Weekly Outlook

Market Commentary – August 2026

Market Commentary – August 2026

EQUITY MARKET UPDATE

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

Nasdaq (+4.0% MTD) led the S&P 500 (+2.7% MTD) and the Dow (+1.5% MTD) as AI and tech names rebounded from July’s selling. The S&P 500 and the Dow hit all-time highs on 5 August on strong 2Q earnings. The S&P 500 set another record on 13 August after a softer July inflation print eased fears of a September hike, and it is up 13.1% YTD. Warsh’s Jackson Hole speech on 28 August put a hike back on the table, but the market held its gains. Nvidia’s 2Q results released on 26 August (revenue +106% YoY, 3Q revenue guided +12% QoQ) settled the semiconductor names.

Europe equities were mixed. Germany (+2.5% MTD) outperformed France (-2.1% MTD) on the same rates backdrop: the 10Y Bund at a cycle high of 3.32% and an ECB signaling it could raise rates. Germany benefited from its industrial tilt as Eurozone manufacturing PMI rose to 52.7. France lagged on its budget crisis, with OAT yields near 2008 highs and political gridlock weighing on French companies. The UK (+0.2% MTD) was flat. The FTSE 100 has few AI and tech names, so it missed the AI-led rally.

APAC was split. Korea (+3.5% MTD) and Japan (+3.1% MTD) rose on their position in the semiconductor and AI supply chain. HBM3E spot prices were four to five times contract prices, DRAM export prices rose 37% between May and July, and Samsung and SK Hynix are expected to report record 3Q profits. Korea is up 63.1% YTD and Japan 32.9% YTD. Singapore (+3.4% MTD, +28.2% YTD) rose on the banks. DBS, OCBC and UOB grew 2Q profit by 9%, 22% and 10% on fee and wealth income, even as NIMs fell 8 to 22 bps. MTI raised its 2026 GDP forecast to 4.5 to 5.5% from 2.0 to 4.0% after 2Q GDP of +5.9% YoY. Hong Kong (-1.0% MTD) fell on Tencent, which dropped after results on 13 August, and Alibaba, whose US$10.2bn placement on 24 August to fund AI capex took the Hang Seng down 2% intraday. China (-0.4% MTD) lagged as July activity data missed on retail sales, investment and unemployment, and August manufacturing PMI stayed in contraction at 49.8. The IPO pipeline stayed strong: Shein listed in Hong Kong on 31 August, and more than US$54bn has been raised YTD across Hong Kong and Shanghai.

Source: Bloomberg (Total Return in USD terms)

Energy (+7.0% MTD), InfoTech (+6.2% MTD), Materials (+6.0% MTD) and Healthcare (+4.9% MTD) led. Energy rose on the Hormuz risk premium and US gasoline above US$4 a gallon every day of August. The US struck Iranian positions along the Strait of Hormuz on 30 August, the first strike in a month, and Brent closed the month at about US$91. Energy is the only sector to lead two months running and is the year’s best at +44.2% YTD. InfoTech rebounded as software led and Nvidia’s results settled the semiconductor names. Materials rose with gold (about +10% in August) and copper at record highs. Healthcare gained on Moderna, which surged 177% on 19 August after its cancer vaccine with Merck passed its Phase 3 trial, and on a defensive rotation.

 

Utilities (-4.8% MTD), Industrials (-2.6% MTD), Real Estate (-1.9% MTD) and Comm Services (-1.2% MTD) lagged. Utilities fell as long yields rose and the AI power trade narrowed to the power generators. The sector is flat YTD (+0.3%). Industrials fell for a second month as the AI data-centre capex names that drove its June rally gave back. Caterpillar is down about 25% since end-June, and with GE Aerospace it makes up about 15% of the sector. Real Estate fell as the odds of a Fed hike rose after Jackson Hole, given it is the most rate-sensitive sector. Comm Services slipped despite the tech rally and is flat YTD (+0.1%).


