Question:
Mr Chua Kheng Wee Louis: To ask the Minister for Home Affairs (a) what is the breakdown of assets managed (i) directly by in-house investment teams and (ii) third party asset managers, for the Dynamic, Balanced, Stable and Lifecycle funds respectively under the Home Affairs Uniformed Services INVEST Fund; and (b) what is their current asset-class composition compared with their target composition.
Answer:
Mr K Shanmugam, Minister for Home Affairs and Minister for Law:
1. The investments of the Dynamic, Balanced, Stable and Lifecycle Funds are fully managed by external fund managers under our Outsourced Chief Investment Officer model.
2. The current asset-class composition and their reference portfolio is shown below.
Table 1: Current Composition as at 31 March 2023*
| Asset Class |
Stable |
Balanced |
Dynamic |
Life Cycle (around 40 years old) |
| Equities |
2% |
33% |
58% |
79% |
| Bonds |
73% |
64% |
39% |
19% |
| Cash |
25% |
3% |
3% |
2% |
| Total |
100% |
100% |
100% |
100% |
* Under the Outsourced Investment Officer model the external fund managers have the flexibility to adjust the asset-class composition within the investment guidelines.
Table 2: Reference Portfolio
| Asset Class |
Stable |
Balanced |
Dynamic |
Lifecycle (around 40 years old) |
| Equities |
- |
35% |
60% |
80% |
| Bounds |
75% |
65% |
40% |
20% |
| Cash |
25% |
- |
- |
- |
| Total |
100% |
100% |
100% |
100% |
