Despite the so-called &#34;Sell America&#34; trend last year, Singaporean investors net bought USD 79 billion (approximately SGD 100.1 billion) of U.S. stocks, an increase of 12.4% from USD 70.3 billion in 2024, making them the second-largest overseas net buyers of U.S. stocks.
With rising stock valuations, their overall holdings of U.S. stocks reached USD 893.6 billion by the end of 2025, up 26.3% from 2024.
The U.S. Department of the Treasury released data on Wednesday (February 18) regarding foreign investments in U.S. long-term assets as of the end of last year. The net purchases of U.S. stocks by Singaporean investors accounted for 12% of the global net purchase amount of USD 658.5 billion. Net purchases refer to the amount bought minus the amount sold.
Excluding many global funds registered in the Cayman Islands and Ireland, Singaporean investors were the second-largest net buyers of U.S. stocks globally last year, with Norway in first place, net buying USD 81.8 billion.
In addition to U.S. stocks, U.S. long-term assets include U.S. government bonds, corporate bonds, and bonds issued by other institutions. Singaporean investors net bought a total of USD 139.6 billion in U.S. assets last year, bringing their total investments to USD 12.9 trillion by the end of the year, a year-on-year increase of 29.7%.
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The U.S. Department of the Treasury pointed out that due to some funds flowing through tax-advantaged or custodial centers, the actual source of funds is difficult to fully identify.
This means that U.S. securities purchased by non-Singapore residents held in custodial accounts in Singapore may also be counted as Singaporean investments. Additionally, investments managed by Singaporean portfolio managers may include investments from residents of other countries.
Chen Dade, Chief Strategist for Asia at Indosuez Private Banking, stated in an interview with Lianhe Zaobao: &#34;It's not just Singapore; investors from other parts of the world are also allocating a significant amount of assets to the U.S. market, especially U.S. stocks.&#34;
According to data from the U.S. Department of the Treasury, last year, investors outside the U.S. net bought USD 1.55 trillion of U.S. long-term financial assets, up from USD 1.18 trillion in 2024. Among these, stocks attracted USD 658.5 billion, and there was a net inflow of USD 442.7 billion into U.S. Treasury bonds.
<h3>Analysts: The U.S. Market Still Lacks Alternative Choices</h3>
As of the end of last year, foreign investors held a total of USD 36.5 trillion in U.S. assets, of which USD 22.1 trillion (60.5%) were U.S. stocks.
Chen Dade noted that this is because the U.S. stock market is highly liquid, and companies listed in the U.S. are leading enterprises in the global market, with revenues coming from markets around the world. &#34;A significant portion of asset allocation for clients of private banks remains in U.S. stocks.&#34;
<h4>Extended Reading</h4>
Foreign capital refuses to &#34;sell off America,&#34; net buying of $1.55 trillion in assets last year, while China net sold $208.6 billion

 Powell's investigation leads to asset sell-off in the U.S., with the Dow Jones closing up 22.12 points


OCBC Bank's Chief Economist, Selena Ling, stated in an interview that the U.S. asset market is indeed outperforming other markets in 2025. Additionally, the U.S. remains one of the largest and most liquid investment markets globally.
&#34;Despite concerns about high valuations, dollar depreciation, and policy uncertainties that may drive some funds to diversify, there is still one question: which markets can truly become ideal alternatives to the U.S.? Investors are essentially opportunists, and once they see value emerging, they will actively seek opportunities to buy on dips.&#34;
Chen Dade mentioned that although clients continue to invest in the U.S. market, many are hedging back to their home currencies. He revealed, &#34;The market expects the U.S. dollar to continue weakening against the Singapore dollar, and many clients are continuing to hedge this year.&#34;
Over the past year, the U.S. dollar has depreciated by 5.6% against the Singapore dollar, remaining above the 1.26 level.
<h3>Singapore investors' net purchases of U.S. Treasuries significantly decreased last year</h3>
In addition to U.S. stocks, Singapore investors also continued to increase their holdings in U.S. Treasuries, with net purchases of $22.6 billion last year, but down from $48.7 billion in 2024.
There were previous market concerns that U.S. President Trump frequently threatened to raise tariffs, coupled with the growing size of U.S. Treasuries, which could undermine international investors' confidence in U.S. assets
At the beginning of this year, news of a criminal investigation against Federal Reserve Chairman Powell once again sparked debates among investors about the independence of the Federal Reserve and its impact on the market, leading to calls for the sale of U.S. assets. However, U.S. Treasury Secretary Yellen has repeatedly emphasized that U.S. policies continue to solidify its position as the preferred destination for global capital.
<h3>European Funds Contribute the Most, China Reduces Holdings Against the Trend</h3>
From a regional perspective, European funds contributed the most, with a net inflow of $872.8 billion into U.S. assets. The Cayman Islands net bought $277.2 billion, Japan net bought $56 billion, and Canada contributed $84.4 billion.
In contrast to the trend, China net sold $208.6 billion in U.S. long-term assets last year. China's holdings of U.S. Treasury bonds fell to $683.5 billion, the lowest level since 2008.
Earlier this month, Bloomberg reported that Chinese regulators have advised financial institutions to reduce concentrated holdings in U.S. Treasuries to control volatility risks, a move that may also draw greater attention to China's holdings

XDAT

SOXX

Singaporean investors net bought USD 79 billion (approximately SGD 100.1 billion) of U.S. stocks in 2023, becoming the second-largest buyers globally, only behind Norway's USD 81.8 billion. Despite facing a "sell-off America" trend, Singapore's total holdings of U.S. stocks are expected to reach USD 893.6 billion by the end of 2025, a 26.3% increase from 2024. Additionally, Singaporean investors net bought a total of USD 139.6 billion in U.S. assets last year, bringing their total investment to USD 1.29 trillion, a year-on-year increase of 29.7%

- Despite concerns over a "sell-off" of U.S. assets, Singaporean investors net bought $79 billion in U.S. stocks last year, a 12.4% increase from 2024, making them the second-largest foreign net buyers.  
- Singapore investors' total holdings in U.S. stocks rose to $893.6 billion by the end of 2025, a 26.3% year-over-year increase.  
- Foreign investors, excluding many offshore funds, purchased $1.55 trillion in U.S. long-term financial assets last year, with U.S. stocks drawing $658.5 billion.

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Singapore investors net bought over 100 billion yuan of US stocks last year, becoming the second largest buyer group in the world | Lianhe Zaobao