To The Moon

【SRT】

Gains over the week were led by industrial, data centre, and office by subsector and KDCREIT, CLAR, and MLT by individual REIT.

KDCREIT rose amid Maybank Research’s initiation of a buy coverage. As for CLAR, Bloomberg analyst said 1H25 NPI could rise on rent hikes and contributions from acquisitions, developments and renovations, albeit partially offset by lower occupancy and disposals. Given 1Q’s +11% rent reversion, 2Q’s reversion could be strong and CLAR could guide 2025 rent reversion higher to mid-single-digit.

$CSOP iEdge SREIT ETF S$(SRT.SI)$ 2025 WTD Total Return: +1.51%

【MMF】

As a result of headlines surrounding Trump’s threats to replace Fed Chair Powell, the US Treasury market saw volatility over the week. Even though Trump dismissed near-term Fed chair changes, policy uncertainty remains.

On the fiscal side, fiscal risks have been priced in and thus it is unlikely to cause yields to go significantly higher. Tariff-related risks will be at the forefront given mixed June inflation prints, as well as concerns surrounding Fed independence. 

We expect CSOPUMM to continue to deliver stable yield in the near term. As of 2025/07/18, the fund has a net yield at 4.06%. ^

CSOP USD Money Market Fund Net 7-day Yield: +4.06%

^ 7-day net yield is calculated based on calendar days and NAVs in 5-decimal.

【CN】

As anticipated, China’s funding conditions tightened amid the tax payment season but remained stable due to central bank’s proactive liquidity stance, providing RMB1trn of extra liquidity via reverse repos during the week (as oof 2025/07/17).

Looking ahead, it is expected that interbank funding conditions will remain stable with the central bank’s proactive liquidity approach. Despite seasonal growth concerns, given the ongoing US-China trade truce, limited policy support is anticipated. As a result, HSBC foresees that China bond yields gradually decline, suggesting a gradual rise in China bond prices.

Looking at YTD performance as of 2025/07/17, CYC/CYB’s NAV gained +0.70% in CNY and gained +2.38% in USD*.

* CYC/CYB/CYX USD NAV is converted based on benchmark FX, subject to rounding error

Global Market Outlook

【SG】S-REITs Gain Appeal as Falling Risk-Free Rates Drive Hunt for Yields

In Singapore, DBS notes falling "risk-free" returns (e.g., T-bill rates at 1.8%) are driving a surge of yield-seeking capital toward assets like Singapore REITs (S-REITs) (currently at ~6% yields), with sector DPU growth poised to accelerate as lower rates (3M SORA) ease debt costs. Despite recent gains, S-REITs remain attractive at ~0.9x P/B and ~6% yields, with potential DPU upside.

【US】Monitor Tariff Risks and Fed Independence

Looking ahead, tariff related risks and concerns surrounding Fed independence will be at the forefront. Fed independence concerns could result in further curve steepening. $S&P 500(.SPX)$

Source: CSOP, Bloomberg, JPM, HSBC, DBS, as of 2025/07/18, except where otherwise stated.

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SRT

The CSOP iEdge S-REIT Leaders Index ETF is not in any way sponsored, endorsed, sold or promoted by Singapore Exchange Limited and/or its affiliates (collectively, “SGX”) and SGX makes no warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the iEdge S-REIT Leaders Index and/or the figure at which the iEdge S-REIT Leaders Index stand at any particular time on any particular day or otherwise. The iEdge S-REIT Leaders Index are administered, calculated, and published by SGX. SGX shall not be liable (whether in negligence or otherwise) to any person for any error in the CSOP iEdge S-REIT Leaders Index ETF and the iEdge S-REIT Leaders Index and shall not be under any obligation to advise any person of any error therein. “SGX” is a trademark of SGX and is used by CSOP under license. All intellectual property rights in the iEdge S-REIT Leaders Index vest in SGX.

CYC/CYB/CYX

The ICBC CSOP FTSE Chinese Government Bond Index ETF (the “ETF”) has been developed solely by CSOP Asset Management Pte. Ltd. The ETF is not in any way connected to or sponsored, endorsed, sold, or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies. All rights in the FTSE Chinese Government Bond Index (the “Index”) vest in the relevant LSE Group company which owns the Index. FTSE® is a trademark of the relevant LSE Group company which own the Index and is used by any other LSE Group company under license. The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent, or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of reliance on or any error in the Index or (b) investment in or operation of the ETF. The LSE Group does not accept any liability whatsoever to any person arising out of the use of the ETF or the underlying data. The LSE Group makes no claim, prediction, warranty, or representation either as to the results to be obtained from the ETF or the suitability of the Index for the purpose to which it is being put by CSOP Asset Management Pte. Ltd.