JULY 2017 PORTFOLIO PERFORMANCE (%)

Market Highlights

• All equity markets returned positively for the month of July with China equities (H-shares) leading the way.
• In the midst of all the uncertainty within the Trump administration, U.S. equity markets continue to touch new highs in the month of July. The volatility of the U.S. equity market continues to remain suppressed with VIX closing below 10 on several occasions.
• European Central Bank was initially hawkish on their monetary policies before reversing their stance within days. However, the indecisiveness of the central bank did not dampen the recovery of the European equity markets.
• China, together with Asian markets, rallied as the One-Belt-One-Road initiative starts to unroll.

STRATEGIC ASSET ALLOCATION

INSTRUMENTS FOR PHILLIP ETF MODEL PORTFOLIOS