{"id":24811,"date":"2025-08-08T11:15:16","date_gmt":"2025-08-08T03:15:16","guid":{"rendered":"https:\/\/www.syfe.com\/magazine\/?p=24811"},"modified":"2025-08-15T16:28:42","modified_gmt":"2025-08-15T08:28:42","slug":"syfe-core-portfolios-monthly-update-mega-cap-tech-leads-july-rally","status":"publish","type":"post","link":"https:\/\/www.syfe.com\/magazine\/syfe-core-portfolios-monthly-update-mega-cap-tech-leads-july-rally\/","title":{"rendered":"Syfe Core Portfolios Monthly Update: Mega-Cap Tech Leads July Rally"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" data-attachment-id=\"24845\" data-permalink=\"https:\/\/www.syfe.com\/magazine\/syfe-core-portfolios-monthly-update-mega-cap-tech-leads-july-rally\/2048x1365-article-july-core-updates\/\" data-orig-file=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/2048x1365-Article-July-Core-Updates.jpg\" data-orig-size=\"2048,1366\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"2048&#215;1365 Article &#8211; July Core Updates\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/2048x1365-Article-July-Core-Updates-300x200.jpg\" data-large-file=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/2048x1365-Article-July-Core-Updates-1024x683.jpg\" src=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/2048x1365-Article-July-Core-Updates-1024x683.jpg\" alt=\"\" class=\"wp-image-24845\" srcset=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/2048x1365-Article-July-Core-Updates-1024x683.jpg 1024w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/2048x1365-Article-July-Core-Updates-300x200.jpg 300w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/2048x1365-Article-July-Core-Updates-768x512.jpg 768w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/2048x1365-Article-July-Core-Updates-1536x1025.jpg 1536w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/2048x1365-Article-July-Core-Updates-630x420.jpg 630w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/2048x1365-Article-July-Core-Updates-696x464.jpg 696w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/2048x1365-Article-July-Core-Updates-1068x712.jpg 1068w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/2048x1365-Article-July-Core-Updates-1920x1281.jpg 1920w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/2048x1365-Article-July-Core-Updates.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Global equities rallied in July on policy clarity, strong tech earnings, and AI-driven momentum. Here&#8217;s how our portfolios performed and what investors should watch going forward.<\/h3>\n\n\n\n<p>Markets rallied in July, driven by strong tech earnings, AI momentum, and renewed policy clarity. The passing of the <strong>One Big Beautiful Bill Act (OBBBA)<\/strong> and fresh trade deals lifted global sentiment, with growth stocks leading the way.<\/p>\n\n\n\n<p><strong>Core Equity100 returned +4.22% in SGD<\/strong>, outperforming the <strong>MSCI ACWI benchmark at +3.47% <\/strong>for the month of July. Other Core portfolios also posted strong gains, supported by exposure to mega-cap tech, emerging markets, and diversifiers like gold.<\/p>\n\n\n\n<p><strong>Over the past year, our Core portfolios have outperformed both their benchmark and peers<\/strong>, reinforcing the strength of our systematic, globally diversified investment approach.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"311\" data-attachment-id=\"24822\" data-permalink=\"https:\/\/www.syfe.com\/magazine\/syfe-core-portfolios-monthly-update-mega-cap-tech-leads-july-rally\/image-96\/\" data-orig-file=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/image.png\" data-orig-size=\"1201,365\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/image-300x91.png\" data-large-file=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/image-1024x311.png\" src=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/image-1024x311.png\" alt=\"\" class=\"wp-image-24822\" srcset=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/image-1024x311.png 1024w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/image-300x91.png 300w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/image-768x233.png 768w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/image-696x212.png 696w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/image-1068x325.png 1068w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/image.png 1201w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"86\" data-attachment-id=\"24838\" data-permalink=\"https:\/\/www.syfe.com\/magazine\/syfe-core-portfolios-monthly-update-mega-cap-tech-leads-july-rally\/disclaimer-2\/\" data-orig-file=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/disclaimer-1.jpg\" data-orig-size=\"1228,103\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"disclaimer\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/disclaimer-1-300x25.jpg\" data-large-file=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/disclaimer-1-1024x86.jpg\" src=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/disclaimer-1-1024x86.jpg\" alt=\"\" class=\"wp-image-24838\" srcset=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/disclaimer-1-1024x86.jpg 1024w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/disclaimer-1-300x25.jpg 