Here are all of Flow’s holdings, as of September 2025, comprising 21 businesses (offense), and a high yield bond ETF with a money market fund (defense), sorted by category and portfolio weight :
DEFENSE
XL : Phillip Money Market Fund (https://phillipfunds.com/phillip-sgd-money-market-fund/)
5% : iShares Asia USD HY Bond ETF (https://www.blackrock.com/sg/en/products/251722/ishares-barclays-usd-asia-high-yield-bond-index-etf)
OFFENSE
15% : Venture Corp (https://www.venture.com.sg/)
XL : LHN Group (https://www.lhngroup.com/)
L : Centurion Corp (https://centurioncorp.com.sg/)
5% : Keppel Pacific Oak US Reit (https://www.koreusreit.com/)
L : Haw Par Corp (https://www.hawpar.com/)
M : SBS Transit (https://www.sbstransit.com.sg/)
M : Propnex Ltd (https://www.propnex.com/)
M : Far East Hospitality Trust (https://www.fehtrust.com/)
3% : Hock Lian Seng (https://hlsgroup.com.sg/)
M : Kimly Group (https://kimlygroup.sg/)
S : Boustead Singapore (https://boustead.sg/)
S : Frencken (https://www.frenckengroup.com/)
S : Bumitama Agri (https://bumitama-agri.com/)
2% : Genting Singapore (https://gentingsingapore.com/#!/en)
S : Stoneweg Europe Stapled Trust (https://stonewegeuropestapledtrust.com.sg/)
S : UMS Integration (https://www.umsgroup.com.sg/)
S : The Hour Glass (https://www.thehourglass.com/)
1% : UOB Kayhian (https://www.uobkayhian.com/)
S : PanUnited (https://www.panunited.com.sg/)
S : Food Empire (https://www.foodempire.com/)
S : Delfi Ltd (https://www.delfilimited.com/)
(S : 1%-2% • M : 3%-4% • L : 5%-6% • XL : 7% and more)