Small-Cap Value Funds 

Investing in the stock market can be exhilarating and intimidating at the same time. One of many options available today is some small-cap value funds, which have gained much attention as capable delivery vehicles for tremendous returns. This guide comprehensively explains small-cap value funds, their performance dynamics, associated risks, investment strategies, and more. By the end, you will be well-equipped to make informed decisions regarding small-cap value funds. 

What Are Small-Cap Value Funds? 

Small-cap value funds are equity mutual funds or exchange-traded funds (ETFs) focused on the stocks of undervalued small-size companies. The companies concerned trade at low price-book (P/B), low price-earnings ratio (P/E), and price-cash flow ratio (P/CF), making them an excellent investment opportunity for capitalising on future growth and market corrections. 

What Are Small-Cap Value Stocks? 

The market capitalisation of companies associated with smaller-cap stocks would range from USD 300 million to USD 2 billion. Value also means the stock’s price is lower than the calculated intrinsic value derived from other financial metrics, such as earnings, assets, or cash flow. 

Important Characteristics 

  1. Market Capitalisation:

Small-cap companies are largely at the lower ranks. They are mainly in the growth stage and also have room for growth. 

  1. Value Metrics:

“Value” refers to how these companies trade cheaper at their estimated intrinsic values than the market values. 

Valuation metrics involved  

  • Low P/B ratios  
  • P/E ratios  
  • In high dividend yields in some cases 
  1. Growth Potential:

Many small-cap value stocks are in industries or sectors that have growth prospects but are experiencing cyclical headwinds that temporarily make the investment less appealing to investors. However, these stocks provide value to long-term investors. 

  1. Risk and Volatility:

Small-cap value funds are more volatile than large-cap funds because the underlying companies are relatively small and hence easily susceptible to market conditions. 

Understanding Small-Cap Value Funds 

To understand small-cap value funds, it is essential to understand their makeup, the companies they focus on, and how fund managers work. 

Investment Universe 

Small-cap value funds primarily target companies showing these characteristics: 

  • Lower Market Valuations: Stocks trading at a discount relative to their intrinsic value. 
  • Growth Potential: Businesses showing promise in future earnings and market potential. 
  • Financial Resilience: Businesses with sound fundamentals, despite market mispricing. 
  • Undervalued Sectors: Often, these funds invest in sectors experiencing temporary downturns but with a positive long-term outlook. 

Fund Manager Strategies 

Fund managers play a pivotal role in identifying suitable small-cap value stocks. Their strategies often involve: 

  • Thorough Financial Analysis: Examining a company’s health through profitability and growth metrics. 
  • Industry Trends: Identifying sector-specific trends that may drive the stocks. 
  • Valuation Techniques: Using fundamental analysis to find those stocks selling below their true value. 
  • Diversification: Spreading investments across different sectors and industries to mitigate risks. 
  • Active or Passive Management: Some funds are actively managed, while others track a small-cap value index. 

Performance and Risk of Small-Cap Value Funds 

Historical Performance Trends 

Historically, small-cap value funds have shown the possibility of beating other asset classes for long-term returns. Using financial data, it’s clear that small-cap value stocks in the US stock market have offered much more solid returns than large-cap and growth stocks during some periods.  

As examples: 

  • 5-Year Average Return: Approximately 11%–15% every year, depending on which fund and market condition has prevailed. 
  • 1-Year Returns (2023): Some funds have reported more than 30% yields because of market recoveries and undervalued opportunities. 

It is worth noting that although the performance of small-cap value funds in the past has been encouraging, past results alone are not a predictor of future performance. 

Risk Considerations  

Investing in small-cap value funds has natural risks, such as the following: 

  1. Market Volatility: Small-cap stocks are more volatile than large-cap stocks, which means that price swings are increasing.
  2. Economic Sensitivity: These equities are generally more sensitive to macroeconomic factors.
  3. Liquidity Risk: Small firms’ low trading volumes result in lower market liquidity, which increases the prospect of price impact during a purchase or sale.
  4. Company-Specific Risks: Bad management, debt, and operational problems are some of the factors that can seriously affect small-cap companies. Before investing capital, these risks must be compared with investment goals and time horizons.

Investment Strategies in Small-Cap Value Funds 

  1. Long-Term Investment Horizon

Small-cap value stocks may also require some time to see their real market value. An indicative holding period of 5–10 years will also help these companies grow, recover from temporary failure, and get maximum returns. 

