To The Moon

Markets initially rallied following Nvidia’s earning report, but has since lost momentum We think that AI bubble conditions are forming, but a peak is not yet in sight Investors should regard AI rallies as opportunities to diversify further Better than expected results In an earnings report that has rarely been as eagerly or widely awaited, Nvidia announced on Wednesday night that its earnings were significantly up compared to the same period last year. The company’s 3Q revenues and net profits increased by 62 percent and 65 percent respectively, and 4Q sales are forecast to reach around US$65 billion. These results beat analyst forecasts and having faltered in previous days, markets initially responded positively. However, the relief rally soon lost momentum. Japan’s Nikkei 225 and South

$UNITED GLOBAL DURABLE EQUITIES (SGD) INC(SG9999014013)$ | $UNITED GLOBAL DURABLE EQUITIES (USD) INC(SG9999014039)$ With Nvidia stocks up an astounding 1,240 percent over the past five years, the current AI boom is displaying signs of “irrational exuberance”. So it is important to learn from history and ask: are we in an AI bubble and how close are we to the end? Learning from history In terms of tech-driven investor excitement, the 2020s has all the hallmarks of the 1990s. Back then, investors couldn’t get enough of internet stocks and from 1995 – 2000, drove the NASDAQ Composite index up by over 400 percent. Notably, the market remained buoyant even after warnings about overstretch

Vietnam is set to be upgraded to Emerging Market status by FTSE Russell, effective September 2026 This could unlock potential foreign inflows of up to US$10 billion Vietnam’s stock market is up more than 30 percent YTD, and there remains scope for sustained market development Aligned with Asian peers Vietnam’s long-awaited reclassification from Frontier to Emerging Market status by FTSE Russell marks a major milestone in the country’s capital market development. Having been on FTSE’s watchlist since 2018, this upgrade puts Vietnam in the same market category as China, India, and Indonesia, thereby enhancing its visibility and appeal to global investors. We expect this promotion to unlock substantial foreign investment, particularly from passive funds that were previously restricted from ac

Highly regarded finance minister Sri Mulyani Indrawati has been replaced, sparking some market concern The volatility could persist over the short and medium term as investors assess the new finance minister’s credibility However, any correction offers selective buying opportunities in the consumer and commodity sectors Finance minister replacement raises concerns Indonesia’s financial markets were jolted this week by President Prabowo Subianto’s major cabinet reshuffle, where he replaced five ministers and introduced a new Ministry of Hajj and Umrah. The most consequential change was the replacement of prominent finance minister Sri Mulyani Indrawati with Purbaya Yudhi Sadewa, a lesser-known economist with strong political ties. As one of Indonesia’s longest-serving finance ministers, Sri

August’s market rally especially benefited smaller cap tech stocks Falling yields are a key driver, but investor confidence has also increased We expect to see sustained fund flows into high growth sectors as China intensifies domestic chip development China A-shares market roars back to life Over the past few weeks, the China A-shares market has shifted up a gear. The CSI 300 index, which tracks the top stocks on the Shanghai and Shenzhen stock exchanges, has gained 17.5 percent YTD, of which more than half – 10.3 percent – has come in the past one month. But if we focus in on the A-shares tech sector, the gains are even more impressive. Shanghai’s SSE Star 50 Index is up by 29.8 percent, and Shenzhen’s ChiNext index is up 23.0 percent over the same one-month period. Source: Bloomberg, as

$UNITED GLOBAL DURABLE EQUITIES (SGD) INC(SG9999014013)$ | $UNITED GLOBAL DURABLE EQUITIES (USD) INC(SG9999014039)$ Are you more tech-exposed than you realise? In recent years, global mega-cap tech stocks have delivered outsized returns and captured investor attention. As a result, many investors today own portfolios concentrated in tech names, either through direct stock holdings or via broad market indices. For instance, Information Technology (IT) and Communication Services stocks now form 35 percent of the MSCI All Country World Index (ACWI)1 and 44 percent of the S&P 500 index2. This means that even index investors could be more exposed to tech than they realise. Durable com

$UNITED SGD "A" (SGD) INC(SG9999010805)$ Singapore is one of just 11 AAA-rated countries left in the world today. Coupled with the de-dollarisation trend and search for high-quality corporate bond yields, demand for SGD bonds looks set to persist over the long term. Joyce Tan, Head of Fixed Income, Asia / Singapore, UOB Asset Management Making up for lost time Unlike many other countries, in the 60 years since its independence, Singapore has largely managed to maintain annual budget surpluses, and has not needed to borrow money from investors to fund its expenditure. As a result, Singapore came late to the fixed income game. The government only took concerted steps to build a liquid Singapore dollar bond market in 1997 following the Asi

United SG Dynamic Income Fund: $UNITED SG DYNAMIC INCOME FUND "A" (SGD) INC(SGXZ24219693)$ or $UNITED SG DYNAMIC INCOME FUND "A" (SGD) ACC(SGXZ43160589)$ United Singapore Growth Fund: $UNITED SINGAPORE GROWTH (SGD) INC(SG9999001127)$ 60 years in the making Singapore has moved from being a domestic to a regional financial hub in the 60 years since its independence. Financial services catering to local traders were already in place even in colonial times. However, the launch of the Asian Dollar Market and Asian Currency Unit in 1968 lay the foundations for Singapore’s modern financial industry. These developments gave rise to the pr

$UNITED SGD "A" (SGD) INC(SG9999010805)$ Manager Comments Rise in US Treasury prices The fund benefited from a lift in Treasury prices and fall in yields last month, driven by dovish signals from the Federal Reserve and softer economic data. Inflation also stayed benign with May’s Personal Consumption Expenditure (PCE) Price Index showing only a small MoM gain. Easing Middle East tensions and falling oil prices further helped keep inflationary pressures steady. Additionally, the Fed’s proposal to reform the supplementary leverage ratio for large banks boosted liquidity and the demand for US Treasuries. As a result, 2-year and 10-year yields fell 18bps and 17bps respectively, closing at 3.72 percent and 4.23 percent1. Stable credit sprea

The bill will cause US debt to escalate over the next decade The cost of servicing this debt could materially impact the US's growth outlook Investors should consider broadening their fixed income exposure beyond US Treasuries It’s been a tense month. Republican lawmakers debating President Trump’s megabill have not all been in favour. Elon Musk called it “utterly insane and destructive”. Despite such strong words, President Trump’s last-minute concessions were enough to get the bill passed, albeit by the thinnest of margins. It was signed into law last Friday, marking a new era of indebtedness for the US government. Now that there is no going back, here are some highlights on what this could mean for the US economy and US assets: Unprecedented borrowings The current US federal debt is US$