Source: Bloomberg (Total Return in Local Currency terms)

Global REITs fell with US Real Estate as the odds of a Fed hike rose after Jackson Hole. Germany (-7.9% MTD), Australia (-6.7% MTD), Canada (-6.5% MTD) and France (-6.5% MTD) fell the most. US REITs (-3.0% MTD) are still up 16.7% YTD. Thailand (+0.6% MTD) was the only REIT market to record a positive performance while having the widest yield spread in the table at 5.2%. In contrast, Australia (-1.5%) and the US (-1.1%) have the narrowest yield spread among the REIT markets.

S-REITs (-2.9% MTD) fell with the group and are down 3.4% YTD, against an STI which rose 28.2% YTD. The sector trades at 0.92x price-to-book with a 4.9% dividend yield and a 2.5% spread over the Singapore government 10Y bond yields. Higher benchmark yields drove the underperformance in REITs as Federal Fund rate hike odds rose after the Jackson Hole Symposium and long-term yields are rising globally. Duration is the main risk for the REIT sector going into the 16th September FOMC meeting.

EQUITY MARKET OUTLOOK

Rates Backdrop and Market Sentiment:


Source: Bloomberg.

VIX fell for a third straight month to 14.9% (-107 bps MoM), below its 3M (16.6%) and 1Y (18.1%) averages. This was despite the US-Iran strike on the last trading day and the July jobs report on 7 August, which showed the US lost 23,000 jobs. The SKEW Index rose 7.3 points to 148.5, above its 3M (143.6) and 1Y (144.9) averages. Low VIX coupled with a high SKEW is the same setup as June, which was followed by a narrow AI-led drawdown rather than a broad market decline.

Treasury yields were stable, but the market moved from pricing cuts to debating a hike. Fed funds rate stayed at 3.6% with no FOMC meeting taking place in August. The 2Y rose 5 bps to 4.3% and the 10Y was little changed at 4.8%. Both are above their 3M and 1Y averages. The 10Y-2Y spread was little changed at 0.4% (-4 bps MoM). Warsh’s Jackson Hole speech on 28 August was construed as hawkish where he labelled 2% inflation as a “firm, fixed target”, while noting that 49% of the PCE basket’s constituents are running at an annualized rate above 3%. Furthermore, the Fed will reduce the frequency and explicitness of forward policy guidance. By the end of the month, the key question surrounding the September FOMC decision outcome had evolved to either a hike or hold, as prospects of a policy rate cut grow increasingly improbable. Larger yield movements were observed outside of the US: the 10Y Bund hit a cycle high of 3.32%, the 10Y JGB hit 2.94%, a roughly 30-year high, and 10Y OATs were near 2008 highs.

Credit spreads tightened across both measures indicating that the funding market is not worried about the AI buildout yet. The IG-Treasury spread tightened 9 bps to 1.5%, below its 3M (1.6%) and 1Y (1.7%) averages. The Global HY-IG spread tightened 18 bps to 1.8%, below both its 3M (1.9%) and 1Y (2.0%) historical averages. While July’s widening in both credit spreads appears to suggest investor concerns over AI capex funding stress, August’s spread compression formed a retracement of the past spread widening.

Macroeconomic Trends and Signals:


Source: Bloomberg.

Headline and core CPI eased, but the Fed’s preferred gauge did not. Headline CPI fell 10 bps to 3.4% YoY and core CPI to 2.5%, below its 1Y average of 2.7% for a second month. Core PCE held at 3.3% YoY, above its 1Y average of 3.1% and 130 bps above target. PPI fell to 5.5% YoY from 6.6% and core PPI to 3.6%. Declines within price indices for consumer and wholesale inflation for July 2026 were largely driven by falling energy costs and cooling demand.    

