At SqSave, we believe in radical transparency. Rather than publishing curated backtests or cherry-picked scenarios, we run live portfolios across every risk category — from Conservative to Very Aggressive — and we show you the results, exactly as they are, on any given day.
Today, as at 20 May 2026, we are sharing a comprehensive review of every portfolio cohort we have ever launched: six vintage year-groups, five risk categories, and one clear conclusion. Every single portfolio is profitable.
The Full Scorecard
Below is the complete picture across all six cohort vintages. Each portfolio started with a net deposit of S$1 (our test methodology) with the exception of Portfolio 17 (Feb 2022), which tracks a live S$9,000 investment. Time-Weighted Return (TWR) is used throughout — the industry standard that eliminates the distortion of cash flow timing.
January 2021 Cohort · 64 Months
| Portfolio | Risk Category | Value (S$) | TWR1 |
|---|---|---|---|
| P10 | Aggressive | 1.47 | 52.95% |
| P11 | Very Aggressive | 1.41 | 47.03% |
January 2022 Cohort · 52 Months
| Portfolio | Risk Category | Value (S$) | TWR1 |
|---|---|---|---|
| P12 | Conservative | 1.32 | 36.85% |
| P13 | Balanced | 1.39 | 44.54% |
| P14 | Growth | 1.22 | 25.93% |
| P15 | Aggressive | 1.26 | 30.00% |
| P16 | Very Aggressive | 1.22 | 26.30% |
The Jan 2022 cohort launched just weeks before the US Federal Reserve began its most aggressive rate-hiking cycle in four decades. Bond prices collapsed. Equity markets fell sharply. Yet SqSave's Conservative portfolio (P12) returned 36.85% — actually outperforming the Very Aggressive portfolio (P16, 26.30%) by over 10 percentage points.
This was not a fluke. Our algorithm had already positioned the Conservative portfolio with a significant allocation to gold and limited bond exposure — a dynamic call that static risk-band competitors could not replicate.
January 2023 Cohort · 40 Months · Our Standout Vintage
| Portfolio | Risk Category | Value (S$) | TWR1 |
|---|---|---|---|
| P19 | Conservative | 1.44 | 51.99% |
| P20 | Balanced | 1.60 | 69.45% |
| P21 | Growth | 1.48 | 56.27% |
| P22 | Aggressive | 1.57 | 66.36% |
| P18 | Very Aggressive | 1.59 | 69.92% |
"In 40 months, our Jan 2023 Conservative portfolio returned 51.99%. A traditional conservative fund targeting 3–5% per year would have returned roughly 10–17% over the same period."
January 2024 Cohort · 28 Months
| Portfolio | Risk Category | Value (S$) | TWR1 |
|---|---|---|---|
| P23 | Conservative | 1.31 | 36.35% |
| P24 | Balanced | 1.37 | 42.91% |
| P25 | Growth | 1.37 | 43.48% |
| P26 | Aggressive | 1.40 | 47.02% |
| P27 | Very Aggressive | 1.40 | 47.51% |
January 2025 Cohort · 16 Months
| Portfolio | Risk Category | Value (S$) | TWR1 |
|---|---|---|---|
| P28 | Conservative | 1.13 | 16.03% |
| P29 | Balanced | 1.18 | 21.64% |
| P30 | Growth | 1.17 | 20.95% |
| P31 | Aggressive | 1.21 | 24.39% |
| P32 | Very Aggressive | 1.18 | 21.79% |
January 2026 Cohort · 4 Months
| Portfolio | Risk Category | Value (S$) | TWR1 |
|---|---|---|---|
| P33 | Conservative | 1.04 | 5.49% |
| P34 | Balanced | 1.05 | 6.53% |
| P35 | Growth | 1.05 | 6.35% |
| P36 | Aggressive | 1.07 | 8.67% |
| P37 | Very Aggressive | 1.06 | 7.40% |
Even our youngest portfolios, started just four months ago in January 2026, are already delivering returns between 5.49% and 8.67%. That is not an annualised number — that is four calendar months.
What Makes Our Asset Allocation Different
Understanding why these portfolios perform requires a look under the hood. SqSave's quantitative algorithm constructs portfolios that look very different from what you would find in a traditional balanced fund or a simple rules-based robo-advisor.
