Signature CIO Growth - USD
FACTSHEET
31/12/2023
Information (Source: Amundi) Objective and Investment Policy
Assets Under Management (AUM) : 12.30 ( million USD ) The Fund aims to achieve growth mainly through capital appreciation over a medium to long-term period by investing in
Amundi Asia Funds - Signature CIO Growth Fund (“Target Fund”).
Benchmark : None
Sales Charge : 5.00 % *The Target Fund will be managed by Amundi, combining top down macroeconomic views and bottom-up mutual funds
Management fees : 0.90 % and ETFs selection from Standard Chartered’s Chief Investment Office (CIO) and Investment Management teams.
Launch date : 03/07/2023
ISIN code : MYU0100A6895
Net Asset Value (NAV) : 1.0414
Last income distribution date : -
Last income distribution : -
Target Fund information Investment Objective (Target Fund)
Base Currency : USD The Target Fund seeks to achieve growth mainly through capital appreciation over a mid to long-term investment horizon.
Total Net Assets : 41.33 ( million USD )
Commencement date : 30/09/2022
Benchmark : None
Signature CIO Growth - USD
Fund statistics (Target Fund)
* Source : Amundi. All performance data shown is calculated net of income reinvested and all charges. Past
performance is not a reliable indicator of future performance. The value of investments may vary upwards or Portfolio
downwards according to market conditions.
Yield 0.27%
Modified duration 0.71
Performance evolution (rebased to 100)
Average rating BB-
Not applicable as the Fund has less than one year track record 26
Total portfolio holdings
Issuer number 27
Fund statistics*
Portfolio volatility ¹ N/A
Worst month 09/2023
Best month 11/2023
Sharpe ratio ¹ N/A
Maximum Drawdown -6.94%
Data as of end December 2023
TOP 10 issuers (Target Fund)
VANGUARD FTSE NORTH AMERICA UC - 9.10%
NAV to NAV (Total Return) VANGUARD S&P 500 ETF - 9.10%
XTRACKERS MSCI USA ETF - 8.95%
1 month 3 months 6 months 1 year 3 years 5 years Since ISHARES CORE S&P 500 ETF - 8.87%
Since 30/11/2023 29/09/2023 - - - - 24/07/2023 IS CORE EM IMI UCITS USD (ACC) - 8.57%
Portfolio 4.02% 8.75% - - - - 4.30% IS MSCI EU EX-UK UCITS EUR DIS - 8.24%
ISHARES MSCI EM ETF - 7.89%
ISHARES MSCI NORTH AMERICA ETF - 5.15%
ISHARES USD TREAS BOND 1-3 EUR - 4.94%
ISHARES CORE MSCI JAPAN IMI ET - 4.60%
* Includes Credit Default Swaps
■ www.amundi.com.my
Signature CIO Growth - USD
FACTSHEET
31/12/2023
Asset class breakdown* Asset Allocation*
1.8% 7.2%
3.7%
17.9%
Equities
Fixed Income ETF
Gold Funds
Money Market / Cash
76.6%
92.8%
Investment Adviser commentary*
Market Review Fund Positioning
2023 was a comeback year for financial markets after a brutal 2022, with the year ending We believe investing in 2024 is likely to be about balancing how the macro scenario
on a surprisingly upbeat note. Investors went into the year with inflation at alarming levels, evolves, and spotting asset classes with attractive risk-reward ratio. We have since
prompting central banks around the world to aggressively raise interest rates. This rebalanced the portfolios to implement these views.
triggered a wave of sell-offs in equities and risk assets, leading to sharp declines in major
indices. An unexpected regional banking crisis rattled the markets in March but was Within fixed income, our key Overweight is towards DM IG government bonds, as we
quickly contained when the central banks provided emergency loans to distressed banks. continue to favour rates over credit. Where possible, we prefer to increase exposure with
The ongoing war in Ukraine and rising tensions between the US and China added to non-USD Hedged.
market uncertainty. The Israel-Hamas war also broke out later in the year, further
compounding volatility. Despite the initial pessimism, the year delivered positive returns for Within DM corporate bonds, we keep a Neutral view on both DM High Yield (HY) and DM
most asset classes, defying many market expectations. Generative AI took the world by IG corporate bonds but increase the DM HY bond allocation due to its attractive yield.
storm, with the Nvidia stock price skyrocketing by 100%. Fed Chair Jerome Powell turned Solid corporate fundamentals and improved risk sentiment should benefit this asset class
dovish towards the end of the year, signalling potential rate cuts in 2024. Stocks and in the early part of 2024. Additionally, we have also initiated a small position in DM HY
bonds soared after the Fed’s signal. short-duration bond to capitalize on potential Treasury yield returns, driven by yield curve
steepening and further spread compression.
