DBS digiPortfolio / Quarterly Factsheet – Asia Portfolio / 31 December 2023

Asia Portfolio Portfolio Management Fee 0.75%

Flat annual fee
Start gaining diversified exposure to Asian markets Portfolio Currency SGD
with as little as S$1,000
Dividend Payment Re-invested into portfolio

• Contains 5 to 7 ETFs Lock-in Period None

• Available in 3 different Risk Levels Sales Fees 0.00%

• Reviewed quarterly and rebalanced to align with market trends Transaction Fee 0.00%

Withdrawal Fee 0.00%

DBS Investment Team commentary

Over Q4 2023, rate-sensitive assets such as REITs and bonds stagged a strong rebound on the back of moderating inflation, dovish central bank
speak and the drop in bond yields. However, Chinese equities continued to struggle given the lack of positive catalysts. As such, the Asia ETF
Portfolio (SGD Comfy Crusin) returned 1.9% (excluding dividends) over the last quarter.
Within equities, the portfolio’s largest allocation is in Asian REITs which contributed positively as cheap valuations coupled with lower interest rates
led to a strong rerating of the sector. The portfolio action done in the beginning of the fourth quarter to moderate China equity allocation (via
reducing the Xtrackers MSCI China ETF) and to increase India equity allocation (via adding to the iShares MSCI India Climate Transition ETF) also
contributed positively. For bonds, the shift to overweight bonds and extend duration also worked out well.
Looking into 2024, we expect tapering of bond yields to continue as global economic and inflation data should likely continue to soften. This
should bode well for bonds in which we continue to maintain an overweight allocation. For equities, we continue to moderate the China equity
exposure and gradually increase our India equity allocation. We expect India equities to see resilient earnings growth while China equities serve as
a deep value play in the portfolios. We maintain the portfolio’s allocation in REITs as reasonable valuations, attractive yield of ~6% coupled with
expected interest rate cuts should continue to support rerating of this segment over the year.

Simulated Historical Performance1

Singapore Dollar (SGD)
80%

70%

60%

50%

40%

30%

20%

10%

0%

-10%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Estimated Returns2 Slow n’ Steady Comfy Cruisin’ Fast n’ Furious

SGD Risk Level 2 Risk Level 3 Risk Level 4

1 year 5.4% 2.1% -0.6%

3 years -2.4% -4.1% -5.7%

5 years 1.1% 1.1% 0.7%

10 years 2.6% 3.3% 3.6%

Estimated Risk
(1 standard deviation) 3.7% 7.1% 10.0%

Actual Gross Returns3

Q4 2023 3.0% 1.9% 1.1%

FY 2023 2.0% -1.5% -3.9%

1The simulations above are calculated based on Total Price Returns, which includes dividends received. Page 1 of 4
2Estimated Returns figures are annualised.
3Actual Gross Returns excludes dividends received.
DBS digiPortfolio / Quarterly Factsheet – Asia Portfolio / 31 December 2023

Available Risk Levels

Risk Level 2

Slow n’ Steady Asset Allocation Holdings

Invests primarily in fixed-income instruments Equity
to provide stability to the portfolio while taking
advantage of the growth potential of equities. 15% 82% 3% Lion-OCBC Hang Seng Tech ETF

NIKKO StraitsTrading Asia ex Japan REIT ETF

Higher allocation to equities is often used to
achieve higher potential returns, but this may Equity Fixed Cash Xtrackers MSCI China ETF
result in higher volatility and potential losses. Income
Fixed Income
Portfolio ESG Score^
ABF Singapore Bond Index ETF
A
NIKKO SGD Investment Grade Corporate Bond ETF

Risk Level 3

Comfy Cruisin’ Asset Allocation Holdings

Evenly diversifies between equities and fixed- Equity
income assets in order to take advantage of
market opportunities while maintaining 50% 47% 3% NIKKO Straits Times Index ETF

stability in the portfolio. NIKKO StraitsTrading Asia ex Japan REIT ETF

Higher allocation to equities is often used to Equity Fixed Cash Xtrackers MSCI China ETF
achieve higher potential returns, but this may Income
iShares MSCI India Index
result in higher volatility and potential losses.
Lion-OCBC Hang Seng Tech ETF
Portfolio ESG Score^
BBB Fixed Income