  1. Diversification

The diversification in small-cap value funds will act as an important tool of risk management. Diversified funds invest in several sectors and industries to ensure that the failure of the stocks does not have a strong effect on the fund. 

  1. Active Monitoring

Small-cap value funds should periodically be reviewed to ensure proper performance. Investors, too, must be well-equipped with market conditions to identify assets or sectors that may not perform and make strategic adjustments in those areas. 

  1. Dollar-Cost Averaging

The fixed amount invested periodically will reduce the impact of market volatility. The strategy will ensure the purchase of more shares at lower prices and fewer at higher prices, which will average the cost in the long run. 

Examples of Small-Cap Value Funds 

Several well-reputed small-cap value funds exist, especially in developed markets like the United States. Below are some examples of small-cap value funds, with their unique strategies, performance, and benefits to investors. 

  1. Vanguard Small-Cap Value Index Fund (VSIAX)

It is a favourite investment option for those who want to access a diversified portfolio of small-cap value stocks. The fund tracks the CRSP US Small-Cap Value Index, which contains a wide range of undervalued companies across all sectors. 

Key features 

  • Low Expense Ratio: The expense ratio of the Vanguard Small-Cap Value Index Fund is extremely low, at 0.07%. This makes it one of the ideal choices for long-term investors seeking minimal investment costs. 
  • Diversification: The fund invests in hundreds of small-cap stocks, providing broad market exposure while minimising the risks associated with individual stock performance. 
  • Performance: The fund has historically delivered consistent returns aligned with the overall small-cap value segment and outperformed many actively managed alternatives over extended periods. 

This fund appeals to passive investors who care more about low costs and broad exposure to small-cap value stocks. Hence, it can be used as a cornerstone for diversifying portfolios. 

  1. Dimensional U.S. Targeted Value Portfolio (DFFVX)

Dimensional Fund Advisors runs an actively managed fund with a target of small-cap value stocks with high profitability. This follows the use of stringent filters that look for companies that, at attractive valuations, show a solid base. 

Key Features 

  • Active Management: The fund has active management, and the managers can spot specific opportunities and react to any changes in market conditions. 
  • High-quality metrics: The portfolio’s investments are based on strong profitability metrics, which act as a buffer to balance the intrinsic risks within small-cap investing. 
  • Expense Ratio: Although higher than index funds, the expense ratio of around 0.44% is competitive for an actively managed fund. 

This fund is ideal for investors who want a more hands-on approach to small-cap value investing, with a chance of higher returns because of strategic stock selection. 

  1. TIAA-CREF Small-Cap Blend Index Fund (TISBX)

The TIAA-CREF Small-Cap Blend Index Fund tracks the Russell 2000 index and combines the features of small-cap value and growth stocks, thus giving exposure to a mix of the best value and growth stock opportunities in the small-cap universe. 

Key Features 

  • Broad Exposure: This will include undervalued and high-growth stocks within the small-cap market. 
  • Low Expense Ratio: The fund’s expense ratio is 0.06%, making it very cost-effective. Therefore, minimal drag on returns will occur. 
  • Stability and Balance: The blending strategy will reduce volatility as the investor diversified across value and growth stocks. 

This fund suits investors seeking a middle ground between value-focused and growth-oriented small-cap funds. It offers steady growth potential without excessive risk. 

Frequently Asked Questions

Know how much risk you can take given your financial goals and investment time horizon. 

  • Diversify portfolio: Invest in asset classes and funds that lower general risk. 
  • Research Thoroughly: Before investing in that fund, know the prior performance of the fund management strategy and check your expense ratio. 
  • Stay disciplined: Avoid decisions made when short-term market movements come into play. 
  • Seek professional Advice: Seek a financial consultant for individualised investment advice. 

The impact of corporate actions, including mergers and acquisitions, stock splits, and declaration of dividends, is enormous on small-cap value funds. For instance, 

  • Mergers and Acquisitions: A large corporation’s takeover of a small-cap company immediately increases the price and the subsequent gain to the fund. 
  • Dividends: Small-cap value funds of firms with stable dividend payments tend to boost the investment’s net return. 
  • Stock Splits: When companies have a stock split, their value does not alter, but they increase liquidity, attracting many more investors to that firm. 

