The SPDR STI ETF (SGX: ES3), which tracks Singapore's Straits Times Index (SGX: ^STI), delivered a total return of 24% year to date as of end-August 2026.
Yet three SGX-listed small-caps have outpaced the index by wide margins, posting total returns ranging from 33% to 75% over the same period.
Crucially, those figures account for dividends as well as share price appreciation.
The three companies – Union Gas (SGX: 1F2), Micro-Mechanics (SGX: 5DD) and Civmec (SGX: P9D) – each expanded earnings through a distinct driver.
Taken together, they offer useful clues about what the market is rewarding beyond the benchmark blue chips.