SINGAPORE: The worsening conditions in Europe and the US have hit the performance of funds under the Central Provident Fund Investment Scheme (CPFIS) for the third quarter.
Overall performance of CPFIS-included funds fell 10.08 per cent in the three months ended 30 September, according to Lipper, a unit of Thomson Reuters (which tracks the performance of Singapore's retirement fund.)
It added that CPFIS-included unit trusts averaged losses of 11.19 per cent while CPFIS-included investment-linked insurance products (ILP) declined 9.26 per cent.
Equity and mixed asset products among CPFIS-included funds declined 13.99 and 5.97 per cent respectively.
However, Lipper noted that bond products did manage to ride the downturn with average gains of 2.78 per cent for the quarter.
For the twelve-month period ended 30 September, CPFIS-included funds were 9.15 per cent lower on average, while CPFIS-included unit trusts fell 9.47 per cent. CPFIS-included ILPs declined 8.92 per cent on average.
"Volatility looks set to remain the order of the day, with all the uncertainty surrounding the European debt crisis and global economic outlook," said Koo Chung Chang, a representative from Life Insurance Association of Singapore (LIAS).
He added: "The better approach might be to invest for the long term and to believe that markets will recover in the long run as they have historically and perhaps maintaining a disciplined approach of diversification and regular savings through dollar cost averaging."
There were 128 unit trusts and 182 investment-linked insurance products (ILPs) included under the CPFIS as at end September.
- CNA/ck
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