, countries of permanent residence, countries of tax residency and associated taxpayer identification numbers, which may be required to enable PCM to ascertain your U.S. tax status and share information and /or documents relating to you and/or your account(s) with domestic and international authorities for the purpose of complying with all the requirements of FATCA, the IGA between Singapore and U.S or other countries,any applicable Singapore or international laws or regulations.
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  • You shall notify PCM in writing immediately in the event of any change that affects your tax status for the purpose of complying with the requirements of FATCA, the IGA between Singapore and U.S or other countries,any applicable Singapore or international laws or regulations. Such change that affects your tax status may include any change of the country or territory of your domicile or residence or any change of your nationality or obtaining of any new nationality. In these instances, you shall provide all information and/or documents as required or requested by PCM.
  • You acknowledge and agree that when you fail to provide accurate and timely information pursuant to this Notice, for the purpose of complying with the FATCA, the IGA between Singapore and U.S or other countries, any applicable Singapore or international laws or regulations, PCM may deem you as a recalcitrant and/or a reportable person and report this information to the Singapore Inland Revenue Authority, in accordance with applicable laws and regulations, which will in turn report to the IRS.
  • It is the existing policy of PCM that investment products and investment accounts managed by PCM (“PCM Products and Services”) are not being offered or sold to U.S. Persons and that subsequent transfer of PCM Products and/or Services to a U.S.Persons are prohibited.
  • If investment accounts or products managed by PCM are beneficially owned by a U.S. Person or if PCM deemed you as a recalcitrant and/or a reportable person,PCM may compulsorily cancel your pending subscription order or capital injection,terminate the contractual relationship with you and withhold an amount for transferring to the relevant tax authorities as required under the FATCA, the IGA between Singapore and U.S or other countries, any applicable Singapore or international laws or regulations. PCM shall have no liability for losses,fees, costs, expense, damages, liabilities of any kind which you may have suffered in connection with such cancellation, termination, withholding amount and/or as a result of our complying with the requirements of FATCA, the IGA between Singapore and U.S or othercountries,any applicable Singapore or international laws or regulations,even if we make an incorrect assessment and decision.

PDPA

PERSONAL DATA PROTECTION NOTICE

With effect from 1st July 2014, this Personal Data Protection Notice (the “Notice”) forms part of the terms and conditions of our products and services (the “Terms and Conditions”) governing your relationship (“you”, “your”, “yours” referred to herein include joint-account holders and beneficiary holders of an entity who are a natural person) with Phillip Capital Management (S) Ltd and its related corporations (collectively referred to herein as “PCM”, “us”, “we” or “our”). Without prejudice to the existing terms and conditions of any contractual agreement entered into between PCM and you (the “Existing Terms and Conditions”), which remain in full force and effect, this Notice shall be read in conjunction with the Existing Terms and Conditions. In the event of any conflict or inconsistency between the provisions of this Notice and those of the Existing Terms and Conditions, the provisions of this Notice shall prevail.

We are required under the Personal Data Protection Act (“PDPA”) to put in place the necessary arrangements to protect personal data and comply with the PDPA. Personal data includes any data and information, whether true or not, about an individual (a natural person) who can be identified from that data or information, such as your name, NRIC, passport or other identification number, telephone numbers, address, email address and any other information relating to individuals which you or your authorized representative have provided to us or we are likely to have access to (“Personal Data”).

This Notice outlines the purposes for the collection, use and/or disclosure of your Personal Data by PCM, how we protect your Personal Data and your rights with respect to the collection, use and/or disclosure of your Personal Data. This Notice supplements but does not supersede nor replace any other consents which you may have previously provided to us in respect of your Personal Data, and your consents herein are additional to any rights which we may have at law to collect, use and/or disclose your Personal Data. We may from time to time update the Terms and Conditions listed here to ensure their consistency with our future developments, industry trends and/or any changes in legal or regulatory requirements. Such updates will be published at http://www.phillipfunds.com/.

1. PCM may collect, use and/or disclose your personal data for any of the following purposes listed below (collectively “Permitted Purposes”):-

i) carrying out activities, duties and obligations in connection with our products and services which you have applied for, including evaluating your eligibility and credit profile, verifying the identity or authority of your representatives, administration of your account and/or managing our overall relationship with you (including but not limited to the outsourcing of any of our functions to service providers or vendors, due diligence checks, accounting and portfolio valuation, billing and collections, business continuity and print management);

(ii) developing new services and/or products;

(iii) providing you with marketing, advertising and promotional information, materials and/or documents related to financial products and/or services that we may be selling, marketing, offering or promoting, whether such financial products or services exist now or are created in the future;

(iv) marketing and promotional events, including but not limited to images, photographs or videos of you during the events;

(v) meeting or complying with PCM’s internal policies and procedures and any applicable rules, law, regulations, codes of practice or guidelines, orders or requests issued by any court, legal or regulatory bodies (both national and international) (including but not limited to disclosures to regulatory authorities or financial industry self-regulatory bodies; conducting audit checks (internal/external), surveillance and investigation; handling of customer feedback or complaint; dispute resolutions; recording of telephone conversations and/or electronic communications with you; conducting checks or investigations for prevention and/or detection of financial crimes such as money-laundering, financing of terrorism, fraud and/or bribery etc.);

(vi) legal purposes, including but not limited to obtaining legal advice and enforcing or defending our legal and/or contractual rights against you;

(vii) risk management, statistical and trend analysis;

(viii) processing and/or storing data and/or information related to your relationship with PCM.

