| It's not often that a foreign fund shows up as a substantial shareholder of a Singapore small-cap company because of less visibility. Thus it is noteworthy that American Century Investment Management has increased its direct interest in Rex International to above the 5 per cent substantial shareholder threshold. According to a SGX filing last Friday (25 July), the fund bought 2,436,200 shares at S$0.178 apiece. That raised its holding to about 65.3 million shares worth about S$13 million (based on the recent 20 cent stock price). |
The business: Rex International has exploration and production interests in Oman, Norway, Germany and Benin, where it also operates the assets. The group uses its proprietary Rex Virtual Drilling technology to de-risk projects by identifying subsurface liquid hydrocarbons from seismic data.
American Century Investment Management is a subsidiary of American Century Investments, a privately held investment management firm founded in 1958 and headquartered in Kansas City, Missouri.
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Other Singapore stocks held by ETF* |
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Yangzijiang Financial |
Financial Services |
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First Resources |
Consumer Defensive |
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Hutchison Port Holdings Trust |
Industrials |
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Samudera Shipping |
Industrials |
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Golden Agri |
Consumer Defensive |
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Geo Energy |
Energy |
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Wee Hur Holdings |
Industrials |
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CSE Global |
Technology |
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Yanlord Land |
Real Estate |
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*Avantis International Small Cap Value exchange-traded fund (ETF) |
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The parent company manages about US$187 billion in assets (as of Q3 2022 data) across mutual funds, institutional accounts, and other investment vehicles.
The majority of American Century Investment Management’s holding in Rex International is concentrated in its Avantis International Small Cap Value exchange-traded fund (ETF).
The ETF invests in non-US developed small-cap companies which are perceived to be trading at low valuations and show strong profitability.
Aside from Rex International Holding, as at Jun 30, the ETF’s portfolio included more than 30 Singapore-listed stocks (see table).
Insider purchases of Rex were last reported in 2024 at significantly lower prices than currently:
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Purchases by Dan Brostrom* |
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Date |
Shares Acquired |
Price/ Share |
Total Value (SGD) |
Notes |
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March 4, 2024 |
0.137 |
80,967 |
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March 5, 2024 |
0.138 |
55,200 |
Market transaction. Post-transaction direct interest: 12,297,075 shares (0.94%). |
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*Executive Chairman of Rex until his retirement in April 2024 |
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Big Oil Production On The Way
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