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CPF Investment Guide: Ultimate Compilation of CPF Investment Scheme Investment Products (OA + SA)

profileJoel Koh

For those who didn’t know, you can invest in a wide range of investment products using your Ordinary Account (OA) and Special Account (SA) savings under the Central Provident Fund (CPF) Investment Scheme (CPFIS)

Although the returns for your CPF accounts are almost guaranteed:

CPF gives you the option to invest your CPF funds so that you can potentially get higher returns.

Of course, as with all other investments, you must know what you’re getting yourself into before actually throwing your money into them!

That is clear from the disclaimer that CPF gives:

The CPF Board does not specifically endorse any product providers or investment products included under the CPF Investment Scheme (CPFIS). All investments come with risk and you may lose all or a portion of the amount invested.

If you are not confident of investing on your own, you may consider leaving your money in your CPF accounts, which earns risk-free interest.

But, if you are undeterred.

Here are all the ways you can invest your CPF savings!


TL;DR: CPF Investing Guide: Best CPF Investment Products

Investment ProductCPF OACPF OA & SARemarks
Unit Trusts
(Higher risk UTs excluded)
89
(68 CPF OA + 21 CPF OA & SA)
Investment-Linked Insurance Products (ILPs), Annuities & Endowment Plans
(Higher risk ILPs excluded)
119
(65 CPF OA + 54 CPF OA & SA)
Singapore Government Bonds & Treasury BillsVaries
Exchange Traded Funds (ETFs)5
Shares, Property Funds and Corporate Bonds402+

Can only use up to 35% of investible savings
Gold (Gold ETFs & Other Gold Products)5 (Can only use up to 10% of investible savings)

Disclaimer: The information provided by Seedly serves as an educational piece and is not intended to be personalised investment advice. ​Readers should always do their own due diligence and consider their financial goals before investing in any investment product. Information is accurate as of 6 October 2021.


Should You Invest in Your CPF Savings?

Before we begin, here’s what you need to consider first.

When you invest using your CPF, you invest in investment products that can potentially give you higher returns than keeping your CPF funds in your CPF OA or SA.

As such, you should invest in investment products that suit your risk appetite. Some financial products are riskier than others, so do remember to exercise the proper judgement before investing in those products!

We urge you to read our piece that will help you decide if you should invest your CPF funds:

With that out of the way, here is the list of investment products you invest in using your CPF OA or SA funds.

1. CPF Investment Scheme Unit Trusts

Unit trusts or funds are investment vehicles where your funds are pooled together with fellow investors and managed by a fund manager who then invests the funds in baskets of stocks, bonds, and other equity.

Do note that although unit trusts employ the trust structure, not all funds use a trust structure.

Typically, you pay management fees as the fund is actively managed by a team of analysts running behind the scenes to beat the market.

You’ll be glad to know that the funds included under CPFIS are screened by the CPF’s investment consultant.

The consultant has done their due diligence to evaluate whether each fund has a reasonably high probability of achieving future out-performance relative to its benchmark index.

The fund is evaluated holistically as the consultant would cover both qualitative and quantitative aspects of the fund and not just its past performance.

But, that is just one layer of due diligence. You need to do further research to evaluate which fund is best for you.

One more thing, do remember that past performance is not indicative of future results.

Here is the list of unit trusts you can invest in with your OA and SA funds which are managed by renowned fund management companies like:

  1. Aberdeen Standard Investments (Asia) Limited
  2. AIA Investment Management Private Limited
  3. AllianceBernstein (Singapore) Ltd ACM
  4. Allianz Global Investors Singapore Limited
  5. Amundi Singapore Limited
  6. APS Asset Management Pte Ltd
  7. AXA Investment Managers Asia (Singapore) Ltd
  8. BlackRock (Singapore) Limited
  9. Capital International, Inc
  10. CIMB-Principal Asset Management (S) Pte Ltd
  11. DWS Investments Singapore Limited DEUTSCHE
  12. Eastspring Investments (Singapore) Limited
  13. Endowus Pte Ltd.
  14. FIL Investment Management (Singapore) Limited
  15. First Sentier Investors (Singapore
  16. Fullerton Fund Management Company Ltd
  17. Goldman Sachs Asset Management (Singapore) Pte Ltd
  18. HSBC Global Asset Management (Singapore) Limited
  19. Janus Henderson Investors (Singapore) Limited
  20. JPMorgan Asset Management (Singapore) Limited
  21. Legg Mason Asset Management Singapore Pte. Limited
  22. Lion Global Investors Limited LIONGLOBAL
  23. Manulife Investment Management (Singapore) Pte. Ltd.
  24. Natixis Investment Managers Singapore Limited
  25. Neuberger Berman Singapore Pte. Limited
  26. Nikko Asset Management Asia Limited
  27. NTUC Income Insurance Co-operative Ltd
  28. PineBridge Investments Singapore Ltd
  29. Schroder Investment Management (Singapore) Ltd
  30. State Street Global Advisors Singapore Ltd
  31. Templeton Asset Management Ltd
  32. UBS Asset Management (Singapore) Ltd
  33. UOB Asset Management Ltd
  34. Western Asset Management Company Pte Ltd