In equities, the S&P and Nasdaq indices climbed 26% and 45%, respectively, in 2023.
Equities rebounded dramatically in Q4, with the uplift in risk sentiment, reversing the losing We downgraded Emerging Market (EM) Government local and hard currency bonds to
streak in Q3. The gains were powered by the Magnificent Seven stocks, each rising Neutral and Underweight respectively. We trimmed exposure across Emerging Market
50%-240% individually during the year. Performance of other growth stocks was boosted (EM) bonds to fund higher allocations to DM IG Govt and DM HY bonds. The outlook for
as well. Europe and UK equities delivered positive performance, although UK equities emerging markets is more nuanced, as we expect stronger EM currencies to be countered
lagged relatively due to a weaker pound. Elsewhere in Asia, MSCI Asia ex Japan ended by the stretched optimism of policy easing.
the year up 6% with China being a weak performer. Due to its strong corporate
governance, Japan maintained its position as the year's top performer. Within equities, we are Overweight on US equity and continue to raise exposure here. This
In Fixed Income, the US 10-year government bond exhibited volatility, ranging from a low decision is driven by the expectations of earnings expansion and a resurgent
of 3.30% to a peak of 4.98%, ultimately ending the year at 3.88%. This movement manufacturing sector. In light of the potential economic slowdown, we have implemented
coincided with the Fed’s consideration of possible rate cuts. Meanwhile, the 2-year yield an additional allocation to US equity through large-cap stocks, historically known for its
closed the year just under 4.25%, below 4.43% at the end of 2022, leaving the 10y2y defensiveness during economic deceleration. Implementing this decision also allows us to
government bond yield curve still inverted at -37bps. express our preference for US technology equity, given its substantial allocation in the US
large-cap equity benchmark.
Gold recorded its strongest October surge since 1978 on the back of heightened
geopolitical risks. Additionally, we are increasing our position in Europe ex-UK equities, aligning with the
Global Investment Committee (GIC)’s upgraded Neutral view. While growth prospects
Equity and bond markets are likely to start 2024 on a positive note, supported by hopes of might appear lacklustre, we find the region's current valuations and low positioning to be
a soft landing and central bank policy shifting towards supporting growth, but we remain positive supporting factors.
on watch should macro winds shift towards a harder landing.
For our opportunistic sleeve, we closed the two opportunistic trade ideas, namely, the US
Technology and Asia IG USD Bond at profit since the trades were incepted in June 2023.
Fund Performance Although we maintain a favourable view of the US technology sector, given its recent rally,
The Signature CIO Growth Fund continued its upward trajectory in the month of we took profit from the trade and express our preference for the sector through the broad
December. This was driven by the continued rally across all asset classes, with equities US large-cap equity within the foundation portfolio.
outperforming fixed income. Our tactical overweight position in US equities has
contributed to the bulk of the positive performance, wrapping up the year as a top We initiated a new opportunistic trade on US Treasury 1-3year short duration bond to
contributor year-to-date. The magnificent 7 accounted for bulk of the performance. EM capture the potential pick up in yield from this part of the curve. This decision is also
(Emerging market) equities have contributed positively to performance year-to-date, on supported by GIC’s expectation of the US Treasury 2s10s curve to steepen in the early
the back of weaker USD. phase of rate cut cycle. More specifically, we expect the short end of the curve to fall
faster than the long end, suggesting an opportunity to capitalize on positive price
Within fixed income, it was also in positive territory across the board. The further decline in movements. Additionally, this positioning serves as an effective hedge for the portfolio
yields has boosted the portfolio performance. Our tactical overweight in Developed should inflation prove more persistent than anticipated.