Conservative Portfolio — Goal 33
Here is what our Jan 2026 Conservative portfolio holds today:
(incl. Gold)
The most striking difference: our Conservative portfolio allocates 32% to alternatives — predominantly SPDR Gold Trust (29.56%) — versus near-zero in a typical conservative unit trust. At the same time, fixed income sits at just 26%, less than half the traditional 55%.
This is not recklessness. It is a deliberate, data-driven macro view. Gold has historically provided both inflation protection and crisis resilience. When the 2022 rate shock caused bond prices to fall sharply, our conservative investors were shielded — and rewarded.
Very Aggressive Portfolio — Goal 37
Our Very Aggressive portfolio concentrates 60.23% in Developed Equity, with a significant tilt toward technology (Invesco QQQ at 14.51%, Technology Select Sector SPDR at 21.02%). Gold still features at 17.5% — higher than most aggressive mutual funds would ever hold — providing a meaningful volatility buffer without sacrificing upside capture.
Unlike static robo-advisors that mechanically adjust equity/bond ratios based on a risk score, SqSave's quantitative model continuously evaluates macro signals, momentum factors, and asset correlations. It does not have a fixed rule that says "conservative = 60% bonds." It finds the allocation that delivers the best risk-adjusted return given current market conditions.
That is why Conservative can outperform Very Aggressive in a rate-shock year. And why both can deliver exceptional returns when conditions align.
What This Means For You
If you have been waiting for the "right time" to start investing — the data across six cohort vintages shows there has been no wrong time. Every cohort, from the January 2021 investors who navigated post-COVID volatility to the January 2026 investors who are only four months in, is profitable today.
If you chose Conservative because you cannot stomach risk — look at Jan 2023 Conservative (51.99%) and Jan 2024 Conservative (36.35%). Conservative does not mean low return. It means the algorithm is finding the best opportunities within your risk comfort zone — which sometimes means gold outperforms equities for your portfolio.
If you are currently investing elsewhere — consider this: our live, published, time-weighted returns are available for any cohort since 2021. We do not curate them. We do not hide the weaker periods. We show everything. How many of your current fund managers do the same?
"We publish our live results. Our competitors publish their marketing materials."
Looking Ahead
Markets in 2026 remain dynamic. Geopolitical uncertainty, AI-driven productivity shifts, and ongoing central bank policy normalisation all create both risks and opportunities. Our algorithm is built precisely for environments like this — continuously adapting rather than sitting rigidly in a strategic allocation set years ago.
As always, past performance is not a guarantee of future results. But a consistent track record across all risk levels, multiple market cycles, and six cohort vintages is the closest thing to proof that a quantitative investing approach can offer.
If you would like to explore which risk profile is right for you, or if you are ready to start your own portfolio, we invite you to sign up for an SqSave account today — it takes under three minutes.
Start Your SqSave Portfolio Today
All risk levels. All profitable. Your algorithm-powered portfolio is waiting.
Create LoginSincerely,
SqSave Investment Team
Disclaimer
Past performance is not indicative of future results. All investments carry risk, including the possible loss of principal. Portfolio values shown are for illustrative test portfolios (net deposit S$1 each) unless stated otherwise (Portfolio 17: S$9,000 net deposit). Time-Weighted Return (TWR) is used throughout and reflects the performance of the investment strategy independent of cash flow timing. SqSave is a brand of PIVOT Fintech Pte. Ltd. (201716150D), which holds a Capital Markets Services licence (CMS100806) regulated by the Monetary Authority of Singapore. This article is for informational purposes only and does not constitute financial advice.
Footnotes:
1. SqSave uses AI to design and manage diversified investment portfolios for each investor. Because SqSave is not an investment fund, there is no single return measure. Instead, every SqSave investor has his/her own investment performance as each investor is managed separately by our SqSave AI. As investors can withdraw and top-up any time, investment returns will be affected by individual investor decisions. Hence, SqSave uses reference portfolios which are actual portfolios managed on an ongoing basis, without any interference with withdrawals or top-ups, to measure investment performance.
