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Manulife SGD Income Fund​

Build your income with quality Asian bonds in SGD1

Capture regional investment opportunities, enjoy income in SGD

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Why Asian bonds

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Solid Asian fixed income capabilities

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Fund information

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Where to buy

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Capture regional investment opportunities, enjoy income in SGD

 

In the past five years, seeking a fund that can deliver consistent income and returns has been challenging for investors holding Singapore dollars. The market has been full of surprises ranging from central bank actions, geopolitical tensions to the pandemic. However, the Manulife SGD Income Fund which is SGD-focused and aims to deliver regular income and potential returns remains true to its label by consistently delivering at least 4% yieldon an annualised basis and has posted about 16.50%3 total returns since its inception in 20164.

How does the Fund work?  

Diversification

 

SGD-focused, minimising foreign currency exposure​


The Fund is invested in both SGD denominated and non-SGD denominated bonds.

Investments in non-SGD denominated bonds are hedged back to SGD​.

 

Diversification

 

Diversified with potential for higher yield​

At least 70% of portfolio is invested in investment-grade bonds for stability​and maximum 30% of portfolio is invested in high-yield bonds for better yields​.

Diversification

 

Adaptable to different interest rate environments​

Benefit from actively managed interest rate risk with duration of the Fund within the range of 0 to 5 years.

 

Adaptable

 

Potential regular income1 in SGD​

Receive potential quarterly income1 of up to 4% p.a. or 6% p.a., depending on your income needs.

 

 

Income options

Distribution share classes

Income from regular payouts to help meet your commitments.

 

Decumulation share classes6

Higher potential income compared to distribution shared classes which may be drawn partially from your capital to meet income needs, while staying invested for potential capital appreciation.

 

Why Asian bonds:

Asian bonds offer steady yields with strong fundamentals

 

Asian bonds have offered better risk-adjusted returns than most asset classes.​

 

10-year risk return7

10-year risk return

Asia is expected to remain the bright spot of the global economy, with GDP expected to outperform the other regions throughout 2021 to 2023.​

 

GDP Growth rates8

GDP Growth rates

While many developed countries around the world are facing low or even negative yields, Asian countries such as China, Indonesia and India are still able to offer benchmark yields upward of 2%.

 

Nominal and Real 10-Year Government Bond Yields9

Interest rates around the world

 

SGD-focused, minimising foreign currency exposure

The Fund is invested in both SGD denominated and non-SGD denominated bonds.

Investments in non-SGD denominated bonds are hedged back to SGD.

Solid Asian fixed income capabilities

 

A sizeable on-the-ground team is necessary to keep up with the rapid growth of under-researched Asian credit markets. Capitalise on Manulife Investment Management's widely established credit research resources: 

 

Over 60
fixed income
professionals in Asia10

Covering over
500 asian credit
issuers in Asia10

Over us$60
billion fixed income
assets managed in Asia10


Portfolio managers

Murray Collis

 

Murray Collis​, Deputy Chief Investment Officer, Fixed Income, Asia (ex. Japan) and ​Head of Fixed Income, Singapore

Murray is Head of Fixed Income, Singapore and Deputy Chief Investment Officer, Fixed Income, Asia (ex-Japan). Based in Singapore, Murray leads the firm’s local fixed income teams in the Philippines, Malaysia, Vietnam, Indonesia, Taiwan, and Singapore. His responsibilities include leading all of the Singapore-based fixed income strategies, including the Sustainable Asia Bond strategy and oversee a local team of portfolio managers and credit analysts. He also contributes to the pan-Asian fixed income team in the management of pan-Asian strategies such as the Asian Total Return and Asian Bond Absolute Return strategies. Murray has 25 years of industry experience, 20 of which in portfolio management in markets including London, Hong Kong and Singapore. Before joining Manulife Investment Management, Murray was Head of Asian Fixed Income for Standish Mellon Asset Management, based in Singapore. Prior to that, Murray spent 16 years with First State Investments covering currencies, global bonds and credit. ​

Murray Collis​, Deputy Chief Investment Officer, Fixed Income, Asia (ex. Japan) and ​Head of Fixed Income, Singapore

