The S&P 500 just experienced its sharpest two-day decline since March 2020. The sell-off was triggered by geopolitical tensions and tariff-related concerns, prompting a broad risk-off move across global markets. In this update, we take a closer look at how Syfe’s managed portfolios have held up, and how they are positioned to navigate the road ahead
Income+: Strong YTD Performance Amid Market Swings
| (Return in SGD) | 3-Apr | YTD(as of 3 April) |
| Income Preserve | +0.2% | +2.3% |
| Income Enhance | -0.1% | +2.1% |
| Bloomberg Global Aggregate Total Return Index Hedged SGD | +0.5% | +1.5% |
Key drivers: Both Income+ portfolios held up well, in stark contrast to the -10.7% sell-off in the S&P 500 over 3 and 4 April.
- Demand for safe-haven assets such as US Treasuries drove bond yields lower, supporting fixed income performance.
- With strong credit quality—A+ for Preserve and A- for Enhance—the portfolios were well positioned to withstand the risk-off environment.
Portfolio positioning: Income+ portfolios maintain a nimble and active approach to take advantage of market swings.
- Inflation protection is added to hedge against price pressures from potential tariffs.
- The portfolios remain focused on highly liquid, high-quality assets.
- Both portfolios offer attractive yields-to-maturity—6.5% p.a. for Preserve and 7.0% p.a. for Enhance—while maintaining strong credit quality. This makes them a strong diversifier for an equity-heavy portfolio, with potential for capital appreciation if the economy slows.
REIT+: Resilient Performance Amid Equity Market Sell-Off
| (Return in SGD) | 3-Apr | 4-Apr | YTD(as of 4 April) |
| REIT100 | 1.5% | -1.0% | 3.8% |
| REIT with risk mgmt | 1.0% | -0.3% | 3.6% |
| iEdge S-REIT Leaders SGD Index | 1.5% | -1.1% | 3.5% |
Key drivers: REIT+ portfolios stayed resilient in view of heightened market volatility.
- Defensive appeal boosted demand, with institutional investors rotating back into S-REITs.
- Over S$71 million in net inflows recorded in March—first positive month after five months of outflows.
Portfolio positioning: REIT+ continues to focus on the top 20 SGD-denominated S-REITs, offering diversification and quality exposure.
- The overall S-REITs sector is supported by attractive valuations, strong fundamentals, and a more favourable interest rate outlook.
- The MAS S$5 billion support programme could further reinforce sentiment and institutional positioning in the S-REIT sector.
Protected Portfolio: Smaller Drawdowns, Smoother Ride
| (Return in USD) | 3-Apr | 4-Apr | YTD as of 4 April |
| Protected Portfolio | -1.1% | -1.2% | -2.4% |
| S&P 500 | -4.8% | -6.0% | -13.4% |
Key drivers: The Protected Portfolio is designed to shield investors from major losses during market downturns.
- It has demonstrated its effectiveness during the recent sharp market declines. While the S&P 500 fell nearly -11% over two trading days, the portfolio declined just -2.3% in comparison.
Portfolio positioning: The Protected Portfolio currently offers an attractive risk-reward trade-off.
- The Estimated Max Loss is at -0.7%, while the Current Upside Cap is at +13.3%. (*as of 4 April 2025)
- For investors looking to capture potential market rebounds while remaining cautious about further downside, this can be an effective strategy.
Core Portfolios: Navigating Markets with Discipline
| (Return in SGD) | 3-Apr | 4-Apr | YTD(as of 4 April) |
| Equity100 | -4.7% | -4.8% | -11.6% |
| MSCI ACWI | -4.0% | -4.7% | -10.3% |
| S&P 500 | -5.4% | -5.3% | -14.8% |
| Growth | -3.4% | -3.1% | -7.2% |
| Balanced | -2.2% | -1.4% | -2.7% |
| Defensive | -1.3% | -0.3% | 0.3% |
Key drivers: As the market experienced a broad-based sell-off, Core portfolios were not immune.
- However, their diversified global exposure and balanced approach helped cushion the impact, resulting in significantly smaller drawdowns than the S&P 500.
Portfolio positioning: Syfe Core portfolios maintain a systematic, long-term approach to investing amidst market swings.
- We’ll rebalance portfolios later in April to ensure they remain aligned with their target allocations. This helps manage risk and keeps your investments on track through market volatility.
- Several indicators suggest the market is currently in a state of “extreme fear“. For investors with a long-term horizon and risk appetite, this could be an opportunity to dollar-cost average and accumulate quality assets at lower prices.
Read More:
Putting the Tariff Selloff into Perspective
A Smarter Way to Navigate Market Downturn: Enhanced Dollar Cost Averaging
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