CPFIS OA Unit Trusts

NumberName of Funds
(with 3-year performance statistics)
Risk ProfileIncluded under
CPFIS-OA/SA
Expense
Ratio
Sharpe Ratio3-Year
1-Year Performance
Performance (annualised)
As at 31 December 2020
3-Year Performance (annualised)
As at 31 December 2020
1Aberdeen Standard Asian Smaller Companies FundHigher Risk – Narrowly Focused – Regional – AsiaCPFIS-OA1.750.17%11.63%4.31%
2Aberdeen Standard China Opportunities FundHigher Risk – Narrowly Focused – Country – Greater ChinaCPFIS-OA1.750.67%34.25%13.79%
3Aberdeen Standard European Opportunities FundHigher Risk – Narrowly Focused – Regional – EuropeCPFIS-OA1.750.57%16.75%10.41%
4Aberdeen Standard Global Emerging Markets FundHigher Risk – Narrowly Focused – Regional - Emerging MarketsCPFIS-OA1.750.30%23.24%7.42%
5Aberdeen Standard Global Opportunities FundHigher Risk – Broadly DiversifiedCPFIS-OA1.750.29%11.07%5.89%
6Aberdeen Standard India Opportunities FundHigher Risk – Narrowly Focused – Country – Country-OthersCPFIS-OA1.750.13%12.35%4.17%
7Aberdeen Standard Indonesia Equity FundHigher Risk – Narrowly Focused – Country – Country-OthersCPFIS-OA1.75-0.16%-5.22%-2.11%
8Aberdeen Standard Malaysian Equity FundHigher Risk – Narrowly Focused – Country – Country-OthersCPFIS-OA1.750.07%10.92%2.37%
9Aberdeen Standard Pacific Equity FundHigher Risk – Narrowly Focused – Regional – AsiaCPFIS-OA1.690.49%25.59%9.70%
10Aberdeen Standard Singapore Equity FundHigher Risk – Narrowly Focused – Country – SingaporeCPFIS-OA1.64-0.18%-5.32%-2.13%
11Aberdeen Standard Thailand Equity FundHigher Risk – Narrowly Focused – Country – Country-OthersCPFIS-OA1.71-0.27%-15.45%-4.81%
12Allianz Global Investors Premier Funds – Allianz Global High Payout Fund - SGD

Allianz Global Investors Premier Funds – Allianz Global High Payout Fund (USD Share Class)
Higher Risk – Broadly Diversified

Higher Risk – Broadly Diversified
CPFIS-OA

CPFIS-OA
1.68

1.68
0.16%

0.13%
3.15%

3.15%
3.73%

3.72%
13Eastspring Investments-Asian Equity Income Fund Class as HedgedHigher Risk – Narrowly Focused – Regional – AsiaCPFIS-OA1.640.01%10.43%1.70%
14Eastspring Investments - Japan Dynamic Fund Class As (hedged)Higher Risk – Narrowly Focused – Country – JapanCPFIS-OA1.59-0.33%-10.05%-6.02%
15Eastspring Investments Unit Trusts – Pan European FundHigher Risk – Narrowly Focused – Regional – EuropeCPFIS-OA1.730.32%8.85%4.38%
16Eastspring Investments Unit Trusts – Singapore ASEAN Equity FundHigher Risk – Narrowly Focused – Regional – AsiaCPFIS-OA1.64-0.30%-10.06%-4.48%
17Fidelity Funds - America Fund SR-ACC-SGDHigher Risk – Narrowly Focused – Country – USACPFIS-OA1.680.05%2.25%2.20%
18Fidelity Funds - America Fund SR-ACC-USDHigher Risk – Narrowly Focused – Country – USACPFIS-OA1.680.04%2.32%2.23%
19Fidelity Funds - America Fund SR-ACC-SGD (Hedged)Higher Risk – Narrowly Focused – Country – USACPFIS-OA1.680.01%2.47%1.59%
20Fidelity Funds – Sustainable Asia Equity Fund SR-ACC-SGDHigher Risk – Narrowly Focused – Regional – AsiaCPFIS-OA1.730.55%23.19%10.78%
21Fidelity Funds - Asian Special Situations Fund SR-ACC-SGDHigher Risk – Narrowly Focused – Regional – AsiaCPFIS-OA1.720.35%19.10%7.46%
22Fidelity Funds-China Focus Fund SR-ACC-SGDHigher Risk – Narrowly Focused – Country – Greater ChinaCPFIS-OA1.71-0.12%-3.32%-0.62%
23Fidelity Funds-Emerging Markets Fund SR-ACC-SGDHigher Risk – Narrowly Focused – Regional – Emerging MarketsCPFIS-OA1.720.38%24.61%8.55%
24Fidelity Funds – European Growth Fund SR-ACC-EuroHigher Risk – Narrowly Focused – Regional – EuropeCPFIS-OA1.690.07%-2.17%1.11%
25Fidelity Funds – European Growth Fund SR-ACC-SGDHigher Risk – Narrowly Focused – Regional – EuropeCPFIS-OA1.69-0.02%-2.25%1.07%
26Fidelity Funds-Global Dividend Fund SR-ACC-SGDHigher Risk – Broadly DiversifiedCPFIS-OA1.690.57%6.31%8.07%
27Fidelity Funds-Global Dividend Fund SR-MINCOME(G)-SGDHigher Risk – Broadly DiversifiedCPFIS-OA1.690.57%6.28%8.07%
28Fidelity Funds - Greater China Fund SR-ACC-SGDHigher Risk – Narrowly Focused – Country – Greater ChinaCPFIS-OA1.730.55%28.39%11.01%
29Franklin Templeton Investment Funds – Franklin India Fund AS (acc)SGDHigher Risk – Narrowly Focused – Country – Country - OthersCPFIS-OA1.75-0.03%11.03%0.54%
30Franklin Templeton Investment Funds – Franklin U.S. Opportunities Fund AS (acc)SGD
Franklin Templeton Investment Funds – Franklin U.S. Opportunities Fund W (acc) SGD
Higher Risk – Narrowly Focused – Country – USA
Higher Risk – Narrowly Focused – Country – USA
CPFIS-OA1.71
-
1.02%
-
40.22%
-
22.36%
-
31Franklin Templeton Shariah Funds – Templeton Shariah Global Equity Fund AS (acc)SGDHigher Risk – Broadly DiversifiedCPFIS-OA1.750.01%7.98%1.63%
32FSSA Asian Growth Fund