Murray is Head of Fixed Income, Singapore and Deputy Chief Investment Officer, Fixed Income, Asia (ex-Japan). Based in Singapore, Murray leads the firm’s local fixed income teams in the Philippines, Malaysia, Vietnam, Indonesia, Taiwan, and Singapore. His responsibilities include leading all of the Singapore-based fixed income strategies, including the Sustainable Asia Bond strategy and oversee a local team of portfolio managers and credit analysts. He also contributes to the pan-Asian fixed income team in the management of pan-Asian strategies such as the Asian Total Return and Asian Bond Absolute Return strategies. Murray has 24 years of industry experience, 20 of which in portfolio management in markets including London, Hong Kong and Singapore. Before joining Manulife Investment Management, Murray was Head of Asian Fixed Income for Standish Mellon Asset Management, based in Singapore. Prior to that, Murray spent 16 years with First State Investments covering currencies, global bonds and credit. ​

Alvin Ong

 

Alvin Ong​, Director, Fixed Income – Portfolio Manager, Singapore Bonds​

Based in Singapore, Alvin is Director and Portfolio Manager responsible for managing Singapore-based fixed income assets, including the Sustainable Asia Bond strategy. Before joining Manulife Investment Management, Alvin was from AXA Investment Managers (Hong Kong), where he was Portfolio Manager for Singapore dollar, Japanese yen and Hong Kong dollar fixed income portfolios. He began his career with the Monetary Authority of Singapore, where he managed global credit as well as Japanese yen fixed income portfolios. He was also ranked as one of the most astute investors in Singapore Bonds by The Asset Benchmark Research for three consecutive years since 2018.

Alvin Ong​, Director, Fixed Income – Portfolio Manager, Singapore Bonds​

Alvin is Director, Portfolio Manager responsible for managing Singapore-based fixed income assets. He has over 12 years of industry experience. Prior to joining Manulife Investment Management, Alvin was from AXA Investment Managers (Hong Kong), where he was Portfolio Manager for Singapore dollar, Japanese yen and Hong Kong dollar fixed income portfolios. He began his career with the Monetary Authority of Singapore, where he managed global credit as well as Japanese yen fixed income portfolios.  He was also ranked as one of the most astute investors in Singapore Bonds by The Asset Benchmark Research for 2018 and 2019.​

Fund information

Share Class Class A-QDis SGD/
Class C-QDis SGD
Class A-QDis USD Hedged/
Class C-QDis USD Hedged
Class A-QDIS SGD DECUMULATION/
Class C-QDIS SGD DECUMULATION
Investment objective​ The Fund aims to provide investors with long-term capital appreciation and/or income in SGD terms through investing primarily in Asian investment grade fixed income or debt securities.
Inception date 18-11-2016 26-01-2017/06-12-2016 To be incepted/24-02-2021
ISIN code SG9999015762/SG9999015796 SG9999015770/SG9999015804 SGXZ68471531/SGXZ20405353
Bloomberg ticker MSIFAQS SP/MSIFCQS SP MSIFAQU SP/MSIFCQU SP MAMSIAS SP/MAMSICS SP
Base currency SGD
Mode of subscription Cash and SRS Cash Cash and SRS
Minimum investment SGD1,000/SGD100,000 USD1,000/USD100,000 SGD1,000/SGD100,000
Distribution frequency1 Declare quarterly distributions on 15th calendar day of March, June, September and December (or the next Business Day if that day is not a Business Day)
Management fee 1%/0.8% p.a 1%/0.8% p.a 1%/0.8% p.a
Initial sales charge Currently up to 3.0%
Dealing frequency Daily
Investment manager Manulife Investment Management (Singapore) Pte. Ltd.
Fund size SGD 669.10 million (as of 31 August 2021)
  Class A-
QDis SGD
Investment objective​ The Fund aims to provide investors with long-term capital appreciation and/or income in SGD terms through investing primarily in Asian investment grade fixed income or debt securities.​
Base currency​ SGD​
Mode of subscription​ Cash and SRS​
Share class currency​ SGD​
Launch price​​ SGD 1.00 per unit​​
Minimum investment​ S$1,000​
Distribution frequency​ Declare quarterly distributions on 15th calendar day of March, June, September and December  (or the next Business Day if that day is not a Business Day)​
Management fee​ 1% p.a.​
Initial sales charge​ Up to 3.0%​
Initial sales charge​ Up to 3.0%​
Dealing frequency​ Daily​
Investment manager​​ Manulife Investment Management (Singapore) Pte. Ltd.​

