Top 10 Investments added by FSMOne investors in 3Q2025: Rate Cuts are Back on the Menu!

Global financial markets overall performed strongly in 3Q2025, driven by robust a well-anticipated Federal Reserve (Fed), artificial intelligence (AI) and technology demand, rate cut and notably, record-setting rallies in gold and silver.

While the Fed had considered tightening monetary policy earlier, expectations shifted towards easing to support economic growth amid mixed global economic signals.

The technology sector, especially AI and quantum computing, saw a surge in investor enthusiasm following major breakthroughs and innovative product launches. This led to significant gains in technology stocks across major indices, reflecting confidence in long-term growth prospects.

Precious metals, notably gold and silver, experienced notable rallies, with gold hitting record highs. These gains were driven by a combination of inflation expectations, geopolitical uncertainties, and increased demand as safe-haven assets.

Overall, these factors contributed to a bullish environment in global markets during 3Q2025.

Most Popular Unit Trusts in 3Q2025

In case you are following this quarterly update for the first time, short-duration bond and money market funds are excluded in the top 10 rankings.

With rate cuts looming, it comes as little surprise that the list this quarter are mostly made up by funds with exposure into bonds and precious metals. As most investors know, interest rates and bond prices are negatively correlated – when interest rates drop, bond prices tend to rise in general. Multi-asset fund JPMorgan Investment Funds - Global Income A (icdiv) SGD-H continues to dominate our list by taking 1^st spot once again. Meanwhile, both the admin (PIMCO Income Fund Admin Cl Inc SGD-H) and retail (PIMCO Income Fund Cl E Inc SGD-H) share classes of the ever-popular PIMCO Income Fund made it to 2^nd and 3^rd respectively.

Speculative investors were also banking on lower interest rates impacting high yield bonds as these bonds tend to be more sensitive to interest rate changes. With lower interest rates, high yield issuers can refinance existing debt at lower rates. Thus, improving financial health, reducing default risk and possibly lifting their credit rating. Interestingly, an Asia and a US high yield bond fund each made the list this quarter with GS Asia High Yield Bond Portfolio MDist SGD-H coming in 5^th and FTGF Western Asset US High Yield A Mdis SGD-H Plus taking 8^th.

As gold prices started to climb, many of our investors also quickly took notice and bought into several gold and precious metals funds. Naturally, Schroder ISF Global Gold A Acc SGD-H, Schroder ISF Global Gold A Acc USD and Blackrock World Gold Fund A2 SGD-H took 4^th,10^th and 9^th places. However, investors should note that these funds are more of a proxy to actual gold and precious metals prices since they invest in the stocks of related companies such as miners instead.

Since the launch of Swiss Franc (CHF) financing in May this year, our CHF borrowers have been constantly looking to generate positive carry income in CHF. One of the first few CHF bond funds to be onboarded on FSMOne, T. Rowe Price Diversified Income Bond Fund Axn CHF’s approximate 7% dividend yield against the relatively low interest rate of borrowing CHF makes this fund one of the mainstays at 7^th place in 3Q2025. For latest CHF positive carry suggestions, refer to our latest write-up:

Here’s more investment ideas to generate positive carry income in Swiss Franc

Rounding up the list the United China A Shares Innovation A Acc SGD in 6^th place. Since the launch of the DeepSeek language model earlier this year, alongside Beijing’s policy pivot to support private enterprises, China’s technology sector has staged a consistent rally. Investors may have pivoted towards China onshore technology stocks given their undervaluation relative to global peers and the historically low correlation with US or European counterparts.

Table 1: Top 10 Most Popular Unit Trusts

Rank	Product Name (Unit Trusts)	YTD Return in SGD Terms
1	JPMorgan Investment Funds - Global Income A (icdiv) SGD-H	7.74%
2	PIMCO Income Fund Admin Cl Inc SGD-H	6.83%
3	PIMCO Income Fund Cl E Inc SGD-H	6.41%
4	Schroder ISF Global Gold A Acc SGD-H	155.90%
5	GS Asia High Yield Bond Portfolio MDist SGD-H	6.95%
6	United China A Shares Innovation A Acc SGD	57.15
7	T. Rowe Price Funds SICAV - Diversified Income Bond Axn CHF	*2.11%
8	FTGF Western Asset US High Yield A Mdis SGD-H Plus	5.63%
9	Blackrock World Gold Fund A2 SGD-H	122.92%
10	Schroder ISF Global Gold A Acc USD	148.55%

*3 month return as fund share class was only launched in April 2025

Data as of 21^st October 2025

Most Popular ETFs in 3Q2025

The newly launched LionGlobal Short Duration Bond Fund ETF gives investors access to the same underlying assets as LionGlobal Short Duration Bond Fund while having the liquidity to trade the ETF on the SGX. Coupled with our cashback promotion till the end of October, the ETF was crowned 1^st for this quarter.