FSSA Dividend Advantage Fund - Class A (Quarterly Distributing)
Higher Risk – Narrowly Focused – Regional – Asia

Higher Risk – Narrowly Focused – Regional – Asia
CPFIS-OA

CPFIS-OA
1.74

1.70
0.46%

0.59%
15.42%

18.62%
8.48%

10.10%
33FSSA Regional China FundHigher Risk – Narrowly Focused – Country – Greater ChinaCPFIS-OA1.680.58%27.02%11.93%
34Infinity Investment Series – Infinity Global Stock Index Fund (SGD Class)

Infinity Investment Series – Infinity Global Stock Index Fund (SGD Class C)

Infinity Investment Series – Infinity U.S. 500 Stock Index Fund (SGD Class)
Higher Risk – Broadly Diversified

Higher Risk – Broadly Diversified

Higher Risk – Narrowly Focused – Country – USA
CPFIS-OA0.75

-

0.70
0.46%

-

0.62%
12.79%

-

14.71%
9.22%

-

12.20%
35Legg Mason Martin Currie Southeast Asia Trust (Class A (SGD) Accumulating)Higher Risk – Narrowly Focused – Regional- AsiaCPFIS-OA1.73-0.35%-9.80%-5.56%
36LionGlobal Japan Growth Fund (SGD)

LionGlobal Japan Growth Fund SGD-Hedged Class
Higher Risk – Narrowly Focused – Country – Japan

Higher Risk – Narrowly Focused – Country – Japan
CPFIS-OA

CPFIS-OA
1.58

1.58
0.36%

0.19%
17.91%

14.13%
6.46%

4.79%
37Natixis International Funds (LUX) I - Harris Associates Global Equity Fund P/A (SGD)Higher Risk – Broadly DiversifiedCPFIS-OA1.750.06%6.38%3.08%
38Natixis International Funds (LUX) I - Harris Associates U.S. Equity Fund H-P/A (SGD)Higher Risk – Narrowly Focused – Country – USACPFIS-OA1.750.29%16.10%8.87%
39Nikko AM Japan Dividend Equity Fund-SGD Hedged Class UnitsHigher Risk – Narrowly Focused – Country – JapanCPFIS-OA1.72-0.10%-3.52%-0.16%
40Nikko AM Japan Dividend Equity Fund-SGD Class UnitsHigher Risk – Narrowly Focused – Country – JapanCPFIS-OA1.72-0.01%-0.19%1.24%
41Nikko AM Shenton Global Opportunities Fund SGD ClassHigher Risk – Broadly DiversifiedCPFIS-OA1.560.93%26.56%16.50%
42Nikko AM Shenton Japan Fund (S$) ClassHigher Risk – Narrowly Focused – Country – JapanCPFIS-OA1.120.06%8.25%2.36%
43Nikko AM Shenton Thrift FundHigher Risk – Narrowly Focused – Country – SingaporeCPFIS-OA0.88-0.11%-1.80%-0.76%
44PineBridge Asia Ex Japan Small Cap Equity Fund - Class A5CP

PineBridge Asia Ex Japan Small Cap Equity Fund - Class Y

PineBridge India Equity Fund - Class A5CP
Higher Risk – Narrowly Focused – Regional – Asia

Higher Risk – Narrowly Focused – Regional – Asia

Higher Risk – Narrowly Focused – Country – Country - Others
CPFIS-OA1.71

1.22

1.73
0.41%

0.37%

0.16%
21.55%

22.35%

24.99%
7.45%

8.02%

4.65%
45Pinebridge US Large Cap Research Enhanced Fund - Class A5CPHigher Risk – Narrowly Focused – Country – USACPFIS-OA1.70.41%10.64%8.46%
46Pinebridge US Large Cap Research Enhanced Fund - Class YHigher Risk – Narrowly Focused – Country – USACPFIS-OA1.170.38%11.19%9.00%
47Schroder Asian Equity Yield Fund SGD Class AHigher Risk – Narrowly Focused – Regional – AsiaCPFIS-OA1.740.17%13.92%4.15%
48Schroder Asian Growth Fund Class SGD A DisHigher Risk – Narrowly Focused – Regional – AsiaCPFIS-OA1.340.42%27.44%9.42%
49Schroder China Opportunities FundHigher Risk – Narrowly Focused – Country – Greater ChinaCPFIS-OA1.670.59%40.19%12.81%
50Schroder International Selection Fund China Opportunities USD C Acc (Only meant for ILPs to feed into)Higher Risk – Narrowly Focused – Country – Greater ChinaCPFIS-OA----
51Schroder Global Emerging Market Opportunities FundHigher Risk – Narrowly Focused – Regional – Emerging MarketCPFIS-OA1.620.41%19.63%9.44%
52Schroder International Selection Fund Greater China SGD F AccHigher Risk – Narrowly Focused – Country – Greater ChinaCPFIS-OA1.70.77%40.68%16.11%
53Schroder Singapore Trust SGD A DisHigher Risk – Narrowly Focused – Country – SingaporeCPFIS-OA1.32-0.19%-10.52%-2.12%
54Allianz Best Styles Global Equity Class ET (H2-SGD)Higher Risk – Broadly DiversifiedCPFIS-OAData not provided
55Allianz China A-Shares - Class PT (USD)Higher Risk - Narrowly Focused - Country - Greater ChinaCPFIS-OA
56Allianz Global Artificial Intelligence - Class ET (H2-SGD)Higher Risk - Narrowly Focused - Sector - OthersCPFIS-OA
57Natixis International Fund (LUX) I - Loomis Sayles U.S. Growth Equity Fund H-P/A (SGD)Higher Risk – Narrowly Focused – Country – USACPFIS-OA
58Schroder International Selection Fund - Global Sustainable Growth SGD F AccHigher Risk – Broadly DiversifiedCPFIS-OA
59Schroder International Selection Fund - Indian Opportunities SGD F AccHigher Risk – Narrowly Focused – Country - IndiaCPFIS-OA
60Schroder International Selection Fund - Sustainable Asian Equity SGD F AccHigher Risk – Narrowly Focused – Regional – AsiaCPFIS-OA
61United Global Quality Growth Fund – Class C SGD Acc (Hedged)Higher Risk – Broadly DiversifiedCPFIS-OA
62BlackRock Global Funds - Asian Dragon Fund (Class I)Higher Risk – Narrowly Focused – Regional – AsiaCPFIS-OAData not provided by Lipper
63Capital Group European Growth and Income Fund (LUX)Higher Risk – Narrowly Focused – Regional – EuropeCPFIS-OA
64Capital Group New Perspective Fund (LUX)Higher Risk – Broadly DiversifiedCPFIS-OA
65JPMorgan Funds – Asia Growth Fund (Class I)Higher Risk – Narrowly Focused – Regional – AsiaCPFIS-OA
66JPMorgan Funds - Global Research Enhanced Index Equity FundHigher Risk – Broadly DiversifiedCPFIS-OA
67Schroder International Selection Fund Emerging Asia USD C AccHigher Risk – Narrowly Focused – Regional – AsiaCPFIS-OA
68Schroder International Selection Fund Global Equity Alpha USD C AccHigher Risk – Broadly DiversifiedCPFIS-OA

