Fullerton Fund Management has launched the Fullerton Singapore Value-Up (FSGV) fund — the first retail equity fund to debut under the Monetary Authority of Singapore’s Equity Market Development Programme (EQDP) — following its appointment in July as part of the programme’s initial cohort.
The fund invests exclusively in SGX-listed securities across large-, mid- and small-caps, including IPOs and secondary listings, and is run as a high-conviction portfolio of 20-40 stocks aiming to outperform the FTSE Straits Times All-Share Total Return Index through active management.
FSGV targets “catalytic growth and shareholder value creation”, with Fullerton’s team identifying and engaging companies undertaking actions such as restructuring, divestments, share buybacks and dividend improvements. The mandate spans all market-cap tiers, including the “dynamic yet often under-owned” mid- and small-cap segment, with sector allocations guided by fundamentals across financials, real estate and industrials. Both accumulation and distribution share classes will be offered.
Shawn Ang, portfolio manager of the FSGV says: "We see a breadth of opportunities for growth and shareholder value creation across large, mid-small cap stocks, and we want to have the flexibility to capture those opportunities within our concentrated portfolio."
"The portfolio is constructed around companies with identifiable catalysts, not market capitalisations and includes scope to invest in IPOs, secondary listings where we see pathways to long-term shareholder value," he says, adding that the investment process is rooted in a bottom-up research and engagement, focusing on companies where there is a visible pathway to improved capital efficiency and shareholder returns.
Ang will be managing the portfolio with lead portfolio manager Michelle Sim.
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Fullerton frames the launch as a vote of confidence in Singapore equities amid supportive policy and market conditions, pointing to recent government initiatives to boost capital efficiency, liquidity and governance — alongside precedents from Japan and Korea’s value-up programmes — as tailwinds for long-term value creation.
“The actively managed Fullerton Singapore Value-Up Fund offers retail investors a unique opportunity to co-invest, alongside institutional capital, in companies that are transforming for the future. We will deepen our collaboration with the fund management industry to expand participation in our stock market, attract greater portfolio allocation into Singapore-listed stocks and unlock greater value in the stock market,” says Ng Yao Loong, head of equities, SGX Group.
DBS adds that the launch “will not only make investing more accessible to retail investors but also enable them to unlock opportunities in the Singapore equities market”, with the bank looking to deepen its partnership with Fullerton to meet customer needs.
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FSGV is offered as a collective investment scheme to retail, accredited and institutional investors in Singapore and other markets.
James Tan, group head of investment products and advisory, DBS Bank, says: “While Singaporeans are increasingly investing to grow their wealth, DBS sees a real opportunity to help more people to stay invested and diversify their investment portfolios. The launch of the new Fullerton Singapore Value-Up will not only make investing more accessible to retail investors but also enable them to unlock opportunities in the Singapore equities market, which is gaining traction. DBS is looking forward to deepening our longstanding partnership with Fullerton to expand our offerings to meet our customers' wealth management needs.”
Jenny Sofian, CEO at Fullerton Fund Management, says: “Fullerton Singapore Value-Up is a clear expression of Fullerton’s commitment to Singapore equities and to compounding long‑term capital appreciation for investors. With on‑the‑ground experience and proprietary research, we pursue high‑conviction opportunities and actively engage with companies to improve efficiency, reinforce governance, and co‑create value. This strategy is designed for investors seeking actively managed, total‑return outcomes from a manager deeply rooted in Singapore.
