CSOP USD Money Market Fund - 20241025
Last week, the Beige Book released painted a picture that activity has been much softer than hard data have indicated, which may alleviate market’s concerns about a pause in rate cuts. For instance, Hurricane Helene destroyed crops and paused business activity and tourism, and most districts saw a fall in manufacturing activity.
As for data releases last week, US jobs report was the main focus, and data revealed more positive growth outlook, with initial jobless claims dropping to 227k from 242k the previous week, suggesting a normalization back to late September levels.
However, JPM estimates that hurricanes Helene and Milton, along with the Boeing machinist strike, could reduce next week's October employment report by 80k.
Nevertheless, we expect CSOPUMM to continue to deliver stable yield in the near term. As of 20241025, the fund has gross yield of 5.12% and net yield at 4.71%. ^
Source: CSOP, Bloomberg, JP Morgan as of 20241025. ^ Gross yield is based on annualized yield of underlying holdings. 7-day net yield is calculated based on calendar days and NAVs in 5-decimal
Disclaimers
“The investment product(s), as mentioned in this document, is/are registered under section 286 of the Securities and Futures Act (Cap. 289) of Singapore (the “SFA”).This material and the information contained in this material shall not be regarded as an offer or solicitation of business in any jurisdiction to any person to whom it is unlawful to offer or solicit business in such jurisdictions. This document is not to be construed as recommendations to buy/sell any above-mentioned securities, or any securities in the above-mentioned sectors or jurisdictions.
CSOP Asset Management Pte. Ltd. (“CSOP”) which prepared this document believes that information in this document is based upon sources that are believed to be accurate, complete, and reliable. However, CSOP does not warrant the accuracy and completeness of the information, and shall not be liable to the recipient or controlling shareholders of the recipient resulting from its use. CSOP is under no obligation to keep the information up-to-date. The provision of this document shall not be deemed as constituting any offer, acceptance, or promise of any further contract or amendment to any contract. The information herein shall not be disclosed, used or disseminated, in whole or part, and shall not be reproduced, copied or made available to others without the written consent of CSOP.
Advice should be sought from a financial adviser regarding the suitability of the investment and/or investment product before making an investment. Investment involves risk. The value of investments, and the income from them, can go down as well as up and an investor may get back less than the amount invested. Past performance is not necessarily indicative of future performance. Investor should read the prospectus and product highlights sheet, which can be obtained on CSOP website or authorized participating dealers, before deciding whether to invest. This document has not been reviewed by the Monetary Authority of Singapore.”
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