Lion Global Dynamic Growth USD Q1 2022 commentary

SaxoSelect Commentaries
Asset classes Stocks (developed and emerging markets), bonds (investment grade and high yield) and commodities
Instruments tradedETFs and mutual funds
Investment style Bottom-up research and selection of best-in-class ETFs and mutual funds
Quarterly return-8.81% (net of fees)
Annualised volatility (since inception)9.7%

Market overview 

Global equities markets were challenged in the first quarter of 2022 as rising rates, higher oil prices and the Ukraine-Russia war raised risk averseness amongst investors. MSCI World Index was down 5.5 percent in USD terms, with Europe and Japan down 8.4 and 7.6 percent respectively.

Asia was also down about 6 percent, dragged down by Chinese equities (-14.2 percent). US equities was the best performing market, down 5.3 percent with Technology, Consumer and Communication doing badly and Financials, Energy and value stocks doing better. US 10-year treasury yields climbed from 1.51 to 2.34 percent as the Federal Reserve (Fed) remained hawkish, and economists expect 7 to 8 rate hikes this year as the Fed combats rising or elevated inflation. As yield curves continues to flatten, investors worry about an imminent recession. Bonds also registered negative returns as widening credit spreads and rising rates hurt their marked values. 

During the first quarter of this year, the USD strengthened by 2.8 percent against most currencies. This, coupled with rising oil prices ($100-105/barrel), hurt emerging markets, including Asia. China’s slower economic growth and measured policy support concerned investors on the economic outlook for the Asian region. In China, the real estate sector continues to remain plagued by overleveraged companies struggling to meet their bond or debt payment obligations. 

Portfolio performance (net of fees)* 

Jan -7.11%
Feb -2.40%
Mar 0.58%
Since inception (January 2016)76.76%

Investment performance of the managed portfolio reflected for the period prior to the launch on 25/02/21 is simulated past performance, based on back-tested performance of portfolio components. For more detailed information, see the full disclosure in the disclaimer section of the commentary.  

Portfolio Allocation (as of 31/03/22) 


Following the Fed’s March 2022 meeting, Powell indicated action on inflation and raised the possibility of more aggressive rate hikes ahead. He acknowledged that it was time for historically easy policies to end, with balance sheet reduction set to commence in May 2022. The European Central Bank also surprised markets with plans to wind down stimulus sooner than planned, but gave itself more flexibility on the timing of a potential rate hike this year amid the geopolitical uncertainty. In China, policymakers reiterated their commitment to shore up the economy. They pledged to stabilise challenged financial markets, support overseas stock listings, ease the regulatory restraints on Big Tech and implement measures to defuse risks for property developers.  

Inflation may be peaking, but will remain higher for longer due to the commodity crunch and persistent supply shortages driven by a lack of capital expenditure spending. Official inflation data in the US has also yet to fully account for wage growth and rising rents. As a result, major central banks are expected to remain on the tightening path to bring down inflation. Meanwhile, there are reasons to be positive on Asia, centred on the policy pivot in China. Authorities will have to follow through on their easing pledge with concrete and substantive measures in order to bring the economy closer to the growth target of 5.5 percent. However, policy implementation takes time, and is only expected to boost economic growth in the second half of 2022. On the Russia-Ukraine conflict, the potential outcomes of the war vary greatly. Prospects of a quick resolution appear dim for now and the war seems to be entering a stalemate phase. 


*Investment performance of the managed portfolio reflected for the period prior to the launch is simulated based on the actual past performance of the portfolio’s constituent funds and fixed asset allocation and weights of these constituent funds in the portfolio. Past performance of the constituent funds is not indicative of their future performance which is subject to risks, uncertainties and many factors. Actual weights and allocations of the constituent funds to the portfolio may also vary over time and differ from the weight and allocation assumptions used in generating the portfolio’s pre-launch performance numbers.  Actual performance of the managed portfolio may therefore differ materially from such simulated performance, which should be read only with these qualifications in mind.

Lion Global Investors Limited (“Lion Global”) curates and provides model portfolios for Saxo Capital Markets Pte Ltd (“Saxo Capital Markets”) who has full discretion to accept, reject or make investment decisions that are independent of or differ from, the model portfolio. Lion Global does not manage or execute trades for any managed portfolio, product or service offered by Saxo Capital Markets or its affiliates and does not provide investment advice or investment recommendations to clients of Saxo Capital Markets or its affiliates. Lion Global has no obligation or liability in connection with the operation, marketing, trading, suitability or sale of any managed portfolio, product or service offered by Saxo Capital Markets nor does Lion Global have any obligation or liability to any client or potential client of Saxo Capital Markets. As such, Lion Global will not be liable to any client or potential client of Saxo Capital Markets for any losses, damages, costs or expenses associated with any model portfolio provided to Saxo Capital Markets. Prospective investors should read the prospectus and Product Highlights Sheet of the funds which may be obtained from the respective fund sponsors. The performance of a fund is not guaranteed and the value of units in a fund and the income accruing to the units, if any, may rise or fall. Past performance are not necessarily indicative of the future or likely performance of a fund. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.

Lion Global Investors® Limited (UEN/ Registration No. 198601745D). 

Any information found in this document, including performance information and statistics are subject to change. You can find the latest updated pricing information on the description page for each available portfolio. In providing this material Saxo Bank has not taken into account any particular recipient’s investment objectives, special investment goals, financial situation, and specific needs and demands and nothing herein is intended as a recommendation for any recipient to invest or divest in a particular manner and Saxo Bank assumes no liability for any recipient sustaining a loss from trading in accordance with a perceived recommendation. All investments entail a risk and may result in both profits and losses, and all capital is at risk. In particular investments in leveraged products, such as but not limited to foreign exchange, derivatives and commodities can be very speculative and profits and losses may fluctuate both violently and rapidly. Speculative trading is not suitable for all investors and all recipients should carefully consider their financial situation and consult financial advisors in order to understand the risks involved and ensure the suitability of their situation prior to making any investment, divestment or entering into any transaction. Any mentioning herein, if any, of any risk may not be, and should not be considered to be, neither a comprehensive disclosure of risks nor a comprehensive description of such risks. Any expression of opinion may not reflect the opinion of Saxo Bank and all expressions of opinion are subject to change without notice (neither prior nor subsequent).

Saxo Markets
88 Market Street
CapitaSpring #31-01
Singapore 048948

Contact Saxo

Select region


Saxo Capital Markets Pte Ltd ('Saxo Markets') is a company authorised and regulated by the Monetary Authority of Singapore (MAS) [Co. Reg. No.: 200601141M ] and is a wholly owned subsidiary of Saxo Bank A/S, headquartered in Denmark. Please refer to our General Business Terms & Risk Warning to consider whether acquiring or continuing to hold financial products is suitable for you, prior to opening an account and investing in a financial product.

Trading in financial instruments carries various risks, and is not suitable for all investors. Please seek expert advice, and always ensure that you fully understand these risks before trading. Trading in leveraged products such as Margin FX products may result in your losses exceeding your initial deposits. Saxo Markets does not provide financial advice, any information available on this website is ‘general’ in nature and for informational purposes only. Saxo Markets does not take into account an individual’s needs, objectives or financial situation.

The Saxo trading platform has received numerous awards and recognition. For details of these awards and information on awards visit

The information or the products and services referred to on this website may be accessed worldwide, however is only intended for distribution to and use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. Products and Services offered on this website are not intended for residents of the United States, Malaysia and Japan. Please click here to view our full disclaimer.

This advertisement has not been reviewed by the Monetary Authority of Singapore.