{"id":33256,"date":"2026-08-25T11:22:49","date_gmt":"2026-08-25T03:22:49","guid":{"rendered":"https:\/\/www.syfe.com\/magazine\/?p=33256"},"modified":"2026-08-25T11:22:51","modified_gmt":"2026-08-25T03:22:51","slug":"core-rebalance-august-2026","status":"publish","type":"post","link":"https:\/\/www.syfe.com\/magazine\/core-rebalance-august-2026\/","title":{"rendered":"Core Portfolios Update: Powering Ahead with UCITS Upgrades"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" data-attachment-id=\"33564\" data-permalink=\"https:\/\/www.syfe.com\/magazine\/core-rebalance-august-2026\/core-rebalance-article-visual-horizontal\/\" data-orig-file=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2026\/08\/Core-Rebalance-Article-Visual-Horizontal.png\" data-orig-size=\"2048,1365\" 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;,&quot;alt&quot;:&quot;&quot;}\" data-image-title=\"Core Rebalance Article Visual Horizontal\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2026\/08\/Core-Rebalance-Article-Visual-Horizontal-300x200.png\" data-large-file=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2026\/08\/Core-Rebalance-Article-Visual-Horizontal-1024x683.png\" src=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2026\/08\/Core-Rebalance-Article-Visual-Horizontal-1024x683.png\" alt=\"\" class=\"wp-image-33564\" srcset=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2026\/08\/Core-Rebalance-Article-Visual-Horizontal-1024x683.png 1024w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2026\/08\/Core-Rebalance-Article-Visual-Horizontal-300x200.png 300w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2026\/08\/Core-Rebalance-Article-Visual-Horizontal-768x512.png 768w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2026\/08\/Core-Rebalance-Article-Visual-Horizontal-1536x1024.png 1536w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2026\/08\/Core-Rebalance-Article-Visual-Horizontal-630x420.png 630w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2026\/08\/Core-Rebalance-Article-Visual-Horizontal-696x464.png 696w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2026\/08\/Core-Rebalance-Article-Visual-Horizontal-1068x712.png 1068w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2026\/08\/Core-Rebalance-Article-Visual-Horizontal-1920x1280.png 1920w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2026\/08\/Core-Rebalance-Article-Visual-Horizontal.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 id=\"h-more-money-in-your-pocket-with-94-of-core-fully-cost-optimised\" class=\"wp-block-heading\">More money in your pocket \u2013 with 94% of Core fully cost-optimised<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">We have refined the Syfe Core portfolios in our latest rebalance. Where last year&#8217;s update broadened regional and factor exposures, this year is about efficiency: same strategy, implemented better \u2014 with less tax and cost drag on your returns, covered by your fees at no extra cost to you.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.eventbrite.sg\/e\/cores-ucits-upgrade-more-money-in-your-pocket-tickets-1997685442936\" target=\"_blank\" rel=\" noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"512\" data-attachment-id=\"34054\" data-permalink=\"https:\/\/www.syfe.com\/magazine\/core-rebalance-august-2026\/image-443\/\" data-orig-file=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2026\/08\/image-18.png\" data-orig-size=\"2048,1024\" 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;,&quot;alt&quot;:&quot;&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2026\/08\/image-18-300x150.png\" data-large-file=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2026\/08\/image-18-1024x512.png\" src=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2026\/08\/image-18-1024x512.png\" alt=\"\" class=\"wp-image-34054\" srcset=\"https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2026\/08\/image-18-1024x512.png 1024w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2026\/08\/image-18-300x150.png 300w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2026\/08\/image-18-768x384.png 768w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2026\/08\/image-18-1536x768.png 1536w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2026\/08\/image-18-840x420.png 840w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2026\/08\/image-18-696x348.png 696w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2026\/08\/image-18-1068x534.png 1068w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2026\/08\/image-18-1920x960.png 1920w, https:\/\/www.syfe.com\/magazine\/wp-content\/uploads\/2026\/08\/image-18.