Where to buy

1. The intention of the Manager to make the quarterly distribution and the distribution yield for the Fund is not guaranteed, and the Manager may in future review the distribution policy depending on prevailing market. Intended payout rate is up to 4% of NAV p.a. or 6% of NAV p.a. for the Distribution Classes and Decumulation Classes of the Fund respectively as stated in the prospectus.

2. The Manulife SGD Income Fund has delivered 4.04% average annualised distribution yield from 2017 to 30 June 2021 for distribution classes. Distributions are not guaranteed. Investors should refer to the prospectus for the distribution policy of the Fund. Investors should also refer to disclosures relating to dividend distributions of the Fund at www.manulifeam.com.sg. The average annualised distribution yield would be equal to average of the quarterly distribution ratio multiply by the frequency of distribution in a year, and quarterly distribution ratio is calculated by dividing the dividend payment over the ex-dividend date NAV. It may be higher or lower than the actual annual dividend yield.

3. Data as of 31 August 2021, for Class A-QDis SGD, calculated based on NAV-to-NAV basis. Past performance is not indicative of future performance. For the past 1 year, the Fund returned 3.25% on NAV-to-NAV basis and 0.15% on offer-to-bid basis. Since inception (18 November 2016), the class returned 3.24% (annualised) on NAV-to-NAV basis and 2.59% on offer-to-bid basis, annualised with net income & dividends reinvested.

4. Inception date for Class A-QDis SGD: 18 November 2016.

5. Investment grade bonds in general have lower default risk compared to non-investment grade or high-yield bonds. This results in more stable or predictable returns.

6. The Decumulation Classes are intended to be de-cumulating where the intended distribution rate may result in a substantial amount of the initial capital being returned to investors. This may, over time, cause the NAV of such Classes to fall below the minimum number of units of the Class such that the Manager has the absolute discretion to terminate the relevant Class. 

7. Bloomberg, 30 June 2021. In US dollar terms for the period 30 June 2011 to 30 June 2021 unless otherwise noted. Asian bonds (ex-Japan) are represented by 50% JPMorgan Asia Credit Index + 50% JPMorgan Asia Diversified Broad Index (JADE Broad); Asian high yield bonds (ex-Japan) are represented by JPMorgan Asian Credit Non-Investment Grade Index; Asian equities (ex-Japan) are represented by MSCI AC Asia Pacific ex Japan Index; EM debt are represented by 50% JPMorgan GBI-EM Broad Index + 50% JPMorgan CEMBI Index; EM equities are represented by MSCI Emerging Market Equity Index; Euro government bonds are represented by BofA Merrill Lynch Euro Government Index; Global aggregate bonds are represented by Bloomberg Barclays Global-Aggregate Total Return Index; Global corporate bonds are represented by BofA Merrill Lynch Global Corporate Index; Global equities are represented by MSCI World; Global high yield bonds are represented by BofA Merrill Lynch Global High Yield Index; Money markets (cash) are represented by BofA Merrill Lynch US Dollar 3-Month Deposit Offered Rate Average Index; Real estate are represented by Dow Jones Composite REIT Total Return Index; US Treasuries are represented by BofA Merrill Lynch US Treasury Index. Risk is measured in terms of the standard deviation. 

8. Bloomberg, Economic Survey, 30 June 2021. *The information herein may contain projections or other forward-looking statements regarding future events, targets, management discipline or other expectations, and is only as current as of the date indicated. There is no assurance that such events will occur, and may be significantly different than that shown here. 

9. Manulife Investment Management, Bloomberg. Sovereign ratings based on the median rating between S&P, Moody’s and Fitch, as of 30 June 2021.