Source: CPF

CPFIS OA And SA Unit Trusts

NumberName of Funds
(with 3-year performance statistics)
Risk ProfileIncluded under
CPFIS-OA/SA
Expense
Ratio
Sharpe Ratio1-Year Performance
Performance (annualised)
As at 31 December 2020
3-Year Performance (annualised)
As at 31 December 2020
1Eastspring Investments Unit Trusts – Asian Balanced FundMedium to High Risk – Narrowly Focused – Regional – AsiaCPFIS-OA & SA1.460.32%8.85%4.38%
2Eastspring Investments Unit Trusts – Singapore Select Bond Fund Class ALow to Medium Risk – Narrowly Focused – Country – SingaporeCPFIS-OA & SA0.621.09%8.30%5.36%
3Eastspring Investments Unit Trusts – Singapore Select Bond Fund Class ADLow to Medium Risk – Narrowly Focused – Country – SingaporeCPFIS-OA & SA0.621.10%8.30%5.37%
4First Sentier Bridge Fund - Class A (Semi-Annually Distributing)Medium to High Risk – Narrowly Focused – Regional – AsiaCPFIS-OA & SA1.430.66%12.11%7.31%
5Legg Mason Western Asset Global Bond Trust (Class A (SGD) Accumulating)

Legg Mason Western Asset Singapore Bond Fund (Class A (SGD) Accumulating)
Low to Medium Risk – Broadly Diversified

Low to Medium Risk – Narrowly Focused – Country – Singapore
CPFIS-OA & SA0.87

0.94
0.95%

0.73%
8.21%

4.43%
4.84%

3.16%
6Nikko AM Shenton Short Term Bond Funds - Nikko AM Shenton Short Term Bond Fund (S$) ClassLow to Medium Risk – Broadly DiversifiedCPFIS-OA & SA0.40.78%2.47%2.48%
7PineBridge International Funds - Singapore Bond FundLow to Medium Risk – Narrowly Focused – Country – SingaporeCPFIS-OA & SA0.850.96%7.27%4.46%
8Schroder Asian Investment Grade Credit Class A SGDLow to Medium Risk – Narrowly Focused – Regional – AsiaCPFIS-OA & SA0.90.65%4.29%4.31%
9Schroder Multi-Asset Revolution Class AMedium to Higher Risk – Broadly DiversifiedCPFIS-OA & SA1.510.49%12.43%6.51%
10Schroder Singapore Fixed Income Fund Class ALow to Medium Risk – Narrowly Focused – Country – SingaporeCPFIS-OA & SA0.690.97%6.71%4.07%
11United SGD Fund - Class A (ACC) SGDLow to Medium Risk – Broadly DiversifiedCPFIS-OA & SA0.670.60%3.06%2.41%
12United Singapore Bond Fund Class A SGD AccLow to Medium Risk – Narrowly Focused – Country – SingaporeCPFIS-OA & SA0.711.17%7.80%5.06%
13LionGlobal Short Duration Bond Fund Class A (SGD) (Dist)Low to Medium Risk – Narrowly Focused – Regional – AsiaCPFIS - OA & SA0.590.96%3.99%3.17%
14LionGlobal TEAM - Singapore Fixed Income Investment (Class A)Low to Medium Risk – Narrowly Focused – Country – SingaporeCPFIS-OA & SA0.681.02%7.11%4.31%
15Manulife Asia Pacific Investment Grade Bond Fund Class ALow to Medium Risk – Narrowly Focused – Regional – AsiaCPFIS-OA & SA0.90.58%6.02%4.16%
16Manulife Singapore Bond Fund (Class A)Low to Medium Risk – Narrowly Focused – Country – SingaporeCPFIS-OA & SA0.920.94%7.97%4.76%
17Schroder Global Quality Bond Class SGD Hedged F AccLow to Medium Risk – Broadly DiversifiedCPFIS-OA & SAData not provided
18AIA Singapore Bond FundLow to Medium Risk – Narrowly Focused – Country – SingaporeCPFIS-OA & SAData not provided by Lipper
19Schroder Multi-Asset Revolution 30 Class SGD A AccMedium to High Risk – Broadly DiversifiedCPFIS-OA & SA
20Schroder Multi-Asset Revolution 50Medium to High Risk – Broadly DiversifiedCPFIS-OA & SA
21Schroder Multi-Asset Revolution 70Medium to High Risk – Broadly DiversifiedCPFIS-OA & SA

Source: CPF

Here are the things you need to take note of according to CPF:

Please note that the figures shown in the above table are based on the past performance of the fund (data provided by Lipper) which may be due to the previous manager and not the current team. These funds do not have a 3-year track record under CPFIS yet as they were evaluated for inclusion based on their portfolio track record of comparable strategy.