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2 id=\"h-at-a-glance\" class=\"wp-block-heading\">At a Glance:<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Core has been upgraded with a <strong>significant increase in UCITS <\/strong>coverage. Combined with fee optimisations, <strong>94% <\/strong>of Core now invests through the<strong> most cost-effective <\/strong>vehicles available<strong>.<\/strong><\/li>\n\n\n\n<li>Compared to the same portfolio without our optimisations<strong> <\/strong>\u2013 from this and previous rebalances \u2013 Core could save you up to<strong> 0.86% a year, <\/strong>which could<strong> <\/strong>compound to add more than <strong>S$12,000<\/strong> on an S$100,000 investment over 10 years.<\/li>\n\n\n\n<li>That makes <strong>Core <\/strong>one of the <strong>most cost effective <\/strong>ways to stay invested and grow your wealth in global markets for the long term.<br><a href=\"https:\/\/www.eventbrite.sg\/e\/cores-ucits-upgrade-more-money-in-your-pocket-tickets-1997685442936\"><\/a><\/li>\n<\/ul>\n\n\n\n<!DOCTYPE html><html><head><meta charset=\"utf-8\"><style>\n  body{margin:0;background:#FDFCF8;padding:28px;font-family:'Proxima Nova',Montserrat,'Helvetica Neue',Helvetica,Arial,sans-serif;color:#263159;}\n  table{width:100%;border-collapse:collapse;border:1px solid #DEDFEE;border-radius:8px;overflow:hidden;font-size:15px;}\n  thead th{background:#263159;color:#FDFCF8;font-weight:700;letter-spacing:0.5px;font-size:13px;padding:16px 18px;text-align:center;}\n  thead th:first-child{text-align:left;}\n  td{padding:15px 18px;border-top:1px solid #DEDFEE;text-align:center;}\n  td:first-child{text-align:left;font-weight:700;}\n  tr:nth-child(even){background:#F7F8FC;}\n  tr.def{background:#EDF0FA;font-weight:700;}\n  tr.def td{font-weight:700;}\n<\/style><\/head><body>\n<table>\n  <thead><tr><th>PORTFOLIO<\/th><th>EST. ANNUAL SAVING*<\/th><th>PER S$100,000<\/th><th>COMPOUNDED OVER 10 YEARS&dagger;<\/th><\/tr><\/thead>\n  <tbody>\n    <tr><td>Core Equity100<\/td><td>0.30%<\/td><td>S$302\/yr<\/td><td>S$7,093<\/td><\/tr>\n    <tr><td>Core Growth<\/td><td>0.52%<\/td><td>S$521\/yr<\/td><td>S$10,665<\/td><\/tr>\n    <tr><td>Core Balanced<\/td><td>0.74%<\/td><td>S$744\/yr<\/td><td>S$11,988<\/td><\/tr>\n    <tr class=\"def\"><td>Core Defensive<\/td><td>0.86%<\/td><td>S$856\/yr<\/td><td>S$12,228<\/td><\/tr>\n  <\/tbody>\n<\/table>\n<\/body><\/html>\n\n\n\n<!DOCTYPE html><html><head><meta charset=\"utf-8\"><\/head>\n<body style=\"margin:0;background:#FDFCF8;\">\n<div style=\"max-width:1060px;margin:0 auto;\">\n<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 1060 620\" font-family=\"Montserrat,'Proxima Nova','Helvetica Neue',Helvetica,Arial,sans-serif\">\n  <rect x=\"0\" y=\"0\" width=\"1060\" height=\"620\" fill=\"#FDFCF8\"\/>\n  <rect x=\"8\" y=\"8\" width=\"1044\" height=\"604\" fill=\"none\" stroke=\"#DEDFEE\" stroke-width=\"1\" rx=\"6\"\/>\n  <text x=\"40\" y=\"42\" font-family=\"'PT Serif',Georgia,serif\" font-style=\"italic\" font-size=\"20\" fill=\"#2F51C9\">Potential Core savings vs equivalent portfolio without our optimisations<\/text>\n  <text x=\"40\" y=\"76\" font-size=\"22\" font-weight=\"700\" fill=\"#263159\">Small savings compound meaningfully<\/text>\n  <line x1=\"40\" y1=\"92\" x2=\"1020\" y2=\"92\" stroke=\"#DEDFEE\" stroke-width=\"1\"\/>\n  <g font-size=\"13\" fill=\"#7D839B\">\n    <line x1=\"140\" y1=\"120\"   x2=\"900\" y2=\"120\"   stroke=\"#ECECF1\"\/><text x=\"128\" y=\"125\"   text-anchor=\"end\">$160,000<\/text>\n    <line x1=\"140\" y1=\"178.6\" x2=\"900\" y2=\"178.6\" stroke=\"#ECECF1\"\/><text x=\"128\" y=\"183.6\" text-anchor=\"end\">$150,000<\/text>\n    <line x1=\"140\" y1=\"237.1\" x2=\"900\" y2=\"237.1\" stroke=\"#ECECF1\"\/><text x=\"128\" y=\"242.1\" text-anchor=\"end\">$140,000<\/text>\n    <line x1=\"140\" y1=\"295.7\" x2=\"900\" y2=\"295.7\" stroke=\"#ECECF1\"\/><text x=\"128\" y=\"300.7\" text-anchor=\"end\">$130,000<\/text>\n    <line x1=\"140\" y1=\"354.3\" x2=\"900\" y2=\"354.3\" stroke=\"#ECECF1\"\/><text x=\"128\" y=\"359.3\" text-anchor=\"end\">$120,000<\/text>\n    <line x1=\"140\" y1=\"412.9\" x2=\"900\" y2=\"412.9\" stroke=\"#ECECF1\"\/><text x=\"128\" y=\"417.9\" text-anchor=\"end\">$110,000<\/text>\n    <line x1=\"140\" y1=\"471.4\" x2=\"900\" y2=\"471.4\" stroke=\"#ECECF1\"\/><text