Safer SGD bonds yield about 3-6%pa and the fund fees and charges will wipe out 1-2% (eg. Annual Expense Ratio: 1.2-1.5%)
Eg. https://secure.fundsupermart.com/main/fundinfo/viewFund.svdo?sedolnumber=ALZ198
Assuming no leverage, investors are left with 2-4.5% yield.
Of course, many banks...