AVDV ETF Flows Boost SGX Small Caps, Led by Industrials & Materials
With Assets Under Management (AUM) of US$17 billion, the $Avantis International Small Cap Value ETF(AVDV)$ is issued by Avantis Investors, a wholly owned subsidiary of American Century. The ETF invests in a broad range of small-cap stocks listed in non-US developed markets, targeting stocks trading at low valuations and with higher profitability ratios.
As of end‑February, the overall portfolio was most heavily weighted to Materials (25%) and Industrials (23%). Within the broader universe of more than 1,700 holdings, the 40 SGX‑listed stocks span nine sectors, with the highest representation in Industrials and Consumer Non‑Cyclicals.
Notably, however, over the past 12 weeks, Materials and Industrials have also recorded the largest net institutional inflows across the 40 SGX-listed stocks, at S$52.3 million and S$50.3 million, respectively.
The ETF holds a more substantial position in these SGX-listed stocks than they occupy in the ETF portfolio due to the ETF's significant AUM. For example, the ETF holds approximately 5.5% of Rex International, while Rex International represents just 0.06% of the ETF portfolio as of March 16.
The 10 SGX-listed stocks in which the ETF maintains the highest shareholding are shown in the table below.
$Rex Intl(5WH.SI)$ $Geo Energy Res(RE4.SI)$ $SamuderaShipping(S56.SI)$ $YZJ Fin Hldg(YF8.SI)$ $YZJ Maritime(8YZ.SI)$ $Wee Hur(E3B.SI)$ $MarcoPolo Marine(5LY.SI)$ $RH PetroGas(T13.SI)$ $LHN(41O.SI)$ $HPH Trust USD(NS8U.SI)$
Capital Flows, Returns and Liquidity
The 40 SGX-listed stocks that are a part the ETF portfolio maintain a combined market capitalisation of S$50 billion, while averaging S$123 million in average daily turnover (ADT) for the 2026 year to March 17. The cohort have also booked combined net institutional inflow of S$36 million, while averaging 8% total returns for the 12 weeks.
Moreover, close to three-quarters of the stocks have seen improved trading liquidity, as measured by average bid-offer spreads for the five sessions through March 17, compared to the same five sessions in 2025.
The 10 stocks of the cohort that have seen the largest contraction in average bid-offer spreads over the two periods are tabled below.
$GRC(S3N.SI)$ $MarcoPolo Marine(5LY.SI)$ $CNMC Goldmine(5TP.SI)$ $Banyan Tree(B58.SI)$ $Geo Energy Res(RE4.SI)$ $Hong Leong Asia(H22.SI)$ $Indofood Agri(5JS.SI)$ $Food Empire(F03.SI)$ $InnoTek(M14.SI)$ $Wee Hur(E3B.SI)$
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