Link: https://links.sgx.com/1.0.0/corporate-announcements/AJWR8UC5LT6RTJ1U/34cc5dd7b11e19eb2be95a3bc362851df71b9bb9d97890d9c1784b6b358025bf

Summary:

• Performance: Fund returned 4.11% in SGD during the half-year (benchmark: 4.30%). 1-year return: 9.36%, 3-year annualized: -2.07%, 5-year annualized: 0.03%, since inception (Oct 2017): 1.87%.

• Market Review: US “Liberation Day” tariffs and US-China conflict escalated during the period but were partially rolled back after negotiations. The Fed has kept rates flat, with lower Singapore rates easing sector pressures, though DPU for many REITs (especially those with overseas exposure) declined year-on-year due to ongoing headwinds.

• Strategy & Outlook: Preference for Singapore-focused REITs and those with SGD-denominated floating debt. Defensive cash flows and strong REIT balance sheets are expected to outperform regional peers, offering attractive yields.

• Top 10 Holdings (as of 30 June 2025):

  • Mapletree Logistics Trust: 9.8%

  • Mapletree Industrial Trust: 9.7%

  • Ascendas REIT: 9.6%

  • CapitaLand Integrated Commercial Trust: 9.5%

  • Keppel DC REIT: 9.3%

  • Frasers Logistics & Industrial Trust: 9.2%

  • Mapletree Commercial Trust: 9.1%

  • Frasers Centrepoint Trust: 8.3%

  • Suntec REIT: 5.4%

  • Keppel REIT: 5.3%

• Assets: Net assets S$566.5m, REITs comprise 99% of portfolio.

• Interim Financials: Net income S$11.0m; total return for the period S$22.7m after investment gains. Cash & equivalents S$5.6m.

• Expense ratio: 0.60%; portfolio turnover: 10%.

The ETF maintains a diversified, high-quality REIT portfolio with a preference for Singapore, and expects to benefit from domestic interest rate easing and solid distribution yields even amid global market volatility.