Published on 
March 23, 2023

Comprehensive Review of Endowus

Radek Jezbera

Investing in Singapore can be overwhelming, especially when it comes to choosing the right digital platform. But fear not! We present to you a series of insightful reviews, aimed to help you make better-informed investment decisions. In this first post, we delve deep into Endowus, the top digital investment platform in Asia. Our review covers all important aspects, such as investment products, fees, performance, and user experience on the platform.

Plus, we also compare Kilde with Endowus, giving you a comprehensive view. This review is a must-read for all investors who want to make their way around the digital investing world.

What is Endowus is a digital investment platform that enables individuals to invest their money in a range of investment products, including mutual funds, exchange-traded funds (ETFs), and separately managed accounts (SMAs). The platform aims to simplify the investment process for retail investors by offering personalized investment advice and access to institutional-quality investment products.

Endowus Core

Endowus Core portfolios are strategize according to their Strategic Passive Asset Allocation framework. These low-cost portfolios are optimised based on risk-adjusted returns, and include 3 categories of portfolios: 

  • Flagship,
  • ESG,
  • and Factor portfolios.

Types of Endowus funds 

Here you will discover the four main types of Endowus funds.

ESG (Environmental, Social, and Governance) Funds

These funds invest in companies that adhere to certain environmental, social, and governance criteria. They aim to invest in companies with positive ESG practices, and may exclude or minimize investments in companies involved in controversial industries such as tobacco, weapons, or fossil fuels.

Equity funds:

  • Mirova Global Sustainable Equity Fund (Cash/SRS)
  • Schroder ISF Global Sustainable Growth Equity Fund (Cash/SRS/CPF under different ISINs)
  • Schroder ISF Global Climate Change Fund (Cash/SRS)

Fixed Income Funds:

  • JPM Global Bond Opportunities Sustainable Fund (Cash/SRS)
  • PIMCO GIS Climate Bond Fund (Cash/SRS)
  • UOB United Sustainable Credit Income Fund (Cash/SRS)

Dividend and Income Funds

These funds aim to generate regular income for investors through dividend payments and interest income. They typically invest in a diversified portfolio of income-generating assets, such as dividend-paying stocks and bonds. These funds can be actively or passively managed and may be suitable for investors seeking regular income in addition to potential capital appreciation.

Equity funds:

  • US Total Yield Sustainable Fund (Cash),
  • Emerging Markets Dividend Fund (Cash, SRS),
  • FSSA Dividend Advantage Fund (Cash, CPF-OA, SRS).

Fixed Income Funds:

  • GIS Income Fund (Cash, SRS),
  • Strategic Income Fund  (Cash, SRS),
  • Income Fund (Cash, SRS).

Passive Index Funds

These funds aim to track the performance of a specific market index, such as the S&P 500 or the MSCI World Index. They do not require active stock picking or market timing, and instead invest in a diversified portfolio of securities that mirror the composition of the underlying index. 

Equity funds:

  • Infinity European Stock Index Fund (Cash/SRS)
  • Infinity US S&P 500 Stock Index Fund (Cash, CPF-OA, SRS)
  • iShares US Index Fund (IE) (Cash, SRS)

Fixed Income Funds:

  • iShares Global Aggregate 1-5 Year Bond Index Fund (IE) (Cash, SRS)
  • iShares Emerging Markets Government Bond Index Fund (IE) (Cash, SRS)
  • Index Global Agg 500m Fund (Cash, SRS)

Growth Funds

These funds focus on investing in stocks or other securities with the potential for significant capital appreciation. These funds seek to invest in companies that are expected to experience above-average growth in earnings or share prices. Growth Funds typically have a higher level of risk compared to other types of funds, as they invest in companies with higher growth potential but may also experience higher volatility. 

Equity funds:

  • Global Artificial Intelligence Fund (Cash/SRS),
  • BGF World Technology Fund (Cash/SRS),
  • Standard SICAV I - European Sustainable Equity (Cash, CPF-OA, SRS),
  • United Global Quality Growth Fund (CPF-OA).

Endowus Investment offering (fixed income)

Endowus and choose from 5 distinct portfolios expertly balanced between stocks and bonds.

Endowus Income portfolios are focused on income, dividends, and stability. These portfolios let you gain monthly payouts while preserving or growing your capital. With these, you get access to some of the best income-generating funds and opportunities in the industry worldwide.

