Channelling Global Small‑Cap Capital into Singapore Equities

The Avantis International Small Cap Value ETF (AVDV), managed by Avantis Investors (American Century), holds over 1,700 developed ex-US stocks globally, including around 40 SGX-listed names. These 40 Singapore stocks averaged 8% total returns YTD, or 6% total returns YTD when weighted according to relative ETF holdings. The 40 stocks maintain a combined market capitalisation of S$50 billion, while averaging S$123 million in average daily turnover (ADT) YTD. The cohort have also booked combined net institutional inflow of S$36.1 million for the period, led by net institutional inflows to Materials and Industrials. Close to three‑quarters of the 40 stocks are seeing narrower bid‑offer spreads versus a year ago. Global Resource Construction saw ADT rise to S$3.1m in 2026 YTD from S$1.3m in 2025, driving a tighter 116bps average bid‑offer spread over the past five sessions. Singapore Stocks in Global Small‑Cap PortfoliosWith Assets Under Management (AUM) of US$17 billion, the Avantis International Small Cap Value Exchange-Traded Fund (AVDV ETF) is issued by Avantis Investors, a wholly owned subsidiary of American Century. The ETF invests in a broad range of small-cap stocks listed in non-US developed markets, targeting stocks trading at low valuations and with higher profitability ratios. As of end‑February, the overall portfolio was most heavily weighted to Materials (25%) and Industrials (23%). Within the broader universe of more than 1,700 holdings, the 40 SGX‑listed stocks span nine sectors, with the highest representation in Industrials and Consumer Non‑Cyclicals. Notably, however, over the past 12 weeks, Materials and Industrials have also recorded the largest net institutional inflows across the 40 SGX-listed stocks, at S$52.3 million and S$50.3 million, respectively.The ETF holds a more substantial position in these SGX-listed stocks than they occupy in the ETF portfolio due to the ETF's significant AUM. For example, the ETF holds approximately 5.5% of Rex International, while Rex International represents just 0.06% of the ETF portfolio as of March 16. The 10 SGX-listed stocks in which the ETF maintains the highest shareholding are shown in the table below.StockCodeMkt Cap S$MYTD ADT S$MYTD NIF S$MYTD TR %1H25 TR %2H25 TR %5-day Avg Bid/ Offer Spread (bps)SectorIndicative Unit/ Shareholding by ETFRex Intl5WH2265.9-7.62145-2259Energy/ Oil & Gas5.53%Geo Energy ResRE48544.810.9191626100Energy/ Oil & Gas2.96%SamuderaShippingS565761.3-0.3-11124698Industrials2.67%YZJ Fin HldgYF88708.2-77.9-388719194Financial Services2.64%YZJ Maritime8YZ1,9715.6-31.1-9N/AN/A87Financial Services2.50%Wee HurE3B6343.810.0-7335879Industrials2.38%Marco Polo Marine5LY5986.7-7.4-8-1326571Industrials1.82%RH PetrogasT131921.92.5486-8212Energy/ Oil & Gas1.27%LHN41O2500.9-4.0-841-1100Real Estate (excl. REITs)1.26%HPH Trust USDNS8U2,3901.87.91532168Industrials1.06%Note ADT refers to Average Daily Trading Turnover, NIF refers to Net Institutional Flow, TR refers to Total Return. Sources: SGX, Avantis Investors. Market data as of 17 March, indicative ETF weights as of March 16. Capital Flows, Returns and Liquidity The 40 SGX-listed stocks that are a part the ETF portfolio maintain a combined market capitalisation of S$50 billion, while averaging S$123 million in average daily turnover (ADT) for the 2026 year to March 17. The cohort have also booked combined net institutional inflow of S$36 million, while averaging 8% total returns for the 12 weeks. Moreover, close to three-quarters of the stocks have seen improved trading liquidity, as measured by average bid-offer spreads for the five sessions through March 17, compared to the same five sessions in 2025. The 10 stocks of the cohort that have seen the largest contraction in average bid-offer spreads over the two periods are tabled below. StockCodeMkt Cap S$MYTD ADT S$MYTD NIF S$MYTD TR %5-day Bid/ Offer Spread(bps)5-day Bid/ Offer Spread 1 year ago (bps)SectorIndicative Unit/ Shareholding by ETFGRCS3N3493.1-0.26116308Industrials0.38%MarcoPolo Marine5LY5986.7-7.4-871204Industrials1.82%CNMC Goldmine5TP68912.042.36364163Materials & Resources0.56%Banyan TreeB585290.6-3.6-292164Consumer Cyclicals0.005%Geo Energy ResRE48544.810.919100159Energy/ Oil & Gas2.96%Hong Leong AsiaH222,1854.87.42246105Consumer Cyclicals0.39%Indofood Agri5JS5650.10.49164217Consumer Non-Cyclicals0.01%Food EmpireF031,7133.618.8304283Consumer Non-Cyclicals0.04%InnoTekM141551.44.2297135Technology0.21%Wee HurE3B6343.810.0-779115Industrials2.38%Note ADT refers to Average Daily Trading Turnover, NIF refers to Net Institutional Flow, TR refers to Total Return. Sources: SGX, Avantis Investors. Market data as of 