Notes

Bank of Singapore Asset Classification Framework

Asset Class and Sub Asset Class

Cash, Cash Equivalents, and Money Market Funds

  • Current Accounts
  • Cash Equivalents
  • Deposits
  • Money Market Funds

Notes

Cash refers to deposits and current accounts with positive balances.

Cash Equivalents refer to treasury bills and certificate of deposit. To be classified as cash equivalents, the treasury bills must have maturities of not more than 1 year at the time of issue and Moody's Country Ceiling Short-Term FC Debt Rating of P-1. Certificates of deposit refer to deposits with a maturity of not more than 3 months at the time of issue and Moody's Short Term Debt Rating - Issue Level of P-1.

Money Market Funds refer to mutual funds that invest in government securities, certificates of deposit, commercial paper of companies, or other highly liquid and low-risk securities.


Asset Class and Sub Asset Class

Fixed Income

  • Bonds
  • Fixed Income ETFs
  • Fixed Income Funds
  • Fixed Income Structured Products
  • Fixed Income Derivatives

Notes

Fixed Income refers to investment products and derivatives with exposure to government and corporate bonds or with similar exposure. These include (but are not limited to) bonds, fixed income ETFs, fixed income funds, structured products with bond underlyings, and derivatives with bond underlyings. Bonds are grouped according to Country of Risk.


Asset Class and Sub Asset Class

Equities

  • Equities
  • Equity ETFs
  • Equity Funds
  • Equity Structured Products
  • Equity Derivatives

Notes

Equities refer to investment products and derivatives with exposure to equities. These include (but are not limited to) equities, equity ETFs, equity funds, structured products with equity underlyings and derivatives with equity underlyings.


Asset Class and Sub Asset Class

Alternative Investments

  • Hedge Funds
  • Private Equity Funds
  • Commodities - Physical
  • Commodities - Bullion Balances
  • Commodity ETFs
  • Commodity Funds
  • Commodity Structured Products
  • Commodity Derivatives - Forwards and Swaps
  • Commodity Derivatives - Options and Accumulative Forwards

Notes

Alternative Investments refer to investment products and derivatives that provide exposure outside of traditional asset classes of cash, bonds and equities. These include (but are not limited to) hedge funds, private equity funds and commodity related investments, product structures and derivatives. References to Accumulative Forwards include accumulator and decumulator (also known as reverse accumulator) transactions.


Asset Class and Sub Asset Class

Multi-Asset Class and Other Investments

  • Other ETFs
  • Other Funds
  • Structured Products with Other Underlyings
  • Dual Currency Investments
  • FX Derivatives - Forwards and Swaps
  • FX Derivatives - Options and Accumulative Forwards
  • Interest Rate Derivatives
  • Other Derivatives
  • Unclassified Assets

Notes

Multi-Asset Class and Other Investments refer to investment products and derivatives with exposure to multiple asset classes (e.g. balanced strategies) or other underlyings. These include (but are not limited to) ETFs and mutual funds with exposure to multiple asset classes, structured products with underlyings of multiple asset classes, structured products and derivatives with foreign exchange as underlying, dual currency investments and interest rate swaps. References to Accumulative Forwards include accumulator and decumulator (also known as reverse accumulator) transactions. Any Instruments pending classification in accordance to the Bank of Singapore Asset Classification Framework at the time of reporting will be reflected under this category as 'Unclassified Assets'.


Asset Class and Sub Asset Class

Non-Investment Assets

Notes

Non-Investment Assets refer to the portion of a portfolio that does not require active management and does not contribute towards achieving investment goals. These may include (but are not limited to) personal properties or assets that are collateralised with the Bank, as well as listed securities that do not form part of client's investment portfolio.


Asset Class and Sub Asset Class

Overdrafts

  • Current Accounts

Notes

Overdrafts refer to overdraft facilities that have been drawn against the relevant current account.


Asset Class and Sub Asset Class

Investment Loans

Notes

Investment Loans refer to loans that are drawn for investment purposes.


Statement Sections

The Overview Section presents a summary of the Portfolio Distribution, Currency and Bullion and Portfolio Performance.

The Investment Asset Allocation Chart plots the distribution of assets (excluding Non-Investment Assets, overdraft and loans) by asset class.