Leveraged ETFs remain popular this quarter in anticipation of rate cuts with Direxion Daily Semiconductor Bull 3X Shares and Direxion Daily TSLA Bull 2X Shares taking 2^nd and 10^th spots. Our usual caution still applies: these ETFs are designed for short-term trading and are subject to daily rebalancing, which can lead to significant tracking errors over extended periods.

A major beneficiary of lower interest rates is REITs as borrowing costs are lowered, making it cheaper to finance new properties or developments. With little surprise, the Amova-StraitsTrading Asia ex Japan REIT Index ETF and Lion-Phillip S-REIT ETF came in 3^rd and 4^th respectively.

Coming in 5^th is the Lion-OCBC Securities Hang Seng TECH ETF as investors looked to capture the Hang Seng TECH Index’s rally as rising AI adoption affirms China’s strategic long term emphasis on practical AI applications.

With the 3 local banks pushing the Straits Times Index (STI) to record highs, investors may find it more prudent and economical to invest in the SPDR® Straits Times Index ETF than the individual stocks or DBS, OCBC and UOB. The STI ETF finished 6^th in 2Q2025. Together with the STI, gold prices also hit new highs and the SGX-listed SPDR® Gold Shares finished just behind at 7^th.

Completing the list are our recommended ETFs for exposure into Singapore investment grade corporate bonds and the ever-popular S&P 500: Amova SGD Investment Grade Corporate Bond Index ETF at 8^th and Vanguard S&P 500 ETF at 9^th.

Table 2: Top 10 Most Popular ETFs

Rank	Product Name (ETFs)	YTD Return in SGD Terms
1	LionGlobal Short Duration Bond Fund Active ETF SGD Class (Dist) (SGX: SBO)	*0.13%
2	Direxion Daily Semiconductor Bull 3X Shares (NYSE: SOXL)	47.70%
3	Amova-StraitsTrading Asia ex Japan REIT Index ETF (SGX: CFA)	14.66%
4	Lion-Phillip S-REIT ETF (SGX: CLR)	14.88%
5	Lion-OCBC Securities Hang Seng TECH ETF (SGX: HST)	22.94%
6	SPDR® Straits Times Index ETF (SGX: ES3)	18.36%
7	SPDR® Gold Shares (SGX: GSD)	55.47%
8	Amova SGD Investment Grade Corporate Bond Index ETF (SGX: MBH)	7.13%
9	Vanguard S&P 500 ETF (NYSE: VOO)	9.66%
10	Direxion Daily TSLA Bull 2X Shares (NASDAQ: TSLL)	-26.65%

*1 week return as ETF was only listed in October 2025

Data as of 21^st October 2025

Most Popular Stocks in 3Q2025

The STI’s strong performance against the backdrop of ongoing global uncertainty proved why 8 of the 10 best selling stocks are from the SGX. Despite macroeconomic headwinds, the market’s broad-based sector strength and policy-driven liquidity enhancements reinforce our continued confidence in Singapore’s investment appeal.

Singapore market 2H25: Riding structural tailwinds toward stronger long-term highs

Tech giants Tesla Inc and NVIDIA Corpwere the only 2 non-SGX stocks on this list with the former coming in 6^th and the latter finishing 9^th.

Singapore banking trio DBS Group Holdings Ltd, United Overseas Bank Ltd (UOB) and Oversea-Chinese Banking Corp Ltd (OCBC) once again proved their popularity among Singapore investors as they took 1^st, 3^rd and 5^th spots respectively.

A combination of drop in share price and anticipation of the revenue boost from the year end travel season pushed Singapore Airlines Ltd. (SIA) to 10^th on the list this quarter. It was also reported back in July that SIA a significant drop in profits due to its stake in Air India, which was embroiled in India’s worst aviation disaster in three decades.

This quarter both CapitaLand Investment Ltd (CLI) and CapitaLand Integrated Commercial Trust (CICT) made the list at 6^th and 7^th places respectively. For investors still unsure of the relationship between both, CLI is the sponsor and parent company of CICT. CLI maintains a significant ownership stake in CICT and oversees its management.

Shipbuilder Yangzijiang Shipbuilding (Holdings) Ltd saw gains in their share price over the past quarter on the back of its announcement that it had secured new orders for its vessels. The Chinese shipbuilder came 2^nd while wealth management platform iFAST Corp Ltd, which came in 4^th.