Stable Income - capital preservation with stable payouts

If you want to secure your investment with a highly reliable option, the Stable Income portfolio is an ideal choice that asserts premium payouts and ensures the protection of your capital. The attribute of this portfolio is that it solely invests in fixed income products, primarily in those of optimal quality and diversified nature to carefully preserve your capital.

Your investment in this portfolio guarantees a stable passive income flow, with an anticipated long-term return of 4-5% p.a. Being solely focused on maintaining a steady payout, this investment option abstains from significant capital appreciation.

This portfolio might appeal specifically to those who are about to retire, or are already retired, as well as to those who require a passive income stream from their savings.

Higher Income - sustained, higher cash inflow

The Higher Income portfolio is a premier investment option that boasts a heavy emphasis on fixed income, with a whopping 80% allocation towards this asset class. This strategy is further amplified by the inclusion of higher-yielding, yet riskier fixed income products, augmenting payouts to an impressive 5-6% per annum. 

In addition, the portfolio also has a 20% allocation to dividend-paying equity funds, enabling a balanced approach towards building wealth and achieving moderate capital appreciation.

This makes it an ideal investment option for working adults who have significant monthly spending needs for dependents, such as children and parents, and are willing to take on slightly more risk to reap greater rewards in the future. 

Future Income - laying a foundation for the future

Future Income offers a unique investment portfolio that is composed of 60% fixed income and 40% equity, with a payout anticipated to be between 3-4% per annum. By investing in this portfolio, you'll gain access to a variety of diversified and high-yield fixed income funds, as well as a range of equity funds that pay dividends or accumulate capital for long-term growth prospects.

What separates Future Income from traditional investment portfolios is its diverse offering of quality investments. Investing in this portfolio allows for a significant reduction in investment risk. Diversifying through different asset classes, such as fixed income or equity, enables investors to take advantage of varying market trends while mitigating their losses.

Future Income is ideal for individuals who are in their late 20s or 30s, as it provides a regular source of income to support monthly expenses and growing savings and wealth over time.

How Does Investing with Endowus Work

Endowus offers a unique approach to investment through their use of mutual funds and professional fund managers. They take the guesswork out of investing by creating customized portfolios based on customer's risk profile. They offer a variety of options, from the Aggressive Portfolio to the Conservative Portfolio.

Their aggressive portfolio, made up of 80% stocks and 20% bonds, is perfect for those who want to take the bull by the horns. For those who prefer a more measured approach, the Measured Risk Portfolio, made up of 40% stocks and 60% bonds, is a great option. And for the risk-averse, there's the Conservative Portfolio with a healthy 80% bond allocation, giving peace of mind without sacrificing returns.

Endowus Customer reviews

On the investment community forum, Seedly, had an average rating of 4.8 out of 5 stars based on more than 649 reviews. Customers lauded the platform's low-cost investment products, excellent customer support, and transparency.

Overall, the customer reviews of are highly positive, with customers highlighting the platform's user-friendly interface, low fees, and personalized investment advice.

Endowus Customer support

The feedback on Endowus customer support has generally been positive. Many customers have praised the company's responsiveness, professionalism, and willingness to go above and beyond to help them with any issues or questions they may have.

Endowus has a dedicated customer support team that is available to assist customers via phone, email, or chat. The team is highly knowledgeable about the investment products and services offered by Endowus, and they are able to provide personalized advice and guidance to help customers achieve their investment goals.

Customers have reported that they have received prompt and helpful responses from the customer support team, and that they appreciate the level of attention and care that Endowus provides to its customers. Some customers have also noted that they have received proactive outreach from Endowus when there have been changes or updates to their portfolios, which has helped them stay informed and up-to-date on their investments.

Endowus Investment Performance

Endowus Income Portfolios

SGD returns, monthly data as of 31 December 2022:

Dec 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2022 2022 3Y Annualised
Endowus Income Portfolios
Stable Income (100% fixed income) 0.9% 3.4% -3.2% -5.9% -5.6% -11.1% -2.00%
Higher Income (80% fixed income, 20% equity) 0.2% 4.9% -4.5% -8.8% -5.0% -13.2% -1.8%
Future Income (60% fixed income, 40% equity) -0.8% 4.9% -3.9% -8.00% -5.2% -12.1% 0.4%
Global market indices
Bloomberg Global Aggregate Index -1.2% 0.9% -3.5% -4.3% -4.9% -11.4% -2.7%
20-80 Equity - Fixed Income Composite* Index -2.1% 1.2% -3.5% -6.2% -4.9% -12.9% -1.2%
40-60 Equity - Fixed Income Composite* Index -3.1% 1.6% -3.5% -8.1% -4.9% -14.3% 0.1%
JPM Emerging Market Bond Index 0.4% 7.4% -4.2% -10.5% -9.3% -16.4% -4.5%

Source: Endowus research, Bloomberg. Portfolio returns are net of fund-level fees, while index returnes include dividens without fee deduction.