Investment Focus: 

  • Investment in an investor value fund is in undervalued stocks. Sinvest funds invest in companies that can, which may have a relatively high valuation. 

Risk Profile: 

  • Growth funds have a higher risk profile; instead, value funds may be relatively stable for investment. 

Return Prospect: 

  • The value fund would provide stable returns in the long run. On the other hand, a growth fund will give more significant returns with increased risks. 
  • Diversification: This refers to spreading investments in various companies and sectors. 
  • Regular Monitoring: Monitor fund performance and rebalance according to need. 
  • Set Realistic Goals: Understand that small-cap value funds take time to produce significant returns. 
  • Education: Keep abreast of the market trends and economic conditions affecting small-cap stocks. 
  • Expense Ratio: Lower expense ratios are preferred since they reduce the investment cost. 
  • Performance History: Check the fund’s performance history over 1, 3, and 5 years. 
  • Portfolio Composition: Seek diversification across industries and geographies. 
  • Management Team: Experience and reputation of the fund managers in managing the funds 
  • Liquidity: Trade volume will ensure ease of joining and leaving. 

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    Published on Jul 3, 2026 6 

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Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person acting based on this information. You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of units in any fund and the income from them may fall as well as rise. Past performance figures as well as any projection or forecast used in these commentaries are not necessarily indicative of future or likely performance. Phillip Securities Pte Ltd (PSPL), its directors, connected persons or employees may from time to time have an interest in the financial instruments mentioned in these commentaries. The information contained in these commentaries has been obtained from public sources which PSPL has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in these commentaries are based on such information and are expressions of belief only. PSPL has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in these commentaries are subject to change, and PSPL shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will PSPL be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. The companies and their employees mentioned in these commentaries cannot be held liable for any errors, inaccuracies and/or omissions howsoever caused. Any opinion or advice herein is made on a general basis and is subject to change without notice. The information provided in these commentaries may contain optimistic statements regarding future events or future financial performance of countries, markets or companies. You must make your own financial assessment of the relevance, accuracy and adequacy of the information provided in these commentaries. Views and any strategies described in these commentaries may not be suitable for all investors. 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You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of units in any fund and the income from them may fall as well as rise. Past performance figures as well as any projection or forecast used in these commentaries are not necessarily indicative of future or likely performance. Phillip Securities Pte Ltd (PSPL), its directors, connected persons or employees may from time to time have an interest in the financial instruments mentioned in these commentaries. The information contained in these commentaries has been obtained from public sources which PSPL has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in these commentaries are based on such information and are expressions of belief only. PSPL has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in these commentaries are subject to change, and PSPL shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will PSPL be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. The companies and their employees mentioned in these commentaries cannot be held liable for any errors, inaccuracies and/or omissions howsoever caused. Any opinion or advice herein is made on a general basis and is subject to change without notice. The information provided in these commentaries may contain optimistic statements regarding future events or future financial performance of countries, markets or companies. You must make your own financial assessment of the relevance, accuracy and adequacy of the information provided in these commentaries. Views and any strategies described in these commentaries may not be suitable for all investors. 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It is based on a report by a Phillip Securities Research analyst.   Disclaimer These commentaries are intended for general circulation and do not have regard to the specific investment objectives, financial situation and particular needs of any person. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person acting based on this information. You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of units in any fund and the income from them may fall as well as rise. Past performance figures as well as any projection or forecast used in these commentaries are not necessarily indicative of future or likely performance. Phillip Securities Pte Ltd (PSPL), its directors, connected persons or employees may from time to time have an interest in the financial instruments mentioned in these commentaries. The information contained in these commentaries has been obtained from public sources which PSPL has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in these commentaries are based on such information and are expressions of belief only. PSPL has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in these commentaries are subject to change, and PSPL shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will PSPL be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. The companies and their employees mentioned in these commentaries cannot be held liable for any errors, inaccuracies and/or omissions howsoever caused. Any opinion or advice herein is made on a general basis and is subject to change without notice. The information provided in these commentaries may contain optimistic statements regarding future events or future financial performance of countries, markets or companies. 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It is based on a report by a Phillip Securities Research analyst.   Disclaimer These commentaries are intended for general circulation and do not have regard to the specific investment objectives, financial situation and particular needs of any person. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person acting based on this information. You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of units in any fund and the income from them may fall as well as rise. Past performance figures as well as any projection or forecast used in these commentaries are not necessarily indicative of future or likely performance. Phillip Securities Pte Ltd (PSPL), its directors, connected persons or employees may from time to time have an interest in the financial instruments mentioned in these commentaries. The information contained in these commentaries has been obtained from public sources which PSPL has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in these commentaries are based on such information and are expressions of belief only. PSPL has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. 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    Published on Jun 30, 2026 150 

