Big news for Singapore's investment landscape! Manulife Investment Management is diving headfirst into the world of Singaporean equities with a brand-new fund strategy, all thanks to the Monetary Authority of Singapore's (MAS) Equity Market Development Programme (EQDP). This initiative is designed to breathe new life into the local stock market, and Manulife is leading the charge.
On December 3rd, 2025, Manulife announced the launch of its Singapore All-Cap Equity strategy. But what does this mean for investors? Well, the strategy is research-driven and "benchmark-unconstrained," meaning it's designed to find the best opportunities regardless of traditional market indexes. A significant 40% of the portfolio will be dedicated to small and mid-cap companies, with the remainder in large caps to ensure stability and easy trading.
Chan Hock Fai, head of equities at Manulife Investment Management, is particularly excited, noting the "tremendous opportunities" in Singapore's often-overlooked small and mid-cap space.
Manulife is one of the lucky asset managers selected in the second batch under the EQDP, announced on November 19th. The other firms are Amova Asset Management, AR Capital, BlackRock, Eastspring Investments (Singapore), and Lion Global Investors (LGI). This second group will receive a whopping S$2.85 billion in allocations.
But here's where it gets controversial...
It's worth noting that not all firms are taking the same approach. LGI, for example, will be integrating its EQDP allocation into its existing LionGlobal Singapore Trust Fund, with a strategy of 60-70% in large-cap stocks and 30-40% in mid-caps.
The EQDP itself is a substantial S$5 billion initiative by the MAS, aimed at boosting investor engagement and improving liquidity in the Singapore equities market. The first batch of managers, announced on July 21st, included Fullerton Fund Management, JP Morgan Asset Management, and Avanda Investment Management, with an initial allocation of S$1.1 billion.
Fullerton's Singapore Value-Up Fund, for instance, invests exclusively in Singapore-listed securities across all market capitalizations. Avanda's Singapore equity strategy focuses on value-up, local champions, and turnaround themes, with a portfolio of 25-35 core holdings, with about half being mid-caps. JP Morgan Asset Management is focusing on small- and mid-cap Singapore stocks, as well as high-yielding markets in the Asia-Pacific.
What do you think about Manulife's strategy? Do you agree that small and mid-caps offer the best opportunities? Share your thoughts in the comments below!
