SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

Lion-Phillip S-REIT ETF / Equity Bottom-Up

<ul><li>Singapore-listed REIT ETFs saw over S$300 million in net inflows, with AUM reaching S$1.2 billion by mid-2025.</li><li>Lion-Phillip S-REIT ETF and NikkoAM-StraitsTrading Asia ex Japan REIT ETF recorded the highest net inflows among top-traded ETFs.</li><li>UOB Asia Pacific Green REIT ETF led in returns with 9.3% in H1 2025, emphasizing environmental factors.</li></ul>

Singapore-listed REIT ETFs saw over S$300 million in net inflows, with AUM reaching S$1.2 billion by mid-2025.Lion-Phillip S-REIT ETF and NikkoAM-StraitsTrading Asia ex Japan REIT ETF recorded the highest net inflows among top-traded ETFs.UOB Asia Pacific Green REIT ETF led in returns with 9.3% in H1 2025, emphasizing environmental factors.

REIT Watch - REIT ETFs see 40% AUM growth in past year as S-REITs regain appeal

<ul><li>Source: SGX, Bloomberg (data as of 31 March 2024).</li><li>This is probably why the ETF industry exceeded US$11 trillion in global assets under management (AUM) in 2023, after growing 24 per cent year on year since the end of 2022, according to data from ETFGI.</li><li>The Phillip SGX APAC Dividend Leaders REIT ETF tracks the iEdge APAC ex-Japan Dividend Leaders REIT Index, which consists of 33 REITs across Australia (52 per cent by geographical breakdown), Singapore (36 per cent), and Hong Kong (12 per cent).</li></ul>

Source: SGX, Bloomberg (data as of 31 March 2024).This is probably why the ETF industry exceeded US$11 trillion in global assets under management (AUM) in 2023, after growing 24 per cent year on year since the end of 2022, according to data from ETFGI.The Phillip SGX APAC Dividend Leaders REIT ETF tracks the iEdge APAC ex-Japan Dividend Leaders REIT Index, which consists of 33 REITs across Australia (52 per cent by geographical breakdown), Singapore (36 per cent), and Hong Kong (12 per cent).

REIT Watch - Inflows into both S-Reit ETFs reach 19-month high in April

Capitaland Integrated Commercial Trust / Equity Bottom-Up

<ul><li>10 largest weights of the iEdge S-Reit Index THE FTSE EPRA Nareit Developed Index is designed to track the performance of listed real estate companies and real estate investment trusts (Reits) worldwide.</li><li>The 10 largest weights of the iEdge S-Reit Index make up close to 70 per cent of the index weights.</li></ul>

10 largest weights of the iEdge S-Reit Index THE FTSE EPRA Nareit Developed Index is designed to track the performance of listed real estate companies and real estate investment trusts (Reits) worldwide.The 10 largest weights of the iEdge S-Reit Index make up close to 70 per cent of the index weights.

REIT Watch - iEdge S-Reit Index vies for portfolio positioning

Mapletree Logistics Trust / Equity Bottom-Up

<ul><li>Top 10 S-Reits & property trusts that gained during the week of FOMC June 2023 meeting Key news last week was the US Federal Reserve’s decision to put a pause on interest rates, keeping them unchanged as announced during this month’s Federal Open Market Committee (FOMC) meeting.</li><li>The top 5 gainers among S-REITs & Property Trusts during the week until Thursday’s close were: Keppel REIT (5.9 per cent), Mapletree Pan Asia Commercial Trust (5.6 per cent), Mapletree Logistics Trust (5.5 per cent), CapitaLand India Trust (4.7 per cent), and CapitaLand Ascendas REIT (3.8 per cent).</li></ul>

Top 10 S-Reits & property trusts that gained during the week of FOMC June 2023 meeting Key news last week was the US Federal Reserve’s decision to put a pause on interest rates, keeping them unchanged as announced during this month’s Federal Open Market Committee (FOMC) meeting.The top 5 gainers among S-REITs & Property Trusts during the week until Thursday’s close were: Keppel REIT (5.9 per cent), Mapletree Pan Asia Commercial Trust (5.6 per cent), Mapletree Logistics Trust (5.5 per cent), CapitaLand India Trust (4.7 per cent), and CapitaLand Ascendas REIT (3.8 per cent).

REIT Watch – S-REITs rally on sigh of relief post June FOMC pause

<ul><li>Early Europe trading on 20 Mar saw the spot Gold price trade at US$2,010 per ounce, up from ~US$1,830 per ounce on 8 Mar, and ~US$1,820 at the end of 2022.</li><li>The recent bout of market uncertainty saw the price ratio spread of spot Gold to Brent Oil swing from 1 SD below the 3-month mean on 6 Mar, to two 2 S.D. above on 17 Mar.</li><li>Higher volatility along with the of price gold revisiting the psychological US$2,000 per ounce barrier has resulted in SPDR® Gold Shares doubling its turnover for the last 10 trading sessions since 9 March to S$4.1 million a day (compared to February levels).</li></ul>

Early Europe trading on 20 Mar saw the spot Gold price trade at US$2,010 per ounce, up from ~US$1,830 per ounce on 8 Mar, and ~US$1,820 at the end of 2022.The recent bout of market uncertainty saw the price ratio spread of spot Gold to Brent Oil swing from 1 SD below the 3-month mean on 6 Mar, to two 2 S.D. above on 17 Mar.Higher volatility along with the of price gold revisiting the psychological US$2,000 per ounce barrier has resulted in SPDR® Gold Shares doubling its turnover for the last 10 trading sessions since 9 March to S$4.1 million a day (compared to February levels).

Gold ETF Turnover Notched Higher as Spot Gold Tested US$2,000/Ounce 

Singapore

Lion-Phillip S-REIT ETF is an exchange-traded fund established in Singapore. The Fund's investment objective is to replicate as closely as possible, before expenses, the performance of Morningstar Singapore REIT Yield Index PR SGD . The Fund invests all its assets in the underlying Index Securities through Full or Representative Sampling Strategy.

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Lion-Phillip S-REIT ETF (SREITS SP)

REIT Watch - REIT ETFs see 40% AUM growth in past year as S-REITs regain appeal

Singapore-listed REIT ETFs saw over S$300 million in net inflows, with AUM reaching S$1.2 billion by mid-2025. Lion-Phillip S-REIT ETF and...

Singapore Exchange Ltd (SGX)

REIT Watch - Inflows into both S-Reit ETFs reach 19-month high in April

Source: SGX, Bloomberg (data as of 31 March 2024). This is probably why the ETF industry exceeded US$11 trillion in global assets under management...

Singapore Exchange Ltd (SGX)

REIT Watch - iEdge S-Reit Index vies for portfolio positioning

10 largest weights of the iEdge S-Reit Index THE FTSE EPRA Nareit Developed Index is designed to track the performance of listed real estate...

Singapore Exchange Ltd (SGX)

REIT Watch – S-REITs rally on sigh of relief post June FOMC pause

Top 10 S-Reits & property trusts that gained during the week of FOMC June 2023 meeting Key news last week was the US Federal Reserve’s...

Singapore Exchange Ltd (SGX)

Gold ETF Turnover Notched Higher as Spot Gold Tested US$2,000/Ounce

Early Europe trading on 20 Mar saw the spot Gold price trade at US$2,010 per ounce, up from ~US$1,830 per ounce on 8 Mar, and ~US$1,820 at the end...

Singapore Exchange Ltd (SGX)

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