300w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/disclaimer-1-768x64.jpg 768w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/disclaimer-1-696x58.jpg 696w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/disclaimer-1-1068x90.jpg 1068w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2025\/08\/disclaimer-1.jpg 1228w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Key highlights<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">China Leads, Global Exposure Pays Off<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXeZleePhYNtGoqz5h_gz-3CkyDuY7cLvlVDZhpz8D_i-OY02n59cYr54a4PHBvZHKnIZ3_3bzx1pqTQmg0gRIhWGF27TGE58ChLI5PHF_j5H0EMTfsC_uJjX328AtOzlULD4vih?key=nFepz9aN8OUgVjrdZIk_6w\" alt=\"\" title=\"Chart\"\/><\/figure>\n\n\n\n<p><em>Source: Syfe, Bloomberg. As of 31 July 2025 in SGD.<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>China remains our top performer, with the iShares<strong> MSCI China ETF (MCHI)<\/strong> and <strong>KraneShares CSI China Internet ETF (KWEB)<\/strong> up <strong>+17.7%<\/strong> and <strong>+15.3% year-to-date<\/strong> in SGD.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>These positions reflect our long-standing conviction in China\u2019s role in global portfolios.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Broader geographic diversification, completing our US anchor, also supported returns, with the <strong>iShares Core MSCI EM IMI UCITS ETF (Emerging Markets, EIMI)<\/strong> up <strong>+10.9%<\/strong>, and the <strong>iShares MSCI EAFE ETF (Developed Markets ex-US, EFA)<\/strong> up <strong>+12.0%<\/strong> year-to-date.<\/li>\n<\/ul>\n\n\n\n<p>These results underscore our conviction in maintaining a diversified geographic exposure, which allows us to capture growth opportunities beyond the US while balancing regional risks.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mixed Factor Results, Long-Term Discipline Intact<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Factors remain a foundational part of our long-term investment strategy. In 2025, Value, Size, and Quality have underperformed their long-term averages, a normal phase within the factor investing cycle.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>As we\u2019ve previously <a href=\"https:\/\/www.youtube.com\/watch?v=OzNhC6PVUxM&amp;t=1737s\" target=\"_blank\" rel=\"noreferrer noopener\">highlighted<\/a>, factors often experience shorter periods of underperformance before reverting to their historical trends.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>In July, we saw signs of recovery. The <strong>VanEck Morningstar Wide Moat ETF (MOAT), <\/strong>which blends Value and Quality, delivered solid returns but remains under review within our portfolio framework.<\/li>\n<\/ul>\n\n\n\n<p>We maintain confidence in our factor-driven Smart Beta approach as a core driver of long-term portfolio performance.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Gold Shines, Bonds Stabilise<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" data-attachment-id=\"15659\" data-permalink=\"https:\/\/www.syfe.com\/magazine\/gold-etf-singapore\/gold-bars\/\" data-orig-file=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2024\/03\/Gold-Bars-scaled.jpg\" data-orig-size=\"2560,1707\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Gold-Bars\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2024\/03\/Gold-Bars-300x200.jpg\" data-large-file=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2024\/03\/Gold-Bars-1024x683.jpg\" src=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2024\/03\/Gold-Bars-1024x683.jpg\" alt=\"Gold bars\" class=\"wp-image-15659\" srcset=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2024\/03\/Gold-Bars-1024x683.jpg 1024w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2024\/03\/Gold-Bars-300x200.jpg 300w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2024\/03\/Gold-Bars-768x512.jpg 768w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2024\/03\/Gold-Bars-1536x1024.jpg 1536w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2024\/03\/Gold-Bars-2048x1365.jpg 2048w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2024\/03\/Gold-Bars-696x464.jpg 696w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2024\/03\/Gold-Bars-1068x712.jpg 1068w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2024\/03\/Gold-Bars-1920x1280.jpg 1920w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2024\/03\/Gold-Bars-630x420.jpg 630w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Fixed income made a modest comeback in July, contributing positively to our multi-asset Core portfolios after a more challenging first half of the year.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Gold continued to shine<\/strong>, extending its strong run in 2025. The metal has now returned <strong>19% year-to-date in SGD<\/strong>, benefiting from persistent demand for safe-haven assets and central bank accumulation. <a href=\"https:\/\/www.syfe.com\/magazine\/a-deep-dive-into-gold\/\" target=\"_blank\" rel=\"noreferrer noopener\">Gold&#8217;s role as a portfolio diversifier<\/a> has been particularly valuable this year, helping offset equity and bond volatility during earlier market stress.