  • Data not provided by Lipper are Funds that have met all new admission criteria:
  • The revised benchmark set at the top 25 percentile of funds in their global peer group;
  • Expense ratio (TER) that is not higher than that set by CPF Board by the respective risk class. The expense ratio criteria will also apply to existing funds from 1 January 2008 onwards;
  • 0% sales charge;
  • In addition, new funds applying for inclusion under CPFIS should preferably have a track record of good performance for at least three years.
  • Information for the unit trusts was updated on 2 Septemeber 2021.

In additioon, you need to know that the Sharpe Ratio is a measurement of a fund’s annualized return that is in excess of the risk-free rate (CPF Ordinary Account interest rate of 2.5%) and adjusted for the fund’s volatility.

The higher a fund’s Sharpe Ratio, the better its returns relative to the amount of risk taken.

Please note that in a declining market, Sharpe Ratio could be negative. Members should take a long term view and invest according to their risk profile and retirement needs.

2. CPF Investment Scheme Investment-Linked Insurance Products (ILPs) Annuities & Endowment Plans

In the past, you could invest in a wide range of annuities, endowment policies and ILPs.

Speaking of ILPs, the main difference between ILPs and unit trusts are that some ILPs have insurance coverage and investment components.

Your ILP premiums are used to invest in units in sub-funds chosen by you. Also, some of the units are actually sold to pay for insurance coverage and other fees.

If you are only looking to invest, you should consider unit trusts as some of the ILP sub-funds are offered as unit trust (i.e. without insurance coverage).

This is simply because, in this low-interest-rate environment, insurance companies are not selling endowment plans that offer a higher guaranteed return than the CPF OA and SA interest rates.

For now, there are about 119 ILPs you can buy.

CPFIS OA ILPs

No.Name of Funds
(With 3-year performance statistics)
Risk ClassIncluded under
CPFIS-OA/SA
Sharpe
Ratio
Expense Ratio 1-Year Performance
As at 31 December 2020
3-Year
Performance
(annualised)
As at 31 December 2020
1AIA Emerging Markets Equity FundHigher Risk-Narrowly Focused-Regional-Emerging MarketsCPFIS - OA0.41.7319.329.37%
2AIA Global Technology FundHigher Risk- Narrowly Focused-Sector-TechnologyCPFIS - OA1.31.7557.9330.54%
3AIA Greater China Equity FundHigher Risk-Narrowly Focused-Country-Greater ChinaCPFIS - OA0.541.7528.0910.89%
4AIA India Opportunities FundHigher Risk-Narrowly Focused-Country-Country-OthersCPFIS - OA0.121.7412.294.07%
5AIA Japan Equity FundHigher Risk-Narrowly Focused-Country-JapanCPFIS - OA0.021.667.561.76%
6AIA Portfolio 100Higher Risk-Broadly DiversifiedCPFIS - OA0.151.732.83.51%
7AIA Regional Equity FundHigher Risk-Narrowly Focused-Regional-AsiaCPFIS - OA0.361.6519.427.64%
8Aviva Schroder Multi Asset Revolution XMedium to High Risk-Broadly DiversifiedCPFIS - OA0.461.4112.016.58%
9AXA Asian Growth FundHigher Risk-Narrowly Focused-Regional-AsiaCPFIS - OA0.081.7513.512.63%
10AXA China Growth FundHigher Risk-Narrowly Focused-Country-Greater ChinaCPFIS - OA0.541.7528.210.89%
11AXA Fortress FundHigher Risk-Narrowly Focused-Country-SingaporeCPFIS - OA-0.431.75-10.93-5.51%
12AXA Global Emerging Markets Equity FundHigher Risk-Narrowly Focused-Regional-Emerging MarketsCPFIS - OA0.41.7519.379.18%
13AXA Global Equity BlendHigher Risk-Broadly DiversifiedCPFIS - OA0.81.7529.7215.95%
14AXA Global High Growth FundHigher Risk-Broadly DiversifiedCPFIS - OA0.561.7518.1810.42%
15AXA India FundHigher Risk- Country-OthersCPFIS - OA0.121.7512.034.03%
16AXA Pacific Equity FundHigher Risk-Narrowly Focused-Regional-AsiaCPFIS - OA0.481.7525.339.53%
17AXA Shariah Global Equity FundHigher Risk- Broadly DiversifiedCPFIS - OA0.011.757.91.63%
18AXA Singapore Equity FundHigher Risk-Narrowly Focused-Country-SingaporeCPFIS - OA-0.181.75-5.57-2.12%
19AXA Value Growth Fund XHigher Risk-Narrowly Focused-Regional-AsiaCPFIS - OA0.081.7513.472.64%
20GreatLink China Growth FundHigher Risk-Narrowly Focused-Country-Greater ChinaCPFIS - OA0.781.6240.7316.17%
21GreatLink Asia Pacific Equity FundHigher Risk-Narrowly Focused-Regional-AsiaCPFIS - OA0.491.5625.699.76%
22GreatLink European Equity FundHigher Risk- Narrowly Focused – Regional – EuropeCPFIS - OA-0.021.580.621.06%
23

