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little question caused too much loss hair...

I think SGX is the best proxy for "market" and any "market orientation" should be against the "market" portfolio. The STI on the other hand is a much narrower index of just 30 *largest* firms from SGX!! STI by definition is a *large cap* index.

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OK I just took the mock...

When you're determining whether a portfolio is growth/value/market-oriented, you need to compare it to the relevant benchmark. In this case, the paragraph stated that the two mutual funds were made up of stocks that are a part of the STI index, so it's a much more relevant comparison than the SGX, which would contain a lot of midcap and smallcap stocks.

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