Top 10 Investments added by FSM Global investors in 1Q2026: A Quarter of Two Halves

The first quarter of 2026 began with quiet optimism and ended with a geopolitical jolt – leaving investors navigating a landscape that looked markedly different on 31 March than it had on 1 January.

The quarter opened on solid footing. Early 2026 looked broadly positive, with stable growth, moderating inflation and Artificial Intelligence (AI) driven investment boosting global activity. However, the onset of the Iran war in late February injected an entirely new level of uncertainty into global financial markets, sending oil prices surging and rattling stocks and bonds alike.

The commodity complex was the standout story of the quarter as Iran's disruption of the Strait of Hormuz sent oil prices surging. In the same quarter, technology stocks faced a double blow. AI disruption concerns moved rapidly through the market; with software stocks hit hardest as investors feared that advances in next-generation AI could commoditise core functionality. All 7 members of the Magnificent 7 declined during the quarter.

Fixed income provided little shelter with central banks finding themselves in a difficult position due to oil prices climbing. Hopes for further interest rate cuts faded with markets now expecting rates to stay unchanged for the rest of the year.

Most Popular Unit Trusts in 1Q2026

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 tech stocks tumbling and equity markets rattled by the Iran conflict, income-focused funds became natural destinations in 1Q2026. PIMCO Income Fund Admin Cl Inc SGD-H, JPMorgan Investment Funds - Global Income A (icdiv) SGD-H, Allianz Income and Growth CI AMi Dis H2-CHF, PIMCO Balanced Income and Growth Fund M-Retail Inc II SGD-H and PIMCO Income Fund Cl E Inc SGD-H all made the list at 1^st, 3^rd, 7^th, 9^th and 10^th respectively. These SGD-hedged share classes also provided currency stability at a time when the US dollar was strengthening.

Gold was one of the standout asset classes of 1Q2026, consolidating near record highs. With geopolitical uncertainty surging and inflation re-accelerating on the back of oil prices, gold's role as a market hedge became appealing. Schroder ISF Global Gold A Acc SGD-H and newcomer LionGlobal Singapore Physical Gold A Acc SGD appearing on the list at 2^nd and 6^th places reflects how strongly this narrative resonated with investors.

The broad market rotation away from growth and tech also gravitated toward value and dividend stocks. Amova Singapore Dividend Equity SGD (4^th) and Amova Japan Dividend Equity SGD-H (8^th) were the beneficiaries of this shift.

Benefitting from positive AI sentiment early in the quarter – particularly through its semiconductor powerhouses Samsung and SK Hynix, Korean equities among the bright spots among Asian equities. LionGlobal Korea Fund SGD came in 5^th in 1Q2026.

Table 1: Top 10 Most Popular Unit Trusts

Rank	Product Name (Unit Trusts)	YTD Return in SGD Terms
1	PIMCO Income Fund Admin Cl Inc SGD-H	-0.39%
2	Schroder ISF Global Gold A Acc SGD-H	17.04%
3	JPMorgan Investment Funds - Global Income A (icdiv) SGD-H	0.73%
4	Amova Singapore Dividend Equity SGD (formerly Nikko AM)	8.05%
5	LionGlobal Korea Fund SGD	32.61%
6	LionGlobal Singapore Physical Gold A Acc SGD	8.16%
7	Allianz Income and Growth CI AMi Dis H2-CHF	-0.83%
8	Amova Japan Dividend Equity SGD-H (formerly Nikko AM)	9.36%
9	PIMCO Balanced Income and Growth Fund M-Retail Inc II SGD-H	3.16%
10	PIMCO Income Fund Cl E Inc SGD-H	-0.53%

Data as of 10^th April 2026

Most Popular ETFs in 3Q2025

Unsurprisingly, precious metals ETFs made the list with SPDR Gold Shares, both GSD and GLD, and iShares Silver Trust taking 1^st, 6^th and 8^th respectively. Driven by persistent inflationary pressures and sustained central bank demand for bullion, SPDR Gold Shares delivered serious gains as of early February. Silver generally tends to follow gold in risk-off environments while also benefiting from industrial demand.

Despite the S&P 500 declining, the Vanguard S&P 500 ETF (10^th) remains a perennial bestseller. The dip likely attracted fresh buyers’ dollar-cost averaging into US equities at lower prices – a common and rational behaviour among long-term investors.

