Income Investing Reoptimisation: July 2026

To position for the current market environment, we’ve reoptimised allocations for your Income Investing portfolio.

What’s been optimised?

J.P. Morgan Asset Management is making a modest adjustment to the Income Investing portfolio to incrementally increase credit exposure. They have reduced allocations to the Global Bond Opportunities Fund and added to Global High Yield Bonds, where they see scope to enhance portfolio income potential.

They are also increasing exposure to Emerging Market Debt modestly, reflecting improved comfort in taking selective credit risk while maintaining a disciplined, diversified risk profile.  Overall, the portfolio remains positioned to seek sustainable income while balancing downside awareness and diversification.

Market commentary by J.P. Morgan Asset Management

The prospect of an agreement between the US and Iran alongside market expectations for the reopening of the Strait of Hormuz suggests an improved geopolitical backdrop. J.P. Morgan Asset Management expects global growth to remain broadly around trend, supported by strong tech-sector momentum and ongoing fiscal support.

While the range of potential outcomes remains wide, J.P. Morgan Asset Management continues to look through near-term market noise to focus on longer-term fundamentals, and views the macro backdrop as constructive.

Global growth has remained resilient, US consumption is holding up, and inflation and inflation expectations appear contained at present, but they are closely monitoring whether a more prolonged energy shock could lead to greater persistence. They have scaled back their expectations for a Federal Reserve policy pivot this year and now anticipate policy rates will remain on hold through 2026, with potential scope for cuts in 2027.

What does this mean for you?

This reoptimisation maintains Income Investing’s low-risk strategy. The portfolio yield remains steady at 3.7%1 p.a. in SGD terms, net of hedging costs and underlying fund fees, and includes 100% trailer fee rebates that we pass directly to you. The only additional fee you'll encounter is our StashAway management fee.

This reoptimisation began on 3 July and is expected to complete by 9 July. No action is required on your part, and there’s no additional cost to you.

Source: J.P. Morgan Asset Management, based on target allocation as of 30 June 2026. Underlying fund characteristics as of 31 May 2026.

1 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 May 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.