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Executive Summary

Investor behaviour in 4Q2025 reflected a continued preference for income resilience and diversification, even as selective risk-taking re-emerged in pockets of equities and leveraged ETFs. Compared to the previous two quarters, demand remained strongest for income-focused unit trusts, high-yield bonds, and Singapore blue-chip stocks, while gold and technology exposures continued to play an important role in portfolio balancing.

Across asset classes, several familiar names once again dominated the rankings, underscoring how investors have largely stayed anchored to proven strategies rather than rotating aggressively. At the same time, modest shifts in ETF and stock rankings indicate growing tactical positioning as market participants prepare for a potentially more accommodative rate environment ahead.

Introduction

The investment landscape in 2025 was shaped by a combination of slowing global growth, shifting interest rate expectations and persistent geopolitical risks, all of which influenced how investors positioned their portfolios throughout the year. After an extended period of tight monetary policy, markets spent much of 2025 anticipating the timing and pace of potential rate cuts, with central banks signalling a more data-dependent and cautious approach.

Inflation continued to moderate across major economies, but progress remained uneven. While headline inflation trended lower, sticky services inflation and resilient labour markets kept policymakers from easing aggressively. As a result, bond yields stayed relatively elevated for most of the year, reinforcing investor demand for income-generating assets such as high-yield bonds, income-focused unit trusts and dividend-paying equities.

Equity markets delivered mixed outcomes. US technology stocks extended their leadership, supported by continued enthusiasm around artificial intelligence and productivity-driven earnings growth. At the same time, market breadth remained narrow, prompting investors to balance growth exposure with defensive allocations. In Asia, China-related uncertainties and geopolitical tensions contributed to volatility, increasing the appeal of gold and alternative defensive assets.

Against this backdrop, investor behaviour in 2025 was characterised less by aggressive risk-taking and more by portfolio optimisation. The focus was on securing sustainable income, maintaining diversification and selectively participating in growth themes. These dynamics set the stage for the buying patterns observed in 4Q2025, where income resilience, tactical flexibility and risk management remained at the forefront of investor decision-making.

Most Popular Unit Trusts in 4Q2025

Income durability and diversification remain top priorities.

Investor preferences in unit trusts during 4Q2025 continued to be dominated by income-oriented and diversified strategies, reinforcing trends seen throughout the year. The rankings showed minimal turnover compared with previous quarters, highlighting a strong preference for familiar and proven solutions rather than tactical rotation.

At the top of the list was PIMCO Income Fund Admin Class Inc SGD-H, which climbed one spot from the previous quarter, underscoring its role as a core income holding. Its flexible mandate across global fixed income sectors and active duration management continued to appeal to investors navigating uncertain interest rate trajectories. This preference was further reinforced by the strong showing of PIMCO Income Fund CI E Inc CHF-H and PIMCO Income Fund Class E Inc SGD-H, which together occupied three of the top five spots, reflecting demand across different currency share classes.

Closely following was JPMorgan Investment Funds – Global Income A (icdiv) SGD-H, which remained a consistent favourite across multiple quarters. Investors continued to value its diversified income sources spanning equities, bonds and alternatives, particularly as volatility persisted across traditional asset classes.

Gold-related exposure once again featured prominently. Schroder ISF Global Gold A Acc SGD-H ranked third, while its USD-denominated counterpart also made the top 10. Their continued presence suggests that investors maintained strategic allocations to gold as both a hedge against macro uncertainty and a portfolio stabiliser.

On the domestic front, United SGD Fund Class A Acc SGD reflected sustained interest in SGD-denominated fixed income, appealing to investors seeking currency stability and lower volatility. Meanwhile, Allianz Income and Growth funds, across both CHF-hedged and SGD share classes, reinforced the theme of blending income generation with moderate growth exposure.

Rounding out the list, the usual mainstay Schroder Multi-Asset Revolution A Dis SGD highlighted investors’ willingness to allocate to more innovative, multi-asset strategies that aim to adapt dynamically across market cycles.

