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Account & Portfolio Management

  • Managed portfolios are updated twice a day.  We will first update your portfolio shortly after market close (around 7pm for the Singapore market and 4.30am for the US market) using third party market data to give you an indicative sense of your portfolio value.

    Around 2pm the next business day, we will again update your portfolio with data obtained from our broker. This afternoon update will give you your final portfolio value based on the previous market closing prices.

    Values from the indicative update and the final update should not differ by much. Please also note that while we provide the indicative portfolio value for Friday's market close on Saturday morning, the final update will take place on Monday afternoon around 2pm.

    Cash+ Flexi is updated once a day, around 2pm. There is no indicative update for Cash+ Flexi. 


    Why is the date on my portfolio value graph different from the last update timing on my portfolio?

    The portfolio value reflected on the graph is based on the last market closing prices obtained.

    For instance, "Last update: 2 Nov 2022, 14:00" reflects your portfolio value as of market close the previous day i.e. 1 November.

    This is why you will see your portfolio value as of 1 November reflected on your graph and current market value, although the last update is on 2 November. 

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  • What is rebalancing?

    Rebalancing adjusts the asset composition of your portfolio and involves buying and selling assets to maintain the desired asset allocation according to the portfolio’s investment strategy.

    The following Managed and Cash Management portfolios are managed on a fully discretionary basis and the rebalancing details are as follows:

     

    REIT+ portfolios

    Syfe rebalances your 100% REITs portfolio in line with the iEdge S-REIT Leaders index twice a year in March and September.

    The REITs component of the REITs with Risk Management portfolio follows the rebalancing schedule of the iEdge S-REIT Leaders Index as well.

    Additionally, the REITs with Risk Management portfolio will be rebalanced as needed based on market circumstances to minimize fluctuations in your portfolio value. This delivers better risk-adjusted returns and greater peace of mind for customers.

    When volatility increases, the REITs with Risk Management portfolio is adjusted to take on less risk by holding a lower amount of REITs and a higher amount of bonds. When volatility subsides, we will increase again increase your REITs allocation to capture the market recovery. 

     

    Core portfolios

    Syfe rebalances your Core portfolios twice a year in April and October in accordance with our asset allocation risk budgeting strategy and optimized exposure to smart beta factors that maximizes the long-term risk-adjusted returns for the respective Core portfolios.

     

    Select Theme portfolios

    Syfe rebalances your Select Theme portfolios twice a year to achieve the most efficient portfolio allocation. 

     

    Select Custom portfolios 

    Syfe does not rebalance your Select Custom portfolios, even when the allocation between constituents has deviated from the initial targets due to market movements. You may edit the composition and allocation of your Custom portfolios at any time. Learn more about non-discretionary portfolios.

     

    Cash+ Flexi portfolio

    While there is no regular rebalancing of the Cash+ Flexi portfolio, it is periodically reviewed to achieve an optimal allocation. 

     

    Income+ portfolios

    There are two rebalancing methods for Income+ portfolios

    Portfolio optimisation recommendations based on forward looking views

    Income+ portfolios come with a special optimisation feature that allow clients to adjust their portfolio allocations with ongoing recommendations from Syfe. These recommendations will be informed by PIMCO’s forward looking views on the market based on credit spreads, yields, and economics forums to identify the most attractive investments. It will enable the portfolios to adapt to the changing market conditions and provide the best returns and income.

    Syfe will make these recommendations to clients on a semi-annual basis. Clients will have the choice to either accept the recommendation or not. Clients who accept the recommendations will have their portfolio allocations adjusted to the latest target asset allocation guidance by Syfe. Clients who do not accept the recommendations will continue with their current allocations. The recommendations, once accepted, are applied automatically to all Income+ portfolios that a consenting client has. 

    We encourage clients to follow the recommendations to adapt their portfolios to changing market conditions and keep their portfolio returns optimised.

    Automatic rebalancing to address price drifts

    Syfe automatically rebalances the portfolios on a periodic basis if the portfolios are out of alignment with their respective target asset allocation due to price drifts. This helps clients to stay aligned to the target asset allocation of their portfolios. Investing in the Income+ portfolios automatically opts you into this feature.

     

    Please note: When our algorithms adjust your Income+ portfolio(s) to rebalance or optimise the target asset allocation, there will be a delay in processing deposit or withdrawal requests. This happens because these adjustments, once started, need to be completed first before executing subsequent requests. This adds extra time to the usual settlement period, which will be around 8-10 business days instead of the typical 4-5 business days.


