StashAway’s H1 2026 Returns

17 July 2025

After a volatile start to the year, the second quarter of 2026 brought a rotation back into risk assets. Global equities rallied on strong tech earnings, led by AI-related stocks. Gold, which had climbed to a record high early in the year, gave back those gains as US interest rates repriced higher under new Federal Reserve Chair Kevin Warsh and the dollar strengthened. (Whether the risk rally can hold into the second half is the question we take up in our 2026 Mid-Year Outlook: Half-time for the bulls.)

These dynamics produced a wide divergence in returns across asset classes, as illustrated below in Chart 1. Global equities ended the first half up 11.4%, recovering from a drawdown of about 5% in early April. Ultra-short-dated US Treasuries – which function as cash equivalents – returned 1.8%, and global bonds finished roughly flat at -0.4%.Gold saw the biggest reversal, from rapid year-to-date gains of more than 20% in Q1 to a 7.4% loss by the end of H1.

Against this backdrop, our General Investing portfolios powered by StashAway (GISA) delivered strong returns through H1 and outperformed their benchmarks across all risk levels over the period. GISA gained 5.9% on average – ranging from 1.4% for the lowest-risk portfolio to 11.7% for the highest-risk – an outperformance of 0.8 percentage points on average versus traditional equity-bond benchmarks, illustrated in Chart 2. Its outperformance was most apparent during the sell-off toward the end of Q1, when GISA portfolios led their benchmarks by more than 2 percentage points on average. That advantage came from asset allocation: a diversified mix of global equities, bonds, gold, and cash equivalents, with gold leading early and equities carrying returns as they rallied.

These portfolios remain driven by our Economic Regime-based Asset Allocation (ERAA®) investment framework. By positioning portfolios across global equities, bonds, and gold based on the prevailing macro environment, ERAA® helps manage risks such as inflation shocks and geopolitical uncertainty while ensuring portfolios remain broadly diversified and resilient across market cycles.

Here’s how the portfolios on our platform performed to-date 2026:

General Investing portfolios powered by StashAway

StashAway's General Investing (GISA) portfolios, guided by ERAA®, delivered solid positive returns across all risk levels through a volatile first half, staying ahead of their equity-bond benchmarks. The portfolios returned 5.9% on average in USD terms (6.6% in SGD terms), compared to average benchmark returns of 5.0% in USD terms.

Over the rolling 12 months to 30 June 2026, the portfolios also delivered strong returns across all risk levels, with gains of 13.8% on average in USD terms (15.8% in SGD terms), versus 12.4% for their respective same-risk benchmarks in USD terms.

Our asset allocation captured the rebound in risk assets

Our portfolios were positioned to take part in the recovery in Q2. As risk assets rallied, equity exposure across regions and sectors drove returns, while shorter-dated bonds added stability as yields rose. Diversification across asset classes keeps the portfolios resilient through changing market conditions, which matters more over time than the result of any single quarter.

Equities were the largest contributor over H1, with a smaller positive contribution from fixed income. Gold detracted modestly, having given back its early-year gain during the second quarter, though it remains a valuable diversifying asset in portfolios over a longer time horizon.

Global and sector exposures led equity returns

Equities were the biggest driver of returns in the first half, and the gains were broad-based. Information technology was the single largest contributor as the AI investment cycle lifted the sector, which gained around 30% over the half. Global equities ex-US were the largest equity contributor after technology and held up better than US exposures during the Q1 sell-off. US large-caps, including the broad S&P 500, added as the market rebounded in Q2, led by technology. Currency-hedged Japan equities also added, as the hedge removed the currency drag from a weaker yen. (For more, see CIO Insights: Japan – still rising.) Indian equities were the main detractor.

Over the 12 months, the ranking was broadly similar: global equities excluding the US and broad global equities were the largest contributors, with information technology close behind. Indian equities were again the main detractor.

Bonds contributed positively to returns, led by ultra-short duration

Our exposures to fixed income made a small positive contribution to returns. Ultra-short duration US Treasuries – which function as cash equivalents – were the largest contributor within the asset class, with ex-US investment-grade and emerging market bonds adding support. Global government and aggregate bonds detracted modestly as yields rose.

Bond markets repriced for stickier inflation worldwide as an energy-price shock lifted global inflation. The European Central Bank delivered its first rate hike since 2023, and some market participants even began pricing a possible US rate rise by year-end. (As we shared in our H2 outlook, we believe that is premature.) The portfolios' shorter-dated exposures cushioned the impact, as short-duration bonds are less sensitive to rising yields.

The dynamics were similar over the 12 months: ultra-short duration US Treasuries led the contribution, followed by emerging market bonds, high-yield credit, and inflation-linked bonds. Global government bonds were the only fixed-income detractor over the period.

Gold gave back early gains but stays a long-term diversifier

Gold detracted modestly over the first half, but only after a sharp round trip. It set a series of record highs early in 2026, briefly trading above $5,500 USD an ounce in late January. It then fell back towards $4,000 USD an ounce by late June, closing the half down 7.4%. The reversal came as the US dollar strengthened and US yields rose. Momentum-driven profit-taking, after gold's exceptional 2025, amplified the pullback.