x=\"128\" y=\"476.4\" text-anchor=\"end\">$100,000<\/text>\n    <line x1=\"140\" y1=\"530\"   x2=\"900\" y2=\"530\"   stroke=\"#ECECF1\"\/><text x=\"128\" y=\"535\"   text-anchor=\"end\">$90,000<\/text>\n  <\/g>\n  <g font-size=\"14\" fill=\"#7D839B\" text-anchor=\"middle\">\n    <text x=\"292\" y=\"554\">2<\/text><text x=\"444\" y=\"554\">4<\/text><text x=\"596\" y=\"554\">6<\/text><text x=\"748\" y=\"554\">8<\/text><text x=\"900\" y=\"554\">10<\/text>\n    <text x=\"520\" y=\"582\" font-size=\"13\">Years<\/text>\n  <\/g>\n  <polyline fill=\"none\" stroke=\"#263159\" stroke-width=\"3\" points=\"140.0,471.4 216.0,450.3 292.0,428.3 368.0,405.6 444.0,382.0 520.0,357.7 596.0,332.4 672.0,306.2 748.0,279.0 824.0,250.9 900.0,221.8\"\/>\n  <polyline fill=\"none\" stroke=\"#2F51C9\" stroke-width=\"3\" points=\"140.0,471.4 216.0,445.2 292.0,417.9 368.0,389.3 444.0,359.5 520.0,328.3 596.0,295.7 672.0,261.7 748.0,226.1 824.0,189.0 900.0,150.2\"\/>\n  <line x1=\"915\" y1=\"150.2\" x2=\"915\" y2=\"221.8\" stroke=\"#263159\" stroke-width=\"1.6\"\/>\n  <polygon points=\"915,147 909,157 921,157\" fill=\"#263159\"\/>\n  <polygon points=\"915,225 909,215 921,215\" fill=\"#263159\"\/>\n  <text x=\"930\" y=\"191\" text-anchor=\"start\" font-family=\"'PT Serif',Georgia,serif\" font-style=\"italic\" font-size=\"17\" font-weight=\"700\" fill=\"#263159\">S$12,228<\/text>\n  <g font-size=\"13\" fill=\"#263159\">\n    <line x1=\"400\" y1=\"596\" x2=\"428\" y2=\"596\" stroke=\"#2F51C9\" stroke-width=\"3\"\/><text x=\"434\" y=\"601\">With savings<\/text>\n    <line x1=\"548\" y1=\"596\" x2=\"576\" y2=\"596\" stroke=\"#263159\" stroke-width=\"3\"\/><text x=\"582\" y=\"601\">Without savings<\/text>\n  <\/g>\n  <text x=\"40\" y=\"601\" font-size=\"9\" fill=\"#B4B4BD\" font-style=\"italic\">For illustrative purposes only.<\/text>\n<\/svg>\n\n<\/div><\/body><\/html>\n\n\n\n<p class=\"wp-block-paragraph\"><em>* Estimated annual improvement for that portfolio, combining withholding tax savings and differences in fund expense ratios, based on current dividend yields and applicable tax rates. Actual savings will vary over time.<\/em><strong><br><\/strong><strong>\u2020 <\/strong><em>Illustration only, per S$100,000 over 10 years, compounding each portfolio\u2019s saving at its 8-year annualised return as of June-end 2026. Past performance is not indicative of future results.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Less Tax, More Money in Your Pocket<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">US-listed ETFs are popular vehicles, but for international investors they lose part of the income they pay to US withholding tax. Irish-domiciled UCITS equivalents of the same funds halve that tax on equity dividends and remove upfront withholding requirements for bond interest.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Equities \u2014 Withholding tax halved:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>UCITS coverage in Core is now as high as 83%. The remaining US-listed positions were kept only because their UCITS alternatives did not give us the same exposure, sufficient scale and liquidity, or a genuine net saving after all costs.<\/li>\n\n\n\n<li>International investors holding US-listed ETFs pay a 30% US withholding tax on the dividends those ETFs distribute. Their Irish-domiciled UCITS equivalents are taxed at the reduced 15% treaty rate \u2014 half the US-listed rate.<\/li>\n\n\n\n<li>Several of the new funds are accumulating share classes, meaning income is automatically reinvested within the fund rather than paid out, putting more of your money to work seamlessly.<\/li>\n<\/ul>\n\n\n\n<!DOCTYPE html><html><head><meta charset=\"utf-8\"><style>\n  body{margin:0;background:#FDFCF8;padding:28px;font-family:'Proxima Nova',Montserrat,'Helvetica Neue',Helvetica,Arial,sans-serif;}\n  .lbl{font-size:20px;font-weight:700;color:#B4B4BD;margin:0 0 12px 4px;}\n  table{width:100%;border-collapse:collapse;border:1px solid #DEDFEE;border-radius:8px;overflow:hidden;table-layout:fixed;font-size:15px;}\n  th,td{text-align:left;padding:18px 18px;vertical-align:top;}\n  thead th{background:#141F3D;color:#fff;font-weight:700;letter-spacing:0.5px;font-size:14px;}\n  .rowlabel{font-weight:700;color:#141F3D;}\n  tr.cur td{background:#E4E7F1;border-top:1px solid #DEDFEE;}\n  tr.cur .fund{color:#9A9AA2;}\n  tr.new td{background:#fff;border-top:1px solid #DEDFEE;}\n  tr.new .fund{color:#141F3D;font-weight:700;}\n  .new{color:#2E8B45;font-weight:700;}\n  