Overall, the unit trust rankings in 4Q2025 reaffirmed a clear investor preference for income reliability, diversification and capital preservation, with minimal deviation from patterns established earlier in the year.

Table 1: Top 10 Most Popular Unit Trusts

Rank	Product Name (Unit Trusts)
1	PIMCO Income Fund Admin Cl Inc SGD-H
2	JPMorgan Investment Funds - Global Income A (icdiv) SGD-H
3	Schroder ISF Global Gold A Acc SGD-H
4	PIMCO Income Fund CI E Inc CHF-H
5	PIMCO Income Fund Cl E Inc SGD-H
6	United SGD Fund Cl A Acc SGD
7	Allianz Income and Growth CI AMi Dis H2-CHF
8	Schroder ISF Global Gold A Acc USD
9	Allianz Income and Growth Cl AMi3 DIS H2-SGD
10	Schroder Multi-Asset Revolution A Dis SGD

Most Popular ETFs in 4Q2025

A barbell approach between yield, hedges and tactical growth.

ETF activity in 4Q2025 reflected a clear barbell strategy, combining defensive income-oriented exposures with high-conviction tactical positions.

Topping the list was the Amova–StraitsTrading Asia ex Japan REIT Index ETF, which saw renewed interest as investors positioned for eventual rate relief while continuing to favour income-generating real estate assets. Its regional diversification and relatively attractive yield profile made it a recurring favourite throughout 2025.

Leveraged technology ETFs remained firmly in demand. Both Direxion Daily Semiconductor Bull 3X Shares (SOXL) and ProShares UltraPro QQQ (TQQQ) ranked among the top three, signalling continued tactical participation in US technology momentum, particularly around semiconductors and mega-cap growth stocks. Their presence echoed patterns seen in earlier quarters, suggesting that investors used these instruments selectively rather than as long-term holdings.

Asia-focused growth exposure also remained popular through the Lion-OCBC Securities Hang Seng TECH ETF, reflecting selective optimism toward Chinese technology names after prolonged underperformance. At the same time, domestic income exposure was maintained via the Lion-Phillip S-REIT ETF, reinforcing the preference for yield within local portfolios.

Gold ETFs featured prominently again, with both SGX-listed SPDR® Gold Shares and its US-listed counterpart appearing in the top 10. This dual presence highlighted ongoing demand for gold as a hedge against geopolitical risk, currency volatility and policy uncertainty.

The inclusion of the iShares Bitcoin Trust ETF signalled a gradual acceptance of digital assets within diversified portfolios, while Vanguard S&P 500 ETF (VOO) and SPDR® Straits Times Index ETF (ES3) continued to serve as core equity building blocks for long-term investors.

Taken together, ETF flows in 4Q2025 demonstrated how investors balanced core allocations with tactical opportunities, without fully abandoning defensive positioning.

Table 2: Top 10 Most Popular ETFs

Rank	Product Name (ETFs)
1	[SGX] [CFA] Amova-StraitsTrading Asia ex Japan REIT Index ETF
2	[NYSE] [SOXL] Direxion Daily Semiconductor Bull 3X Shares
3	[NASDAQ] [TQQQ] ProShares UltraPro QQQ
4	[SGX] [HST] Lion-OCBC Securities Hang Seng TECH ETF
5	[SGX] [GSD] SPDR® Gold Shares
6	[SGX] [CLR] Lion-Phillip S-REIT ETF
7	[NYSE] [GLD] SPDR® Gold Shares
8	[NASDAQ] [IBIT] iShares Bitcoin Trust ETF
9	[NYSE] [VOO] Vanguard S&P 500 ETF
10	[SGX] [ES3] SPDR® Straits Times Index ETF

Most Popular Stocks in 4Q2025

Quality, dividends and selective growth define equity choices.

Stock selections in 4Q2025 continued to reflect a strong preference for quality and income visibility, particularly within the Singapore market.

DBS Group Holdings once again topped the rankings, reinforcing its status as a cornerstone holding for income-focused investors. Supported by robust capital buffers and consistent dividend payouts, DBS remained a key beneficiary of higher-for-longer interest rate dynamics. United Overseas Bank (UOB) also featured prominently, highlighting sustained confidence in the local banking sector.