Over the past 12 months, gold was one of the largest contributors to portfolio returns. Steady central-bank buying continued to underpin demand, while elevated global government spending kept longer-term inflation risks in focus. (For more, see our 2026 Macro Outlook: Just the FACTs.) Together, these reinforce gold's role as a long-term diversifier, even after the pullback in Q2.

General Investing portfolios powered by BlackRock

General Investing portfolios powered by BlackRock (GIBR) delivered positive returns across all risk levels through H1, finishing modestly ahead of their benchmarks. The portfolios returned 8.0% on average in USD terms (8.7% in SGD terms), compared to average benchmark returns of 7.9%.

Over the trailing 12 months to 30 June 2026, the portfolios delivered stronger returns of 18.8% on average in USD terms (20.8% in SGD terms), compared to 17.2% for their benchmarks.

Here’s a detailed commentary on the latest reoptimisation by BlackRock.

Responsible Investing portfolios

The Responsible Investing (RI) portfolios optimise for both long-term returns and ESG impact. They delivered solid absolute returns in H1 which were broadly in line with their benchmarks. For the year to end-June, they posted 6.3% on average in USD terms (7.0% in SGD terms). That compares with 6.4% on average for their same-risk benchmarks in USD terms. US large-cap ESG equities, global ESG-screened equities, and currency-hedged Japan equities led performance over the half, while gold and India equities weighed slightly on returns.

Zooming out to the past 12 months, they returned 16.5% on average in USD terms (18.6% in SGD terms). That compares with 15.3% on average for their same-risk benchmarks in USD terms. The same two ESG equity holdings – US large-cap and global ESG-screened equities – drove returns over the period, with gold the third-largest contributor. India equities were the largest detractor over the 12 months, and global government bonds dragged slightly.

Thematic Portfolios

Thematic Portfolios offer direct exposure to long-term structural trends, from artificial intelligence and digitalisation to healthcare and the energy transition. This targeted exposure can make them more sensitive to market cycles. This half, that showed up in a wide spread of returns across the four portfolios, though all four finished the first half in positive territory. Of the four themes, Technology Enablers led, driven by the growth in semiconductors and artificial intelligence in the first half of the year, while Environment and Cleantech was the strongest performer across the 12 month period.

Technology Enablers

The Technology Enablers portfolios returned 14.0% on average in USD terms (14.8% in SGD terms) for the year to end-June.

Over the past 12 months, they were up 22.1% on average in USD terms (24.2% in SGD terms).

Semiconductors, artificial intelligence and cybersecurity led gains in the first half of 2026, with blockchain adding further support, while software was the main detractor. Looking across the past 12 months, semiconductors and artificial intelligence remain the largest contributors, with software the only detractor. Record data-centre buildout from hyperscalers kept demand for chips high, which fed through to semiconductors and the AI names most exposed to that spending. Software lagged as the market weighed how far AI could erode traditional software business models. (For our take on the sector, see CIO Insights: Ctrl+Alt+Delete on software?)

Future of Consumer Tech

The Future of Consumer Tech portfolios returned 1.2% on average in USD terms (1.9% in SGD terms) for the year to end-June.

Over the past 12 months, they were up 3.8% on average in USD terms (5.6% in SGD terms).

Future mobility was the standout contributor over both periods, while fintech and video gaming & esports were the main detractors in each period. Fintech fell as higher yields compressed valuations for higher-growth names. Video gaming and esports declined on weaker consumer-discretionary sentiment.

Healthcare Innovation

The Healthcare Innovation portfolios returned 3.3% on average in USD terms (4.0% in SGD terms) for the year to end-June.

Over the past 12 months, they were up 19.5% on average in USD terms (21.6% in SGD terms).

Biotechnology and pharmaceuticals drove returns over both the first half and the past 12 months, with medical devices the largest detractor in each period. Biotechnology led a broad recovery across healthcare, supported by a strong revival in biopharma dealmaking and growing use of AI in drug discovery.

Environment and Cleantech

The Environment and Cleantech portfolios returned 12.4% on average in USD terms (13.1% in SGD terms) for the year to end-June.

Over the past 12 months, they were up 25.0% on average in USD terms (27.2% in SGD terms).

Future mobility, clean energy and smart grid infrastructure led gains over both the first half and the past 12 months, with uranium miners adding support in each period. The theme has been reshaped by the same trend driving tech: surging electricity demand from AI data centres. That demand has revived interest in nuclear power as a clean and reliable way to meet rising power needs, while also supporting the clean energy and grid infrastructure sectors.

Shariah Global Portfolios

The Shariah Global Portfolios, launched in August 2025, invest in Shariah-compliant assets – Shariah-screened global equities and global sukuk (Islamic bonds). Since launching in August 2025, they have returned 22.5% on average in USD terms (23.5% in SGD terms).

Over the first half of 2026, the portfolios returned 12.1% on average in USD terms (12.8% in SGD terms).