tr.sav td{background:#EDF6EE;border-top:1px solid #DEDFEE;}\n  .savval{color:#2E8B45;font-weight:700;font-size:20px;}\n<\/style><\/head><body>\n<div class=\"lbl\">Equity switches<\/div>\n<table>\n  <colgroup><col style=\"width:180px\"><col><col><col><\/colgroup>\n  <thead><tr>\n    <th><\/th><th>DEVELOPED MARKETS EX-US<\/th><th>CHINA (BROAD MARKET)<\/th><th>CHINA INTERNET<\/th>\n  <\/tr><\/thead>\n  <tbody>\n    <tr class=\"cur\">\n      <td class=\"rowlabel\">Current (US-listed)<\/td>\n      <td class=\"fund\">iShares MSCI EAFE ETF (EFA)<\/td>\n      <td class=\"fund\">iShares MSCI China ETF (MCHI)<\/td>\n      <td class=\"fund\">KraneShares CSI China Internet ETF (KWEB)<\/td>\n    <\/tr>\n    <tr class=\"new\">\n      <td class=\"rowlabel\">New (UCITS)<\/td>\n      <td class=\"fund\">Xtrackers MSCI World ex USA UCITS ETF (EXUS) <span class=\"new\">(NEW)<\/span><\/td>\n      <td class=\"fund\">iShares MSCI China UCITS ETF (ICHN) <span class=\"new\">(NEW)<\/span><\/td>\n      <td class=\"fund\">KraneShares CSI China Internet UCITS ETF (KWEB LN) <span class=\"new\">(NEW)<\/span><\/td>\n    <\/tr>\n    <tr class=\"sav\">\n      <td class=\"rowlabel\">Est. annual saving*<\/td>\n      <td class=\"savval\">0.64%<\/td>\n      <td class=\"savval\">0.61%<\/td>\n      <td class=\"savval\">0.99%<\/td>\n    <\/tr>\n  <\/tbody>\n<\/table>\n<\/body><\/html>\n\n\n\n<!DOCTYPE html>\n<html lang=\"en\">\n<head>\n<meta charset=\"utf-8\">\n<meta name=\"viewport\" content=\"width=device-width, initial-scale=1\">\n<title>Core Equity100 \u2014 UCITS switches<\/title>\n<style>\n  body { margin:0; background:#FDFCF8; padding:32px;\n    font-family:'Proxima Nova','Helvetica Neue',Helvetica,Arial,sans-serif; color:#263159; }\n  .wrap { max-width:960px; margin:0 auto; }\n  .note { font-size:11px; color:#7D839B; margin:0 2px 8px; font-style:italic; }\n  table { width:100%; border-collapse:collapse;\n    border:1px solid #DEDFEE; border-radius:6px; overflow:hidden; table-layout:fixed; }\n  col.crem { width:33%; } col.carr { width:26px; } col.cnew { width:33%; } col.cwt { width:14%; }\n  thead th { background:#263159; color:#FDFCF8; font-weight:700; letter-spacing:0.5px;\n    text-align:left; padding:13px 14px; font-size:11.5px; }\n  thead th.c { text-align:center; }\n  td { border-top:1px solid #DEDFEE; padding:11px 14px; vertical-align:middle; }\n  td.arrow { text-align:center; color:#263159; font-size:16px; padding:0; }\n  td.wt { text-align:center; }\n  .newwt { font-weight:700; font-size:15px; color:#263159; }\n  .oldwt { font-size:11px; color:#B4B4BD; }\n  .tk { font-weight:700; font-size:13.5px; letter-spacing:0.3px; }\n  .nm { display:block; font-size:11px; color:#5A6072; margin-top:2px; line-height:1.25; }\n  .tk.rem { color:#C0392B; } .tk.new { color:#2E8B45; }\n  .nm.rem { color:#C77; } .nm.new { color:#6AA57E; }\n  .retain { color:#9AA0AE; font-weight:400; font-size:10.5px; font-style:italic; }\n  tr.l1 td { background:#879BE2; color:#FDFCF8; font-weight:700; letter-spacing:1px;\n    font-size:11px; text-transform:uppercase; padding:9px 14px; }\n  tr.l2 td { background:#E4E7F1; color:#263159; font-weight:700; font-size:11px;\n    letter-spacing:0.5px; padding:8px 14px; }\n  tr.total td { background:#263159; color:#FDFCF8; font-weight:700; }\n  .zebra { background:#F7F8FC; }\n<\/style>\n<\/head>\n<body>\n<div class=\"wrap\">\n<table>\n  <colgroup><col class=\"crem\"><col class=\"carr\"><col class=\"cnew\"><col class=\"cwt\"><\/colgroup>\n  <thead>\n    <tr>\n      <th><\/th>\n      <th><\/th>\n      <th>NEW<\/th>\n      <th class=\"c\">WEIGHT<br><span style=\"font-weight:400;font-size:9.5px;color:#AEB4E0;\">new (old)<\/span><\/th>\n    <\/tr>\n  <\/thead>\n  <tbody>\n    <tr class=\"l1\"><td colspan=\"4\">US Market<\/td><\/tr>\n\n    <tr class=\"l2\"><td colspan=\"4\">US Broad<\/td><\/tr>\n    <tr>\n      <td colspan=\"3\"><span class=\"tk\">CSPX<\/span> <span class=\"retain\">retained<\/span><span class=\"nm\">iShares Core S&amp;P 500 UCITS ETF<\/span><\/td>\n      <td class=\"wt\"><span class=\"newwt\">25.0%<\/span><br><span class=\"oldwt\">(25.0%)<\/span><\/td>\n    <\/tr>\n    <tr class=\"zebra\">\n      <td colspan=\"3\"><span class=\"tk\">QQQ<\/span> <span class=\"retain\">retained &middot; US-listed<\/span><span class=\"nm\">Invesco QQQ Trust Series 1<\/span><\/td>\n      <td class=\"wt\"><span class=\"newwt\">9.8%<\/span><br><span class=\"oldwt\">(10.0%)<\/span><\/td>\n    <\/tr>\n\n    <tr class=\"l2\"><td colspan=\"4\">US Factors (Size, Value &amp; Quality)<\/td><\/tr>\n    <tr>\n      <td colspan=\"3\"><span class=\"tk\">XDEW<\/span> <span class=\"retain\">retained<\/span><span class=\"nm\">Xtrackers S&amp;P 500 Equal Weight UCITS ETF<\/span><\/td>\n      <td class=\"wt\"><span class=\"newwt\">15.0%<\/span><br><span class=\"oldwt\">(9.8%)<\/span><\/td>\n    <\/tr>\n    <tr class=\"zebra\">\n      <td><span class=\"tk rem\">MOAT<\/span><span class=\"nm rem\">VanEck Morningstar Wide Moat ETF<\/span><\/td>\n      <td class=\"arrow\" style=\"color:#9AA0AE;font-size:14px;\">&mdash;<\/td>\n      <td><span class=\"retain\">Removed, redistributed to existing holdings<\/span><\/td>\n      <td class=\"wt\"><span class=\"newwt\" style=\"color:#9AA0AE;\">0.0%<\/span><br><span class=\"oldwt\">(5.0%)<\/span><\/td>\n    <\/tr>\n    <tr>\n      <td colspan=\"3\"><span class=\"tk\">DFAT<\/span> <span class=\"retain\">retained<\/span><span class=\"nm\">Dimensional US Targeted Value ETF<\/span><\/td>\n      <td class=\"wt\"><span class=\"newwt\">5.2%<\/span><br><span class=\"oldwt\">(5.2%)<\/span><\/td>\n    <\/tr>\n    <tr class=\"zebra\">\n      <td colspan=\"3\"><span class=\"tk\">DUHP<\/span> <span class=\"retain\">retained<\/span><span class=\"nm\">Dimensional US High Profitability ETF<\/span><\/td>\n      <td class=\"wt\"><span class=\"newwt\">10.0%<\/span><br><span class=\"oldwt\">(10.0%)<\/span><\/td>\n    <\/tr>\n\n    <tr class=\"l1\"><td colspan=\"4\">International Markets<\/td><\/tr>\n    <tr>\n      <td><span class=\"tk rem\">EFA<\/span><span class=\"nm rem\">iShares MSCI EAFE ETF<\/span><\/td>\n      <td class=\"arrow\">&#8594;<\/td>\n      <td><span class=\"tk new\">EXUS<\/span><span class=\"nm new\">Xtrackers MSCI World ex USA UCITS ETF<\/span><\/td>\n      <td class=\"wt\"><span class=\"newwt\">21.5%<\/span><br><span class=\"oldwt\">(21.5%)<\/span><\/td>\n    <\/tr>\n    <tr class=\"zebra\">\n      <td colspan=\"3\"><span class=\"tk\">EIMI<\/span> <span class=\"retain\">retained<\/span><span class=\"nm\">iShares Core MSCI EM IMI UCITS ETF<\/span><\/td>\n      <td class=\"wt\"><span class=\"newwt\">5.0%<\/span><br><span class=\"oldwt\">(5.1%)<\/span><\/td>\n    <\/tr>\n    <tr>\n      <td><span class=\"tk rem\">MCHI<\/span><span class=\"nm rem\">iShares MSCI China ETF<\/span><\/td>\n      <td class=\"arrow\">&#8594;<\/td>\n      <td><span class=\"tk new\">ICHN NA<\/span><span class=\"nm new\">iShares MSCI China UCITS ETF<\/span><\/td>\n      <td class=\"wt\"><span class=\"newwt\">6.4%<\/span><br><span class=\"oldwt\">(5.6%)<\/span><\/td>\n    <\/tr>\n    <tr class=\"zebra\">\n      <td><span class=\"tk rem\">KWEB<\/span><span class=\"nm rem\">KraneShares CSI China Internet ETF<\/span><\/td>\n      <td class=\"arrow\">&#8594;<\/td>\n      <td><span class=\"tk new\">KWEB LN<\/span><span class=\"nm new\">KraneShares CSI China Internet UCITS ETF<\/span><\/td>\n      <td class=\"wt\"><span class=\"newwt\">2.1%<\/span><br><span class=\"oldwt\">(2.8%)<\/span><\/td>\n    <\/tr>\n\n    <tr class=\"total\"><td colspan=\"3\">Total<\/td><td class=\"wt\"><span class=\"newwt\" style=\"color:#FDFCF8;\">100.0%<\/span><\/td><\/tr>\n  <\/tbody>\n<\/table>\n<p class=\"note\" style=\"margin-top:10px;\">Weight shown as new % (bold), with previous % in grey brackets. <span style=\"color:#C0392B;\">Red<\/span> denotes removed vehicles; <span style=\"color:#2E8B45;\">green<\/span> denotes their UCITS replacements.<\/p>\n<\/div>\n<\/body>\n<\/html>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Bonds \u2014 Now 100% UCITS:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>US bond interest is generally exempt from withholding rules \u2014 but the exemption is applied retrospectively: the full 30% is typically withheld first and only refunded months later. In the meantime, that&#8217;s your money sitting out of the market.<\/li>\n\n\n\n<li>We have<strong> moved four bond ETFs <\/strong>to their iShares UCITS equivalents: US Treasuries (GOVT), US inflation-linked bonds (TIP), investment-grade credit (LQD) and high yield (USHY). This has <strong>doubled the fixed income sleeve&#8217;s UCITS coverage to 100%<\/strong>.<\/li>\n\n\n\n<li>This unlocks an estimated 0.9%\u20131.9% of each bond holding&#8217;s value that would otherwise be withheld upfront each year, keeping more of your capital invested and compounding from day one.