    If you want to invest using your CPF Investment Account (CPFIS) or Supplementary Retirement Scheme (SRS) funds, you can choose between our Cash Plus Account and Cash Management Account. Both account types allow you to trade using your CPF/SRS monies. Read on to find out how they differ! Cash Plus Account Cash Plus Account offers a significantly lower brokerage rate of 0.08% with no minimum commission for trading on the SGX market. To place a BUY order, you will need to prefund your account with cash. A minimum of 50% of the expected trade value* is required as buying power before a trade can be placed or submitted online. The good news is that cash is only required temporarily. Once the CPF/SRS trade is settled, the prefunded amount can be withdrawn or used for the next trade. This could potentially result in significant cost savings for smaller trades and Dollar Cost Averaging (DCA) strategy! *Full amount is required for non-marginable counters Cash Management Account Cash Management Account offers greater convenience as no prefunding is required. We will increase your trading limit after reviewing your CPF/SRS statements. This allows you to place trades directly using the approved trading limit. However, the brokerage fee is higher at 0.28%, subject to a minimum commission of S$25. Example: BUY 100 shares of DBS at S$64.38 per share Trade Value: S$6,438 Under Cash Management Account: Approx. Brokerage Fee: S$25 (Minimum commission applies) Under Cash Plus Account: Approx. Brokerage Fee: S$5.20 By prefunding the required amount on Cash Plus Account, you could save approximately SGD 20 on brokerage fees for this trade alone. Which account should you choose? If you are comfortable prefunding your account with cash, the Cash Plus Account can help you reduce trading costs substantially. The prefunded cash can be withdrawn after the CPF/SRS transaction has been settled. If you prefer the convenience of trading without prefunding, Cash Management Account may be more suitable, although the brokerage charges will be higher. For investors looking to minimize trading costs, the Cash Plus Account is generally the more cost-effective option. Disclaimer These commentaries are intended for general circulation and do not have regard to the specific investment objectives, financial situation and particular needs of any person. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person acting based on this information. You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of units in any fund and the income from them may fall as well as rise. Past performance figures as well as any projection or forecast used in these commentaries are not necessarily indicative of future or likely performance. Phillip Securities Pte Ltd (PSPL), its directors, connected persons or employees may from time to time have an interest in the financial instruments mentioned in these commentaries. The information contained in these commentaries has been obtained from public sources which PSPL has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in these commentaries are based on such information and are expressions of belief only. PSPL has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in these commentaries are subject to change, and PSPL shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will PSPL be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. The companies and their employees mentioned in these commentaries cannot be held liable for any errors, inaccuracies and/or omissions howsoever caused. Any opinion or advice herein is made on a general basis and is subject to change without notice. The information provided in these commentaries may contain optimistic statements regarding future events or future financial performance of countries, markets or companies. You must make your own financial assessment of the relevance, accuracy and adequacy of the information provided in these commentaries. Views and any strategies described in these commentaries may not be suitable for all investors. Opinions expressed herein may differ from the opinions expressed by other units of PSPL or its connected persons and associates. Any reference to or discussion of investment products or commodities in these commentaries is purely for illustrative purposes only and must not be construed as a recommendation, an offer or solicitation for the subscription, purchase or sale of the investment products or commodities mentioned. This advertisement has not been reviewed by the Monetary Authority of Singapore.