    For more information on Income+ portfolios, refer to Income+ Invest Strategy

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  • Discretionary portfolios

    Most of Syfe Portfolios are discretionary portfolios which Syfe manages on a full discretionary basis. This means that when you select any such portfolios, you grant Syfe full authority, on your behalf, to invest in any investments which we in our discretion consider advisable.

    As part of our discretionary authority, we may at any time re-optimise the portfolios and each portfolio may have a different re-optimisation strategy.

    For example, Core portfolios are re-optimised in accordance with our asset allocation risk budgeting strategy and optimised exposure to smart beta factors that maximises the long-term risk-adjusted returns for the respective core portfolios. You may refer to this article on how the different portfolios are re-optimised.  

    Additionally, all discretionary portfolios are automatically rebalanced on a periodic basis back to its target asset allocation to address portfolio drifts which result from market movements.

    Non-discretionary portfolios

    Apart from discretionary portfolios, Syfe currently also offers two non-discretionary portfolios.

    Income+ portfolios

    The Income+ portfolios are provided on a non-discretionary basis. Unlikely a discretionary portfolio, Syfe does not have full discretion to change the constituents and their allocation. When you invest into the Income+ portfolio(s), you agree with the initial target asset allocation and the original constituents and any changes to these would require your consent. 

    As part of our periodic re-optimisation process, Syfe may recommend changes to the Income+ portfolios to adjust the portfolio holdings according to current market conditions. The process uses PIMCO’s forward-looking views, based on credit spreads, yields, economics forums, and proprietary optimization process to identify the most attractive investments and to adjust the portfolio according to changing market conditions. This enables the portfolios to adapt to changing market conditions and provide the best returns and income.

    While you are not obliged to accept the recommendation(s) made by us on these changes and can continue to retain the portfolio in its current allocation, we encourage clients to follow the recommendation(s) to adapt their Income+ portfolios to changing market conditions and optimise their returns with the revised portfolio allocations.

    Syfe does however automatically rebalance the Income+ portfolios on a periodic basis back to its target asset allocation to address portfolio drifts which result from market movements.

    Select Custom portfolio

    This allows you to build your own portfolios from a curated list of over 100 best-in-class ETFs. This means that a Custom portfolio is constructed and managed solely by you. Unlike other portfolios constructed by Syfe, we do not review, change, or rebalance your Custom portfolio(s).

     

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  • Time-Weighted Return (TWR) is a form of portfolio performance benchmarking that eliminates the cash flowing in & out of the portfolio to provide the actual performance for your investment.

    It measures the performance seen in the time interval between deposits and withdrawals, and it avoids any distortions because it does not take into account the timing or amounts of deposits and withdrawals. (see below example for a more detailed explanation)

     

    Why do we use TWR?

    As an investor may top up different amounts at a different times, each additional top-up is invested for a different period of time. Using TWR eliminates the time distortion and looks at how each top-up contributes to the return of the portfolio in totality.  By ruling out the time distortion, it allows you to accurately compare how well your portfolio is performing against other investments or benchmarks.

     

    How TWR is calculated

    To calculate time-weighted return, you can use the formula below.

    TWR = [(1 + HP^1) x (1 + HP^2) x … x ( 1 + HP^n )] – 1 

    Where:

    TWR = Time-Weighted Return

    = Number of Periods

    HP = (End Value – Initial Value + Cashflow)/(Initial Value + Cashflow)

    HP^n = Return for Period “n”

     

    Other return calculation - Money Weighted Returns (Cumulative Returns)

    Cumulative returns is the simple calculation of profit or loss against your net contribution.

    If you have made only 1 investment and wish to determine your returns on the investments, Money Weighted Returns will be the easiest way to do it. 

    If you invest $10,000 and have $15,000 after a year, you can describe your Money Weighted Returns as 50%.

     

    An illustration: Positive earning but negative time-weighted returns 

    Let’s say you invested $1,000 in ​Portfolio A on 1st January 2018. By 30 June 2018, your portfolio had lost 10% of its value, falling to $900. Then, you then make an additional deposit of $10,000. By 31 December 2018, your portfolio value increased by 5% to $11,445. ($10,900 x 1.05 = $11,445).


    The final value of the portfolio at the end of 2018 would be $11,445, against inflows of $1,000 + $10,000 = $11,000.