The sharp drawdown in tech and semiconductors in 1Q2026 likely drew tactical traders looking to buy the dip aggressively using leverage. Both Direxion Daily Semiconductor Bull 3X and ProShares UltraPro QQQ came in 2^nd and 9^th.

Lion-OCBC Hang Seng TECH ETF (4^th) tracks the Hang Seng TECH Index, with major holdings in Xiaomi, Tencent, Alibaba, and JD.com — all benefiting from Beijing's renewed push for innovation. Strong recent momentum and China's AI narrative made this a compelling buy for Singapore investors seeking Asian tech exposure outside of the battered US tech space.

Both SPDR STI ETF (3^rd)and Lion-Phillip S-REIT ETF (7^th) reflect home market conviction. The Straits Times Index (STI) was one of the standout performers relative to global peers while Singapore REITs (S-REIT) appealed to income-seeking investors rotating out of growth into yield – consistent with the broader defensive shift seen across the mutual fund list too.

Amova-StraitsTrading Asia ex Japan REIT ETF (5^th) offers attractive dividend yields, and with S-REITs outperforming, broader Asia ex-Japan REIT exposure was a logical extension for investors seeking regional income diversification.

Table 2: Top 10 Most Popular ETFs

Rank	Product Name (ETFs)	YTD Return in SGD Terms
1	SPDR® Gold Shares (SGX: GSD)	9.43%
2	Direxion Daily Semiconductor Bull 3X Shares (NYSE: SOXL)	67.29%
3	State Street® SPDR® Straits Times Index ETF (SGX: ES3)	7.68%
4	Lion-OCBC Securities Hang Seng TECH ETF (SGX: HST)	-13.86%
5	Amova-StraitsTrading Asia ex Japan REIT Index ETF (SGX: CFA)	-1.86%
6	SPDR® Gold Shares (NYSE: GLD)	9.43%
7	Lion-Phillip S-REIT ETF (SGX: CLR)	-3.54%
8	iShares Silver Trust (NYSE: SLV)	1.82%
9	ProShares UltraPro QQQ (NASDAQ: TQQQ)	-7.69%
10	Vanguard S&P 500 ETF (NYSE: VOO)	-0.89%

Data as of 10^th April 2026

Most Popular Stocks in 1Q2026

The Singapore bank trio of DBS Group Holdings Ltd (1^st), Oversea-Chinese Banking Corp Ltd (6^th) and United Overseas Bank Ltd (7^th) dominated the bestseller list for a clear reason: they offered some of the most attractive dividend yields among blue chip stocks during a quarter when income was king. With fee income from wealth management also growing strongly for all three banks, the market viewed the interest margin headwinds as manageable – making them compelling income plays in a volatile quarter.

Yangzijiang Shipbuilding (Holdings) Ltd (2^nd) was one of the standout stories of the quarter as share price surged due to revenue and profit rising. The momentum was supported by the company securing several new contracts – making it an attractive addition to portfolios.

Seatrium Ltd (10^th) rode the same offshore marine wave as it reported a sharp return to profitability in February. The company's active capital management through share buybacks and divestment gains added further confidence. It likely appealed to investors looking for a recovery play with operational momentum.

With the market rotating into defensives and income, Singapore's largest industrial REIT was a natural destination. CapitaLand Ascendas REIT (3^rd) was highlighted by analysts from DBS and UOB its strong balance sheet, acquisition pipeline, and data centre exposure as key strengths, positioning it well for yield seekers amid global supply chain shifts.

Singapore Telecommunications Ltd (8^th) benefited from both the quarter's defensive rotation and its own strong fundamentals. With analysts broadly maintaining buy calls – citing data centre growth prospects and improving returns – alongside an attractive dividend yield, it was a natural fit for income-focused investors.

Despite the broader tech selloff, Microsoft Corp (4^th) and Micron Technology Inc (9^th) attracted investor interest for different reasons. Microsoft was seen as the more defensive AI play – less exposed to software disruption fears and more of a structural beneficiary through its cloud and AI infrastructure. Micron, on the other hand, was a dip-buying opportunity – with record results and strong AI-driven demand for memory and storage, investors with a recovery thesis were accumulating the stock at discounted valuations.

iFAST Corp finished the quarter at 5^th as the wealth management platform threads the needle with a local fintech growth story and a direct beneficiary of the surge in investment activity the quarter itself generated.

