Income Investing delivered 0.3%¹ returns in August. This brings total annualised returns to 4.1%¹ p.a. since inception. The portfolio's historical payout rose to 4.8%² p.a., while portfolio yield remains steady at 3.9%³ p.a., both reflecting its ability to generate income consistently over time.
J.P. Morgan Asset Management remains optimistic about the global backdrop and feel that inflation and inflation expectations are contained. They believe markets have largely priced in the Federal Reserve’s (Fed’s) expected rate hikes, keeping overall impact relatively manageable. Allocations to high-yield bonds and emerging market debt were primary contributors to performance in August, while Global Corporate Bonds and Global Bond Opportunity strategies slightly detracted.
Your returns come from two sources: regular interest payments from the underlying funds and capital appreciation. All performance figures are shown in SGD terms net of hedging costs and underlying fund fees, and include 100% trailer fee rebates that we pass directly to you. The only additional fee you'll encounter is our StashAway management fee.
Market commentary by J.P. Morgan Asset Management
Global government bonds ended the month broadly flat, although yields remained elevated and volatile throughout August. Fed Chair Kevin Warsh adopted a hawkish tone at the Jackson Hole symposium, noting that US inflation data had not shown meaningful improvement. This prompted markets to reprice the probability of a September rate hike and pushed Treasury yields higher.
By contrast, the 30-year Treasury yield ended the month modestly lower after the US Treasury announced that it would at least double the size of its liquidity-support buyback operations for longer-dated bonds from September. Meanwhile, corporate bonds, notably high-yield credit, outperformed as spreads narrowed to a 12-month low.
J.P. Morgan Asset Management maintains a moderate risk-on outlook, underpinned by robust growth across developed markets, strong earnings momentum and strength in AI monetisation. They expect regional disparities, with US economic outperformance relative to Europe. They believe the Federal Reserve is likely to deliver further rate hikes over the next year. However, they think the market has priced this in, and macroeconomic impact should be relatively limited. That said, there remains a risk that rate expectations could be revised upward excessively as the market digests Fed officials’ remarks and inflation data.
1 Returns in SGD terms after fund-level fees and rebates but before the StashAway management fee. The latest return is as of 31 August 2026. Past performance is not indicative of future performance.
2 The historical payout is as of 31 August 2026. The historical payout shows the annualised monthly income payout generated by the distribution share class of the underlying funds in this portfolio. Note that past performance is not a guarantee of future performance. The figure displayed is net of all rebates and fund-level fees.
3 The portfolio yield is calculated as the yield to maturity (YTM) of the underlying portfolio, adjusted for the USD/SGD hedging cost, fund-level fees, and rebates. The latest annualised yield is as of 31 August 2026 and may change depending on market conditions. Yields are not a guarantee of returns. Positive yield does not imply positive return.
For StashAway Income Investing portfolios that are powered by J.P. Morgan Asset Management, J.P. Morgan Asset Management provides StashAway with non-binding asset allocation guidance. You would be investing in an investment product which is established, offered and sold by StashAway and would not be investing in any J.P. Morgan fund. There is no contractual relationship between you and J.P. Morgan Asset Management or any of the J.P. Morgan Chase Parties, nor has J.P. Morgan Asset Management considered the suitability of the investment product's asset allocations against your individual needs, objectives, and risk tolerance.
J.P. Morgan Asset Management is not affiliated with StashAway and therefore makes no representations or warranties regarding the advisability of investing in any product or service offered by StashAway. This promotional material is not issued by J.P. Morgan Asset Management, any J.P. Morgan funds and fund parties, or other entities in the J.P. Morgan Chase & Co. group of companies. J.P. Morgan Asset Management and any J.P. Morgan Chase Parties have not reviewed the contents of the promotion material and accordingly take no responsibility for the accuracy of the contents or any liability for any statement or misstatement.