Market Investment Grade (DM IG) government bonds delivered positive returns on the
back of anticipated decline in yields. Our allocation to DM IG corporate bonds also
contributed positively as credits were also lifted by tightening spreads. *refers to Standard Chartered Bank (Singapore) Limited.
Amundi Malaysia Sdn Bhd 200801015439 (816729K)
Level 29 Integra Tower, The intermark, 348 Jalan Tun Razak, 50400 Kuala Lumpur
Tel : (03) 2716 1688
Fax : (03) 2716 1699
Signature CIO Growth - USD
FACTSHEET
31/12/2023
Foundation Portfolio - Breakdown of Securities and Asset Classes*
Portfolio Instrument type (ETF/Fund)
Equities 76.6% -
North America Equities 44.2% -
Vanguard FTSE North America UCITS ETF 9.1% ETF
Vanguard S&P 500 ETF USD Acc 9.1% ETF
Xtrackers MSCI USA ETF 1C 9.0% ETF
iShares Core S&P 500 ETF USD Acc 8.9% ETF
iShares MSCI North America ETF USD Dist 5.2% ETF
ISHARES NASDAQ 100 (USD) 3.0% ETF
EM Equities 16.4% -
iShares Core MSCI EM IMI ETF USD Acc 8.6% ETF
iShares MSCI EM ETF USD Acc 7.9% ETF
Europe ex-UK Equities 8.2% -
iShares MSCI Europe ex-UK ETF EUR Dist 8.2% ETF
Japan Equities 4.6% -
iShares Core MSCI Japan IMI ETF USD Acc 4.6% ETF
Asia ex-Japan Equities 1.7% -
iShares MSCI EM Asia ETF USD Acc 1.7% ETF
UK Equities 1.4% -
Vanguard FTSE 100 UCITS ETF 1.4% ETF
Fixed Income 12.9% -
DM IG Corporate Bonds 3.1% -
iShares Global Corp Bond ETF USD Acc 2.0% ETF
JPM Aggregate Bond I acc USD 1.2% Fund
DM IG Govt Bonds 2.3% -
iShares Treasury Bd 7-10yr ETFUSD Dist 1.6% ETF
ISHARES GLOBAL GOVT BOND UCITS ETF USD H 0.7% ETF
DM HY Bond 2.0% -
ALLIANZ US SH DUR HI-IT 2.0% Fund
EM Local Ccy Government Bonds 1.7% -
iShares JPMorgan EM Lcl Govt Bd ETFAcc 1.7% ETF
Asia USD Bonds 1.7% -
PIMCO GIS Asia StratIntsBd Ins USD Inc 1.0% Fund
DWS Invest Asian Bonds USD IC 0.7% Fund
EM USD Government Bonds 1.4% -
iShares JP Morgan EM Bd ETF USD Acc 1.4% ETF
DM HY Corporate Bonds 0.7% -
BGF Global High Yield Bond I2 USD 0.7% Fund
Gold 3.7% -
Gold 3.7% -
Invesco Physical Gold ETC 3.7% ETF
Money Market / Cash 1.8% -
Money Market / Cash 1.8% -
BNP PARIBAS INSTICASH USD 1.6% Fund
Opportunistic Portfolio - Breakdown of Securities and Asset Classes*
Portfolio Instrument type (ETF/Fund)
Fixed Income 4.9% -
DM IG Govt Bonds 4.9% -
ISHARES USD TRSRY 1-3Y USD A 4.9% ETF
Amundi Malaysia Sdn Bhd 200801015439 (816729K)
Level 29 Integra Tower, The intermark, 348 Jalan Tun Razak, 50400 Kuala Lumpur
Tel : (03) 2716 1688
Fax : (03) 2716 1699
Signature CIO Growth - USD
FACTSHEET
31/12/2023
Target Fund information
The data provided relates to the Signature CIO Growth Fund that is domiciled in Luxembourg (“Target Fund”), in which the Signature CIO Growth (“Fund” or “Feeder Fund”) invests into. The
Target Fund is not authorised/recognised nor made available in Malaysia and the data provided is for information only. The data provided is current as of the date indicated in this document,
but is subject to change without notice.
