Singapore Index Fund Semi-Annual Financial Analysis (31 December 2025)
The Singapore Index Fund, managed by Singapore Consortium Investment Management Limited, has released its unaudited semi-annual report for the financial half year ended 31 December 2025. Below is a comprehensive analysis of the fund’s performance, key financial metrics, portfolio composition, historical trends, and outlook for investors.
Key Financial Metrics: Earnings, Fund Performance & Expenses
| Metric |
H2 2025 |
Previous Half (H1 2025) |
H2 2024 |
YoY Change |
QoQ Change |
| Total Return (before tax) |
\$9,519,777 |
\$10,099,077 |
\$6,896,741 |
+37.9% |
-5.7% |
| Total Return (after tax) |
\$9,503,613 |
\$10,099,077 |
\$6,877,891 |
+38.2% |
-5.9% |
| Net Asset Value (NAV) |
\$59,010,195 |
\$50,438,246 |
\$43,444,374* (avg.) |
+35.9% |
+17.0% |
| Expense Ratio |
1.00% |
1.01% |
1.01% |
-0.01pp |
-0.01pp |
| Portfolio Turnover Ratio |
0.05% |
0.00% |
0.00% |
+0.05pp |
+0.05pp |
| Dividends Received |
\$1,330,012 |
N/A |
\$1,188,499 |
+11.9% |
N/A |
* Averaged NAV for expense ratio calculation.
Historical Performance Trends
The Singapore Index Fund continues to deliver robust performance. The Straits Times Index (STI), which the fund tracks, delivered a total return of 19.8% in H2 2025 and 28.6% for the full year. This outperformed the FTSE ST All-Share Index (27.9%). Since inception in 1996, the fund’s annualized compounded return stands at 5.25%, closely mirroring its benchmark at 5.18%.
Portfolio Composition and Top Holdings
The fund remained heavily invested in Singapore equities, with 89.51% of its net assets allocated to Singapore-listed securities. Financials dominate the portfolio, accounting for 54.4% of net assets, followed by real estate (15.8%) and industrials (15.6%). The top holdings are:
- DBS Group Holdings Limited (26.09%)
- Oversea-Chinese Banking Corporation Ltd (15.13%)
- United Overseas Bank Limited (10.09%)
- Singapore Telecommunications Limited (7.65%)
- Jardine Matheson Holdings Limited (3.93%)
Unusual Fund Flows & Related-Party Transactions
During the period, there were no subscriptions, but redemptions totaled \$931,664. Related-party transactions included accounting, custody, registration, and trustee fees, amounting to \$49,229.
Exceptional Earnings and Expense Recognition
The fund realized substantial net gains on investments (\$8,475,485), with a notable increase compared to H2 2024 (\$5,936,765). Operating expenses rose to \$287,160 from \$231,553 in the previous year, primarily due to higher management and professional fees.
Macroeconomic Environment & Market Outlook
The report highlights a cautiously optimistic macroeconomic outlook. The IMF projects global GDP growth of 3.2% in 2025 and 3.1% in 2026, below the pre-pandemic average. Risks include protectionism, supply chain disruptions, and geopolitical tensions. The Ministry of Trade and Industry expects Singapore’s GDP to grow between 1% and 3% in 2026, with manufacturing and trade-related sectors slowing but AI-related demand supporting electronics. MAS projects core inflation of 1% to 2% for 2026.
Forecasted Events Impacting Performance
Potential risks include global economic uncertainty, escalation of tariffs, geopolitical tensions, supply shocks, and weaker global demand, which could affect Singapore’s export-driven economy and the fund’s performance.
Chairman’s Statement
There is no direct Chairman’s Statement included in the report. The overall tone from management and market outlook sections is cautiously optimistic, noting both opportunities and risks for the upcoming period.
Conclusion & Investor Recommendations
Overall, the Singapore Index Fund demonstrates strong financial performance for the half year ended 31 December 2025:
- Significant YoY growth in returns and NAV
- Stable expense ratio and low portfolio turnover
- Solid dividend receipts and robust gains from investments
- Positive macroeconomic outlook for Singapore, though risks remain
Recommendation for Current Holders: Investors holding units in the Singapore Index Fund may consider maintaining their positions. The fund continues to outperform its benchmark and offers exposure to resilient sectors in Singapore. However, vigilance is advised due to macroeconomic and geopolitical uncertainties.
Recommendation for Non-Holders: Prospective investors may find the fund attractive, given its consistent performance and strong exposure to Singapore’s leading corporates. Entry could be considered, but it is prudent to monitor economic developments and ensure alignment with individual risk profiles.
Disclaimer: This analysis is based strictly on the information contained in the Singapore Index Fund’s semi-annual report as of 31 December 2025. Investors should conduct their own due diligence and consider their financial objectives and risk tolerance before making investment decisions. Past performance is not indicative of future results.
View SingIndexFund Historical chart here