2. PCM, in order to facilitate the discharge of its duties and obligations to you, may be required to disclose your Personal Data for the Permitted Purposes and/or for processing of the Permitted Purposes on a need-to-know basis, to any of the following entities and the directors, officers, staff, employees and agents of any such entities, whether located within or outside Singapore (“Relevant Persons”):-

(i) any associate or related company of PCM and the directors, officers, staff, employees and agents of any such person;

(ii) any actual or proposed assignee or transferee of any of PCM’s rights and obligations or any actual or proposed delegate of any of PCM’s functions and duties under its contractual relationship with you;

(iii) any relevant governmental, supervisory or regulatory authority or court of law, including the Monetary Authority of Singapore, to which PCM is or may be subject;

(ix) any person in order to give effect to any instruction from you or any person acting or purporting to be acting on behalf of you;

(x) any person as PCM may consider necessary in order to comply with any order, directive or policy of any court or governmental or regulatory authority in any jurisdiction;

(xi) any person when required to do so in accordance with the laws of any applicable jurisdiction or rules of any professional self-regulatory bodies or securities exchanges;

(xii) any agent, contractor or third party service provider who provides their services in connection with the operation of PCM’s fund management business, including but not limited to the custodians, trustees, fund administrators, registrars, banks, legal firms, accounting and auditing firms, printing firms, IT service providers, credit reference agencies, credit bureaus, data screening entities for the purpose of due diligence checks and the prevention and detection of financial crimes.

3. PCM’s related companies and third party service providers shall be bound by the same provisions as set out in this Notice and we will require them to ensure that your Personal Data are kept confidential and secure.

4. You represent and warrant that your Personal Data provided to us is accurate and complete for us to make a decision that affects you or to disclose your Personal Data to the above-mentioned Relevant Persons on a need-to-know basis. Where applicable, when you provided Personal Data relating to another individual (e.g. your dependent, spouse, children and/or parents) to us, you represent and warrant that such Personal Data is accurate and complete and the consent of that individual has been obtained for the collection, use and disclosure of his/her Personal Data in accordance with the provisions listed in this Notice.

5. We will retain your Personal Data to the extent that one or more of the Purposes for which your Personal Data was collected, used and/or disclosed is/are still valid and for legal, regulatory reporting or regulatory investigations purposes for which retention may be necessary.

6. PCM may terminate any contractual relationship which you may have with us, if any information provided to us is insufficient, misleading or erroneous or if any information that is required to be disclosed to any regulatory authority for compliance with any law or regulation is not provided by you.

7. You may request access to or make corrections to your Personal Data records. Depending on the information requested PCM may charge a small fee when you request access to your Personal Data. Upon your request and subject to the provisions under the PDPA, PCM will respond accordingly within reasonably possible time. Please submit your request to our Data Protection Officer via [email protected].

8. You may withdraw your consent to any use or disclosure of your Personal Data for any or all of the Purposes as set out in this Notice by giving written notice to us. If you withdraw your consent(s), depending on the nature of your request, we may not be in a position to continue to provide our products or services to you or administer any contractual relationship in place. Such withdrawal may be considered a termination by you of any agreement you may have with us. Where there is any breach of your contractual obligations or undertakings, PCM’s legal rights and remedies are expressly reserved in such event.

Important Information

By accessing and using this website (the “Website”) and any web page hereof, you agree to be bound by the terms and conditions below. Reference to these general terms of use should be made each time you access and use the Website.

This Website, its services and contents are provided for your use by PhillipCapital, which is a group of companies who together offer a full range of financial services to retail, corporate and institutional customers. Member companies in Singapore include Phillip Securities Pte Ltd, Phillip Securities Research Pte Ltd, Phillip Financial Pte Ltd, Phillip Nova Pte Ltd, Phillip Capital Management (S) Ltd, Phillip Private Equity Pte Ltd, Phillip Japan Fund Management Pte Ltd, CyberQuote Pte Ltd, IFS Capital Limited and ECICS Limited. Member companies can otherwise be identified by their authorised use of PhillipCapital brand name along with their own name in their documentation and literature.

 

Use of Information and Materials

The contents of this website are provided to you for general information only and should not be used as a recommendation or basis for making any specific investment, business or commercial decision. These pages should not be construed as a recommendation, an offer or solicitation for the subscription, purchase or sale of the securities, and specifically funds or any investment products, mentioned herein, or, in any jurisdiction to any person to whom it is unlawful to make such an invitation or solicitation in such jurisdiction. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of your acting based on this information.

