--- title: "Channelling Global Small‑Cap Capital into Singapore Equities" type: "News" locale: "en" url: "https://longbridge.com/en/news/279549960.md" description: "The Avantis International Small Cap Value ETF (AVDV) manages over 1,700 developed ex-US stocks, including 40 SGX-listed stocks that have averaged 8% total returns YTD. These stocks have a combined market capitalization of S$50 billion and an average daily turnover of S$123 million. The ETF has seen net institutional inflows of S$36.1 million, primarily in Materials and Industrials. The liquidity of these stocks has improved, with narrower bid-offer spreads compared to last year. Global Resource Construction has notably increased its trading activity and is expanding its market reach following a recent acquisition." datetime: "2026-03-17T23:23:31.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/279549960.md) - [en](https://longbridge.com/en/news/279549960.md) - [zh-HK](https://longbridge.com/zh-HK/news/279549960.md) --- # 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 Portfolios** With 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$50.3 million, respectively. The ETF holds a more substantial position in these SGX-listed stocks than they occupy in the ETF portfolio due to the ETF's significant AUM. For example, the ETF holds approximately 5.5% of Rex International, while Rex International represents just 0.06% of the ETF portfolio as of March 16.  The 10 SGX-listed stocks in which the ETF maintains the highest shareholding are shown in the table below. **Stock** **Code** **Mkt Cap S$M** **YTD ADT S$M** **YTD NIF S$M** **YTD TR %** **1H25 TR %** **2H25 TR %** **5-day Avg Bid/ Offer Spread (bps)** **Sector** **Indicative Unit/ Shareholding by ETF** Rex Intl 5WH 226 5.9 \-7.6 21 45 \-22 59 Energy/ Oil & Gas 5.53% Geo Energy Res RE4 854 4.8 10.9 19 16 26 100 Energy/ Oil & Gas 2.96% SamuderaShipping S56 576 1.3 \-0.3 \-11 12 46 98 Industrials 2.67% YZJ Fin Hldg YF8 870 8.2 \-77.9 \-38 87 19 194 Financial Services 2.64% YZJ Maritime 8YZ 1,971 5.6 \-31.1 \-9 N/A N/A 87 Financial Services 2.50% Wee Hur E3B 634 3.8 10.0 \-7 33 58 79 Industrials 2.38% Marco Polo Marine 5LY 598 6.7 \-7.4 \-8 \-13 265 71 Industrials 1.82% RH Petrogas T13 192 1.9 2.5 48 6 \-8 212 Energy/ Oil & Gas 1.27% LHN 41O 250 0.9 \-4.0 \-8 41 \-1 100 Real Estate (excl. REITs) 1.26% HPH Trust USD NS8U 2,390 1.8 7.9 1 5 32 168 Industrials 1.06% _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$36 million, while averaging 8% total returns for the 12 weeks. Moreover, close to three-quarters of the stocks have seen improved trading liquidity, as measured by average bid-offer spreads for the five sessions through March 17, compared to the same five sessions in 2025.  The 10 stocks of the cohort that have seen the largest contraction in average bid-offer spreads over the two periods are tabled below.  **Stock** **Code** **Mkt Cap S$M** **YTD ADT S$M** **YTD NIF S$M** **YTD TR %** **5-day Bid/ Offer Spread** **(bps)** **5-day Bid/ Offer Spread 1 year ago (bps)** **Sector** **Indicative Unit/ Shareholding by ETF** GRC S3N 349 3.1 \-0.2 6 116 308 Industrials 0.38% MarcoPolo Marine 5LY 598 6.7 \-7.4 \-8 71 204 Industrials 1.82% CNMC Goldmine 5TP 689 12.0 42.3 63 64 163 Materials & Resources 0.56% Banyan Tree B58 529 0.6 \-3.6 \-2 92 164 Consumer Cyclicals 0.005% Geo Energy Res RE4 854 4.8 10.9 19 100 159 Energy/ Oil & Gas 2.96% Hong Leong Asia H22 2,185 4.8 7.4 22 46 105 Consumer Cyclicals 0.39% Indofood Agri 5JS 565 0.1 0.4 9 164 217 Consumer Non-Cyclicals 0.01% Food Empire F03 1,713 3.6 18.8 30 42 83 Consumer Non-Cyclicals 0.04% InnoTek M14 155 1.4 4.2 2 97 135 Technology 0.21% Wee Hur E3B 634 3.8 10.0 \-7 79 115 Industrials 2.38% _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 Construction** Global 