At a Glance

DBS Model Portfolios, developed in consultation with Morningstar Investment Management Asia Limited, are diversified across many types of asset classes and investment styles to benefit from top performing asset classes and reduce impact of lower performing asset classes.

Balanced Portfolio

  Tactical Asset Allocation
Equities 50.00%
US 22.00%
Europe 6.00%
Japan 3.00%
Asia ex Japan 19.00%
Fixed Income 32.00%
Developed Markets (DM) 16.00%
DM Government Bonds 8.00%
DM Corporate Bonds 8.00%

Emerging Markets (EM)

Alternatives 11.00%
Gold 5.00%
Hedge Funds 6.00%
Cash 7.00%


Tactical Asset Allocation

Asset Class 3-Month Basis 12-Month Basis
Equities Neutral Neutral
US Equities Overweight Neutral
Europe Equities Underweight Underweight
Japan Equities Underweight Neutral
Asia ex-Japan (AxJ) Equities Overweight Overweight
Bonds Underweight Underweight
Developed Market (DM) Government Bonds Underweight Underweight
Developed Market (DM) Corporate Bonds Underweight Neutral
Emerging Markets (EM) Bonds Overweight Neutral
Alternatives Overweight Overweight
Gold Overweight Neutral
Hedge Funds Overweight Overweight
Cash Overweight Neutral

Source: DBS CIO Office

Click here for our investment outlook


  1. The above are based on 3-month views.
  2. Asset allocation does not ensure a profit or protect against market loss.
  3. “TAA” refers to “Tactical Asset Allocation”.

Disclaimer by Morningstar:

For Professional Investors Only. Morningstar Investment Management Asia Limited (“Morningstar”) is licensed and regulated by the Hong Kong Securities and Futures Commission to provide investment research and investment advisory services to professional investors only. Morningstar relies on certain exemptions (Singapore Financial Advisers Regulations, Section 27(1)(e)) to provide its financial advisory services to institutional investor recipients in Singapore.

Morningstar provides strategic asset allocation to DBS Bank Limited (“DBS”) based on certain criteria set by DBS. DBS has the authority to accept, reject or modify Morningstar’s strategic asset allocation. Morningstar takes no responsibility for advice provided by DBS to its clients. Morningstar is licensed with the Hong Kong Securities and Futures Commission to provide investment research and investment advisory services to professional investors (which include DBS) only. Morningstar is not acting in the capacity of adviser to individual investors. Morningstar is not affiliated with DBS. The Morningstar name and logo are registered trademarks of Morningstar, Inc. All investments involve risks. The information is for your reference only and does not constitute any offer or solicitation to enter into any investment arrangement. Past performance is not indicative of future performance. You should refer to relevant investment offering documents for detailed information prior to investing in any investment option.

DBS 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.
  4. The information herein is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation.

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