China and US housing are the only growth signals that turned. China’s manufacturing PMI stayed in contraction at 49.8 for a second month, the Li Keqiang Index fell to 2.8 from 4.7 (1Y average 4.5), and China’s OECD CLI (98.1) is the only one of the three falling. US housing starts dropped to 1,239k from 1,415k, the largest move in the table, and are below their 3M (1,279k) and 1Y (1,340k) averages. With 10Y treasury yields at 4.8%, the more rate-sensitive parts of the economy are where we are seeing weakness in marginal data. Global Composite PMI rose 80 bps to 53.5, above its 1Y average of 52.4, Eurozone manufacturing rose to 52.7 and Singapore to 51.5. US ISM Manufacturing eased 100 bps to 54.6 but is still well above its 1Y average of 51.6.

Robust economic activity data, leading indicators and credit spreads are aligned with the reality that economic momentum remains intact. Market participant expectations pivoting from the next Fed move being of a hold or hike from the previous cut and the higher yields in rates markets were not detrimental to equity performances as earnings growth ran ahead of current valuation multiples. That holds as long as 2Q earnings growth is not at the peak.

Outlook: The market has priced a tighter Fed and kept rallying

August delivered a CPI that fell, a core PCE that did not, a Fed chair who said he has “work to do”, and a September hike as a live question. The S&P 500 made two record highs anyway.

Earnings are the reason. Equities are no longer being carried by the discount rate. They are being carried by earnings growth, and Nvidia’s 3Q guide (+12% QoQ) is now the number the whole AI complex is discounting.

The next catalyst is the 16 September FOMC, with the 11 September CPI as the setup. A hike with a hawkish path would hit the rate-sensitive sectors, REITs and Utilities, first. Duration is the main risk. The 10Y at 4.8% is above its averages, long yields are still rising globally, and REITs and Utilities already fell on this in August.

We stay invested, with a preference for markets and sectors where earnings growth is driving returns: Korea, Japan, EM, Energy, Materials and Financials. We are cautious on those that have re-rated on flat or falling earnings, such as Singapore and Healthcare. Singapore’s banks grew profit in 2Q, but NIMs are still falling and index earnings are down YoY. Further upside needs earnings to recover, not just a higher multiple.

FIXED INCOME UPDATE 

Source: Bloomberg; Returns are presented in USD terms

Source: Bloomberg; Returns are presented in USD terms

Global bond markets posted broadly positive returns in August despite ongoing volatility in sovereign bond markets. The SGD Overall Index emerged as the strongest performer, gaining close to 1.0% in USD terms, supported by resilient bond performance and favourable currency translation effects as the Singapore dollar strengthened against the US dollar. Carry-oriented sectors also remained in favour, with the US 1–3 Year High Yield Index and Emerging Market USD Aggregate Index delivering solid gains. Meanwhile, US Treasury and aggregate bond benchmarks posted more modest returns as long-term yields continued to trend higher. The Pan-Euro Aggregate Bond Index was the only benchmark in our universe to finish the month in negative territory, reflecting the pressure on duration-sensitive assets as European sovereign yields moved higher amid renewed inflation concerns.

On a year-to-date basis, carry continues to drive performance. The US 1–3 Year High Yield Index remains the strongest performer with returns approaching 3.0%, while the SGD Overall Index has rebounded to become one of the better-performing benchmarks year-to-date. Emerging Market USD Debt and the US 1–3 Year Investment Grade Index also continue to post respectable gains. By contrast, US Treasuries, US Aggregate Corporates and the broader US Aggregate Bond Index remain in negative territory as investors demand higher compensation for duration risk.

Bond Vigilantes Re-emerge as Global Yields March Higher

The global fixed income landscape underwent a notable shift in August as sovereign bond yields rose across major markets and concerns over fiscal sustainability re-emerged. Market sentiment was further unsettled after U.S. Treasury Secretary Scott Bessent disclosed details surrounding coordinated intervention efforts in the Japanese Yen. While intended to stabilise currency markets, the episode highlighted the fragility of cross-border capital flows and the potential for foreign exchange volatility to spill over into bond markets. Against a backdrop of persistent inflationary pressures and elevated government borrowing needs, investors demanded greater compensation for holding longer-dated bonds, pushing yields higher across much of the developed world.

