Singapore stocks have done well ever since the government decided to rejuvenate the stock market and rolled out a string of policies to support it. One of the most welcomed was the Equity Market Development Programme (EQDP), which aims to pump S$6.5 billion to fund managers to deploy into Singapore stocks.
To date, nine fund managers have been appointed, with more to come:
- Amova Asset Management
- AR Capital
- Avanda Investment Management
- BlackRock
- Eastspring Investments
- Fullerton Fund Management
- JPMorgan Asset Management
- Lion Global Investors
- Manulife Investment Management
Some of these managers already have Singapore equity funds that have been around for years. But most have also launched new ones and that’s what we’re focusing on here. I’ll go in alphabetical order.
#1 Amova Singapore Dividend and Growth Equity
#2 Amova Singapore Small Mid Cap Equity
Amova has a handful of Singapore equity funds, including an ETF tracking the Straits Times Index (STI). Two of their newer offerings are the Amova Singapore Dividend and Growth Equity Fund and the Amova Singapore Small Mid Cap Equity Fund.
The Dividend and Growth Equity Fund targets companies with strong growth potential and/or sustainable income generation. Up to 50% of the fund may be invested in small and mid-cap Singapore-listed equities, which could also invest its sister fund, the Small Mid Cap Equity Fund. That makes sense. No need to duplicate research, and it suits investors who want some small-mid cap exposure without going all-in. The other 50% is likely weighted toward the bigger blue chips and dividend plays. Since these are new funds, top holdings aren’t published yet, so that’s purely my read of it.
The Small Mid Cap Equity Fund, as the name suggests, is entirely focused on small and mid caps, again screening for growth potential and sustainable income. This is, in my view, the most unique fund in this list and the closest in spirit to what EQDP is actually trying to achieve. The big issue with many Singapore equity funds is overlap. Most of them end up owning the banks and large REITs, which many investors already hold directly. This fund sidesteps that problem entirely. Don’t expect to see DBS in here.
You could even draw a parallel to the iEdge Next 50 Index. There’s currently no ETF tracking it, and this fund could serve as a practical alternative.
That said, the trade-off is volatility. With no large caps to cushion the ride, this fund moves more. Case in point, over the one month to 12 June 2026, when Singapore stocks pulled back, the Small Mid Cap Equity Fund dropped about 9%, more than double the Dividend and Growth Fund’s 4% decline.
#3 Fullerton Singapore Value-Up
This is Fullerton Fund Management’s first Singapore-focused equity fund, incepted on 2 October 2025. It targets a 30% allocation to small and mid-cap Singapore equities and as of the April 2026 factsheet, that exposure was already at 36.2%.
The three local banks anchor the top 10 holdings, but there are small and mid-cap names in the mix too, including Hong Leong Asia and MoneyMax.
For investors who want some small-mid cap exposure but not too much, this is the more conservative entry point. Around 30% small-mid cap versus Amova Dividend and Growth’s potential 50%.
#4 JPMorgan Funds – Singapore and Asia Equity Income Fund
Launched on 20 January 2026, this is the only fund in this list that invests beyond Singapore. At least 67% of assets go into equities of companies domiciled in or deriving their main economic activity from the Asia Pacific region (excluding Japan). Singapore exposure is kept between 30% and 70%.
That broader mandate shows up in the top 10 holdings. Alongside the usual Singapore bank stocks, you’ll find Asian heavyweights like TSMC, Tencent, and Samsung Electronics. So if geographical diversification matters to you, this one stands apart from the rest.
There’s also an options overlay here. The manager systematically sells equity call options on indices within the benchmark. The premiums collected contribute to the fund’s income and help dampen volatility. It’s a legitimate strategy, but investors need to be comfortable with that added layer of complexity.
#5 Manulife Singapore Opportunities Income Fund
This is Manulife’s second Singapore equity fund, targeting 40% exposure to small and mid-caps.
What makes this one stand out is its flexibility on the fixed income side. The manager has discretion to allocate up to 20% of assets into Singapore Dollar-denominated fixed income, essentially a defensive lever they can pull if they judge the equity market to be too volatile. No other fund in this list has that option.
So Which One Should You Choose?
Investors are now genuinely spoilt for choice. And while it’s tempting to compare these against the STI ETF, that’s not quite the right benchmark. The whole point of EQDP is to channel money into small and mid caps and all these funds do that to varying degrees.
What differs is how much small-mid cap exposure each fund targets. Fullerton Singapore Value-Up sits at around 30%, Manulife Singapore Opportunities Income Fund at around 40%, Amova Singapore Dividend and Growth Equity Fund at around 50%, and Amova Singapore Small Mid Cap Equity Fund goes all the way to 100%. The JPMorgan fund is its own category with a broader Asia mandate and an options overlay on top.
If you already hold a lot of bank stocks or STI ETF units, there’s little point adding another fund that just piles on more of the same. In that case, the higher small-mid cap funds make more sense as a complement.
On costs, all these funds charge a 1.5% management fee. The full expense ratio including transaction fees and other charges hasn’t been finalised yet since they’re new, so watch that space. Minimum investment is S$1,000, with subsequent top-ups from as low as S$100. All are SRS-eligible too.
If you’d like a more structured conversation about your portfolio, I offer a formal advisory service. Feel free to reach out.