10. Data as of 31 March 2021. Including Manulife TEDA Fund Management Co. Ltd, a joint venture between Manulife Financial (49%) and Northern International Trust (51%), part of the Tianjin TEDA Investment Holding Co. Ltd. (TEDA) and Mahindra Manulife Investment Management Private Limited, a 49% joint venture of Manulife and Mahindra. 

Important Information

Manager of the Fund: Manulife Investment Management (Singapore) Pte. Ltd. (“Manulife”) (Company Registration Number: 200709952G). The information provided herein does not constitute financial advice, an offer or recommendation with respect to the Fund. Opinions, forecasts and estimates on the economy, financial markets or economic trends of the markets mentioned herein are not necessarily indicative of the future or likely performance of the Fund. The Fund may use financial derivative instruments for efficient portfolio management and/or hedging.

Investments in the Fund are not deposits in, guaranteed or insured by the Manager and involve risks. Past performance of the manager or sub-manager is not necessarily indicative of its future performance. The value of units in the Fund and any income accruing to them may fall or rise. Past performance of the Fund is not necessarily indicative of future performance. Investors should read the prospectus, and seek advice from a financial adviser before deciding whether to purchase units in the Fund. A copy of the prospectus and the product highlights sheet can be obtained from Manulife or its distributors. In the event an investor chooses not to seek advice from a financial adviser, he should consider whether the Fund is suitable for him.

Distributions are not guaranteed. Investors should refer to the prospectus for the distribution policy of the Fund. The Manager shall have the absolute discretion to determine whether a distribution is to be made in respect of the Fund as well as the rate and frequency of distributions to be made. Distributions may be made out of (a) income, or (b) net capital gains, or (c) capital of the Fund, or (d) any combination of  (a), (b) and/or (c). Past distribution yields and payments are not necessarily indicative of future distribution yields and payments. Any payment of distributions by the Fund is expected to result in an immediate decrease in the net asset value per unit of the Fund. Investors should refer to distribution disclosures at www.manulifeam.com.sg.

This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.

1. Asian Investment Grade Corporate Bonds = JPMorgan Asian Credit Investment Grade Corporate Index; Asian High Yield Corporate Bonds = JPMorgan Asian Credit Non-Investment Grade Corporate Index; Emerging Market Debt (local) = JPMorgan GBI-EM Broad Index; Euro Government Bonds = BofA Merrill Lynch Euro Government Index; US Treasuries = BofA Merrill Lynch US Treasury Index; Global Aggregate Bonds = Bloomberg Barclays Global-Aggregate Total Return Index; Global Corporate Bonds = BofA Merrill Lynch Global Corporate Index; Global High Yield = BofA Merrill Lynch Global High Yield Index; Global Equities = MSCI World Index; US Equities = S&P 500 Index; Asian Equities (ex-Japan) = MSCI AC Asia Pacific excluding Japan Index; Real Estate = Dow Jones Composite REIT Total Return Index; Money Markets (cash) = BofA Merrill Lynch US Dollar 3-Month Deposit Offered Rate Average Index. Past performance is not indicative of future results.

2. Bloomberg, as of 30 April 2020. Among the eight major Asian currencies (Singapore dollar, Chinese renminbi, Indonesian rupiah, Indian rupee, South Korean won, Malaysian ringgit, Thai Baht, and Philippine peso), Singapore dollar has the second-lowest volatility (standard deviation) at 5.58% p.a. against US dollar over 20 years to April 2020.

3. Bloomberg, as of 30 April 2020. Among the eight major Asian currencies (Singapore dollar, Chinese renminbi, Indonesian rupiah, Indian rupee, South Korean won, Malaysian ringgit, Thai Baht, and Philippine peso), Singapore dollar was ranked second during the Global Financial Crisis (March 2008–March 2009) and fourth during the market sell-off due to COVID-19 (March 2020), with returns against US dollar of -10.6% and -2.07% respectively. Past performance is not an indication of future results.

4. Moody’s Investors service, S&P, and Fitch, as of 8 May 2020.