Important information
This document contains information about Signature CIO Growth (the “Fund” ), a wholesale feeder fund constituted in Malaysia. This document is prepared by Amundi Malaysia Sdn.
Bhd. (Registration No. 200801015439 (816729-K)) (“Manager”) , the manager of the Fund. The Manager and/or its affiliated companies being hereinafter referred to individually or jointly
as "Amundi”.
Qualified or sophisticated investors (“Investors”) are advised to obtain, read and understand the contents of the Fund’s Master Information Memorandum dated 3 July 2023 (“Master
IM”) and prevailing Product Highlight Sheet (“PHS”) before deciding to invest in the Fund. The Master IM and PHS have been deposited and/or lodged, with the Securities Commission
Malaysia ( “SC” ), who takes no responsibility for the contents of the Master IM and PHS. The lodgement of the Master IM and PHS with the SC does not amount to or indicate that the SC
has recommended, endorsed or is in any way associated with the Fund. Investors have the right to request for a copy of the Master IM and PHS and any other relevant product disclosure
documents from the offices of the Manager or its authorised distributors.
This document is for general information purposes only, is not a recommendation, financial analysis or advice, and does not constitute a solicitation, invitation or offer to purchase or sell the
Fund in any jurisdiction where such offer, solicitation or invitation would be unlawful. This document is not for distribution and does not constitute an offer to sell or the solicitation of any
offer to buy any securities or services in the United States or in any of its territories or possessions subject to its jurisdiction to or for the benefit of any U.S. Person (as this term is defined in
SEC Regulation S under the U.S. Securities Act of 1933 and in the Master IM). The Fund is not registered in the United States under the Investment Company Act of 1940 and units of the
Fund are not registered in the United States under the Securities Act of 1933. Accordingly, this document is for distribution or to be used solely in jurisdictions where it is permitted and to
persons who may receive it without breaching applicable legal or regulatory requirements, or that would require the registration of Amundi in these countries.
Past performance and any forecasts made are not indicative of future performance of the Fund. Any opinion or view presented is subject to change without notice. The information on
this document is intended for general circulation without taking into account the specific investment objectives, financial situation or particular needs of any particular Investor. Among
others, Investors should consider the fees, charges and costs involved in investing in the Fund. The price of units and distributions payable, if any, may go down as well as up. Where a
distribution is declared, Investors are advised that following the distribution, the net asset value (“NAV”) per unit of the Fund will be reduced from cum-distribution NAV to ex-distribution
NAV. Investors should be aware that investment in the Fund carry risks and make their own risk assessments. An outline of some of the risks is contained in the Master IM and PHS. The
principal risks associated with the Fund include currency risk, hedging risk, foreign country security risk and external fund manager’s risk. Units of the Fund to which the Master IM relates
will only be issued on receipt of the completed application form referred to and accompanying the Master IM and PHS, subject to the terms and conditions therein. An Investor should seek
advice from a financial adviser regarding the suitability of the Fund, taking into account the specific investment objectives, financial situation or particular needs of any person in receipt of
the recommendation, before making a commitment to purchase units in the Fund.
The information contained in this document is as at 3 July 2023 except where otherwise stated. The information contained in this document has been obtained from sources believed to be
reliable but has not been independently verified, although Amundi and its affiliated companies believe it to be fair and not misleading. Amundi does not accept any liability whatsoever
whether direct or indirect that may arise from the use of information contained in this document. Amundi and its associates, directors, connected parties and/or employees may from time to
time have interests and / or underwriting commitments in the investments mentioned in this document. Amundi does not guarantee that all risks associated to the transactions mentioned
herein have been identified, nor does it provide advice as to whether you should enter into any such transaction. Amundi does not make any representation as to the merits, suitability,
expected success, or profitability of any such transaction mentioned herein.
Amundi Malaysia Sdn Bhd 200801015439 (816729K)
Level 29 Integra Tower, The intermark, 348 Jalan Tun Razak, 50400 Kuala Lumpur
Tel : (03) 2716 1688
Fax : (03) 2716 1699