    The time weighted return will be (1-10%) x (1+5%) - 1 = -5.5%

    The cumulative return will be $11,445-$11,000= $445

     

    Time-Weighted Return is negative as the portfolio has decreased in value since the first contribution. While there is a positive dollar gain means that although your investments lost money in certain time period, your ending value is still greater from contributions. 

    The same applies to negative earning but positive time-weighted returns as it means that although your investments gained money in a certain time period, your ending value was lower from a withdrawal.

     

    Read more about how we calculate investment returns here.

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  • Dividends are received in your Syfe portfolios as and when the underlying securities distribute them. This depends on the dividend distribution schedule of the various securities. 

    Any dividends received will be credited to your portfolio and you will be able to see them reflected under 'Dividends received' in your portfolio details page.

    Dividend entitlements are based on whether the securities are bought before or after the ex-date of the dividend event. If the securities are bought before the ex-date declared, you will be entitled to the dividends on the declared payment date. However, if the securities are bought after the ex-date, you will only receive dividends on the next declared payment date.

    For example:

    You started investing in ETF X on 11 August 2022, who distributes dividends on a semi-annual basis. The ex-date for latest dividend distribution for ETF X was 28 July 2022 and the declared pay date is 31 August 2022.

    Hence, as you have only started investing in ETF X on 11 August 2022, which is after the ex-date, you would not be entitled to dividends that were to be paid out on 31 August 2022.

    You will be eligible for the next dividend distribution event instead.

     

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  • The value you see in your portfolio differs due to the currency conversion from SGD to USD. This is because your funds are converted at a specific forex rate based on the time your fund transfer is processed.

    However, the value of cash shown in your dashboard is based on the latest FX rate logged in our system (typically the FX rate based on the market closing price), which may be different compared to the FX rate which your cash got converted at. 

    Here's an example to illustrate. Let's say SGD 500 got converted to USD 385 based on this rate (1 USD = 1.3 SGD).
    However, the FX rate we display is based on the market close rate of 1 USD = 1.25 SGD. This means that the USD 385 will be reflected on your dashboard as SGD 481.

    You can see the current exchange rate reflected on your dashboard. This gets updated each business day along with your portfolio value using market closing prices of the previous trading day.

    Please be assured that we received your full transfer of $100 and converted all $100 to USD. Furthermore, you will never be charged any fees before your funds are invested.

     

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  • Syfe Core and Syfe Select portfolios are ETF-based portfolios. For US-listed ETFs, such as the equity-based ones, there is a 30% withholding tax on dividends. This would be applicable even for Singapore-based investors who buy these ETFs on their own.

    The withholding tax on certain ETFs, such as bond ETFs, can be claimed back. No action is required on your end as our broker will automatically claim this amount for you. Your account will then be credited accordingly.

    Some of the ETFs, such as the gold ETF, do not pay dividends and so do not incur any withholding tax.

    For Syfe Income+ portfolios, the constituent funds are domiciled in Ireland making them more efficient with respect to dividend withholding taxes. Compared to US domiciled ETFs, using Irish-domiciled funds can help Singapore-based investors save as much as 30% of dividend withholding taxes.

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  • For REIT+ and Cash+ Flexi portfolio, your funds are invested in SGD-denominated assets. On the other hand, in Core, Select, and Cash+ Flexi USD portfolios, the assets are typically denominated in USD.

    If your investment is denominated in a different currency from the funds you have transferred, exchange rate fluctuations may affect your returns - this is called the 'Currency impact'. Cash+ Flexi USD portfolio value and transactions are always displayed in USD, and you can check portfolio transactions for the FX rates that your SGD deposits were converted at. 

    You can learn more about currency movements and the effect on your portfolio returns here

     

     

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  • Core and Select portfolios

    You will receive dividends from your equity and bond ETFs held within Core and Select portfolios. While not all companies pay dividends, you almost always receive some because your money is invested across thousands of companies in the world via the underlying ETFs these portfolios invest in.

     

    Dividends received in your Core and Select portfolios are automatically reinvested for you. Whenever dividends get credited to your portfolio, they are first accumulated in the small cash balance we maintain for your portfolio. When accumulated dividends (along with any new cash inflows) reach an economically viable investment level, our cash management algorithm will trigger the purchase of additional units in your relevant holdings. This will be reflected under your portfolio 'Transactions' section as a purchase and you will see additional units in your portfolio holdings. 