Since launch, gains have been led by US Shariah-compliant equities and Shariah-screened global equities, with emerging-market Shariah-compliant equities adding further support. Both gold and global sukuk have also contributed positively. The picture over the first half was similar, though gold turned into a detractor over that period.

Income Investing portfolio powered by J.P. Morgan Asset Management

As of May 2026, the Income Investing portfolio powered by J.P. Morgan Asset Management saw returns of 5.4% over a 12 months rolling period. Over the six months up to May 2026, the portfolio delivered 0.9% (Note: Returns are net of fund manager fees, but before a 0.5% per annum rebate).

While recent geopolitical events have introduced volatility and uncertainty, J.P. Morgan Asset Management believes the fundamental drivers of global growth and market resilience remain intact. The prospect of an agreement between the US and Iran, alongside market expectations for the reopening of the Strait of Hormuz, points to an improving backdrop, and they expect global growth to remain broadly around trend, supported by strong tech-sector momentum and ongoing fiscal support. Historically, geopolitical-driven drawdowns have proven temporary unless accompanied by recession risk, which they do not currently see as the base case.

That said, they are monitoring whether a more prolonged energy shock could lead to stickier inflation, and have scaled back their expectations for a Federal Reserve policy pivot this year, now anticipating that rates will remain on hold through 2026 with potential cuts in 2027.

Against this backdrop, they have made a modest adjustment to incrementally increase credit exposure, reducing allocations to the Global Bond Opportunities Fund and adding to global high-yield bonds, alongside a modest increase in emerging market debt, where they see scope to enhance the portfolio's income potential.

Overall, the portfolio remains selectively pro-risk, reflecting improved comfort in taking selective credit risk while maintaining a disciplined and diversified risk profile. Consistent with a long-term approach, J.P. Morgan Asset Management continues to look through near-term market noise and focus on longer-term fundamentals to generate sustainable income with a prudent level of risk.

(For more on the latest reoptimisation and JPMAM's market commentary, read: Income Investing Reoptimisation: July 2026.)

Singapore Investing

The Singapore Investing portfolio delivered a positive return of 3.7% in SGD terms over the first half of 2026. Over the past 12 months, returns stood at 10.3%.

Gains were led by Singapore equities, the portfolio's largest contributor in both periods, as the Straits Times Index climbed higher. Standouts were concentrated in the financial sector – including Singapore Exchange (SGX) and banks like OCBC, which were lifted by higher market trading volumes and a regional wealth-management boom. Asia high-yield bonds and Singapore government bonds added further support, with Singapore investment-grade corporate bonds also contributing. Singapore REITs were the only detractor over the first half, though they turn positive when zooming out over the past 12 months.

Simple & Simple Plus cash management portfolios

The Simple portfolio returned 0.7% in SGD terms over the first half of 2026, continuing to deliver stable performance as short-term SGD yields drifted lower. Over the past 12 months, the portfolio returned 1.7% in SGD terms. Given the ultra-short duration of its underlying securities, Simple is designed to prioritise stability and capital preservation – positioning that lets it capture short-term yields while managing volatility.

The Simple Plus portfolio returned 1.0% in SGD terms over the first half, and 2.8% over the past 12 months. The short-duration bond funds that make up most of the portfolio were the main driver across both time periods. Income remained a steady contributor to returns, and after a drawdown in March, when yields rose and bond prices fell, the funds recovered through Q2 to finish higher. The ultra-short duration allocation contributed steady income on top.

Disclaimers:

Model portfolio returns are expressed in gross terms before fees, withholding taxes, and reclaims on dividends. They are provided only as a gauge of pure performance before other items.

Actual account returns may deviate from the model portfolios due to differences in the timing of trade execution (e.g. during the day vs close), timing differences and intraday volatility of reoptimisation and rebalancing, fees, dividend taxes and reclaims, etc.

Past performance is not a guarantee for future returns. Before investing, investors should carefully consider investment objectives, risks, charges and expenses, and if need be, seek independent professional advice.

This communication is not and does not constitute or form part of any offer, recommendation, invitation or solicitation to purchase any financial product or subscribe or enter any transaction.

This communication does not take into account your personal circumstances, e.g. investment objectives, financial situation or particular needs, and shall not constitute financial advice. You should consult your own independent financial, accounting, tax, legal or other competent professional advisors.

This information should not be relied upon as investment advice, research, or a recommendation by BlackRock regarding (i) the iShares Funds, (ii) the use or suitability of the model portfolios or (iii) any security in particular. Only an investor and their financial advisor know enough about their circumstances to make an investment decision. Past Performance is not a reliable indicator of future results and should not be the sole factor of consideration when selecting a product or strategy.

For StashAway General Investing portfolios that are powered by BlackRock, BlackRock provides StashAway with non-binding asset allocation guidance. StashAway manages and provides these portfolios to you, meaning BlackRock does not provide any service or product to you, nor has BlackRock considered the suitability of its asset allocations against your individual needs, objectives, and risk tolerance. As such, the asset allocations that BlackRock provides do not constitute investment advice, or an offer to sell or buy any securities.

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