    The True Zero: More Than Just Savings

    Published on Jun 29, 2026 142 

    What Would You Do With Zero?   The best time to start investing was yesterday. The second-best time is today. Now, with our US$0 commission trading on POEMS, investors can focus more on opportunities and less on transaction costs. For many first-time investors, the hesitation is not a lack of interest. Instead, it is the thought of paying a commission on every trade, especially when the investment amount is small. This creates a false impression that investing only makes sense when there is a larger pool of capital. The absence of commission fees changes this dynamic. When commission fees are removed, getting started on investing becomes easier. Investors have one less reason to hesitate and can begin with the amount they are comfortable with, invest consistently over time, and respond to market opportunities without having to factor trading costs into every decision.   Freedom To Start Small   Many people think investing is something you do once you have accumulated enough capital. But waiting for "enough" is often what prevents people from investing in the first place. Successful investing is not about starting with a large amount. It is more about starting early and staying consistent. Consider investing just US$100 a month. Over 20 years, the amount accumulated may surprise you. Not because US$100 is a large sum, but because time, consistency, and compounding work together to build wealth over the long term. To illustrate, the table below uses a 7% annual return, based on the S&P 500's long-term historical average, alongside a typical savings account interest rate of 1.8% p.a. While past performance does not guarantee future results, it serves as a useful benchmark to demonstrate the potential impact of long-term investing. Year Total Contribution (US$) Invested (7% p.a.) (US$) Saving Account (1.8% p.a.) (US$) 1 1,200 1,239 1,210 5 6,000 7,159 6,273 10 12,000 17,308 13,137 15 18,000 31,696 20,647 20 24,000 52,093 28,863   Actual returns will vary and are not guaranteed. Investing involves risk, including the possible loss of principal. With US$0 commission on POEMS, investors can put smaller amounts to work without having to consider whether trading costs outweigh the value of their investment. Whether you are investing $50 or $500, the ability to start small makes it easier to build disciplined investing habits over time. Time in the market can have a greater impact on long-term outcomes than the size of the initial investment. The key is not how much you start with, but having the confidence to take the first step.   Freedom To Turn Headlines Into Investments   Every day, investors are exposed to headlines on artificial intelligence breakthroughs, technology IPOs, cybersecurity advances, semiconductor developments, and the growing space technology. These stories are hard to ignore and naturally prompt investors to take action. Thematic ETFs help by offering targeted exposure to sectors and industries shaped by long-term structural trends. Instead of researching and selecting individual companies, investors can gain diversified exposure through a single investment. Whether it is artificial intelligence, semiconductors, or space technology, thematic ETFs allow investors to translate ideas sparked by headlines into actionable opportunities. In the past, acting on such ideas often came with a hidden cost. Commission fees made smaller, exploratory investments harder to justify, causing many investors to stay on the sidelines while trends unfolded. With US$0 commission, investors can now explore emerging themes without the barrier of transaction costs. This allows for smaller positions, gradual conviction-building, and more flexible portfolio construction over time. After all, ideas are only as valuable as the ability to act on them.   Freedom To Stay Consistent   Successful investors often have one thing in common: consistency. Instead of chasing market highs and lows, they invest regularly through monthly contributions, dollar-cost averaging, and long-term portfolio building. These habits compound over time, but they are most effective when investors maintain them consistently. Historically, commission fees created friction by adding a cost to every transaction, discouraging frequent, smaller investments. With US$0 commission, that obstacle is removed, and makes it easier for investors to commit to regular contributions, stay the course through market volatility, and build their portfolios steadily without eroding returns at the point of entry. Consistency beats complexity. When the cost to stay consistent is zero, it becomes easier to invest for the long term.   Freedom To Own The Future: Understanding Your Financial Needs   Everyone’s investment journey is different. Investing carries risk, and understanding your own financial situation is the first step to navigating it well. Factors such as risk tolerance, your investment horizon, and investment objective should shape the decisions you make along the way. The US$0 commission removes one variable from that equation, meaning your decisions can be driven by opportunity and strategy, rather than transaction costs. Now, investors can start small, act on ideas and stay consistent with greater flexibility. With US$0 commission on POEMS Cash Plus, accessing these opportunities becomes more convenient and cost-efficient. Whether you are just starting or building on an existing portfolio, now may be a good time to take the next step. Invest in US stocks with zero commission through POEMS Cash Plus here. All investments carry risk. Please ensure you understand your own financial situation and risk tolerance before investing. References: 1. https://www.sofi.com/learn/content/average-stock-market-return/   Disclaimer These commentaries are intended for general circulation and do not have regard to the specific investment objectives, financial situation and particular needs of any person. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person acting based on this information. You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of units in any fund and the income from them may fall as well as rise. Past performance figures as well as any projection or forecast used in these commentaries are not necessarily indicative of future or likely performance. Phillip Securities Pte Ltd (PSPL), its directors, connected persons or employees may from time to time have an interest in the financial instruments mentioned in these commentaries. The information contained in these commentaries has been obtained from public sources which PSPL has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in these commentaries are based on such information and are expressions of belief only. PSPL has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in these commentaries are subject to change, and PSPL shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will PSPL be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. The companies and their employees mentioned in these commentaries cannot be held liable for any errors, inaccuracies and/or omissions howsoever caused. Any opinion or advice herein is made on a general basis and is subject to change without notice. The information provided in these commentaries may contain optimistic statements regarding future events or future financial performance of countries, markets or companies. You must make your own financial assessment of the relevance, accuracy and adequacy of the information provided in these commentaries. Views and any strategies described in these commentaries may not be suitable for all investors. Opinions expressed herein may differ from the opinions expressed by other units of PSPL or its connected persons and associates. Any reference to or discussion of investment products or commodities in these commentaries is purely for illustrative purposes only and must not be construed as a recommendation, an offer or solicitation for the subscription, purchase or sale of the investment products or commodities mentioned. This advertisement has not been reviewed by the Monetary Authority of Singapore.

