An analysis comparing the MSCI Singapore Index (16 stocks) with the MSCI Singapore Small Cap Index (58 stocks) shows large-cap banks drove strong recent returns, while small caps have outperformed over the full 1999–Aug 2026 period.
From Jan 1999 to Aug 2026 the MSCI Singapore Small Cap Index returned 10.1% p.a., slightly ahead of the MSCI Singapore Index’s 9.0% p.a.
Over recent horizons (1–10 years through Aug 2026) the MSCI Singapore large-cap index materially outperformed the small-cap index, with year-to-date and 1–3 year returns dominated by a handful of large banks.
Past relative performance is not permanent: short-term leaders can lag over multi-decade spans, and investors should avoid assuming recent outperformance will persist indefinitely.
Since last year was pretty good for a lot of small cap stocks, I thought the performance of the MSCI Singapore small cap index would be much better than the MSCI Singapore index. For reference, the MSCI Singapore index is a 16-stock index unlike the Straits Times index. Here is the current holdings of the 58-stock MSCI Singapore Small Cap Index:
Time Period MSCI Singapore Returns MSCI Singapore Small Cap Returns Year to date 26.9% 4.5% Last 1 year 27.8% 9.1% Last 2 year 37.0% p.a. I think be open to the idea that there isn't much permanence in the market. As some are review at this point, they may be disappointed with their choices not to be heavy in SGX, DBS, OCBC.
If you are not in Singapore blue chips you have badly lagged. If you look at the 27-year result, the small cap actually did better. At the same time, some may find it wise to respect the base rate.
The market-making sleeve is arguably the sharper signal for traders. It goes at liquidity, the weak spot for smaller SGX names, while the manager funding aims at demand. Together they are supportive for Singapore small and mid-caps, though the effect will depend on how fast the managers deploy capital and how much thir
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