24
GreatLink Global Emerging Markets Equity Fund

GreatLink Global Equity Alpha Fund
Higher Risk- Narrowly Focused – Regional – Emerging Markets

Higher Risk-Broadly Diversified
CPFIS - OA0.37

0.54
1.75

1.62
24.49

19.42
8.47%

10.31%
25GreatLink Global Perspective FundHigher Risk-Broadly DiversifiedCPFIS - OA0.681.6129.5413.05%
26GreatLink Global Real Estate Securities FundHigher Risk-Narrowly Focused-Sector-Sector-OthersCPFIS - OA0.051.67-8.552.31%
27GreatLink Global Technology FundHigher Risk-Narrowly Focused-Sector-TechnologyCPFIS - OA1.011.6444.5525.07%
28GreatLink Lifestyle Dynamic PortfolioHigher Risk-Broadly DiversifiedCPFIS - OA0.551.5524.7710.43%
29GreatLink Lifestyle Progressive PortfolioHigher Risk-Broadly DiversifiedCPFIS - OA0.61.521.449.27%
30GreatLink Lion Japan Growth FundHigher Risk-Narrowly Focused-Country-JapanCPFIS - OA0.231.5815.735.66%
31GreatLink Singapore Equities FundHigher Risk- Country-SingaporeCPFIS - OA-0.181.66-5.11-2.10%
32HSBC Insurance Ethical Global Equity Fund XHigher Risk-Broadly DiversifiedCPFIS - OA0.021.748.041.72%
33HSBC Insurance Pacific Equity Fund XHigher Risk-Narrowly Focused-Regional-AsiaCPFIS - OA0.421.6824.339.74%
34Manulife Asian Small-Cap Equity FundHigher Risk- Narrowly Focused – Regional – AsiaCPFIS - OA-0.041.621.660.70%
35Manulife European Equity FundHigher Risk-Narrowly Focused-Regional-EuropeCPFIS - OA-0.021.72-2.241.06%
36

37
Manulife Global Emerging Markets Fund

Manulife Golden Asia Growth Fund
Higher Risk-Narrowly Focused-Regional-Emerging Markets

Higher Risk-Narrowly Focused-Regional-Asia
CPFIS - OA0.31

0.36
1.74

1.75
23.29

19.06
7.47%

7.64%
38Manulife Golden Regional China FundHigher Risk-Narrowly Focused-Country-Greater ChinaCPFIS - OA0.41.7540.529.59%
39Manulife Golden Asia FundHigher Risk-Narrowly Focused-Regional-AsiaCPFIS - OA-0.311.64-9.19-4.58%
40Manulife Golden Singapore Growth FundHigher Risk-Narrowly Focused-Country-SingaporeCPFIS - OA-0.211.75-10.86-2.56%
41Manulife India Equity FundHigher Risk-Narrowly Focused-Country-Country-OthersCPFIS - OA0.131.7412.364.20%
42Manulife Japan Growth FundHigher Risk-Narrowly Focused-Country-JapanCPFIS - OA0.051.287.82.16%
43Manulife Pacific Equity FundHigher Risk-Narrowly Focused-Regional-AsiaCPFIS - OA0.171.7213.764.08%
44

45
NTUC AIM 2035

NTUC AIM 2045
Medium to High Risk-Broadly Diversified

Higher Risk-Broadly Diversified
CPFIS - OA0.47

0.44
1.21

1.23
13.79

14.59
6.86%

7.12%
46NTUC Global Equity FundHigher Risk-Broadly DiversifiedCPFIS - OA0.61.2812.1810.79%
47NTUC Global Managed Fund (Growth)Medium to High Risk-Broadly DiversifiedCPFIS - OA0.541.17.947.51%
48NTUC Global Technology FundHigher Risk-Narrowly Focused-Sector-TechnologyCPFIS - OA1.121.3355.4327.45%
49NTUC Singapore Equity FundHigher Risk-Narrowly Focused-Country-SingaporeCPFIS - OA-0.220.75-9.1-2.76%
50PruLink Adapt 2035Medium to High Risk-Broadly DiversifiedCPFIS - OA0.321.529.654.96%
51PruLink America FundHigher Risk-Narrowly Focused-Regional-North AmericaCPFIS - OA0.041.712.142.14%
52PruLink Asian Equity FundHigher Risk-Narrowly Focused-Regional-AsiaCPFIS - OA0.091.5310.532.91%
53PruLink Emerging Markets FundHigher Risk-Narrowly Focused-Regional-Emerging MarketsCPFIS - OA0.581.7528.6512.43%
54PruLink Global Equity FundHigher Risk-Broadly DiversifiedCPFIS - OA0.571.696.358.09%
55PruLink Greater China FundHigher Risk-Narrowly Focused-Country-Greater ChinaCPFIS - OA0.781.740.5416.07%
56PruLink India Equity FundHigher Risk - Narrowly Focused - Country - Country - OthersCPFIS - OA0.131.7412.414.21%
57PruLink Pan European FundHigher Risk-Narrowly Focused-Regional-EuropeCPFIS - OA0.061.735.172.61%
58PruLink Singapore Growth FundHigher Risk-Narrowly Focused-Country-SingaporeCPFIS - OA-0.171.44-5.18-1.95%
59TMLS China Equity FundHigher Risk - Narrowly Focused - Country - Greater ChinaCPFIS - OA0.61.7239.8912.98%
60