    Singapore REITs Navigate Interest Rate Headwinds with Selective Opportunities, Phillip Securities Maintains OVERWEIGHT Stance

    Published on Jun 26, 2026 126 

    Market Performance and Outlook Singapore REITs faced headwinds in May 2026, with the S-REITs Index declining 1.6% as markets increasingly priced in potential interest rate hikes, reversing the previous month's 3.2% gain. Despite this setback, Phillip Securities Research maintains its OVERWEIGHT stance on the sector, while adopting a selective approach given the current interest rate environment. The performance disparity within the sector was notable. AIMS APAC REIT led gains at 4.6% following strong FY26 results, while Acrophyte Hospitality Trust suffered a significant 20% decline due to severe weather conditions and rising operating costs affecting its 1Q26 performance. Sector-wise, overseas retail emerged as the best-performing sub-sector with a 0.3% gain, whilst overseas commercial lagged with a 3.5% decline as US-office REITs reacted negatively to higher interest rate prospects. Interest Rate Environment and Growth Expectations The global monetary policy landscape remains mixed, with the ECB and BOJ raising policy rates by 25 basis points in June, whilst the Fed maintained rates unchanged at 3.50% to 3.75%. However, the Fed's dot plot indicates potential for one rate hike in 2026, with markets pricing in two rate hikes by year-end. Despite these concerns, Phillip Securities expects approximately 80% of S-REITs to benefit from stable or lower financing costs, as benchmark interest rates remain lower year-on-year. The 3M SORA has declined over 110 basis points year-on-year to approximately 1.08%, providing tailwinds for Singapore REITs with SGD-denominated debt due for refinancing. This favourable environment, combined with rental growth of 1% to 3% from contractual escalations and positive reversions, should support average DPU growth of approximately 3% year-on-year for covered S-REITs in FY26e. Investment Strategy and Top Picks Phillip Securities' investment preference centres on REITs with robust balance sheets, defensive earnings profiles, and higher proportions of fixed-rate borrowings. The firm particularly favours retail S-REITs, supported by healthy tenant sales and limited new supply, which should underpin mid- to high-single-digit rental reversions in 2026. The research house's top picks include Stoneweg Europe Stapled Trust (BUY, target price: €1.89), Elite UK REIT (BUY, target price: £0.41), United Hampshire US REIT (BUY, target price: US$0.69), and Prime US REIT (BUY, target price: US$0.32). Stoneweg Europe Stapled Trust stands out with 87% of debt hedged through late 2027 and FY26e cost of debt to remain below 4% despite recent ECB rate hikes.It is also trading at a 25% discount to NAV, with an attractive 8.6% dividend yield. Frequently Asked Questions [market_journal_faq]   This article has been auto-generated using PhillipGPT. It is based on a report by a Phillip Securities Research analyst.   Disclaimer These commentaries are intended for general circulation and do not have regard to the specific investment objectives, financial situation and particular needs of any person. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person acting based on this information. You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of units in any fund and the income from them may fall as well as rise. Past performance figures as well as any projection or forecast used in these commentaries are not necessarily indicative of future or likely performance. Phillip Securities Pte Ltd (PSPL), its directors, connected persons or employees may from time to time have an interest in the financial instruments mentioned in these commentaries. The information contained in these commentaries has been obtained from public sources which PSPL has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in these commentaries are based on such information and are expressions of belief only. PSPL has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in these commentaries are subject to change, and PSPL shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will PSPL be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. The companies and their employees mentioned in these commentaries cannot be held liable for any errors, inaccuracies and/or omissions howsoever caused. Any opinion or advice herein is made on a general basis and is subject to change without notice. The information provided in these commentaries may contain optimistic statements regarding future events or future financial performance of countries, markets or companies. You must make your own financial assessment of the relevance, accuracy and adequacy of the information provided in these commentaries. Views and any strategies described in these commentaries may not be suitable for all investors. Opinions expressed herein may differ from the opinions expressed by other units of PSPL or its connected persons and associates. Any reference to or discussion of investment products or commodities in these commentaries is purely for illustrative purposes only and must not be construed as a recommendation, an offer or solicitation for the subscription, purchase or sale of the investment products or commodities mentioned. This advertisement has not been reviewed by the Monetary Authority of Singapore.

