Beaudoin, the lead author of the Morningstar report Singapore’s Equity Market Recharged, published in June 2026, does not dispute that the numbers look good. Inflows into Singapore equity funds hit US$1.6 billion ($2.07 billion) in 2025, against an annual average of about US$118 million over the previous decade. They have since picked up, with the funds drawing US$2.7 billion in the first five months of 2026, lifting total assets to US$10.7 billion, more than double the US$4.7 billion held at the start of 2025. Trading on the Singapore Exchange (SGX) has roughly doubled since the start of 2025 to about $40 billion a month, after briefly topping $50 billion in March.
Singapore’s equity market has drawn no shortage of coverage over the past 18 months. The inflows, the fund launches and the government money behind the Equity Market Development Programme (EQDP), the scheme that seeds fund managers to invest in local stocks, have all been picked over in detail. A webinar on June 24 held by investment research firm Morningstar struck a rare note of caution.
Beneath the headline inflows into Singapore’s equity market, Morningstar speakers Siyan Hui, direct sales specialist; Hunter Beaudoin, manager research analyst; and Kristopher Leung, manager of customer success, Asia, flag some overlooked risks. Funds are crowding into thinly traded smaller stocks, new listings are not keeping pace with the money pouring in and the cheapest funds are quietly outscoring the new active ones.