61
TMLS Global Emerging Markets Equity Fund

TMLS India Equity Fund
Higher Risk - Narrowly Focused- Regional-Emerging Markets

Higher Risk - Narrowly Focused - Country - Country - Others
CPFIS - OA0.38

0.13
1.74

1.72
22.89

12.03
8.46%

4.06%
62TMLS Multi-Asset 90 FundHigher Risk- Broadly DiversifiedCPFIS - OA0.471.7415.998.35%
63TMLS Singapore Equity FundHigher Risk - Narrowly Focused - Country - SingaporeCPFIS - OA-0.191.71-5.42-2.25%
64Manulife Dividend Advantage FundHigher Risk-Narrowly Focused-Regional-AsiaCPFIS - OADetails not available as at end Dec 2020
65TMLS Asian Equity Plus FundHigher Risk-Narrowly Focused-Regional-AsiaCPFIS - OA

Source: CPF

CPFIS OA And SA ILPs

No.Name of Funds
(With 3-year performance statistics)
Risk ClassIncluded under
CPFIS-OA/SA
Sharpe
Ratio*
Expense Ratio1-Year
Ratio Performance
As at 31 December 2020
3-Year
Performance
(annualised)
As at 31 December 2020
1AIA Acorns of Asia FundMedium to High Risk-Narrowly Focused-Regional-AsiaCPFIS - OA & SA0.451.5419.396.84%
2AIA Emerging Markets Balanced FundMedium to High Risk-Narrowly Focused-Regional-OthersCPFIS - OA & SA0.521.5415.727.84%
3AIA Global Balanced FundMedium to High Risk-Broadly DiversifiedCPFIS - OA & SA0.381.557.325.14%
4AIA Global Bond FundLow to Medium Risk-Broadly DiversifiedCPFIS - OA & SA0.930.958.224.77%
5AIA Greater China Balanced FundMedium to High Risk-Narrowly Focused-Country-Greater ChinaCPFIS - OA & SA0.661.5519.68.46%
6AIA Growth FundMedium to High Risk-Narrowly Focused-Country-SingaporeCPFIS - OA & SA-0.061.28-3.360.55%
7AIA India Balanced FundMedium to High Risk-Narrowly Focused-Country-OthersCPFIS - OA & SA0.241.5510.824.54%
8AIA Japan Balanced FundMedium to High Risk-Narrowly Focused-Country-OthersCPFIS - OA & SA0.141.557.22.69%
9AIA Portfolio 30Low to Medium Risk-Broadly DiversifiedCPFIS - OA & SA0.730.9410.815.83%
10AIA Portfolio 50Medium to High Risk-Broadly DiversifiedCPFIS - OA & SA0.531.5511.646.10%
11AIA Portfolio 70Medium to High Risk-Broadly DiversifiedCPFIS - OA & SA0.451.5512.686.79%
12AIA Regional Fixed Income FundLow to Medium Risk-Narrowly Focused-Country-SingaporeCPFIS - OA & SA1.060.877.994.78%
13AXA Asian Balanced FundMedium to High Risk-Narrowly Focused-Regional-AsiaCPFIS - OA & SA0.471.5518.776.81%
14AXA Global Balanced FundMedium to High Risk-Broadly DiversifiedCPFIS - OA & SA0.531.5511.56.05%
15AXA Global Defensive FundLow to Medium Risk-Broadly DiversifiedCPFIS - OA & SA0.920.958.094.69%
16AXA Global Growth FundMedium to High Risk-Broadly DiversifiedCPFIS - OA & SA0.451.5512.716.78%
17AXA Global Secure FundLow to Medium Risk-Broadly DiversifiedCPFIS - OA & SA0.740.9510.755.82%
18AXA Short Duration Bond FundLow to Medium Risk-Broadly DiversifiedCPFIS - OA & SA0.390.952.712.05%
19AXA Singapore Balanced FundMedium to High Risk-Narrowly Focused-Country-SingaporeCPFIS - OA & SA-0.11.55-3.020.27%
20AXA Singapore Bond FundLow to Medium Risk-Narrowly Focused-Country-SingaporeCPFIS - OA & SA1.10.957.584.85%
21GreatLink Global Bond FundLow to Medium Risk-Broadly DiversifiedCPFIS - OA & SA0.860.897.024.30%
22GreatLink Global Supreme FundMedium to High Risk-Broadly DiversifiedCPFIS - OA & SA0.591.3810.866.25%
23GreatLink Lifestyle Balanced PortfolioMedium to High Risk-Broadly DiversifiedCPFIS - OA & SA0.681.3317.788.05%
24GreatLink Lifestyle Secure PortfolioLow to Medium Risk-Broadly DiversifiedCPFIS - OA & SA1.030.9810.325.50%
25GreatLink Lifestyle Steady PortfolioMedium to High Risk-Broadly DiversifiedCPFIS - OA & SA0.831.1414.226.91%
26GreatLink Lion Asian Balanced FundMedium to High Risk-Narrowly Focused-Regional-AsiaCPFIS - OA & SA0.681.3917.417.25%
27GreatLink Short Duration Bond FundLow to Medium Risk-Narrowly Focused- Regional- AsiaCPFIS - OA & SA0.930.613.923.11%
28HSBC Insurance Global Bond Fund XLow to Medium Risk-Broadly DiversifiedCPFIS - OA & SA0.960.958.014.82%
29

30
Manulife Golden
Balanced Growth Fund

Manulife Golden International Bond Fund
Medium to High Risk-Narrowly Focused-Country-Singapore

Low to Medium Risk-Broadly Diversified
CPFIS - OA & SA-0.07

0.94
1.49

0.91
-3.88

8.15
0.53%

4.89%
31Manulife Income Series – Asia Pacific Investment Grade Bond FundLow to Medium Risk-Narrowly Focused-Regional-AsiaCPFIS - OA & SA0.570.945.934.13%
32Manulife Income Series – Asian Balanced FundMedium to High Risk-Narrowly Focused – Regional-AsiaCPFIS - OA & SA0.241.5410.764.01%
33