<\/li>\n<\/ul>\n\n\n\n<!DOCTYPE html><html><head><meta charset=\"utf-8\"><style>\n  body{margin:0;background:#FDFCF8;padding:28px;font-family:'Proxima Nova',Montserrat,'Helvetica Neue',Helvetica,Arial,sans-serif;}\n  .lbl{font-size:20px;font-weight:700;color:#B4B4BD;margin:0 0 12px 4px;}\n  table{width:100%;border-collapse:collapse;border:1px solid #DEDFEE;border-radius:8px;overflow:hidden;table-layout:fixed;font-size:14px;}\n  th,td{text-align:left;padding:16px 14px;vertical-align:top;}\n  thead th{background:#141F3D;color:#fff;font-weight:700;letter-spacing:0.4px;font-size:12.5px;}\n  .rowlabel{font-weight:700;color:#141F3D;}\n  tr.cur td{background:#E4E7F1;border-top:1px solid #DEDFEE;}\n  tr.cur .fund{color:#9A9AA2;}\n  tr.new td{background:#fff;border-top:1px solid #DEDFEE;}\n  tr.new .fund{color:#141F3D;font-weight:700;}\n  .new{color:#2E8B45;font-weight:700;}\n  tr.sav td{background:#EDF6EE;border-top:1px solid #DEDFEE;}\n  .savval{color:#2E8B45;font-weight:700;font-size:19px;}\n<\/style><\/head><body>\n<div class=\"lbl\">Fixed income switches<\/div>\n<table>\n  <colgroup><col style=\"width:160px\"><col><col><col><col><\/colgroup>\n  <thead><tr>\n    <th><\/th><th>INFLATION-INDEXED<\/th><th>GOVERNMENT<\/th><th>INVESTMENT GRADE<\/th><th>HIGH YIELD<\/th>\n  <\/tr><\/thead>\n  <tbody>\n    <tr class=\"cur\">\n      <td class=\"rowlabel\">Current (US-listed)<\/td>\n      <td class=\"fund\">iShares TIPS Bond ETF (TIP)<\/td>\n      <td class=\"fund\">iShares US Treasury Bond ETF (GOVT)<\/td>\n      <td class=\"fund\">iShares iBoxx $ IG Corporate Bond ETF (LQD)<\/td>\n      <td class=\"fund\">iShares Broad USD High Yield ETF (USHY)<\/td>\n    <\/tr>\n    <tr class=\"new\">\n      <td class=\"rowlabel\">New (UCITS)<\/td>\n      <td class=\"fund\">iShares $ TIPS UCITS ETF (ITPS) <span class=\"new\">(NEW)<\/span><\/td>\n      <td class=\"fund\">iShares $ Treasury Bond UCITS ETF (GOVT NA) <span class=\"new\">(NEW)<\/span><\/td>\n      <td class=\"fund\">iShares $ Corp Bond UCITS ETF (LQDE) <span class=\"new\">(NEW)<\/span><\/td>\n      <td class=\"fund\">iShares Broad $ High Yield Corp Bond UCITS ETF (HYUS) <span class=\"new\">(NEW)<\/span><\/td>\n    <\/tr>\n    <tr class=\"sav\">\n      <td class=\"rowlabel\">Est. annual saving*<\/td>\n      <td class=\"savval\">0.91%<\/td>\n      <td class=\"savval\">1.03%<\/td>\n      <td class=\"savval\">1.29%<\/td>\n      <td class=\"savval\">1.91%<\/td>\n    <\/tr>\n  <\/tbody>\n<\/table>\n<\/body><\/html>\n\n\n\n<!DOCTYPE html>\n<html lang=\"en\">\n<head>\n<meta charset=\"utf-8\">\n<meta name=\"viewport\" content=\"width=device-width, initial-scale=1\">\n<title>Core Multi-Asset \u2014 Fixed Income UCITS switches<\/title>\n<style>\n  body { margin:0; background:#FDFCF8; padding:32px;\n    font-family:'Proxima Nova','Helvetica Neue',Helvetica,Arial,sans-serif; color:#263159; }\n  .wrap { max-width:1080px; margin:0 auto; }\n  .note { font-size:11px; color:#7D839B; margin:0 2px 8px; font-style:italic; }\n  table { width:100%; border-collapse:collapse;\n    border:1px solid #DEDFEE; border-radius:6px; overflow:hidden; table-layout:fixed; }\n  col.crem { width:27%; } col.carr { width:24px; } col.cnew { width:27%; }\n  col.cwt { width:15.3%; }\n  thead th { background:#263159; color:#FDFCF8; font-weight:700; letter-spacing:0.4px;\n    text-align:left; padding:13px 12px; font-size:11px; }\n  thead th.c { text-align:center; }\n  td { border-top:1px solid #DEDFEE; padding:11px 12px; vertical-align:middle; }\n  td.arrow { text-align:center; color:#263159; font-size:15px; padding:0; }\n  td.wt { text-align:center; }\n  .newwt { font-weight:700; font-size:14px; color:#263159; }\n  .oldwt { font-size:10.5px; color:#B4B4BD; }\n  .tk { font-weight:700; font-size:13px; letter-spacing:0.3px; }\n  .nm { display:block; font-size:10.5px; color:#5A6072; margin-top:2px; line-height:1.25; }\n  .tk.rem { color:#C0392B; } .tk.new { color:#2E8B45; }\n  .nm.rem { color:#C77; } .nm.new { color:#6AA57E; }\n  .retain { color:#9AA0AE; font-weight:400; font-size:10px; font-style:italic; }\n  tr.l1 td { background:#879BE2; color:#FDFCF8; font-weight:700; letter-spacing:1px;\n    font-size:11px; text-transform:uppercase; padding:9px 12px; }\n  tr.l2 td { background:#E4E7F1; color:#263159; font-weight:700; font-size:11px;\n    letter-spacing:0.5px; padding:8px 12px; }\n  tr.total td { background:#263159; color:#FDFCF8; font-weight:700; }\n  .zebra { background:#F7F8FC; }\n<\/style>\n<\/head>\n<body>\n<div class=\"wrap\">\n<table>\n  <colgroup><col class=\"crem\"><col class=\"carr\"><col class=\"cnew\"><col class=\"cwt\"><col class=\"cwt\"><col class=\"cwt\"><\/colgroup>\n  <thead>\n    <tr>\n      <th><\/th><th><\/th><th>NEW<\/th>\n      <th class=\"c\">GROWTH<br><span style=\"font-weight:400;font-size:9px;color:#AEB4E0;\">new (old)<\/span><\/th>\n      <th class=\"c\">BALANCED<br><span style=\"font-weight:400;font-size:9px;color:#AEB4E0;\">new (old)<\/span><\/th>\n      <th class=\"c\">DEFENSIVE<br><span style=\"font-weight:400;font-size:9px;color:#AEB4E0;\">new (old)<\/span><\/th>\n    <\/tr>\n  <\/thead>\n  <tbody>\n    <tr class=\"l1\"><td colspan=\"6\">Bonds<\/td><\/tr>\n\n    <tr class=\"l2\"><td colspan=\"6\">Global Bonds<\/td><\/tr>\n    <tr>\n      <td colspan=\"3\"><span class=\"tk\">IUAA<\/span> <span class=\"retain\">retained<\/span><span class=\"nm\">iShares US Aggregate Bond UCITS ETF<\/span><\/td>\n      <td class=\"wt\"><span class=\"newwt\">8.7%<\/span><br><span class=\"oldwt\">(3.7%)<\/span><\/td>\n      <td class=\"wt\"><span class=\"newwt\">17.6%<\/span><br><span class=\"oldwt\">(7.4%)<\/span><\/td>\n      <td class=\"wt\"><span class=\"newwt\">22.1%<\/span><br><span class=\"oldwt\">(9.3%)<\/span><\/td>\n    <\/tr>\n    <tr class=\"zebra\">\n      <td colspan=\"3\"><span class=\"tk\">AGGU<\/span> <span class=\"retain\">retained<\/span><span class=\"nm\">iShares Core Global Aggregate Bond UCITS ETF<\/span><\/td>\n      <td class=\"wt\"><span class=\"newwt\">10.0%<\/span><br><span class=\"oldwt\">(12.3%)<\/span><\/td>\n      <td class=\"wt\"><span class=\"newwt\">20.2%<\/span><br><span class=\"oldwt\">(24.7%)<\/span><\/td>\n      <td class=\"wt\"><span class=\"newwt\">25.4%<\/span><br><span class=\"oldwt\">(30.9%)<\/span><\/td>\n    <\/tr>\n\n    <tr class=\"l2\"><td colspan=\"6\">US Treasuries<\/td><\/tr>\n    <tr>\n      <td><span class=\"tk rem\">GOVT<\/span><span class=\"nm rem\">iShares US Treasury Bond ETF<\/span><\/td>\n      <td class=\"arrow\">&#8594;<\/td>\n      <td><span class=\"tk new\">GOVT NA<\/span><span class=\"nm new\">iShares $ Treasury Bond UCITS ETF<\/span><\/td>\n      <td class=\"wt\"><span class=\"newwt\">2.5%<\/span><br><span class=\"oldwt\">(4.3%)<\/span><\/td>\n      <td class=\"wt\"><span class=\"newwt\">5.1%<\/span><br><span class=\"oldwt\">(8.7%)<\/span><\/td>\n      <td class=\"wt\"><span class=\"newwt\">6.4%<\/span><br><span class=\"oldwt\">(10.9%)<\/span><\/td>\n    <\/tr>\n    <tr class=\"zebra\">\n      <td><span class=\"tk rem\">TIP<\/span><span class=\"nm rem\">iShares TIPS Bond ETF<\/span><\/td>\n      <td class=\"arrow\">&#8594;<\/td>\n      <td><span class=\"tk new\">ITPS<\/span><span class=\"nm new\">iShares $ TIPS UCITS ETF<\/span><\/td>\n      <td class=\"wt\"><span class=\"newwt\">1.3%<\/span><br><span class=\"oldwt\">(1.8%)<\/span><\/td>\n      <td class=\"wt\"><span class=\"newwt\">2.6%<\/span><br><span class=\"oldwt\">(3.6%)<\/span><\/td>\n      <td class=\"wt\"><span class=\"newwt\">3.2%<\/span><br><span class=\"oldwt\">(4.6%)<\/span><\/td>\n    <\/tr>\n\n    <tr class=\"l2\"><td colspan=\"6\">High Quality Bond Overlay<\/td><\/tr>\n    <tr>\n      <td><span class=\"tk rem\">LQD<\/span><span class=\"nm rem\">iShares iBoxx $ IG Corporate Bond ETF<\/span><\/td>\n      <td class=\"arrow\">&#8594;<\/td>\n      <td><span class=\"tk new\">LQDE<\/span><span class=\"nm new\">iShares $ Corp Bond UCITS ETF<\/span><\/td>\n      <td class=\"wt\"><span class=\"newwt\">1.3%<\/span><br><span class=\"oldwt\">(1.2%)<\/span><\/td>\n      <td class=\"wt\"><span class=\"newwt\">2.5%<\/span><br><span class=\"oldwt\">(2.5%)<\/span><\/td>\n      <td class=\"wt\"><span class=\"newwt\">3.2%<\/span><br><span class=\"oldwt\">(3.1%)<\/span><\/td>\n    <\/tr>\n\n    <tr class=\"l2\"><td colspan=\"6\">High Yield Overlay<\/td><\/tr>\n    <tr>\n      <td><span class=\"tk rem\">USHY<\/span><span class=\"nm rem\">iShares Broad USD High Yield Corp Bond ETF<\/span><\/td>\n      <td class=\"arrow\">&#8594;<\/td>\n      <td><span class=\"tk new\">HYUS<\/span><span class=\"nm new\">iShares Broad $ High Yield Corp Bond UCITS ETF<\/span><\/td>\n      <td class=\"wt\"><span class=\"newwt\">1.3%<\/span><br><span class=\"oldwt\">(1.3%)<\/span><\/td>\n      <td class=\"wt\"><span class=\"newwt\">2.5%<\/span><br><span class=\"oldwt\">(2.5%)<\/span><\/td>\n      <td class=\"wt\"><span class=\"newwt\">3.2%<\/span><br><span class=\"oldwt\">(3.2%)<\/span><\/td>\n    <\/tr>\n\n    <tr class=\"total\">\n      <td colspan=\"3\">Total bond allocation<\/td>\n      <td class=\"wt\"><span class=\"newwt\" style=\"color:#FDFCF8;\">25.1%<\/span><\/td>\n      <td class=\"wt\"><span class=\"newwt\" style=\"color:#FDFCF8;\">50.6%<\/span><\/td>\n      <td class=\"wt\"><span class=\"newwt\" style=\"color:#FDFCF8;\">63.4%<\/span><\/td>\n    <\/tr>\n  <\/tbody>\n<\/table>\n<p class=\"note\" style=\"margin-top:10px;\">Weight shown as new % (bold), with previous % in grey brackets. Weights are % of the total portfolio; the bond sleeve is one part of each multi-asset portfolio. <span style=\"color:#C0392B;\">Red<\/span> denotes removed vehicles; <span style=\"color:#2E8B45;\">green<\/span> denotes their UCITS replacements.