Investments are subject to investment risks including the possible loss of the principal amount invested. Past performance is not necessarily indicative of the future or likely performance of the fund(s). There can be no assurance that investment objectives will be achieved. Any use of financial derivative instruments will be for hedging and/or for efficient portfolio management. The value of any investments and the income from them may fall as well as rise.

Investments in the fund(s) managed by PCM are not obligations of, deposits in, or guaranteed by PCM or any of its affiliates.

The information contained in these pages is not intended to provide professional advice and should not be relied upon in that regard. It also does not have any regard to your specific investment objective, financial situation and any of your particular needs. You should read the relevant prospectus and the accompanying product highlights sheet (“PHS”) for disclosure of key features, key risks and other important information of the relevant fund(s) and obtain advice from a financial adviser (“FA”) before making a commitment to invest in the fund(s). In the event that you choose not to obtain advice from a qualified financial adviser, you should assess and consider whether the investment product is suitable for you before proceeding to invest and we do not offer any advice in this regard unless mandated to do so by way of a separate engagement. A copy of the prospectus and PHS are available from PCM or any of its authorized distributors.

You are advised to read the applicable Terms and Conditions governing each account and the relevant Risk Disclosure Statement, if any, carefully before investing in any investment products.

The contents of this website, including these terms and conditions, are subject to change and may be modified, deleted or replaced from time to time and at any time at the sole and absolute discretion of PhillipCapital. Any opinions or views herein are made on a general basis and are subject to change without notice.

Member companies of PhillipCapital, their directors, officers, associates, agents, affiliates and/or employees may own or have positions in the investments mentioned herein.

This publication and Information herein are not for any person in any jurisdiction or country where such distribution or availability for use would contravene any applicable law or regulation or would subject PCM to any registration or licensing requirement in such jurisdiction or country. The fund(s) is/are not offered to U.S. Persons.

 

Timeliness, accuracy and completeness of information

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PhillipCapital and/or its member companies reserve all copyright and intellectual property rights to the services, content, information and data on the Website. The contents in the Website are protected by copyright and no part or parts hereof may be modified, reproduced, stored in a retrieval system, transmitted (in any form or by any means), copied, distributed, published, displayed, broadcasted, hyperlinked, used for creating derivative works or used in any other way for commercial or public purposes without the prior written consent of PhillipCapital and/or its member companies.

 

No Warranties 

While every care has been taken in preparing the contents contained in the Website, such contents are provided to you “as is” and “as available” without warranty of any kind either express or implied. In particular, no warranty regarding non-infringement, security, accuracy, fitness for a particular purpose or freedom from computer virus is given in conjunction with such contents. Member companies of PhillipCapital, their directors, officers, associates, agents and affiliates make no representations, endorsements or warranties of any kind about the services, content, information and/or data contained in the Website.

 

Separate Contracts 

The provision of any service or products provided by PhillipCapital and/or its member companies through the Website shall be expressly subject to the particular terms and conditions as contained in the contract for the supply of such service or product. Any warranties or representations made in relation to the provision of such service or product are as made in the contract only and PhillipCapital and/or its member companies make no separate warranty or representation through the Website or through these general terms of use.

 

Exclusion of Liability and Indemnity 

In no event shall PhillipCapital and/or its member companies be liable to you for any loss, damage, costs, charges and/or expenses of whatsoever nature and howsoever arising including legal fees on a full indemnity basis, cost of funding and loss or cost incurred by you as a result of or in connection with:

  1. any access, use or the inability to access or use this website, use of or reliance on the contents of this website;
  2. any transaction performed on any web page in the Website;
  3. any loss or abuse or unauthorized disclosure of information, including customer information;
  4. any system, server or connection failure, error, omission, interruption, interception, delay in operation or transmission, or computer virus;
  5. any use of or access to any websites linked to the Website;
  6. any service, product, information, data, software or other materials obtained from this Website or from any other websites linked to this Website;
  7. breach or violation of any third party rights, including but not limited to the violation of any proprietary or intellectual property rights or the enforcement of any of these general terms of use.

 

Governing Law 

These general terms of use shall be governed by and construed in accordance with the laws of the Republic of Singapore and all parties hereby agree to submit to the exclusive jurisdiction of the courts of the Republic of Singapore. Products and services referred to in this website are offered only in jurisdictions where and when they may be lawfully offered by PhillipCapital and/or its member companies. The contents in the Website are not intended for use by persons located in or resident in jurisdictions that restrict the distribution of such materials by us. Persons accessing these pages are required to inform themselves about and observe any relevant restrictions. The terms and conditions governing the use of the Website of each member company of PhillipCapital may differ and you should consult and carefully read the applicable terms and conditions before using the website.

This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.