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March 2026
Navigating uncertainty
Global markets continue to face a series of disruptive headlines—from the ongoing Middle East conflict to rapid advances in artificial intelligence and the recent US Supreme Court decision overturning Trump-era tariffs. While such developments can heighten volatility and spark concerns, they also create important windows of opportunity for well-positioned investors. Rather than viewing negatively, investors can consider disciplined strategies, diversified portfolios, and active insights to uncover value. History shows that markets are resilient—and those who stay invested, stay informed, and stay selective are often best placed to capture opportunities even in challenging environments.
Structured Investments
The rapid expansion of AI workloads is driving a structural surge in demand for high-performance custom accelerators, networking silicon, and connectivity infrastructure. As hyperscalers race to scale AI clusters, semiconductor suppliers with deep capabilities in custom chip design and advanced networking solutions stand to benefit significantly. Broadcom and Marvell, two of the most strategically positioned fabless semiconductor companies, are poised to capture this multi-year AI infrastructure build-out through their strong customer relationships, best-in-class design expertise, and expanding portfolios across AI compute and next-generation data-centre connectivity.
- Broadcom Inc (AVGO) combines leadership in custom AI chip design with a long history of operational excellence and premium margins. Its January-quarter outlook and new US$11 billion AI chip order from Anthropic underscores a steep acceleration of its AI roadmap. Broadcom is now supplying Google’s industry-leading TPU and expanding to new customers such as Anthropic, Meta, and a newly announced 2026 customer, with expectations that OpenAI joins the roster in 2027. This rapid layering-in of hyperscaler demand supports the view that AI chip revenue could more than double in FY26 and continue the strong momentum into FY27.
- Marvell Technology Inc (MRVL) is one of the most important suppliers of high-speed connectivity and custom silicon for AI data centres. Although reports of Microsoft exploring a second supplier for its Maia AI accelerator caused short-term volatility, this reflects normal multisourcing practices rather than weakness in Marvell’s design capabilities. Marvell continues to hold six AI chip design wins, including for Microsoft, and retains strong leadership in optical connectivity—an essential component powering modern AI clusters. Importantly, even if Broadcom joins as a second Maia supplier, this transition will take years and does not impact Marvell’s revenue forecast through 2027. Marvell is still expected to see its custom chip revenue double in FY28 as Maia ramps up production, supported by a diversified portfolio across processors, optics, switches, and storage controllers.
Bonds
Temasek Financial I Ltd is the funding vehicle of Temasek Holdings, Singapore’s state-owned investment company. Temasek maintains a highly diversified global portfolio and holds Aaa/AAA ratings from major global agencies. Temasek is supported by exceptional liquidity, low leverage, strong recurring cash flows and a long track record of disciplined capital management which underpins its strong credit profile.
Temasek Financial I Ltd (USD)
This bond pays a coupon of 3.625% with maturity date on 1 August 2028.
- Temasek’s long-term investment approach has delivered stable returns, with an annualised Singapore dollar return of 5% over the past 10 years and 7% over 20 years, supported by a disciplined focus on sustainable value creation and a strong record of capital deployment.
- The group has a well-diversified funding platform across capital markets and maintains longstanding banking relationships that provide sizeable, committed credit lines, reinforcing its already strong access to liquidity.
- Liquidity is robust, supported by S$11.1 billion of dividends, divestment proceeds and distributions in FY2025, alongside substantial unrestricted cash balances that comfortably cover maturities including S$52 billion in 2028 and S$17 billion in 2031.
- Overall, Temasek’s conservative leverage, strong liquidity position, and consistent execution of its investment strategy underpins the resilience of its Aaa/AAA credit profile.
Funds
Multi-asset Funds
Lion-Bank of Singapore CIO Supertrends Multi Asset Fund
The Lion-BOS CIO Supertrends Multi-Asset Fund is a multi-asset strategy that aims to provide income and long-term capital growth by investing in a diversified portfolio of asset classes including global equities, ETFs, global bonds, the writing of equity covered call options and other collective investment schemes. Guided by research from Bank of Singapore’s award-winning Chief Investment Office, the fund takes a rigorous research-based approach to identify quality companies within equities and fixed income with resilient business models and robust fundamentals. The fund also has distribution share classes for investors looking for dividend income.
PIMCO Balanced Income & Growth Fund (IE000YTNTUN2)
The PIMCO Balanced Income & Growth Fund is a global multi-sector strategy that seeks to combine PIMCO’s total return investment process and philosophy with income maximisation. The portfolio construction is founded on the principle of diversification across a broad range of equity and global fixed income securities. The fund has a historical annualised dividend yield of 6.88% p.a.
Note: Past performance figures do not reflect future performance. Dividend figures are from Bloomberg, as of 26 February 2026.
Bond Funds
PIMCO GIS Income Fund (IE00B9HH6X13)
The PIMCO GIS Income Fund is designed for investors who seek steady income with a secondary goal of capital appreciation. It takes a broad-based approach to investing in income-generating bonds. The fund aims to achieve this by employing PIMCO’s best income-generating ideas across global fixed income sectors. The fund has a historical annualised dividend yield of 6.55% p.a.
Note: Past performance figures do not reflect future performance. Dividend figures are from Bloomberg, as of 26 February 2026.
M&G (Lux) Optimal Income (LU2249902789)
The M&G (Lux) Optimal Income Fund is a global bond fund that aims to provide a combination of capital growth and income to deliver a return based on exposure to optimal income streams in investment markets, while applying environmental, social and governance (ESG) criteria. The fund has a historical annualised dividend yield of 6.03% p.a.
