看了一下这个不是MMFmoney market fund严格定义是要求NAV不能跌的，也就是一旦买入，至少不会损失本金。至少中美国的要求都是这样。
利率久期不难管理，主要是信用风险。通常MMF的基金经理只会把存款放到评级为A-或更高的银行。
这个基金允许投投资级别的债，额外收益得从BBB这一级里面挖。看他们fact sheet至少60%，重仓前几名，都是A，那最多就40%在BBB，实际10%在BBB已经是很大风险了。
也别指望fullerton这帮人能变什么魔法，这个fund要是回报太高一定是通过担某些风险获得的。
最后说一句不中听的，第一直觉这帮哥们不靠谱，他们的业绩远超benchmark，要么他们超牛，要么他们愚蠢或恶毒选了一个不相关（不合适）的benchmark. 老实说，厉害的角色哪会搞公募unit trust这一行。在公募搞基金管理超过20年的绝大部分是忽悠，有点料之前都各奔前程了。
保守的话一定要买基金名字就带money market fund的，保险的多。没必要为了一点蝇头小利担自己不知道的风险。
dera老师喜欢没研究就乱发言
首先它的bench mark是新加坡普通存款利率0.05%(跟cpf的bench mark一样)，低到发指但没毛病。
其次它的回报3.8%还好跟6个月tbill和银行优惠存款差不多。
再说它投资90%在少过一年的tbill和银行优惠存款，10%在少过两年的银行优惠存款和政府的债券。安全得很。
下面是它的资料:
Investment Objective
The investmentobjective of theFund is to provide investors with liquidity and a return that is comparable to that of the Singapore Dollar Banks Saving Deposits rate (1).
Investment Focus and Approach
The Managers intend to hold its assets primarily in Singapore Dollar deposits with eligible financial institutions2 with varying terms of maturity of not more than 366 calendar days . The Managers may also place deposits of varying maturity tenures exceeding 366 calendar days but not more than 732 calendar days , subject to a maximum of 10 per cent of the Fund ' s Net Asset Value .
(1) As quoted in the MAS website .
(2) An eligible financial institution , as defined in Appendix 2 of the Code on Collective Investment Schemes , issued by the MAS is :
i ) a financial institution which has a minimum short - termrating of F -2 by Fitch , P -2 by Moody ' s or A -2 by Standard and Poor ' s ( including such sub - categories or gradations therein );
ii ) a financial institution rated other than by the credit rating organisations specified in paragraph ( i ) above for which the manager has satisfied the trustee that its short - term rating is comparable to the ratings in ( i ) above ; or
iii ) a Singapore - incorporated bank licensed under the Banking Act ( Cap .19) which is not rated , but has
been approved under the Central Provident Fund Investment Scheme to accept fixed deposits .
其次它的回报3.8%还好跟6个月tbill和银行优惠存款差不多。
再说它投资90%在少过一年的tbill和银行优惠存款，10%在少过两年的银行优惠存款和政府的债券。安全得很。
下面是它的资料:
Investment Objective
The investmentobjective of theFund is to provide investors with liquidity and a return that is comparable to that of the Singapore Dollar Banks Saving Deposits rate (1).
Investment Focus and Approach
The Managers intend to hold its assets primarily in Singapore Dollar deposits with eligible financial institutions2 with varying terms of maturity of not more than 366 calendar days . The Managers may also place deposits of varying maturity tenures exceeding 366 calendar days but not more than 732 calendar days , subject to a maximum of 10 per cent of the Fund ' s Net Asset Value .
(1) As quoted in the MAS website .
(2) An eligible financial institution , as defined in Appendix 2 of the Code on Collective Investment Schemes , issued by the MAS is :
i ) a financial institution which has a minimum short - termrating of F -2 by Fitch , P -2 by Moody ' s or A -2 by Standard and Poor ' s ( including such sub - categories or gradations therein );
ii ) a financial institution rated other than by the credit rating organisations specified in paragraph ( i ) above for which the manager has satisfied the trustee that its short - term rating is comparable to the ratings in ( i ) above ; or
iii ) a Singapore - incorporated bank licensed under the Banking Act ( Cap .19) which is not rated , but has
been approved under the Central Provident Fund Investment Scheme to accept fixed deposits .
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