The Right Portfolios:
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In full transparency, we present projections in our robo platform net of all fees – even our advisory fee. Within equities, we allocate between global developed markets and emerging markets according to the proportions of the MSCI All Country World Index.
Asset Allocation | |||||
Equity | Growth | Balanced | Moderate | Conservative | |
Global Equities | 100% | 80% | 60% | 40% | 20% |
Of which Developed Market Equities | 88% | 70% | 53% | 35% | 18% |
Of which Emerging Market Equities | 12% | 10% | 7% | 5% | 2% |
Global Bonds | – | 20% | 40% | 60% | 80% |
Projected Long-Term Average Returns (Annualised) | |||||
Equity | Growth | Balanced | Moderate | Conservative | |
Gross of all fees | 7.8% | 7.1% | 6.3% | 5.3% | 4.2% |
Net of Fees | 6.8% | 6.2% | 5.3% | 4.4% | 3.3% |
Standard Deviation | 13% | 10.3% | 7.6% | 5.0% | 2.5% |
Projected net of all fees. Advisory fees used in projection shown are based on standard rate of 0.6% p.a. You may be enjoying a lower advisory fee, which means projected values would be higher than shown.
Projected returns are based on the average historical 20-year rolling period returns of Dimensional Global Core Equity Index, Dimensional Emerging Markets Adjusted Large Cap Index & FTSE World Government Bond Index 1- 5 Years (hedged to SGD) from 1994 to 2019. Please note that past performance is not a guarantee of future results.
Keep All-in costs Low
Fee Comparison | ||||||
One-off Charge | Industry | MoneyOwl | ||||
Sales Charge | 2.0% | No sales charge | ||||
Annual Charges | Equity | Growth | Balanced | Moderate | Conservative | |
Advisory/ Wrap Fee | 1.0% | 0.50% to 0.60% | ||||
Custodian/ Platform Fee | 0.22% | 0% (waived) | ||||
First Year Charge | 3.2% | 0.50% to 0.60% | ||||
Ongoing Annual Fees | 1.2% | |||||
Ongoing Annual Fees exclude Fund Total Expense Ratio (TER) of 0.28% to 0.32% for MoneyOwl portfolios. By comparison, this is lower than industry average TER of 1.35% to 1.89%.
Projected returns are based on the average historical 20-year rolling period returns of Dimensional Global Core Equity Index, Dimensional Emerging Markets Adjusted Large Cap Index & FTSE World Government Bond Index 1- 5 Years (hedged to SGD) from 1994 to 2019. Please note that past performance is not a guarantee of future results.
Fit-for-purpose Funds to Build Portfolios
In terms of currency exposure, equities are not hedged to benefit from diversification. For the bonds portion, however, it is important that bonds are hedged back to home currency, i.e., SGD; we should not take currency risk in bonds as currency fluctuations are larger than bond price fluctuations.
Dimensional Global Core Equity Fund (SGD, Accumulation)
Number of stocks: ~7,500
Download Product Highlights Sheet
List of Countries in Global Core Equity Fund | ||||
| United States | Germany | Sweden | Finland | New Zealand |
| Japan | Australia | Spain | Belgium | Austria |
| United Kingdom | Switzerland | Italy | Norway | Portugal |
| Canada | Hong Kong | Denmark | Ireland | |
| France | Netherlands | Singapore | Israel | |
Regional Allocation (%) | |
North America | 64.80 |
Europe | 21.08 |
Asia Pacific | 13.89 |
Middle East | 0.22 |
Africa | 0.00 |
Sector Allocation (%) | |
Financials | 15.59 |
Industrials | 13.17 |
Info Technology | 13.04 |
Consumer Disc | 11.69 |
Health Care | 10.77 |
Consumer Staples | 7.31 |
Comm Services | 7.24 |
Materials | 6.23 |
Energy | 5.57 |
REITs | 4.31 |
Utilities | 3.85 |
Real Estate | 1.24 |
Dimensional Emerging Market Large Caps Core Equity Fund (SGD, Accumulation)
Number of stocks: ~900
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List of Countries in Emerging Market Equity Fund | |||
| China (Local) | South Africa | Russian | Columbia |
| Korea | Mexico | Poland | Hungry |
| Taiwan | Thailand | Chile | Peru |
| Brazil | Indonesia | Philippines | Czech Republic |
| India | Malaysia | Turkey | Egypt |
Regional Allocation (%) | |
Asia Pacific | 75.58 |
Latin America | 13.54 |
Africa | 6.37 |
Europe | 3.67 |
Middle East | 0.83 |
Sector Allocation (%) | |
Financials | 21.64 |
Info Technology | 15.47 |
Energy | 10.74 |
Comms Services | 8.60 |
Consumer Disc | 8.36 |
| Industrials | 8.10 |
| Real Estate | 6.55 |
| Consumer Staples | 5.23 |
| Utilities | 1.95 |
| Health Care | 1.45 |
| REITs | 0.05 |
Dimensional Global Short Fixed Income Fund (SGD, Accumulation, Hedged)
Number of stocks: ~180
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List of Countries in Bond Fund | |||
| United States | Netherlands | Finland | Singapore |
| Supranational | Sweden | Japan | United Kingdom |
| Canada | Australia | Denmark | |
| France | Belgium | Norway | |
| Germany | Austria | Switzerland | |
Regional Allocation (%) | |
Europe | 53.24 |
North America | 25.29 |
Supranational | 12.55 |
Asia Pacific | 8.93 |
Credit Rating Allocation (%) | |
AAA | 21.0 |
AA | 57.3 |
A | 21.7 |
MoneyOwl does not receive any trailer commissions from Dimensional.
As the Dimensional funds are structured as unit trusts, investors can own fractional shares and invest a small quantum.
In our opinion, Dimensional funds are currently the best funds available for retail investors in Singapore. Dimensional funds can only be accessed through financial advisers approved by Dimensional.
Portfolio Management
We rebalance portfolios to strategic asset allocation every quarter. Rebalancing helps to keep the volatility of the portfolio within the risk appetite of the client.
We review the strategic asset allocation (SAA) of our portfolios at least once a year, but we do not expect to make major changes often, barring major strategic shifts that affect our fundamental investing assumptions.
But neither MoneyOwl nor Dimensional will make any tactical portfolio adjustments based on:
- Forecasts of any kind (macro, market direction, earnings)
- Assumption of superior individual skill
This means:
- No market timing
- No tactical asset allocation calls due to macro or market outlook
- No sector or stock-picking based on forwarding earnings
Instead, we let markets and asset allocation do their work.