17 March, indicative ETF weights as of March 16. Market Liquidity and Business Transformation at Global Resource ConstructionGlobal Resource Construction has seen ADT in the 2026 year to March 2026, surge to S$3.1 million, compared to S$1.3 million in 2025. This has seen the stock’s bid-offer spread average 116bps over the past five sessions, compared to 308bps for the same five sessions in 2025. Global Resource Construction maintained in its Annual Report FY25 that is entering its next phase of growth, anchored by a strengthened construction platform following the acquisition of Chip Eng Seng Construction and its subsidiaries in April 2025. Chip Eng Seng Corporation previously delisted from SGX in 2023. The transaction broadened Global Resource Construction’s operating capabilities, expanded its market reach, and positioned the group to capture opportunities across Singapore’s construction sector.Alongside this, Global Resource Construction remains focused on disciplined capital allocation and selective growth initiatives aimed at enhancing shareholder value and supporting sustainable long‑term growth. For its 1HFY26 (ended Dec 31) the Group maintained seven revenue streams, led by Singapore building construction (56%) and civil infrastructure (27%), with the balance contributed by Australia construction, environmental and sustainability projects, prefabrication, procurement, and property investment. It expects continued earnings visibility, supported by a S$2.9 billion construction order book as of Dec 2025 (vs S$2.3 billion June 30), while fully occupied industrial properties provide near‑term income stability.Global Resource Construction was also one of 16 stocks in the 39‑stock listed for the duration across 1H25, 2H25 and 1H26 (to March 17), that delivered positive returns for each of the three periods. The other stocks included CNMC Goldmine Holdings, China Aviation Oil (Singapore), CSE Global, Hong Leong Asia, First Resources, BRC Asia, Pan‑United, Food Empire, Hutchison Port Holdings Trust, Boustead Singapore, Geo Energy Resources, The Hour Glass, Indofood Agri Resources, Wing Tai Holdings, and QAF.The full 40 stocks are tabled below. StockCodeMkt Cap S$MYTD ADT S$MYTD NIF S$MYTD TR %1H25 TR %2H25 TR %5-day Avg Bid/ Offer Spread (bps)SectorRex Intl5WH2265.9-7.62145-2259Energy/ Oil & GasGeo Energy ResRE48544.810.9191626100Energy/ Oil & GasSamuderaShippingS565761.3-0.3-11124698IndustrialsYZJ Fin HldgYF88708.2-77.9-388719194Financial ServicesYZJ Maritime8YZ1,9715.6-31.1-9N/AN/A87Financial ServicesWee HurE3B6343.810.0-7335879IndustrialsMarco Polo Marine5LY5986.7-7.4-8-1326571IndustrialsRH PetrogasT131921.92.5486-8212Energy/ Oil & GasLHN41O2500.9-4.0-841-1100Real Estate (excl. REITs)HPH Trust USDNS8U2,3901.87.91532168IndustrialsYanlord LandZ251,2552.5-2.3-7-244084Real Estate (excl. REITs)Golden Agri-ResE5H3,8685.15.47-214168Consumer Non-CyclicalsFirst ResourcesEB54,4125.26.03634640Consumer Non-CyclicalsChina AviationG921,7463.420.32248257IndustrialsCSE Global54491210.01.528407782TechnologyCNMC Goldmine5TP68912.042.3637615464Materials & ResourcesBumitama AgriP8Z2,9132.95.327-68375Consumer Non-CyclicalsHong Leong AsiaH222,1854.87.422815146Consumer CyclicalsGRCS3N3493.1-0.2644153116IndustrialsOlam GroupVC23,2994.3-34.2-9-20363Consumer Non-CyclicalsISDNI071720.31.1-3224146TechnologyChina SunsineQES6151.01.9-19304886Materials & ResourcesKep Infra TrA7RU3,1957.323.511-92896TechnologyInnoTekM141551.44.22-25997TechnologyDelfiP345681.55.416-1875Consumer Non-CyclicalsAztech Gbl8AZ6250.72.524-51871TechnologyBousteadF9D9291.919.36392773IndustrialsRaffles MedicalBSL1,8401.9-3.7-220399HealthcareFood EmpireF031,7133.618.830963242Consumer Non-CyclicalsPan UnitedP529950.68.1225937104Materials & ResourcesThe Hour GlassAGS1,4780.30.222521101Consumer CyclicalsIndofood Agri5JS5650.10.49216164Consumer Non-CyclicalsCenturionOU81,2282.4-2.4978-1977Real Estate (excl. REITs)Wing TaiW051,2450.97.71541276Real Estate (excl. REITs)QAFQ015720.20.31113190Consumer Non-CyclicalsBanyan TreeB585290.6-3.6-2284792Consumer CyclicalsTuan SingT244000.50.3-2320190Real Estate (excl. REITs)BRC AsiaBEC1,2510.40.69293757IndustrialsRiverstoneAP41,0602.7-6.8-16-353270HealthcareHong FokH307050.63.95-91269Real Estate (excl. REITs)Note ADT refers to Average Daily Trading Turnover, NIF refers to Net Institutional Flow, TR refers to Total Return. Sources: SGX, Avantis Investors. Market data as of 17 March, indicative ETF weights as of March 16. Enjoying this read?Subscribe now to our SGX My Gateway newsletter for a compilation of latest market news, sector performances, new product release updates, and research reports on SGX-listed companies.Stay up-to-date with our SGX Invest Telegram channel.