*MSCI ACWI and Bloomberg Global Aggregate Index are used for equity and fixed income respectively.

All three of Endowus' Income Portfolios delivered positive total returns in the fourth quarter and met their payout targets.

The Stable Income portfolio outperformed the Bloomberg Global Aggregate Index thanks to contributions from all underlying funds, particularly the PIMCO GIS Income Fund and AllianceBernstein (AB) American Income Portfolio Fund.

The Higher Income portfolio outpaced the 20-80 Equity-Fixed Income Composite Index, with strong performance in the equity sleeve and contributions from the AB American Income Portfolio and AllianzGI Global High Yield Fund.

The Future Income portfolio delivered meaningful outperformance over the 40-60 Equity-Fixed Income Composite Index, with strong relative performance from the equity sleeve, particularly in Europe. The PIMCO GIS Income Fund and allocation to emerging-market debt, Asian bonds, and US high yield were the biggest contributors in the fixed income sleeve.

Endowus’s Minimum Deposits

For those starting out in the investment world, Endowus may seem like a daunting option with its minimum investment requirement of S$1,000. However, the customers have the flexibility to use various payment modes to meet this amount. This includes a mix of CPF, cash, and SRS, which allows to tailor the investment journey to the customer's financial capabilities.

Endowus’s Minimum Withdrawals 

Endowus stands out with its low minimum withdrawal amount of just S$1, providing investors with flexibility in managing their investments according to their financial needs.

The withdrawal process with Endowus is streamlined and typically takes around 4-8 business days, ensuring a smooth and efficient experience.

It's important to note that the actual withdrawal amount may vary from the requested amount, as the calculation process is based on the latest available Net Asset Value (NAV) or trading price of the underlying investments at the time of withdrawal. This ensures that investors receive the most accurate and up-to-date value of their investments.

Endowus offers investors the choice to transfer their redemption amount to either the cash balance of their Endowus account or a bank account in their own name, providing utmost flexibility in managing their funds according to their preference and financial goals.

Endowus Fees

Portfolio Type Cash SRS CPF-OA
Endowus Core Portfolios (Flagship, ESG, Factors) and Satellite 0.6% p.a. - S$200,000 and below 0.5% p.a. - S$200,001 to S$1,000,000 0.35% p.a. - S$1,000,001 to S$5,000,000 0.25% p.a. - S$5,000,001 and above 0.40% p.a. flat fee for any investment value 0.40% p.a. flat fee for any investment value. Note: Your CPF Agent bank (DBC, UOB or OCBC) charges a fee of $2-2.50 per transaction.
Income Portfolios 0.6% p.a. - S$200,000 and below 0.5% p.a. - S$200,001 to S$1,000,000 0.35% p.a. - S$1,000,001 to S$5,000,000 0.25% p.a. - S$5,000,001 and above Not Applicable Not Applicable
Cash Smart 0.05% p.a. flat fee for any investment value Not Applicable
Fund Smart Goal type: short-term cash management 0.05% p.a. flat fee for any investment value Not Applicable
Single Fund Portfolio (Goal type: mid to long-term Investments) 0.30% p.a. flat fee for any investment value 0.30% p.a. flat fee for any investment value. Note: Your CPF Agent bank (DBC, UOB or OCBC) charges a fee of $2-2.50 per transaction.
Multi-Fund Portfolio (Goal type: mid to long-term Investments) 0.6% p.a. - S$200,000 and below 0.5% p.a. - S$200,001 to S$1,000,000 0.35% p.a. - S$1,000,001 to S$5,000,000 0.25% p.a. - S$5,000,001 and above 0.40% p.a. flat fee for any investment value 0.40% p.a. flat fee for any investment value. Note: Your CPF Agent bank (DBC, UOB or OCBC) charges a fee of $2-2.50 per transaction.