<\/li>\n<\/ul>\n\n\n\n<p>Together, fixed income and gold have helped reinforce the defensive strength of our multi-asset Core portfolios. These asset classes remain important components in our effort to manage downside risks while capturing long-term growth.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Looking Ahead<\/h2>\n\n\n\n<p>Uncertainty is a constant in investing, but so is opportunity. Here\u2019s what our investment team is monitoring:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Rate cuts expected<\/strong> across major markets, next Fed meeting mid-September.<\/li>\n\n\n\n<li><strong>Valuations remain elevated<\/strong>, as AI optimism contends with macro risks including fiscal policy shifts and geopolitical tensions.<\/li>\n\n\n\n<li><strong>Potential growth sectors<\/strong> are emerging, such as the REITs rebound and disruptive technology<\/li>\n<\/ul>\n\n\n\n<p>We continue to take a long-term, research-driven view, focused on building resilient portfolios that can navigate both upside and downside risks.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Investment Strategy<\/h2>\n\n\n\n<p>Our role is to help clients stay invested with confidence, through both volatility and opportunity. Based on current market conditions, consider the following actions:<\/p>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<ul class=\"wp-block-list\">\n<li><strong>Stay geographically diversified<\/strong> with <strong><a href=\"https:\/\/syfesg.onelink.me\/wOAL\/goto?screenData=%2FChoosePortfolioNew%3FisLoginRequired%3Dtrue%26type%3DGLOBAL_EQUITY_100&amp;af_web_dp=https%3A%2F%2Fwww.syfe.com\" target=\"_blank\" rel=\"noreferrer noopener\">Core portfolios<\/a><\/strong>, if valuations are a concern, dollar-cost averaging (DCA) is a prudent strategy to smoothen market entry.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Automate your investing<\/strong>. Setting up <a href=\"https:\/\/syfesg.onelink.me\/wOAL\/goto?screenData=%2FStandingInstructions%3FisLoginRequired%3Dtrue&amp;af_web_dp=https%3A%2F%2Fwww.syfe.com\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>auto-invest<\/strong><\/a> can help you stay consistent and remove the stress of trying to time the market.<\/li>\n\n\n\n<li><strong>Explore satellite exposure<\/strong>. With local REITs rebounding, <a href=\"https:\/\/syfesg.onelink.me\/wOAL\/goto?screenData=%2FChoosePortfolioNew%3FisLoginRequired%3Dtrue%26type%3DREIT&amp;af_web_dp=https%3A%2F%2Fwww.syfe.com\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>REIT+<\/strong><\/a> offers a focused way to complement your Core portfolio with local real estate.<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p>If you have any questions, feedback or there are other topics you would like to hear more on then please don\u2019t hesitate to reach out at advisory@syfe.com.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Read More:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.syfe.com\/magazine\/syfe-portfolio-performance-review-h1-2025-dollar-down-diversification-up\/\">Syfe Portfolio Performance Review H1 2025: Dollar Down, Diversification Up<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.syfe.com\/magazine\/syfe-portfolio-performance-review-q1-2025-a-bumpy-start\/\">Syfe Portfolio Performance Review Q1 2025: A Bumpy Start<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.syfe.com\/magazine\/a-deep-dive-into-gold\/\">A Deep Dive Into Gold: Still a Must-Have in Today\u2019s Market?<\/a><\/li>\n<\/ul>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global equities rallied in July on policy clarity, strong tech earnings, and AI-driven momentum. Here&#8217;s how our portfolios performed and what investors should watch going forward.<\/p>\n","protected":false},"author":88,"featured_media":24846,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[25,289,238],"tags":[210,653,652,207,640],"class_list":{"0":"post-24811","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investment-insights","8":"category-market-insights","9":"category-product-updates","10":"tag-bonds","11":"tag-core-equity100","12":"tag-equities","13":"tag-gold","14":"tag-market-insights"},"acf":{"readingTime":"","authorName":"","authorThumbnail":false,"BLUE_TIER":"0","BLACK_TIER":"0","GOLD_TIER":"0","PRIVATE_WEALTH_TIER":"0","PRE_AML":"0","POST_AML":"0","NO_GLOBAL_PORTFOLIO":"0","NO_REITS_PORTFOLIO":"0","NO_EQUITY_PORTFOLIO":"0","NO_CASH_PORTFOLIO":"0","HAS_ADVISOR":"0","INVESTMENT_PORTFOLIO_AUM":"0","AFTER_AML_DATE":"","AFTER_ACCOUNT_CREATED_DATE":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Syfe Core Portfolios Monthly Update: Mega-Cap Tech Leads July Rally<\/title>\n<meta name=\"description\" content=\"Global equities rallied in July on policy clarity, strong tech earnings, and AI-driven momentum. Here&#039;s how our portfolios performed.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.syfe.com\/magazine\/syfe-core-portfolios-monthly-update-mega-cap-tech-leads-july-rally\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Syfe Core Portfolios Monthly Update: Mega-Cap Tech Leads July Rally\" \/>\n<meta property=\"og:description\" content=\"Global equities rallied in July on policy clarity, strong tech earnings, and AI-driven momentum. 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