Asset Allocation

Low Risk Portfolio

Capturing some capital growth with low risk exposure.

For the risk-averse with stable returns. For a conservative portfolio in 2016, we prefer developed market government bonds amid expected further downside pressure on total returns for corporate bonds. In terms of equities, we see more value in stocks in the US and Asia Pacific ex-Japan over Europe and Japan.

Low Risk Portfolio

 Tactical Asset Allocation
Asia Pacific ex Japan4.00%
Emerging Markets ex Asia2.00%
Fixed Income35.00%
Developed Markets (DM)35.00%
DM Government Bonds35.00%
DM Corporate Bonds0.00%
Emerging Markets (EM)0.00%
Hedge Funds0.00%


Tactical Asset Allocation

Asset Class3-Month Basis12-Month Basis
US EquitiesNeutralNeutral
Europe EquitiesNeutralNeutral
Japan EquitiesNeutralOverweight
Asia Pacific ex-Japan (APxJ) EquitiesNeutralNeutral
Emerging Market (EM) EquitiesNeutralNeutral
Developed Markets (DM) BondsUnderweightUnderweight
  DM Government BondsUnderweightUnderweight
DM Corporate BondsNeutralNeutral
Emerging Markets (EM) BondsUnderweightNeutral
Hedge FundsNeutralNeutral

Source: DBS CIO Office, Morningstar Investment Management Asia Limited, as of 31 March 2017


  1. Asset allocation does not ensure a profit or protect against market loss.
  2. Percentages denote actual tactical asset allocation weights for a 3-month time horizon.

Disclaimers and Important Notice:

  1. The information herein is published by DBS Bank Ltd (“DBS Bank”) for information only. This publication is intended for DBS Bank and its clients or prospective clients and may not be reproduced, transmitted or communicated to any other person without the prior written permission from DBS Bank.
  2. This publication is not and does not constitute or form part of any offer, recommendation, invitation or solicitation to subscribe to or to enter into any transaction; nor is it calculated to invite, nor does it permit the making of offers to the public to subscribe to or enter into, for cash or other consideration, any transaction, and should not be viewed as such. This publication is not intended to provide, and should not be relied upon for accounting, legal or tax advice or investment recommendations and is not to be taken in substitution for the exercise of judgment by the reader, who should obtain separate legal or financial advice. DBS does not act as an adviser and assumes no fiduciary responsibility or liability for any consequences financial or otherwise.
  3. The information and opinions contained in this publication has been obtained from sources believed to be reliable and neither DBS Bank nor its related companies or affiliates (collectively, “DBS”) make any representation or warranty as to its adequacy, completeness, accuracy or timeliness for any particular purpose. Investment involves risks. The risk of loss from investment can be substantial and may even result in losses in the principal amount. Opinions and estimates are subject to change without notice. Any past performance, projection, forecast or simulation of results is not necessarily indicative of the future or likely performance of any investment. DBS accepts no liability whatsoever for any direct indirect or consequential losses or damages arising from or in connection with the use or reliance of this publication or its contents.
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