The total fees for the income portfolio offered by Endowus is 1.24% p.a, which includes three components:

  1. Endowus Fee: Endowus charges a fee of 0.6% p.a. for managing the portfolio on behalf of the investor. This fee covers the cost of the investment advisory and platform services provided by Endowus.
  2. Fund Fees: The income portfolio invests in a range of fixed income funds, and each of these funds charges a fee for managing the underlying assets. The fund fees charged by the underlying funds are typically around 0.85% p.a.
  3. Trailing Fees Cashback: Some of the funds included in the income portfolio pay a trailing fee to Endowus. However, Endowus rebates a portion of these fees back to the investor. The trailing fees cashback for the income portfolio is 0.21% p.a.

Is Endowus Safe?

Endowus operates under the regulations of the Monetary Authority of Singapore (MAS), with a license number of 101051. This is an important indicator of their compliance with regulatory requirements and commitment to maintaining high standards of security.

One of the notable safety features, as highlighted in various Endowus reviews, is their double-ledger security.Upon opening an investment account with Endowus, they establish a custody account in your name at UOB Kay Hian, a prominent broker in Singapore. This means that your assets and transactions are recorded by two MAS-licensed authorities, adding an extra layer of security.

This arrangement ensures that even if something were to happen to Endowus as a company, your account and funds would remain safe and secure with UOB Kay Hian. This highlights Endowus' commitment to protecting their clients' investments and maintaining the security of their platform.

One of the notable safety features provided by Endowus, as highlighted in various Endowus reviews, is their double-ledger security.

Kilde comparing to Endowus

Kilde is an income investment platform that disrupts term deposits. Kilde offers terms from 3 to 36 months with an 10-13% yearly return. Interest is distributed to investors as often as once a month.

We generate high but safe returns by lending funds to leading consumer and SME financing companies in Asia and Europe.

At Kilde, we work with every investor on the same conditions as with credit funds and family offices. Fairness is our promise, and we keep it.

The Monetary Authority of Singapore regulates Kilde as a financial institution dealing in securities and exempt financial adviser. Our senior team has 30+ years of experience in consumer and SME lending. We serve 200+ individual and institutional investors who gave us over USD 10,000,000 in exchange for an average net return of 11.6%.

Kilde Investment offering (fixed income)

At Kilde, investors choose among carefully selected private market fixed income deals with 10-13% yearly returns. All deals are backed by cash-generating collateral. Kilde customers become bondholders of fast-growing, profitable FinTech companies.

Being a private market bondholder gives investors the advantage of zero bond value fluctuation. Therefore, Kilde customers do not experience drawdowns in the value of their assets. Value drawdowns are caused by interest rate fluctuations and supply/demand imbalances.

There is a small and carefully evaluated risk, though, that the bond issuer would not honour the payments of coupons or principal on time. Such a risk exists in public market bonds as well. If such a risk would materialise, Kilde’s investors would be first in line to be paid and with the rights to receive compensation directly from the collateral’s cash proceeds.

Kilde Customer support

Customers of Kilde enjoy 24/7 access to a self-service platform where they can discover, purchase, and redeem private fixed income investments. Each investment is summarised with the return, maturity, early redemption options, etc. In addition, detailed investment presentation and private placement memorandum explore each deal.

Kilde also provides customer support over email and phone by a team of account managers and investment operations professionals.

Kilde vs Endowus Investment Performance (Fixed Income Portfolio)

Monthly data as of 31 December 2022:

Dec 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2022 2022
Kilde Income Portfolios
Stable Income (100% fixed income) 0.9% 3.1% 3.1% 2.8% 2.6% 11.60%
Endowus Income Portfolios
Stable Income (100% fixed income) 0.9% 3.4% -3.2% -5.9% -5.6% -11.1%

Kilde Fees

Kilde customers pay an administration fee of 0.5% per year of the outstanding amount invested. There is no charge for money in the investment account that are not invested.


See the table below for a visual comparison of the main data on Endowus and Kilde:

Endowus Kilde
What offers Providing diversified portfolios of mutual funds and ETFs. Private market fixed income deals to its investors.
Minimum investment to income portfolios S$10,000 No minimum limit
Type of portfolios Stable Income, Higher Income, and Future Income, which invest in a mix of fixed income and equity funds with different risk profiles and payout targets. Private market bond deals with 10-13% yearly returns, backed by cash-generating collateral of fast-growing, profitable FinTech companies.
Fees Charges a total fee of 1.25% p.a. Charges an annual management fee of 0.5% of the investment amount.
Yield 2022 Have lost 11% to 13%. Gained plus 11.6%. The Kilde portfolio performed twice as good as Endowus.