ABF Singapore Bond Index ETF

NIKKO SGD Investment Grade Corporate Bond ETF

Risk Level 4

Fast n’ Furious Asset Allocation Holdings

Favours equities as opposed to fixed-income Equity
instruments. For investors who are prepared
to tolerate short-term fluctuations in the value 75% 22% 3% NIKKO Straits Times Index ETF
of their portfolio. NIKKO StraitsTrading Asia ex Japan REIT ETF

Higher allocation to equities may result in Equity Fixed Cash Xtrackers MSCI China ETF
higher volatility and potential losses, but is Income
often used to achieve higher potential returns. iShares MSCI India Index

Portfolio ESG Score^ Lion-OCBC Hang Seng Tech ETF

BBB Fixed Income

ABF Singapore Bond Index ETF

NIKKO SGD Investment Grade Corporate Bond ETF

^Source: MSCI as of 31 December 2023

Portfolio ESG Score is calculated using DBS internal methodology with reference to MSCI ESG Ratings for the underlying holdings (equities, fixed income securities
Page 2 of 4
and funds). A weighted average is used and minimally 50% of the portfolio must be rated. MSCI ESG Ratings aim to measure a company’s resilience to long-term,
financially relevant Environment, Social and Governance (ESG) risks. MSCI classifies AAA and AA-rated securities as ESG Leaders. A, BBB and BB-rated securities are
average while B and CCC-rated are Laggards. Certain information ©2021 MSCI ESG Research LLC. Reproduced by permission.
DBS digiPortfolio / Quarterly Factsheet – Asia Portfolio / 31 December 2023

Glossary

Portfolio This fee goes towards monitoring, rebalancing and administrating the portfolio. It is calculated based on the value of your
Management Fee portfolio at the end of each day. Payable annually.

Risk Level In investing, there are 5 risk levels, with Risk Level 1 being the lowest risk level and Risk Level 5 being the highest risk level.

Estimated Risk Estimated risk measures the volatility of a portfolio based on past performance. The higher the number, the greater the
portfolio’s volatility and investment risk.

Exchange Traded An Exchange Traded Fund (ETF) is an open-ended investment fund that tracks an index passively and can be traded like a
Fund common stock.

Equity Equities refer to the stock of a company, measured in the number of shares.

Fixed Income Fixed income generally refers to debt instruments e.g. bonds.

Cash A portion of your investments is maintained in cash to take advantage of market opportunities.

1 Note on Simulated Returns

Simulated returns are gross of DPM management fees. Estimated forecast returns and volatility are computed based on back-tested returns of a model portfolio.
The benchmark index of a fund is used in the absence of historical performance of the fund for the equivalent period. Cash forecast yield is referenced from the
prevailing BBA Libor 1-month rate. We do not guarantee that the portfolio will generate the forecasted return stated above. These volatility and returns are for
illustration purposes only, and should not be construed as guaranteed future or forecast returns. The proposed allocation listed above is provided as an
indication only. Investors should not rely upon the proposed allocation as any confirmation that a particular asset class or given weighting will be included in the
portfolio.

2 Estimated Returns

Any prediction, projection or forecast is not necessarily indicative of future or likely performance of the portfolio. Future performance may differ from figures
shown as investment return and principal value will fluctuate with market conditions.

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The Information may be incomplete or condensed and it may not include a number of terms and provisions nor does it identify or define all or any of the risks
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DBS digiPortfolio / Quarterly Factsheet – Asia Portfolio / 31 December 2023

The Information is provided to you as “Accredited Investor” (defined under the Securities and Futures Act of Singapore) and/or “Professional Investor” (defined
under the Securities and Futures Ordinance of Hong Kong) for your private use only and may not be passed on or disclosed to any person nor copied or
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The investment product(s) mentioned herein is/are not the only product(s) that is/are aligned with the views stated in the research report(s) and may not be the
most preferred or suitable product for you. There are other investment product(s) available in the market which may better suit your investment profile,
objectives and financial situation.

MSCI ESG Research LLC and its affiliates make no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI
ESG data contained herein. The MSCI ESG data may only be used for your internal use, may not be further redistributed or used as a basis for any financial
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