    Unlock Hidden Income in Your Portfolio

    Published on Jun 24, 2026 126 

    Did you know that the shares sitting in your portfolio can generate additional income—without you needing to sell them? Securities lending gives investors the opportunity to earn extra returns on their existing investments by lending their shares to other market participants for a fee. It is a widely used practice in global financial markets and can help you maximise the value of your portfolio. What Is Securities Lending? Securities lending allows you to temporarily lend your shares to borrowers (such as institutional investors or traders) who require them for trading or investment purposes. In return, you receive: Lending income – Earn a fee while your shares are on loan Collateral protection – Your loan is backed by collateral, which is monitored daily Continued market exposure – You still benefit from price movements of your shares This means your portfolio continues to work for you—even when you are not actively trading. Why Do Borrowers Need Your Shares? Borrowing demand comes from various market activities, including: Short selling - When investors expect prices to fall Market making – To provide liquidity in the market Hedging strategies – To manage risk across investment positions These activities are essential to keeping markets efficient and liquid, while creating opportunities for investors like you to earn additional income. Interesting Facts About Securities Lending Not all stocks earn the same lending returns Some stocks are in higher demand and can generate significantly higher fees Demand can fluctuate depending on market trends, news, or corporate events Stocks with limited supply or high short interest are often more valuable to lend In the market, stocks are often classified as: General Collateral (GC) – Commonly available stocks with steady but lower returns “Hot” Stocks (Specials) – Rare or high-demand stocks that can generate premium lending income Opportunity: High-Demand (“Hot”) Stocks At times, certain stocks experience strong borrowing demand due to: Corporate actions, such as mergers or index changes Market speculation or short interest Tight supply in the market When your holdings fall into this category, you may enjoy higher lending income without making any change to your investment strategy. Why Consider Securities Lending? Generate passive income from your existing holdings Enhance overall portfolio yield No need to actively manage trades Benefit from opportunities when demand spikes Getting Started Securities lending can be seamlessly integrated into your account. With your consent, eligible shares can be made available for lending, and any income earned will be credited to your account on a monthly basis. Simply open SBL account on poems.com.sg Alternatively, you may reach out to our team at sbl@phillip.com.sg for a personalised review and guidance on how to maximise your lending opportunities.   Disclaimer These commentaries are intended for general circulation and do not have regard to the specific investment objectives, financial situation and particular needs of any person. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person acting based on this information. You should seek advice from a financial adviser regarding the suitability of any investment product(s) mentioned herein, taking into account your specific investment objectives, financial situation or particular needs, before making a commitment to invest in such products. Opinions expressed in these commentaries are subject to change without notice. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of units in any fund and the income from them may fall as well as rise. Past performance figures as well as any projection or forecast used in these commentaries are not necessarily indicative of future or likely performance. Phillip Securities Pte Ltd (PSPL), its directors, connected persons or employees may from time to time have an interest in the financial instruments mentioned in these commentaries. The information contained in these commentaries has been obtained from public sources which PSPL has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in these commentaries are based on such information and are expressions of belief only. PSPL has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in these commentaries are subject to change, and PSPL shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will PSPL be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. The companies and their employees mentioned in these commentaries cannot be held liable for any errors, inaccuracies and/or omissions howsoever caused. Any opinion or advice herein is made on a general basis and is subject to change without notice. The information provided in these commentaries may contain optimistic statements regarding future events or future financial performance of countries, markets or companies. You must make your own financial assessment of the relevance, accuracy and adequacy of the information provided in these commentaries. Views and any strategies described in these commentaries may not be suitable for all investors. Opinions expressed herein may differ from the opinions expressed by other units of PSPL or its connected persons and associates. Any reference to or discussion of investment products or commodities in these commentaries is purely for illustrative purposes only and must not be construed as a recommendation, an offer or solicitation for the subscription, purchase or sale of the investment products or commodities mentioned. This advertisement has not been reviewed by the Monetary Authority of Singapore.