Property and real-asset-related stocks continued to attract steady interest. CapitaLand Investment ranked second, reflecting its diversified exposure across real estate and alternative assets, while Keppel DC REIT and CapitaLand Integrated Commercial Trust reinforced demand for income-generating REITs backed by high-quality assets.

Industrial exposure came through Yangzijiang Shipbuilding, which benefited from strong order books and favourable industry dynamics, appealing to investors seeking cyclical upside alongside solid fundamentals.

US technology names maintained a presence but did not dominate. Micron Technology, NVIDIA and Tesla featured in the rankings, signalling continued exposure to secular growth themes such as semiconductors, artificial intelligence and electric vehicles, albeit in a measured manner.

Finally, iFAST Corp reflected continued investor interest in platform-based financial services, particularly as digital investment adoption remained strong across the region.

Overall, stock buying activity in 4Q2025 suggested portfolio consolidation rather than aggressive rotation, with investors favouring resilient earnings, dividends and selective growth exposure.

Table 3: Top 10 Most Popular Stocks

Rank	Product Name (Stocks)
1	[SGX] [D05] DBS Group Holdings Ltd
2	[SGX] [9CI] CapitaLand Investment Ltd
3	[SGX] [BS6] Yangzijiang Shipbuilding (Holdings) Ltd
4	[NASDAQ] [MU] Micron Technology Inc
5	[SGX] [U11] United Overseas Bank Ltd
6	[NASDAQ] [TSLA] Tesla Inc
7	[SGX] [AJBU] Keppel DC REIT
8	[NASDAQ] [NVDA] NVIDIA Corp
9	[SGX] [AIY] iFAST Corp Ltd
10	[SGX] [C38U] CapitaLand Integrated Commercial Trust

Most Popular Bonds in 4Q2025

Yield capture remains the dominant theme.

Bond demand in 4Q2025 remained robust, with investors continuing to focus on high-yield opportunities and income certainty.

Leading the rankings was the US Treasury 2.125% 31 May 2026 (Retail) bond, reflecting a parallel demand for safety, liquidity and predictable returns amid lingering macro uncertainty.

Perpetual corporate bonds once again dominated the rest of the list. Multiple Barclays-issued perpetuals featured prominently, spanning different coupon levels, underscoring investor confidence in large global financial institutions. Similarly, Standard Chartered and BNP Paribas perpetual bonds continued to attract strong interest, supported by their established credit profiles.

Higher-yielding names such as ROTHLF 7.000% Perpetual and MMFSSP 5.000% 30 Oct 2028 appealed to investors willing to take on additional credit or structural risk in exchange for enhanced income.

The overall bond rankings closely mirrored trends from earlier quarters, suggesting that investors remained focused on locking in attractive yields ahead of any meaningful shift toward lower interest rates.

Table 4: Top 10 Most Popular Bonds

Rank	Product Name (Bonds)
1	T 2.125% 31May2026 Govt (USD) - Retail
2	BACR 4.650% Perpetual Corp (SGD)
3	MMFSSP 5.000% 30Oct2028 Corp (SGD)
4	ROTHLF 7.000% Perpetual Corp (USD)
5	BACR 5.400% Perpetual Corp (SGD)
6	ESRCAY 5.650% Perpetual Corp (SGD)
7	BACR 8.300% Perpetual Corp (SGD)
8	BNP 4.500% Perpetual Corp (USD)
9	STANLN 7.750% Perpetual Corp (USD)
10	STANLN 7.000% Perpetual Corp (USD)

Closing Note

Taken together, the 4Q2025 rankings paint a clear picture of measured confidence rather than exuberance. Compared with earlier quarters, investor behaviour remained anchored in income and diversification, while selectively re-engaging with growth and tactical opportunities.

As markets look ahead to potential policy shifts in 2026, FSMOne investors appear to be positioning portfolios with a blend of yield stability, defensive hedges and selective upside exposure — a strategy that has remained remarkably consistent throughout the year.