Note: Past performance figures do not reflect future performance. Dividend figures are from Bloomberg, as of 26 February 2026.
Equity Funds
Abrdn Global Dynamic Dividend Fund (LU2237443549)
The Abrdn Global Dynamic Dividend Fund is a global equity fund that aims to achieve income combined with long-term capital growth. It invests at least two-thirds of its assets in equities and equity-related securities of companies. To increase the overall level of income generated, a small portion of investments are held for short periods of time to capture regular dividends that are paid along with one-off or special dividends from companies.
LionGlobal Singapore Trust Fund (SGXZ44148534)
The LionGlobal Singapore Trust Fund is a Singapore Equity fund which invests primarily in securities of companies incorporated in, operating principally from, or deriving significant business presence or risk exposure from, Singapore. The investments of the Fund shall be diversified among various sectors.
AB Low Volatility Equity Portfolio Fund (LU0965509283)
The AB Low Volatility Equity Portfolio fund is a global equity fund seeking capital growth through securities of companies that the fund manager believes have lower volatility. Its investment approach focuses on quality, stability and price, where the fund seeks high quality stocks of companies with stable performance and predictable earnings, trading at attractive prices. The fund also has distribution share classes for investors looking for dividend income.
Currencies
Despite recovering from the “Greenland shock” and if there is no blockade at the Strait of Hormuz, the US Dollar (USD) still faces modest downside risks as US policy uncertainty remains an overhang. This underpins our unchanged EURUSD (Euro-USD) forecast of 1.23 at end‑2026—driven more by a softer USD than a stronger EUR. Even so, resilient US growth should limit the risk of a deeper USD sell‑off. A true USD turnaround would require a solid reacceleration in US growth, which remains absent for now. Early signs of labour‑market stabilisation could nevertheless set the stage for a USD rebound in 2027. Our base case remains intact: the AI‑disruption narrative, tariff uncertainty and geopolitical oil shocks are unlikely to derail improving US and global growth, especially with fiscal support strengthening into 2026. Better non‑US growth provides scope for USD weakness even if US activity holds up—particularly against cyclically sensitive currencies such as the Australian Dollar, New Zealand Dollar, South African Rand and Brazilian Real.
This advertisement has not been reviewed by the Monetary Authority of Singapore.
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Global Equities Disclaimer
- Dividend growth is not guaranteed, nor are companies in which you invest obliged to pay dividends;
- Companies may go bankrupt rendering the original investment valueless;
- Equity markets may decline in value;
- Corporate earnings and financial markets may be volatile;
- If there is no recognised market for equities, then these may be difficult to sell and accurate information about their value may be hard to obtain;
- Smaller company investments may be difficult to sell if there is little liquidity in the market for such equities and there may be substantial differences between the buying price and the selling price;
- Equities on overseas markets may involve different risks to equities issued in Singapore;
- With regards to investments in overseas companies, foreign exchange rates may move in an unfavourable direction affecting adversely the valuation of investments in base currency terms.
Foreign Currency
- Foreign currency investments or deposits are subject to inherent exchange rate fluctuation that may provide opportunities and risks. Consequently, exchange rate fluctuations may affect the value of your foreign currency investments or deposits.
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- Exchange controls may apply to certain foreign currencies from time to time.
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Dual Currency Returns
- By buying Dual Currency Returns, you are giving us the right to repay you at a future date in a different currency from the currency in which you made your original investment, even if you would prefer not to be paid in this currency at that time. Dual Currency Returns are affected by foreign exchange rates, which may affect how much you get back from your investment. You may receive less than you originally invested.
- Foreign exchange control restrictions may apply to the foreign currencies linked to your Dual Currency Returns. As a result, we may repay your investment and interest in a different currency. You may receive less than you originally invested when the amount of this different currency is converted back to the base currency (the currency you originally invested). You may be able to get information on foreign exchange control restrictions, if any, for each foreign currency offered in relation to Dual Currency Returns, from the relevant monetary, regulatory or other governmental authorities for that currency.
- We will not end Dual Currency Returns before the maturity date (the date they are due to end). You may, however, withdraw the amount you originally invested before the maturity date. If you do this, please remember that you will have to pay any charges that apply which are calculated based on the amount of the time remaining before maturity date, as well as current market conditions relating to strike prices, foreign exchange rates and changes in the underlying foreign exchange pair. These charges may mean that you get back much less than you originally invested. Please feel free to approach your relationship manager for details of the procedures and charges that apply if you withdraw your Dual Currency Returns investment before the maturity date.
- Dual Currency Returns are not insured deposits for the purposes of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011.
Collective Investment Schemes
- A copy of the prospectus of each fund is available and may be obtained from the fund manager or any of its approved distributors. Potential investors should read the prospectus for details on the relevant fund before deciding whether to subscribe for, or purchase units in the fund.
- The value of the units in the funds and the income accruing to the units, if any, may fall or rise. Please refer to the prospectus of the relevant fund for the name of the fund manager and the investment objectives of the fund.
- Investment involves risks. Past performance figures do not reflect future performance.
- Any reference to a company, financial product or asset class is used for illustrative purposes and does not represent our recommendation in any way.
- For funds that are listed on an approved exchange, investors cannot redeem their units of those funds with the manager, or may only redeem units with the manager under certain specified conditions. The listing of the units of those funds on any approved exchange does not guarantee a liquid market for the units.
- Any indicative distribution rate may not be achieved and is not an indication, forecast, or projection of the future performance of the Fund.
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Any opinions or views of third parties expressed in this document are those of the third parties identified, and do not represent views of Oversea-Chinese Banking Corporation Limited (“OCBC Bank”, “us”, “we” or “our”).
