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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Global economic expansion continues to display resilience, as strong corporate earnings momentum and sustained capital spending outweigh emerging late-cycle vulnerabilities. UOB Asset Management maintains a constructive stance toward risk assets, advocating an overweight posture in global equities and commodities while staying underweight fixed income and cash. The investment team notes that while the macroeconomic environment exhibits characteristic late-cycle features—including sticky inflation, elevated capacity utilisation, and high bond yields—these dynamics historically can persist for extended periods without halting market advances. Artificial intelligence spending serves as a powerful secular pillar, stimulating robust corporate revenue growth and providing downstream productivity enhancements across industries. Regional equity preferences are centered on the United States and Asia ex-Japan, particularly South Korea, supported by corporate governance reforms and technological leadership in memory chips and semiconductors. Conversely, the team has adopted an underweight stance on China given protracted real estate softness and tepid consumer sentiment. Within fixed income, attractive all-in yields are recognized, though the manager prefers high-yield credit and emerging market debt over duration-heavy government bonds. Geopolitical frictions in the Middle East and inflationary persistence represent the primary threats to monitor.
Global corporate earnings resilience and secular artificial intelligence investment continue to overpower late-cycle economic headwinds, justifying an overweight allocation to equities and commodities.
UOB Asset Management expects global economic growth to remain durable over the coming quarters, propelled by robust business investment and above-average corporate earnings growth. The US Federal Reserve's policy rate is projected to crest around 4.25% to 4.50%, with 10-year US Treasury yields establishing a range between 4.5% and 5.0%. Inflation is forecasted to moderate gradually as housing and labor market pressures soften, preventing a damaging round of excessive monetary tightening. Equity markets are expected to broaden in participation beyond mega-cap tech, with Asia ex-Japan benefiting from global capital rotation out of dollar-denominated assets once geopolitical uncertainties recede.
As of Sep 30, 2026
Lead Portfolio Manager
Neutral / Balanced
Market Conviction
50
Growth Outlook
50
Risk Appetite
50
Capital Deployment
50
Forward Guidance
50
Language Signal
50
Perceived Risk
50
Opportunity Density
50
Time Horizon
50
Top Conviction Themes
Key Catalysts
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