Singapore's stock market has a recent history of underperformance compared to equity markets in the United States—especially as growth stocks became the predominant component of the investment universe.  In the decade between 2014 and 2023, the S&P 500 grew by 12.0% on an annualised basis. In comparison, the Straits Times index, which includes the top 30 companies listed on the Singapore Exchange (“SGX”) grew by only 4.1% annualised.  This was not necessarily due to deteriorating fundamentals, but reflected investors mainly seeking “growth” exposure through technology names abroad. This trend decreased SGX capitalization, fueling a vicious circle of derating, capital flight and further price depression.  Conditions began to change in 2024, with the STI returning 26.1% annualised over the 2024–2025 period and crossing the 5,000-point mark for the first time in February 2026. Over the same two years, US stocks (as measured by the S&P 500 index) returned 21.4% annualised, and...