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

NikkoAM-StraitsTrading Asia Ex Japan REIT ETF / Equity Bottom-Up

NikkoAM-StraitsTrading Asia Ex Japan REIT ETF (AXJREIT SP)

NikkoAM-StraitsTrading Asia Ex Japan REIT ETF

<ul><li>Retail investors recorded S$2.62 billion net inflow into Singapore stocks in 2025, with DBS receiving S$1.387 billion.</li><li>Mapletree Industrial Trust and NTT DC REIT had net retail inflows representing 6.6% of their market cap in 2025.</li><li>Retail investors unwound S$350 million in CDL from April to year-end 2025, reversing 18 months of net buying.</li></ul>

Retail investors recorded S$2.62 billion net inflow into Singapore stocks in 2025, with DBS receiving S$1.387 billion.Mapletree Industrial Trust and NTT DC REIT had net retail inflows representing 6.6% of their market cap in 2025.Retail investors unwound S$350 million in CDL from April to year-end 2025, reversing 18 months of net buying.

Retail Logged S$2.6B of Net Buying in 2025 as Flows Concentrated in Banks

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

CapitaLand Integrated Commercial Trust (CICT SP)

<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

<ul><li>Dollar Cost Averaging (DCA) is an alternative method to lump-sum investing, providing a means to build gradual ETF and stock exposure in the local stock and securities markets.</li><li>From 31 Dec 2019 to 31 Jul 2023, the indicative Compound Annual Growth Rate (CAGR) of month-end dollar cost averaging on an STI ETF amounted to 5.0%.</li><li>However over the full 43 month tenure spanning 31 December 2019 to 31 July 2023, DCA investing kept pace with the returns of a lump-sum investment in a STI ETF.</li></ul>

Dollar Cost Averaging (DCA) is an alternative method to lump-sum investing, providing a means to build gradual ETF and stock exposure in the local stock and securities markets.From 31 Dec 2019 to 31 Jul 2023, the indicative Compound Annual Growth Rate (CAGR) of month-end dollar cost averaging on an STI ETF amounted to 5.0%.However over the full 43 month tenure spanning 31 December 2019 to 31 July 2023, DCA investing kept pace with the returns of a lump-sum investment in a STI ETF.

STI ETF Dollar Cost Averaging Generated 5% CAGR from Dec 2019 to Jul 2023 

Singapore

NikkoAM-StraitsTrading Asia ex Japan 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 the FTSE EPRA/NAREIT Asia ex Japan Net TR REIT Index. The Fund will invest all, or substantially all, of its assets in Index Shares in same weightings. 

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NikkoAM-StraitsTrading Asia Ex Japan REIT ETF (AXJREIT SP)

Retail Logged S$2.6B of Net Buying in 2025 as Flows Concentrated in Banks

Retail investors recorded S$2.62 billion net inflow into Singapore stocks in 2025, with DBS receiving S$1.387 billion. Mapletree Industrial Trust...

Singapore Exchange Ltd (SGX)

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)

STI ETF Dollar Cost Averaging Generated 5% CAGR from Dec 2019 to Jul 2023

Dollar Cost Averaging (DCA) is an alternative method to lump-sum investing, providing a means to build gradual ETF and stock exposure in the local...

Singapore Exchange Ltd (SGX)

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