Broker: DBS Bank
Date of Report: 7 April 2026
Excerpt from DBS Bank report.
Report Summary
- Key Idea: In the current environment, there is no single safe haven asset. DBS recommends a diversified multi-asset portfolio to manage macro and geopolitical risks.
- Actionable Insights & ETF Focus:
- Gold (GLD US): Use as a strategic hedge. No explicit buy/sell rating or target price, but highlighted as a hedge against uncertainty and volatility.
- Oil (XLE US): Position as a volatility play. No explicit call or target price, but noted as responsive to geopolitical risks, especially in the Middle East.
- US Bonds (AGG US): Recommended as a portfolio ballast and defensive holding. The iShares Core U.S. Aggregate Bond ETF offers broad exposure and liquidity. No explicit buy/sell or target price, but advocated for risk reduction in portfolios.
- US Low Volatility Equities (SPLV US): Invesco S&P 500 Low Volatility ETF is suggested for downside protection. No explicit buy/sell or target price.
- Singapore Equities (STTF SP): SPDR Straits Times Index ETF is highlighted as a regional defensive play and local safe haven, benefitting from sector mix and dividend support. No explicit buy/sell or target price.
- Performance Highlights (as of Mar 31, 2026):
- Gold: 1-year return +49.4%
- Brent Crude: 1-year return +58.3%
- SPDR Straits Times Index ETF (STTF SP): 1-year return +35.1%
- iShares Core U.S. Aggregate Bond ETF (AGG US): 1-year return +3.8%
- Invesco S&P 500 Low Volatility ETF (SPLV US): 1-year return +7.9%
- Most Important Idea: Investors should build a portfolio diversified across gold, oil, US bonds, low-volatility US equities, and Singapore equities for resilience in volatile markets. No single asset is recommended as a universal safe haven.
above is an excerpt from a report by DBS Bank. Clients of DBS Bank can be the first to access the full report from the DBS Bank website : https://www.dbs.com
