Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

Equity Bottom-Up

<ul><li>Our report on MetaOptics started from a simple question.</li><li>Could a technically credible metalens platform turn early customer interest into repeat revenue quickly enough to support a viable scale-up path.</li><li>FY2025 moved the company forward, but it did not settle that question. </li></ul>

Our report on MetaOptics started from a simple question.Could a technically credible metalens platform turn early customer interest into repeat revenue quickly enough to support a viable scale-up path.FY2025 moved the company forward, but it did not settle that question. 

<ul><li>Losses persist as operating expense runs ahead of scale and financing inflows fund burn.</li><li>Operating cash flow was negative in FY2022 –3M2025 and cash rose mainly from equity.</li><li>Finance costs arise from deemed interest on an amount due to a shareholder (effective 9.1%), with repayment scheduled 2027 –2029.</li></ul>

Losses persist as operating expense runs ahead of scale and financing inflows fund burn.Operating cash flow was negative in FY2022 –3M2025 and cash rose mainly from equity.Finance costs arise from deemed interest on an amount due to a shareholder (effective 9.1%), with repayment scheduled 2027 –2029.

The New Standard in Wealth Management, Wealth Management Alliance

Wealth Management Alliance

The New Standard in Wealth Management

WMA is a Singapore-based multi-family office with a Capital Markets Services license and provide fund management and investment advisory services to a small number of global UHNW clients. We also act as incubator for single-family offices, allowing them to plug into our broader ecosystem and infrastructure, and tap on our investment professionals for advice. WMA is designed around providing truly bespoke advice to each client, rather than taking a one-size-fits-all approach that may not fit each client's investment objectives and risk tolerances. On top of that, we are designed so that we avoid any semblance of conflicts of interests by being compensated only by the client (which may include profit sharing), as opposed to the model that many of our peers adopt, which include compensation from a variety of third parties such as funds managers, distributors or banks. That, to us, is the easiest way to be firmly on the side of the client in every decision we make.

Thematic (Sector/Industry)

<ul>
<li>The Singapore stock market has picked up further momentum in July, with the Straits Times Index (STI) surging 10.9% month-to-date.</li>
<li>This has taken the gain year-to-date to 22.7%, outperforming global bourses.</li>
<li>We see domestic monetary policy setting remaining a stabilizer in providing a positive backdrop for the local bourse.</li>
</ul>


The Singapore stock market has picked up further momentum in July, with the Straits Times Index (STI) surging 10.9% month-to-date.
This has taken the gain year-to-date to 22.7%, outperforming global bourses.
We see domestic monetary policy setting remaining a stabilizer in providing a positive backdrop for the local bourse.


<ul>
<li>The Singapore stock market has performed strongly in 2025, up 22% year-to-date, the best since 2010.</li>
<li>This has come on the back of a host of positive drivers – falling funding costs, an upward re-rating, a revival in initial public offerings (IPOs), portfolio inflows, and government initiatives.</li>
<li>Looking into 2026, some of these drivers may have run their course. Notably, with inflation having troughed, the easing interest rate cycle has probably ended.</li>
</ul>


The Singapore stock market has performed strongly in 2025, up 22% year-to-date, the best since 2010.
This has come on the back of a host of positive drivers – falling funding costs, an upward re-rating, a revival in initial public offerings (IPOs), portfolio inflows, and government initiatives.
Looking into 2026, some of these drivers may have run their course. Notably, with inflation having troughed, the easing interest rate cycle has probably ended.


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.

<ul><li>Institutions were net sellers of Singapore stocks from Nov 28 to Dec 4, with a net outflow of S$78 million.</li><li>Singtel led share buybacks with 9,072,500 shares repurchased for S$61.2 million, under the Singtel Performance Share Plan 2012.</li><li>MetaOptics plans to raise S$4.85 million through a placement of 6.69 million shares at S$0.7255 each.</li></ul>

Institutions were net sellers of Singapore stocks from Nov 28 to Dec 4, with a net outflow of S$78 million.Singtel led share buybacks with 9,072,500 shares repurchased for S$61.2 million, under the Singtel Performance Share Plan 2012.MetaOptics plans to raise S$4.85 million through a placement of 6.69 million shares at S$0.7255 each.

Stake Additions by Q&M Dental, Frencken, Zhongmin Baihui Retail, and Accrelist directors

Singapore

MetaOptics is a vertically integrated metalens technology company that designs, manufactures, and develops equipment for metalenses. Its products include metalens camera modules, manufacturing equipment like Direct Laser Writers, and IoT imaging devices such as infrared cameras and 3D biometric sensors. Headquartered in Singapore, the company was founded in 2021.

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Institutions were net sellers of Singapore stocks from Nov 28 to Dec 4, with a net outflow of S$78 million. Singtel led share buybacks with...

Singapore Exchange Ltd (SGX)

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