LIA Publishes Second Quarter 2026 CPFIS Reports

The Life Insurance Association, Singapore (LIA Singapore) published its Second Quarter 2026 CPFIS Reports on 28 August 2026. The reports cover unit trusts (UTs) included under the Central Provident Fund Investment Scheme (CPFIS), with performance measured in Singapore Dollars as of June 2026.

What the report contains

The publication comprises a Performance Evaluation Report for UTs (List A) and (List B), plus a 3-year risk, fund size and expense ratio section. Returns are shown on a cumulative basis for three periods: 3 months (1/4/2026 to 30/6/2026), 1 year (1/7/2025 to 30/6/2026) and 3 years (1/7/2023 to 30/6/2026), each against a stated calculation benchmark.

Headline figures

Among Higher Risk funds, the 1-year returns to 30 June 2026 varied widely. Examples include Fidelity Asian Special Sits SR-Acc-SGD at 106.41% (benchmark +25.80), Fidelity Em Mkts SR-Acc-SGD at 89.65% (+15.23) and Amova Japan Equity SGD at 86.12% (+29.57). Others lagged: Fidelity China Focus SR-Acc-SGD returned -4.10% over 1 year against a benchmark of -1.77, and abrdn European Sustainable Equity SGD returned 2.81% against -31.35.

Among Low to Medium Risk funds, 1-year returns were more modest: United Singapore Bond Fund A SGD Acc 4.76% (benchmark +1.06), Eastspring Inv UT Singapore Select Bd AD 4.23% (+0.53) and LionGlobal Short Duration Bd A SGD Dist 3.03% (-0.67).

The 3-month column shows a mixed picture. Schroder ISF Global Innov F Acc SGD returned 23.56% (+2.08) and Allianz All China Equity ET SGD 11.15% (+17.25), while Fidelity China Focus SR-Acc-SGD returned -9.60% (-3.51) and abrdn India Opportunities SGD -13.64% (-3.40).

For a consumer, the report is a comparison tool: it shows each fund's return against its own benchmark, so a positive return is not automatically "outperformance". The +/- column is the difference between the two.

Context: quarter-on-quarter

The March 2026 report (published 6 June 2026) showed the same funds over 3 months to 31 March 2026. Several funds moved from negative to positive 3-month returns between the two reports — for example, Amova Global Equity F SGD Acc went from -12.47% to 9.66%, and Schroder ISF Glbl Sust Gr F Acc SGD from -9.02% to 15.44%. The reverse also occurred: abrdn India Opportunities SGD moved from 12.15% to -13.64%. The material provided does not support a single aggregate quarter-on-quarter direction, and no such figure is stated.

Context: year-on-year

The Second Quarter 2025 report (published 2 September 2025) is a Performance and Risk Monitoring Report covering the three months ended 30 June 2025. It does not present the same fund-by-fund return table in the material provided, so a like-for-like year-on-year comparison of individual fund returns cannot be made from the available text. This should be stated plainly rather than inferred.

What has changed in framing

The most visible change is format. The 2024 and 2025 CPFIS reports were titled "Performance and Risk Monitoring Report" and were produced by Morningstar, appointed by the Investment Management Association of Singapore and LIA Singapore. The 2025 editions carried a standard disclosure that the content "does not constitute investment advice" and is "for general circulation". The 2026 editions are titled "Performance Evaluation Report" and are published under the CPFIS Reports section, with the same Morningstar ratings and benchmark comparisons retained.

This is general information only and is not financial advice. Past performance is not a guarantee of future results.