The(SGX: ES3) is an exchange-traded fund (ETF) that mimics Singapore’s(SGX: ^STI). For the year to date up till 31 July 2026, it delivered a total return of 23.3%. (SGX: ITS) returned 23.7%, a margin of just 0.4 percentage points over the index. Each reported an acceleration investors could measure, and each pointed to a forward book that suggested the acceleration might continue. Why did a tool maker beat the index by more than 40 percentage points?