FUNDS under the CPF Investment Scheme (CPFIS) lost an average of 8 per cent in the quarter ended Jun 30, as rising interest rates and recession fears hit global stock and bond markets.

Still, they outperformed the MSCI World Index, which fell 13.8 per cent in the same period. On a 1 year cumulative basis, however, CPFIS funds’ returns were down 14.2 per cent, which was worse off than the MSCI World’s 11.3 per cent fall.

On a 3-year cumulative basis, returns for the CPFIS funds were up 8.5 per cent, said Morningstar Asia on Tuesday (Aug 23).