In terms of investment performance, Endowus income portfolio have lost between 11% to 13% of their value. At the same period of 2022, Kilde’s portfolio gained 11.6%. This means that Kilde portfolio performed twice as good than Endowus.

While Endowus' portfolios are diversified across various asset classes and investment products, Kilde's bond deals are selected and evaluated based on their underlying collateral and issuer's creditworthiness. Kilde emphasizes the advantage of zero investment price fluctuation, which means investors do not experience drawdowns in the value of their assets due to interest rate fluctuations and supply/demand imbalances. However, there is a small risk that the bond issuer may not honour the payments of coupons or principal on time.

Overall, Endowus and Kilde cater to different investment preferences and risk appetites. Endowus offers a diversified and more traditional investment approach, while Kilde offers a private market fixed income investment option with potentially higher returns but also a higher risk. Endowus is open to every investor while Kilde’s offering is aimed at accredited investors.

Investors should carefully evaluate their investment goals, risk tolerance, and investment options before choosing between the two platforms.

About the author

Radek Jezbera

Radek is the founder & co-CEO of KILDE, a regulated platform for alternative investments. KILDE is powering digital lending firms with debt capital to reach underbanked customers in South East Asia.


What is Endowus?

Endowus is a Singapore-based digital investment advisory platform that helps investors build and manage their portfolios. The company aims to make investing simpler, more accessible, and more cost-effective by leveraging technology and providing expert advice.

How does Endowus work?

Endowus offers a range of investment solutions, including unit trusts, exchange-traded funds (ETFs), and cash management accounts. The platform uses a smart algorithm to match investors with investment portfolios that align with their goals, risk appetite, and investment horizon.

How to use Endowus?

To start using Endowus, you first need to create an account on the platform. The process is simple and involves providing some basic information such as your name, contact details, and financial goals. Once your account is set up, you can start browsing and selecting investment options that suit your needs.

Who owns Endowus?

Endowus was founded by Samuel Rhee, who serves as its CEO, and Gregory Van, who is the company's chief investment officer. The platform is backed by several strategic investors, including UOB Venture Management, Temasek Holdings, and SoftBank Ventures Asia.

When was Endowus founded?

Endowus was founded in 2017 and launched its operations in Singapore in early 2019. Since then, the company has been steadily growing its user base and expanding its range of investment offerings.

How to invest in Endowus?

To invest in Endowus, you need to first open an account and select the investment option that best suits your needs. You can then fund your account and let Endowus handle the rest, including portfolio management, rebalancing, and reporting.

How to withdraw from Endowus?

Withdrawing your funds from Endowus is easy and can be done via the platform's online dashboard. You simply need to select the amount you want to withdraw, provide your bank details, and confirm the transaction. Endowus typically processes withdrawals within two to three business days.

What does Endowus do?

Endowus provides a comprehensive and holistic investment solution that aims to simplify the investment process for retail investors. The platform offers a range of investment options, including diversified portfolios of ETFs and actively managed funds, as well as a cash management account that yields better interest rates than traditional savings accounts.

Can Endowus be trusted?

Endowus is a reputable and licensed investment platform that is regulated by the Monetary Authority of Singapore (MAS). The company has robust security measures in place to protect its users' data and funds, and it only partners with reputable fund managers and custodians.

What happens if Endowus goes bust?

Endowus has measures in place to ensure that its clients' investments and funds are kept separate from the company's own assets in the event of bankruptcy or insolvency. Client assets are held in trust by a third-party custodian, and Endowus has insurance coverage to protect against fraud and other risks.

Is Endowus better than StashAway?

Endowus and StashAway are both digital investment platforms that offer similar investment options, fees, and features. However, Endowus distinguishes itself by offering actively managed funds in addition to ETFs, as well as a cash management account with higher interest rates.

What is the risk level in Endowus?

Endowus offers a range of investment portfolios with varying risk levels, from conservative to aggressive. The risk level is determined based on factors such as asset allocation, fund selection, and investment horizon. Endowus also provides detailed information on the historical performance and risk metrics of each portfolio.

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