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$2.3 billion June 30), while fully occupied industrial properties provide near‑term income stability. Global Resource Construction was also one of 16 stocks in the 39‑stock listed for the duration across 1H25, 2H25 and 1H26 (to March 17), that delivered positive returns for each of the three periods. The other stocks included CNMC Goldmine Holdings, China Aviation Oil (Singapore), CSE Global, Hong Leong Asia, First Resources, BRC Asia, Pan‑United, Food Empire, Hutchison Port Holdings Trust, Boustead Singapore, Geo Energy Resources, The Hour Glass, Indofood Agri Resources, Wing Tai Holdings, and QAF. The full 40 stocks are tabled below.  **Stock** **Code** **Mkt Cap S$M** **YTD ADT S$M** **YTD NIF S$M** **YTD**  **TR %** **1H25 TR %** **2H25 TR %** **5-day Avg Bid/ Offer Spread (bps)** **Sector** Rex Intl 5WH 226 5.9 \-7.6 21 45 \-22 59 Energy/ Oil & Gas Geo Energy Res RE4 854 4.8 10.9 19 16 26 100 Energy/ Oil & Gas SamuderaShipping S56 576 1.3 \-0.3 \-11 12 46 98 Industrials YZJ Fin Hldg YF8 870 8.2 \-77.9 \-38 87 19 194 Financial Services YZJ Maritime 8YZ 1,971 5.6 \-31.1 \-9 N/A N/A 87 Financial Services Wee Hur E3B 634 3.8 10.0 \-7 33 58 79 Industrials Marco Polo Marine 5LY 598 6.7 \-7.4 \-8 \-13 265 71 Industrials RH Petrogas T13 192 1.9 2.5 48 6 \-8 212 Energy/ Oil & Gas LHN 41O 250 0.9 \-4.0 \-8 41 \-1 100 Real Estate (excl. REITs) HPH Trust USD NS8U 2,390 1.8 7.9 1 5 32 168 Industrials Yanlord Land Z25 1,255 2.5 \-2.3 \-7 \-24 40 84 Real Estate (excl. REITs) Golden Agri-Res E5H 3,868 5.1 5.4 7 \-2 14 168 Consumer Non-Cyclicals First Resources EB5 4,412 5.2 6.0 36 3 46 40 Consumer Non-Cyclicals China Aviation G92 1,746 3.4 20.3 22 4 82 57 Industrials CSE Global 544 912 10.0 1.5 28 40 77 82 Technology CNMC Goldmine 5TP 689 12.0 42.3 63 76 154 64 Materials & Resources Bumitama Agri P8Z 2,913 2.9 5.3 27 \-6 83 75 Consumer Non-Cyclicals Hong Leong Asia H22 2,185 4.8 7.4 22 81 51 46 Consumer Cyclicals GRC S3N 349 3.1 \-0.2 6 44 153 116 Industrials Olam Group VC2 3,299 4.3 \-34.2 \-9 \-20 3 63 Consumer Non-Cyclicals ISDN I07 172 0.3 1.1 \-3 2 24 146 Technology China Sunsine QES 615 1.0 1.9 \-19 30 48 86 Materials & Resources Kep Infra Tr A7RU 3,195 7.3 23.5 11 \-9 28 96 Technology InnoTek M14 155 1.4 4.2 2 \-2 59 97 Technology Delfi P34 568 1.5 5.4 16 \-1 8 75 Consumer Non-Cyclicals Aztech Gbl 8AZ 625 0.7 2.5 24 \-5 18 71 Technology Boustead F9D 929 1.9 19.3 6 39 27 73 Industrials Raffles Medical BSL 1,840 1.9 \-3.7 \-2 20 3 99 Healthcare Food Empire F03 1,713 3.6 18.8 30 96 32 42 Consumer Non-Cyclicals Pan United P52 995 0.6 8.1 22 59 37 104 Materials & Resources The Hour Glass AGS 1,478 0.3 0.2 2 25 21 101 Consumer Cyclicals Indofood Agri 5JS 565 0.1 0.4 9 2 16 164 Consumer Non-Cyclicals Centurion OU8 1,228 2.4 \-2.4 9 78 \-19 77 Real Estate (excl. REITs) Wing Tai W05 1,245 0.9 7.7 15 4 12 76 Real Estate (excl. REITs) QAF Q01 572 0.2 0.3 11 13 1 90 Consumer Non-Cyclicals Banyan Tree B58 529 0.6 \-3.6 \-2 28 47 92 Consumer Cyclicals Tuan Sing T24 400 0.5 0.3 \-2 3 20 190 Real Estate (excl. REITs) BRC Asia BEC 1,251 0.4 0.6 9 29 37 57 Industrials Riverstone AP4 1,060 2.7 \-6.8 \-16 \-35 32 70 Healthcare Hong Fok H30 705 0.6 3.9 5 \-9 12 69 Real 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._ ### Related Stocks - [S3N.SG](https://longbridge.com/en/quote/S3N.SG.md) ## Related News & Research - [Global Resource Construction Completes Re-Domiciliation from Bermuda to Singapore](https://longbridge.com/en/news/274294056.md) - [GRC’s CES-Precast Finalises Lease at New Integrated Prefabrication Hub in Singapore](https://longbridge.com/en/news/273976356.md) - [Global Resource Construction Aligns Financial Year End After GRC Acquisition](https://longbridge.com/en/news/275762356.md)