<\/p>\n<\/div>\n<\/body>\n<\/html>\n\n\n\n<p class=\"wp-block-paragraph\">Following these switches, the share of your portfolio held in UCITS structures rises substantially \u2014 from around 41% to 75% for Core Equity100 and from roughly 45\u201352% to 78\u201383% for the multi-asset portfolios (Growth, Balanced and Defensive). Same manager, same market exposure, better after-tax income.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Building Breadth for Resilience<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In <a href=\"https:\/\/www.syfe.com\/magazine\/h2-2026-outlook-build-for-breadth-against-the-grain\/\">an increasingly concentrated market<\/a> where returns are driven by the same few stocks, portfolio breadth becomes strength. Beyond efficiency, this rebalance also spreads your growth engine across more of the market:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Removed MOAT, a<strong> <\/strong>narrow strategy that has been working less well in a broadening market. Our other existing, more cost-effective positions in DUHP &amp; DFAT continue to provide the portfolio&#8217;s tilt towards profitable, sensibly valued companies, across a far wider set of stocks.<\/li>\n\n\n\n<li>Broadened our China exposure \u2013 by trimming internet position (KWEB, 2.8% \u2192 2.1%) to fund MSCI China, which is more representative of the economy and is now 6.4% of Core Equity100; total China exposure is steady at ~8.5%. The UCITS China funds also cost less to hold (0.28% vs 0.59% for broad China).<\/li>\n\n\n\n<li>EXUS modestly extends developed-market coverage to Canada; our targeted value (DFAT) and profitability (DUHP) exposures are unchanged.<\/li>\n\n\n\n<li>Overall geographic exposures unchanged \u2014 roughly 65% US, 21% developed markets ex-US and 14% emerging markets.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Summary and Outlook<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Every change in this rebalance reflects the same philosophy that guides Syfe Core: globally diversified portfolios, systematic exposure to the long-term drivers of return \u2014 value, size and quality\/profitability \u2014 and delivering value for money for our clients.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Each dollar that stays invested compounds over time. This upgrade keeps more of your money working for you \u2013 without any more work from you. And with the breadth we&#8217;ve built in, your portfolio is now better positioned to weather whatever the market brings.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p class=\"wp-block-paragraph\">Still have questions? Sign up to <a href=\"https:\/\/www.eventbrite.sg\/e\/core-portfolios-ucits-rebalancing-for-94-cost-optimization-tickets-1997685442936\">this webinar<\/a> on 10th September, where you can get your questions answered by experts from Syfe and Xtrackers, one of the world\u2019s largest ETF providers and a key partner of ours powering Core portfolios.<br><br><br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Core has been upgraded with a significant increase in UCITS coverage. Combined with fee optimisations, 94% of Core now invests through the most cost-effective vehicles available.<\/p>\n","protected":false},"author":113,"featured_media":33565,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[238],"tags":[],"class_list":["post-33256","post","type-post","status-publish","format-standard","has-post-thumbnail","category-product-updates"],"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>Core Portfolios Update: Powering Ahead with UCITS Upgrades - Connect<\/title>\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\/core-rebalance-august-2026\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Core Portfolios Update: Powering Ahead with UCITS Upgrades\" \/>\n<meta property=\"og:description\" content=\"Core has been upgraded with a significant increase in UCITS coverage. 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