What if ALL of these high performers are the same professions since 2025?

Short message.

In the following diagram I have plotted 5 different effects from early 2025:

1. The first is an ETF of stocks from non-US but developed markets.
2. The second is the Avantis International Small Cap Value, a systematic active strategy for non-US developed small cap stocks, selecting only some of the cheapest and most profitable ones.
3. The third is our STI ETF, which is a pretty concentrated index.
4. The fourth is a large-, mid- and small-cap index for emerging markets.
5. The latest is Singapore DBS stock

You can see the performance and they are all based on USD.

I’ve also put them together so you can compare them, all in USD:

Those expressed in SGD will have better performance, so that has been adjusted.

What you might notice is this:

1. Quite diverse regions.
2. One even with a systematic active strategy (which explains why it does better because it happens to outweigh the materials sector, which happens to be cheaper)
3. A popular individual security.

And they seem to have been delivering the same performance since the beginning of 2025, or since liberation day.

I wonder what people’s attributions are for the achievement. Is that because they are cheaper? Or is the USD weaker and is that better for them?

I could probably explain some of the small cap value’s outperformance.

But if you misattribute the performance, and you extrapolate that this area has good companies, or that the cause of the good performance is because your company is good, then perhaps you should be careful if this is the same industry and it unravels accordingly.

I would always say that sometimes the better the performance can create a deeper fear, a feeling that at some point you have to sell this or fade away.

The more you depend on a good performance, especially if it is focused, the more emotionally vulnerable you will be.

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