November marked a pause in global markets after a strong run earlier in the year. Returns were mixed, with pressure on large US growth and AI-linked stocks, while other areas proved more resilient.
Against this backdrop, our Core portfolios, following their November rebalance, generally outperformed their benchmarks. Broader diversification across styles, regions and asset classes helped reduce reliance on a narrow set of market drivers.
In SGD terms, Core Equity100 declined -0.2% for the month, but outperformed the MSCI ACWI benchmark’s -0.34%. While global tech-heavy markets pulled back, the portfolio’s broad diversification helped cushion the downside. Core Growth gained +0.05%, while Core Balanced posted a +0.34% gain, outperforming its benchmark (+0.15%). Due to its low equity allocation, Core Defensive actually delivered the strongest monthly return among the Core portfolios at +0.50%, outpacing its benchmark (+0.16%) in a month when defensive assets were in favour.
Key Highlights and What They Mean for You
These highlights not only show where returns came from in November, but also illustrate how our approach translates into stronger outcomes for our investors.
The month’s rotation highlights the importance of diversification, particularly given the heightened sensitivity of AI-linked mega-cap stocks to valuation and sentiment. High-quality bonds continue to play a valuable role in cushioning portfolios should volatility pick up or if enthusiasm around AI proves temporary.
1. Markets pause as factors lead the way
Equity markets were slightly negative overall, but performance beneath the surface varied meaningfully.
- Technology, previously the market’s main driver, became the weakest area of the market as valuation concerns outweighed strong earnings results.
- In contrast, factor-based exposures such as value, size and quality were more resilient. These exposures were reinforced in our recent Core Portfolios rebalance, and our positions in Dimensional US Targeted Value (DFAT), Xtrackers S&P 500 Equal Weight (XDEW) and VanEck Morningstar Wide Moat (MOAT) all delivered positive returns in November.
For Equity100, returns were modestly negative in November, but the portfolio still outperformed MSCI ACWI, reflecting the benefit of diversified, factor-based construction rather than reliance on a small number of mega-cap stocks.
2. Geographies matter again
November also reinforced the importance of global diversification.
- Developed markets outside the US were comparatively stable, our position in iShares MSCI EAFE ETF (EFA) was up 0.25% for the month.
- Emerging markets delivered mixed results, with China-related volatility weighing on some exposures.
This helped Core Portfolios deliver stronger outcomes relative to portfolios heavily weighted towards US equities.
3. Multi-asset portfolios continue to add value
Multi-asset portfolios were a key source of relative strength during the month.
- Balanced and Defensive portfolios outperformed their benchmarks in November.
- Gold made another positive contribution in a stellar year, now up 50% YTD, reinforcing its role as a diversifier.
- Bonds continued to provide stability, helping offset equity weakness even where returns were modest.
Source: Syfe research, 30 November 2025
Looking Ahead
Uncertainty is a constant in investing, but so is opportunity. Here’s what our investment team is focused on:
- A more measured path for interest rates: While the Fed has cut rates again, markets are now adjusting to the reality that further cuts may be slower and more limited in 2026. This reinforces the importance of maintaining balanced exposure, including to high-quality bonds, which continue to provide income and diversification benefits without relying on aggressive rate cuts to perform.
- Staying diversified as market leadership evolves: After a period where a narrow group of technology stocks drove returns, market leadership is broadening. We remain focused on diversified, factor-based equity exposure that is better positioned if returns become less concentrated and volatility increases.
We continue to take a long-term, data-driven view, focused on building resilient portfolios that can navigate both upside and downside risks.
Investment Strategy
Our role is to help clients stay invested with confidence, through both volatility and opportunity. Based on current market conditions:
- Stay diversified with Core portfolios, across geographies and asset classes; dollar‑cost averaging (DCA) helps smooth market entry.
- Automate investing with auto‑invest to stay consistent and avoid market timing.
To learn more or start investing with confidence, explore Syfe today.
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