The average one-year return of the 230 or so funds was 9.69 per cent on a cumulative basis over the 12 months to June 30, 2024.
That was well under the MSCI World Index's return of 20.36 per cent and the 13.05 per cent racked up by MSCI All Country Asia excluding Japan, Morningstar noted.
Mr Arvind Subramanian, a senior analyst at the research house, said CPFIS funds cover diverse categories globally, with a relatively higher concentration of Asia-focused funds than the MSCI World Index, which has more than 70 per cent weighting in the well-performing US market.
"Given the divergence in the performance between US and Asia equities, that tends to limit the performance of CPF funds," he said.
This story is from the August 24, 2024 edition of The Straits Times.
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This story is from the August 24, 2024 edition of The Straits Times.
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