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)	2.54%	5.35%
2	Yangzijiang Shipbuilding (Holdings) Ltd (SGX:BS6)	15.35%	2.97%
3	CapitaLand Ascendas REIT (SGX: A17U)	-7.40%	7.41%
4	Microsoft Corp (NASDAQ: MSFT)	-22.83%	0.93%
5	iFAST Corp Ltd (SGX:AIY)	-1.46%	0.80%
6	Oversea-Chinese Banking Corp Ltd (SGX:O39)	12.09%	3.70%
7	United Overseas Bank Ltd (SGX:U11)	6.24%	4.75%
8	Singapore Telecommunications Ltd (SGX: Z74)	8.44%	2.64%
9	Micron Technology Inc (NASDAQ: MU)	47.38%	0.12%
10	Seatrium Ltd (SGX: 5E2)	13.69%	0.60%

Data as of 10^th April 2026

Most Popular Bonds in 1Q2026

There is no coincidence that 6 of the 10 bestselling bonds in 1Q2026 are perpetuals. In a quarter where rate cuts were being priced out and equity markets were rattled, perpetuals offered something scarce: high, locked-in income from investment-grade issuers without the volatility of equities.

Among the perpetuals, STANLN 4.300% Perpetual Corp (SGD) (1^st), MAPLSP 3.950% Perpetual Corp (SGD) (6^th), UBS 5.600% Perpetual Corp (SGD) (7^th), and UOBSP 3.000% Perpetual Corp (SGD) (8^th) each appealed for distinct reasons – from the familiarity and systemic importance of a global bank to the comfort of a Temasek-linked property group, to the standout yield of a top-tier Swiss bank, and the trusted domestic blue-chip credentials of UOB. Rounding out the perpetuals, HSBC 7.000% Perpetual Corp (USD) (5^th) carried the highest coupon on the entire list, making it a compelling yield play for investors already holding USD assets or looking to diversify their currency exposure.

Among the fixed-maturity bonds, HDBSP 2.471% 21Jan2036 Qsov (SGD) (3^rd) presents near-sovereign quality and longer tenor that makes it a natural fit for conservative investors building laddered income portfolios. IFASTC 2.750% 03Mar2031 Corp (SGD) (2^nd) offered a fixed-income entry point into a familiar growth story for those preferring coupon certainty over equity volatility. SNBAB 3.400% 01Dec2035 Corp (SGD) (4^th) at a mid-decade maturity attracted investors willing to take on modest additional credit risk for a meaningful yield pickup over quasi-sovereign alternatives. TMGSP 4.650% 29Oct2029 Corp (SGD) (9^th) hit a sweet spot for those wary of duration risk – offering an attractive coupon without excessive interest rate sensitivity. Rounding out the list, DBSSP 5.065% 13Feb2031 Corp (AUD) (10^th) stood apart as the only non-SGD fixed-dated pick, combining the rock-solid credentials of Singapore's largest bank with the appeal of the Australian dollar as a commodity-linked currency.

Table 4: Top 10 Most Popular Bonds

Rank	Product Name (Bonds)	Indicative Yield-to-Worst
1	STANLN 4.300% Perpetual Corp (SGD)	4.149%
2	IFASTC 2.750% 03Mar2031 Corp (SGD)	2.860%
3	HDBSP 2.471% 21Jan2036 Qsov (SGD)	2.333%
4	SNBAB 3.400% 01Dec2035 Corp (SGD)	3.668%
5	HSBC 7.000% Perpetual Corp (USD)	6.818%
6	MAPLSP 3.950% Perpetual Corp (SGD)	0.018%
7	UBS 5.600% Perpetual Corp (SGD)	4.436%
8	UOBSP 3.000% Perpetual Corp (SGD)	2.978%
9	TMGSP 4.650% 29Oct2029 Corp (SGD)	4.098%
10	DBSSP 5.065% 13Feb2031 Corp (AUD)	5.314%

Data as of 10^th April 2026

With negotiations between US and Iran falling through, markets will likely remain volatile in the near term. Hence, 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.

• Earn $28 when you open an FSM account and set up 1 Regular Savings Plan. Find out more here.
• Earn $68 when you open a beneficiary account and contribute a minimum of S$500/month for 5 consecutive months via a Regular Savings Plan. Find out more here.

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.