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    IMPORTANT INFORMATION

    This material is provided by Phillip Capital Management (S) Ltd (“PCM”) for general information only and does not constitute a recommendation, an offer to sell, or a solicitation of any offer to invest in any of the exchange-traded fund (“ETF”) or the unit trust (“Products”) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. You should read the Prospectus and the accompanying Product Highlights Sheet (“PHS”) for key features, key risks and other important information of the Products and obtain advice from a financial adviser (“FA“) pursuant to a separate engagement before making a commitment to invest in the Products. In the event that you choose not to obtain advice from a FA, you should assess whether the Products are suitable for you before proceeding to invest. A copy of the Prospectus and PHS are available from PCM, any of its Participating Dealers (“PDs“) for the ETF, or any of its authorised distributors for the unit trust managed by PCM.  

    An ETF is not like a typical unit trust as the units of the ETF (the “Units“) are to be listed and traded like any share on the Singapore Exchange Securities Trading Limited (“SGX-ST”). Listing on the SGX-ST does not guarantee a liquid market for the Units which may be traded at prices above or below its NAV or may be suspended or delisted. Investors may buy or sell the Units on SGX-ST when it is listed. Investors cannot create or redeem Units directly with PCM and have no rights to request PCM to redeem or purchase their Units. Creation and redemption of Units are through PDs if investors are clients of the PDs, who have no obligation to agree to create or redeem Units on behalf of any investor and may impose terms and conditions in connection with such creation or redemption orders. Please refer to the Prospectus of the ETF for more details.  

    Investments are subject to investment risks including the possible loss of the principal amount invested. The purchase of a unit in a fund is not the same as placing your money on deposit with a bank or deposit-taking company. There is no guarantee as to the amount of capital invested or return received. The value of the units and the income accruing to the units may fall or rise. Past performance is not necessarily indicative of the future or likely performance of the Products. There can be no assurance that investment objectives will be achieved.  

    Where applicable, fund(s) may invest in financial derivatives and/or participate in securities lending and repurchase transactions for the purpose of hedging and/or efficient portfolio management, subject to the relevant regulatory requirements. PCM reserves the discretion to determine if currency exposure should be hedged actively, passively or not at all, in the best interest of the Products.  

    The regular dividend distributions, out of either income and/or capital, are not guaranteed and subject to PCM’s discretion. Past payout yields and payments do not represent future payout yields and payments. Such dividend distributions will reduce the available capital for reinvestment and may result in an immediate decrease in the net asset value (“NAV”) of the Products. Please refer to <www.phillipfunds.com> for more information in relation to the dividend distributions.  

    The information provided herein may be obtained or compiled from public and/or third party sources that PCM has no reason to believe are unreliable. Any opinion or view herein is an expression of belief of the individual author or the indicated source (as applicable) only. PCM makes no representation or warranty that such information is accurate, complete, verified or should be relied upon as such. The information does not constitute, and should not be used as a substitute for tax, legal or investment advice.  

    The information herein are not for any person in any jurisdiction or country where such distribution or availability for use would contravene any applicable law or regulation or would subject PCM to any registration or licensing requirement in such jurisdiction or country. The Products is not offered to U.S. Persons. PhillipCapital Group of Companies, including PCM, their affiliates and/or their officers, directors and/or employees may own or have positions in the Products. Any member of the PhillipCapital Group of Companies may have acted upon or used the information, analyses and opinions herein before they have been published. 

    This advertisement has not been reviewed by the Monetary Authority of Singapore.  

     

    Phillip Capital Management (S) Ltd (Co. Reg. No. 199905233W)  
    250 North Bridge Road #06-00, Raffles City Tower ,Singapore 179101 
    Tel: (65) 6230 8133 Fax: (65) 65383066 www.phillipfunds.com