Table 3: Top 10 Most Popular Stocks

Rank	Product Name (Stocks)	YTD Returns Including Dividends	Dividend Yield (Trailing 12 Months)
1	DBS Group Holdings Ltd (SGX:D05)	24.34%	5.08%
2	Yangzijiang Shipbuilding (Holdings) Ltd (SGX:BS6)	12.21%	3.77%
3	United Overseas Bank Ltd (SGX:U11)	1.18%	5.16%
4	iFAST Corp Ltd (SGX:AIY)	23.09%	0.76%
5	Oversea-Chinese Banking Corp Ltd (SGX:O39)	6.49%	4.90%
6	Tesla Inc (NASDAQ:TSLA)	10.58%	-
7	CapitaLand Investment Ltd (SGX: 9CI)	4.07%	4.56%
8	CapitaLand Integrated Commercial Trust (SGX:C38U)	28.33%	5.22%
9	NVIDIA Corp (NASDAQ:NVDA)	35.30%	0.02%
10	Singapore Airlines Ltd (SGX: C6L)	6.41%	6.12%

Data as of 21^st October 2025

Most Popular Bonds in 3Q2025

Perhaps one of the most anticipated bond offerings this year was launched in 3Q2025 as Astrea 9 added 3 share classes of the private equity bonds. ASTLC 3.400% 08Aug2040 Corp (SGD) - Class A-1 and ASTLC 5.700% 08Aug2040 Corp (USD) - Class A-2 came in 2^nd and 3^rd while ASTLC 7.350% 08Aug2040 Corp (USD) - Class B PIK came 9^th. Investors can note that the PIK (Payment-in-kind) structure is where the interest at each distribution period is accrued (instead of being payable) and added to the original principal and forms part of the principal amount, compounded over time.

With final price guidance of close to 4% and 3 years to maturity, QNMSP 3.950% 10Jul2028 Corp (SGD) came in 1^st as their IPO was announced in July. Following the release of their 1H2025 results, we continue to recommend this bond for investors with higher risk profile.

Credit Update: Q&M shows stable dental results in 1H25

Our investors were also in favour of perpetuals issued by real estate players Mapletree Treasury, ESR Asset Management and Lendlease Asia Treasury as rate cuts loomed. MAPLSP 3.950% Perpetual Corp (SGD), ARASP 5.650% Perpetual Corp (SGD) and LLCAU 3.900% Perpetual Corp (SGD) took 4^th, 8^th and 10^th places.

Additional Tier 1 (AT1) bonds issued by French banks BNP Paribas and Credit Agricole were also in demand with BNP 7.375% Perpetual Corp (USD) and ACAFP 6.700% Perpetual Corp (USD) making the cut at 5^th and 6^th places. It is interesting to note that these 2 AT1 bonds are more than 8 years away from their first call dates as investors likely wanted to lock in higher rates for longer period.

Finally, TMGSP 4.650% 29Oct2029 Corp (SGD) issued by Thomson Medical Group completes this list at 7^th place. The regional healthcare operator announced in August that they will develop a S$5.5B project in the Johor-Singapore Special Economic Zone that will include a 500-bed hospital with aged care facilities, a luxury hotel, serviced residences and more.

Table 4: Top 10 Most Popular Bonds

Rank	Product Name (Bonds)	Indicative Yield-to-Worst
1	QNMSP 3.950% 10Jul2028 Corp (SGD)	3.564%
2	ASTLC 3.400% 08Aug2040 Corp (SGD) - Class A-1	2.685%
3	ASTLC 5.700% 08Aug2040 Corp (USD) - Class A-2	5.077%
4	MAPLSP 3.950% Perpetual Corp (SGD)	3.406%
5	BNP 7.375% Perpetual Corp (USD)	6.693%
6	ACAFP 6.700% Perpetual Corp (USD)	6.533%
7	TMGSP 4.650% 29Oct2029 Corp (SGD)	3.572%
8	ARASP 5.650% Perpetual Corp (SGD)	5.616%
9	ASTLC 7.350% 08Aug2040 Corp (USD) - Class B PIK	6.687%
10	LLCAU 3.900% Perpetual Corp (SGD)	3.851%

Data as of 21^st October 2025

With markets hitting record highs, it is more prudent to invest via a dollar cost averaging (DCA) method into a globally diversified portfolio instead of trying to time the market. As strong advocates of DCA, we ensure this method of investing is accessible to investors with 0% processing fees for Regular Savings Plans (RSP) on unit trusts, ETFs and our managed portfolios.

Keen to know how to craft a globally diversified portfolio that requires minimal monitoring? Feel free to reach out to our friendly and professional advisory team at advisory@fundsupermart.com.