Net Derivatives Value is sum of the Market Values of the following sections (where applicable) in the reporting currency, and does not include any Structured Product:

  • Fixed Income Derivatives
  • Equity Derivatives
  • Commodity Derivatives – Forwards and Swaps
  • Commodity Derivatives – Options and Accumulative Forwards
  • FX Derivatives – Forwards and Swaps
  • FX Derivatives – Options and Accumulative Forwards
  • Interest Rate Derivatives
  • Other Derivatives

The Currency and Bullion Distribution Chart plots the top 8 currencies by absolute market value, with the remaining currencies aggregated and reported under 'Others'. The market-to-market value of derivatives products (if any) is included in the applicable asset class value and the Net Derivatives Value is taken into the calculation of the portfolio's Total Net Asset Value. 


The Portfolio Performance presents a summary of the Portfolio performance annualised return since inception. The performance is calculated using Time-Weighted-Rate-of-Return (TWRR) based on the portfolio’s daily NAVs and net flows.


Net Flows are the net transfer of both cash and securities value (inflows – outflows) into the portfolio during the investment period.


Investment Value reflects the change from the start to the end of the investment period. The change in valuation is either a change in 1) net transfers, or 2) portfolio valuations. All non-investment assets are excluded in the calculation.


The Portfolio Annual Returns Summary (%) table lists the monthly and annual return of the portfolio. While the Portfolio Return (%) chart is a visualisation of the portfolio’s monthly and cumulative returns. Note that since longer periods are derived by chain-linking of returns of the shorter multiple sub-periods, the annual or cumulative returns do not necessarily equal to the arithmetic sum of the monthly (sub-period) returns.


The Holdings Section present assets and liabilities of the portfolio in the reporting currency at the end of the reporting period, in accordance to the Bank of Singapore Asset Classification Framework. Instruments/ Contract descriptions may differ from detailed descriptions reflected on contract notes, advices and/ or confirmation notes.


  • Quantity, Amount, Nominal or Notional refer to the aggregated quantity of holdings and may refer to principal, notional, nominal or other similar terms used in the applicable contract notes, advices and/ or confirmation notes.
  • Amount for Current Account balances includes all amounts booked during the period reported, including those with a value date after the end of the period. 
  • For Equity Derivatives or Fixed Income Derivatives holdings in your portfolio, "Quantity" refers to the applicable quantity of the underlying securities.
  • For Commodities - Bullion Balances or Commodities - Physical, "Quantity (Oz)" refers to the quantity measured in Ounces.
  • For Equity Derivatives, FX Derivatives - Options and Accumulative Forwards, and Commodity Derivatives - Options and Accumulative Forwards, Remaining Amount/ Quantity refers to the non-boosted remaining Amount/Quantity of the underlying securities/currencies accounted at end of the statement period as per the contract.
  • For Private Equity Funds, Committed Capital refers to the amount of capital that has been committed to be invested in a private equity fund. While capital is not typically called all at once, the investor is legally bound to fund such capital calls during the investment period of the private equity fund. Distribution Received refers to the return of capital and profits to the investor. Paid In Cost refers to the portion of the committed capital that the private equity fund manager has called to fund new investments and/or management fees and operating expenses. P/L refers to the aggregate gain/loss of a private equity fund calculated as the sum of Market Value and Distribution Received, less Paid In Cost.  
  • For Bonds, YTM, or Yield To Maturity, refers to the internal rate of return of a bond held to maturity, based on the indicative market price of that bond and assuming that the bond will be held until maturity, and that all coupon and principal payments will be made on schedule. For perpetual bonds, this Statement displays current yield (instead of YTM) since perpetual bonds don’t have a maturity date. For certain bonds with variable coupon rate, YTM value may be inaccurate due to the changes in future coupon rate(s). 
  • Unit Cost Price represents the weighted average cost price per unit and can be expressed in either value or percentage, depending on the instrument type. 
  • Unit Last Price represents the last available price received by the Bank before the statement is generated and may be earlier than the last business day of the statement for some holdings. Clients should contact their Relationship Manager for the latest prices before making investment decisions on their holdings. 
  • Cost Value (Orig. Ccy) represents the weighted average of the investment and expressed in original currency
  • Acct Int refers to Accrued Interest. It represents the amount of interest earned since the last interest payment date. Accrued Interest will be shown for Current Accounts, Overdrafts, Deposits, Loans, Bonds and Cash Equivalents. It is shown in both the original currency as well as the reporting currency.
  • Mkt Value refers to Market Value. It represents the current value of the investment. It is shown in both the original currency as well as the reporting currency. 
  • Unrealised P/L (Asset) represents the effect of price changes since acquisition, converted to reporting currency. 
  • Unrealised P/L represents the effect of price changes since acquisition. It is shown in both the original currency as well as the reporting currency. 
  • % of Assets represents the percentage of the individual assets against the total investment asset's current value.