34
Manulife Singapore Bond Fund

NTUC AIM 2025
Low to Medium Risk-Narrowly Focused-Country-Singapore

Medium to High Risk-Broadly Diversified
CPFIS - OA & SA0.95

0.63
0.95

1.19
7.94

10.97
4.72%

5.85%
35NTUC AIM NOWLow to Medium Risk-Broadly DiversifiedCPFIS - OA & SA0.570.945.934.13%
36NTUC Asia Managed FundMedium to High Risk-Narrowly Focused-Regional-AsiaCPFIS - OA & SA0.591.2222.449.27%
37NTUC Global Bond FundLow to Medium Risk-Broadly DiversifiedCPFIS - OA & SA0.710.885.314.75%
38NTUC Global Managed Fund (Balanced)Medium to High Risk-Broadly DiversifiedCPFIS - OA & SA0.661.078.177.14%
39NTUC Global Managed Fund (Conservative)Medium to High Risk-Broadly DiversifiedCPFIS - OA & SA0.790.987.676.36%
40NTUC Prime FundMedium to High Risk-Narrowly Focused-Regional-AsiaCPFIS - OA & SA0.071.083.812.10%
41NTUC Singapore Bond FundLow to Medium Risk-Narrowly Focused-Country-SingaporeCPFIS - OA & SA1.110.538.915.49%
42NTUC Singapore Managed FundMedium to High Risk-Narrowly Focused-Country-SingaporeCPFIS - OA & SA-0.061.08-1.080.72%
43PruLink Adapt 2025Medium to High Risk-Broadly DiversifiedCPFIS - OA & SA0.421.527.854.19%
44PruLink Asian American Managed FundMedium to High Risk-Narrowly Focused-AsiaCPFIS - OA & SA0.321.488.834.38%
45Prulink Asian Income and Growth FundMedium to High Risk - Narrowly Focused - Regional - AsiaCPFIS - OA & SA0.481.4614.726.49%
46PruLink Global Bond FundLow to Medium Risk-Broadly DiversifiedCPFIS - OA & SA0.760.778.474.82%
47PruLink Global Managed FundMedium to High Risk-Broadly DiversifiedCPFIS - OA & SA0.491.5212.246.43%
48PruLink Singapore ASEAN Managed FundMedium to High Risk-Narrowly Focused – Region – AsiaCPFIS - OA & SA-0.221.43-5.56-1.80%
49Prulink Singapore Dynamic Bond FundLow to Medium Risk-Narrowly Focused-Country-SingaporeCPFIS - OA & SA1.090.628.345.37%
50TMLS Global Bond FundLow to Medium Risk-Broadly DiversifiedCPFIS - OA & SA0.540.842.92.30%
51TMLS Singapore Bond FundLow to Medium Risk-Narrowly Focused-Country-SingaporeCPFIS - OA & SA0.70.934.293.08%
52

53

54
TMLS Multi-Asset 30 Fund

TMLS Multi-Asset 50 Fund

TMLS Multi-Asset 70 Fund
Medium to High Risk - Broadly Diversified

Medium to High Risk - Broadly Diversified

Medium to High Risk - Broadly Diversified
CPFIS - OA & SA0.69

0.53

0.46
1.45

1.53

1.53
10.01

11.66

12.40
5.61%

6.07%

6.86%

Source: CPF

3. CPF Investment Scheme Singapore Government bonds (SGBs) And Singapore Treasury Bills (T-Bills)

In addition, you can invest in Singapore Government Bonds (SGBs) and Singapore Treasury Bills (T-Bills) using your CPF OA and SA funds.

Here are the differences between these products:

Source: MAS

But, do note that you cannot invest in the Singapore Savings Bonds (SSB) using your CPF OA or SA.

The subsequent issuance for SGBs, N521100V 5-Year SGS (Market Development), will be on 27 October 2021.

Whereas the subsequent issuance for T-bills, the 6-Month T-bill and the BY21103E 1-Year T-bill will be on 14 October 2021.

4. CPF Investment Scheme Exchange-Traded Funds (ETFs)

As for exchange-traded funds (ETFs), you can only invest in the following ETFs using only your CPF OA:

  • SPDR Straits Times Index ETF (SGX: ES3)
  • Nikko AM Singapore STI ETF (SGX: G3B)
  • ABF Singapore Bond Index Fund (SGX: A35)
  • SPDR Gold Shares (SGX: O87)*
  • Nikko AM SGD IG Corporate Bond ETF (SGX: MBH)

Do note that gold is subject to a CPF investment limit described below.

5. CPF Investment Scheme Shares, Property Funds Ad Corporate Bonds

In addition, you can invest in a list of approved shares, property funds and corporate bonds on the Singapore Exchange (SGX) using your CPF OA.

But do note that you can only invest up to 35 per cent of your investible savings for this category of investment products.

The complete list of approved stocks, property funds and corporate bonds can be found here:

Source: SGX

6. CPF Investment Scheme Gold

Last but not least, we have gold.

Source: Giphy

Do note that you can only use your CPF OA funds to invest in gold.

Also, you can only invest up to 10 per cent of your investible savings for gold.

There are two options you can choose from either the SPDR Gold Shares (SGX: O87) ETF or buy gold certificates, gold bullion coins, gold bars or open a gold savings accounts wtih UOB.

How To Invest CPF OA IS And CPF SA Funds

Also, if you would like to invest your CPF funds, we have written a guide you might want to check out:

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About Joel Koh
History student turned writer at Seedly. Before you ask, not a teacher. My time as a history student has equipped me with the skills to evaluate the impact societal development has on financial and nonfinancial events.
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