     

    REIT+ portfolios

    You will also receive dividends from the REITs held in your REIT+ portfolio. Dividends are automatically reinvested by default, but clients on the Syfe Black, Gold and Platinum plans can choose to have their dividends paid out to their bank account at the end of every quarter.

    Learn more about how your REIT+ portfolio dividends are handled here

     

    Income+ Portfolios

    You will generally receive monthly dividends from the funds held in your Income+ portfolio. If you have invested at least S$5,000, you can have the dividends paid out to your bank account at the beginning of every month (for the previous month’s dividends).

    The payout option becomes available when the total investment amount or the current portfolio value is at least S$5,000. When the portfolio fails this criteria, the dividends are automatically reinvested instead.

     

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  • We maintain a small cash balance in your portfolio to cover your fees, which are automatically deducted from this cash component each month. The cash balance is also the smallest amount that we can set aside such that we don't over-invest when buying a portfolio of assets without knowing their respective prices ahead of time.

    Whenever possible, we strive to minimize your cash balance. When accumulated cash inflows from dividends and/or additional fund transfers made reached an economically viable investment level, our cash management algorithm will trigger the purchase of additional investments. 

    In the rare cases where your cash balance falls below the maintenance range, some assets in your portfolio will be sold to bring the cash balance back to the targeted level.

    Kindly note that this applies to all Syfe portfolios, including Syfe Select Custom.

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  • You will see a change in 'Total invested' and 'All portfolios return' on the account summary page if you have dormant portfolios,  and if your reporting currency in the app is in SGD. 

    There will be no changes to: 

    1) Current Value of your investments
    2) Portfolio Holdings
    3) Individual Portfolio Pages
    4) Syfe Pricing Tier

    Glossary

    Current Value: Total market value of all active portfolios based on last closing prices
    Total Invested: Overall funds transferred in less funds transferred out from your Syfe account
    All Portfolios Return: Current value less total invested amount
    Dormant portfolio: A previously funded investment portfolio from which you have made a full withdrawal
    Active portfolio: A portfolio that is currently funded

     

    Understanding the formula change

    Example 1: Dormant portfolio has made a profit. 

    You see a lower Total Invested amount and higher All Portfolios Return after the update. 

    Suppose you transferred $10,000 each into investment portfolios X and Y. Portfolio Y made a gain of $100 while the value of Portfolio X remained the same.

    • Current Market Value of Portfolio X: $10,000
    • Current Market Value of Portfolio Y: $10,100

    You then made a full withdrawal from Portfolio Y (making it dormant) and transferred the proceeds to Portfolio X.

    Before the formula update, you will see these figures on your account summary page.

    • Current Value: $20,100
    • Total Invested: $20,100
    • All Portfolios Return: $0

    After the formula update, you’ll see these data on your account summary instead.

    • Current Value: $20,100
    • Total Invested: $20,000
    • All Portfolios Return: $100

    Before the formula update, Total Invested was shown as $20,100 and All Portfolio Returns as $0 due to the exclusion of dormant accounts. The new formula corrects this by showing the Total Invested as $20,000 (amount you actually transferred to Syfe) and All Portfolio Return shows a profit of $100 realized from Portfolio Y. 

    Example 2: Dormant portfolio has made a loss. 

    You see a higher Total Invested amount and lower All Portfolios Return after the update. 

    Let’s say you transferred $10,000 each into investment portfolios A and B. Portfolio B made a loss of $100 while the value of Portfolio A remained the same.

    • Current Market Value of Portfolio A: $10,000
    • Current Market Value of Portfolio B: $9,900

    You then made a full withdrawal from Portfolio B (making it dormant) and transferred the proceeds to Portfolio A.

    Before the formula update, you will see these figures on your account summary page.

    • Current Value: $19,900
    • Total Invested: $19,900
    • All Portfolios Return: $0

    After the formula update, you’ll see these data on your account summary instead.

    • Current Value: $19,900
    • Total Invested: $20,000
    • All Portfolios Return: - $100

    Before the formula update, Total Invested was shown as $19,900 and All Portfolio Returns as $0 due to the exclusion of dormant accounts. The new formula corrects this by showing the Total Invested as $20,000 (amount you actually transferred to Syfe) and All Portfolio Return shows a loss of $100 from Portfolio B. 



     

     

     

     

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