At the same time, a growing disconnect emerged between monetary policy rhetoric and market pricing, underscoring the return of bond vigilantism. Despite Federal Reserve Chair Kevin Warsh’s attempts to balance inflation concerns with assurances around financial stability, investors remained focused on resilient economic growth, widening fiscal deficits and sustained Treasury issuance. The Treasury Department’s subsequent decision to expand long-dated bond buybacks, drawing comparisons to a modern-day “Operation Twist”, reinforced concerns over rising borrowing costs and mounting pressure at the long end of the curve. While the measures provided temporary relief, they did little to alter the market’s broader view that higher term premia may be required to absorb the growing supply of government debt.

The move in U.S. Treasury yields has reignited debate over whether the benchmark 10-year Treasury could ultimately approach the 5% level. While such projections remain uncertain, the underlying arithmetic is becoming increasingly difficult to ignore. Viewed through the lens of the Fisher equation, structural real GDP growth of 1.5% to 2.0% combined with core inflation above 3% implies a nominal growth backdrop that is materially stronger than that which prevailed during much of the post-GFC era. Added to this is a widening fiscal deficit and a growing supply of Treasury issuance, requiring investors to absorb more government debt and demand greater compensation for duration risk. In this context, a 5% handle on the 10-year Treasury no longer appears as remote as it once did, with implications for borrowing costs, asset valuations and capital allocation decisions globally.

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.

Share

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.
  • You represent and warrant that you have provided to PCM all documentation or information in relation to change in your tax status or as required by PCM for compliance with all the requirements of FATCA, the IGA between Singapore and U.S or other countries,any applicable Singapore or international laws or regulations. You shall provide all required documentation or information within seven (7) days of a request from PCM in writing or otherwise.
  • 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 (“PCM”),Phillip Private Equity 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 materials and 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, and are not obligations of, deposits in, guaranteed or insured by PCM or any of its subsidiaries, associates, affiliates or Participating Dealers (“PDs”). 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. There can be no assurance that investment objectives will be achieved.

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.

The value of the units and the income accruing to the units may fall or rise. You should read the Prospectus and the accompanying Product Highlights Sheet (“PHS”) for disclosure of key features, key risks and other important information of the ETF and obtain advice from a financial adviser (“FA”) before making a commitment to invest in ETF. A copy of the Prospectus and PHS are available from PCM or any of its PDs.

The ETF is not like a typical unit trust as it is intended for the units of the ETF (the “Units”) 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 net asset value (“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 can be done 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 for more details.

The regular dividend distributions, either out of income and/or capital, are not guaranteed and subject to PCM’s discretion. Such dividend distributions will reduce the available capital for reinvestment and may result in an immediate decrease in the NAV of the ETF. Past payout yields (rates) and payments do not represent future payout yields (rates) and payments. Please refer to <www.phillipfunds.com> for more information in relation to the dividend distributions.

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 ETF.

The information does not constitute, and should not be used as a substitute for tax, legal or investment advice.

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

This 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 ETF is not offered to U.S. Persons.

The information provided herein is based on certain information, conditions and/or assumptions available as at the date of this publication that may be obtained, provided or compiled from public and/or third party sources which PCM has no reason to believe are unreliable; and may contain optimistic statements/opinions/views regarding future events or future financial performance of countries, markets or companies. 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. You must make your own financial assessment of the relevance, accuracy and adequacy of the information in this material.

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

 

Timeliness, accuracy and completeness of information

 In particular, we assume no responsibility for or make any representations, endorsements, or warranties whatsoever in relation to the timeliness, accuracy and completeness of any services, content, information and/or data contained in the Website, whether provided by us, any content providers or third parties.

 

Copyright 

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.