The Product Risk Rating (PRR) is an independent assessment of a product's investment risk that serves as a guideline for analysing investment suitability. The investment products are classified into five risk ratings, from one (the lowest downside risk) to five (the highest downside risk). The PRR will be displayed on statement as part of description and only the latest rating will be displayed on statement.

The investment products categorised under the following list of sub-asset classes have static PRR. Please note that static rating will not be reflected on the statement. 


Product Risk Rating as 5

Private Equity Funds


Product Risk Rating as 5 or 4

Fixed Income Derivatives

Equity Derivatives

Commodity Derivatives - Options and Accumulative Forwards

Commodity Derivatives – Forwards and Swaps

FX Derivatives - Options and Accumulative Forwards

FX Derivatives - Forwards and Swaps

Interest Rate Derivatives

Other Derivatives


Product Risk Rating as 4

Commodities – Bullion Balances (Silver & Palladium)

Dual Currency Investments


Product Risk Rating as 3

Commodities – Bullion Balances (Gold & Platinum)

Commodities - Physical


For any queries on the product risk ratings, you may wish to contact your Relationship Manager.



The Contingent Liabilities Section reflects the potential liabilities for the portfolio. The values are reported in the reporting currency.

The Transactions Section consist of 6 sub-sections namely; the Securities Movements, Current Account Movements, Bullion Movements, Foreign Exchange Matured Contracts, Pending Securities Transfers and Derivative Closure Movements of the portfolio for the reporting period. Should there be no transactions specific to the sub-section for the reporting month, the sub-section will not display. Transactions reported under Current Account Movements, Securities Movements, Foreign Exchange Matured Contracts and Bullion Movements are listed in chronological order. Transaction descriptions may differ from detailed descriptions reflected on contract notes, advices and/ or confirmation notes, and do not supersede the respective contract notes, advices and/ or confirmation notes of such transactions. The reference numbers of these transactions are reflected for easy reference.

The Securities Movements Section presents a detailed list of activities that affect security positions, but it does not include foreign exchange transactions. Purchases and Sales include security trades, exercise of options, or note redemptions. Securities Activity includes Corporate Actions affecting securities (e.g. stock dividends, splits, mergers, etc.). Activities with current period trade dates will be presented under “Current Period Activity”. Activities with prior period trade dates will be presented under "Prior Period Activity". Securities Transfers are shown under the Net Securities Transfers sub-section.

The Current Accounts Movements Section presents detailed cash movements during the statement reporting period. Activities with current period trade dates, except those pending settlement, will be presented under “Current Period Activity”. Activities with prior period trade dates will be presented under “Prior Period Activity” and activities pending settlement will be presented under “Pending Settlement Activity”. Fund Transfers are shown under the Net Current Accounts Transfers sub-section.


The Bullion Movements Section presents a detailed list of activities that affect Bullion Balances or Physical Commodities positions.

  • Bullion Balance Movements present a detailed list of activities that affect your Bullion Balance Accounts. Activities with current period trade dates, except those pending settlement, will be presented under “Current Period Activity”. Activities with prior period trade dates will be  presented under “Prior Period Activity” and activities pending settlement will be presented under “Pending Settlement Activity”.
  • Physical Commodities Movements present a detailed list of activities that affect your Physical Commodities position. Activities with current period trade dates will be presented under “Current Period Activity”. Activities with prior period trade dates will be presented under "Prior Period Activity".
  • Bullion Balance Transfers or Physical Commodities Transfers are shown under the Net Bullion Balances Transfers sub-section.


The Foreign Exchange Matured Contracts Section lists the FX Contracts (including FX Spots) that mature within the reporting period, including their Contract Date, Settlement Date and corresponding FX rates used. The Contract Numbers of these transactions are shown for easy reference.

The Pending Securities Transfers Section presents a detailed list of pending securities transfer from/ to external parties.  It does not include confirmed transactions which will be reflected under Net Securities Transfers sub-section and has no impact to Net Asset Value (NAV).

The Derivative Closure Movement Section presents various types of derivatives closure movements which includes knockout, closure, expiry, and exercise lifecycle events for 4 derivative products namely;  Fixed Income Derivatives, Equity Derivatives, Commodity Derivatives - Options and Accumulative forwards and lastly FX Derivatives - Options and Accumulative Forwards.

The Appendix Section provides a breakdown of the underlying security holdings within each of the sub-funds of BOS International Fund under the DPM Unitised Mandates (Building Block) as of the end of the month. The information is provided to clients with DPM Unitised Mandates (Building Block) only.