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What Saxo clients traded in September
Summary
- AI power and connectivity attracted fresh interest.
- Consumer stocks joined the mix.
- And core UCITS ETFs gained ground during a quieter trading month.
We looked at September activity among Saxo’s Singapore clients to see which stocks and themes attracted more attention—and where enthusiasm cooled.
The stocks gaining attention
Stock | How client activity changed | Relevant catalysts and themes |
Credo | Participation nearly tripled; trading activity rose even faster | September earnings and connectivity for AI data centres |
Grab | Participation more than doubled, also exceeding twice its prior three-month average | Higher guidance and a buyback announced with August results; Southeast Asian consumer services |
Vistra | Participation more than doubled | Data-centre electricity demand and long-term power agreements |
Lululemon | Participation more than doubled | Premium consumer demand, competition and international expansion |
McDonald’s | Participation doubled | Consumer affordability and the resilience of global brands |
Meta | One of the most meaningful increases, building on an already large client base | Its Muse AI agent brought potential new sources of AI revenue into focus |
AI interest became more selective
The clearest shift was towards particular companies across the AI value chain:
- Power attracted attention: Vistra’s sharp increase was accompanied by firmer participation in Bloom Energy and Constellation Energy.
- Chip stocks diverged: AMD and Broadcom gained participants, while Nvidia, Micron and SK hynix saw fewer clients trading.
- Connectivity was not a blanket trade: Credo stood out, but activity in Lumentum and Coherent cooled.
Nvidia remained the most widely traded individual stock by client count. Its quieter month illustrates the difference between remaining popular and gaining fresh attention.
UCITS ETFs stood out in a quieter month
UCITS trades increased even as overall trading fell. That contrast is more revealing than the modest increase alone.
Where interest strengthened | What it suggests |
Vanguard FTSE All-World UCITS Acc | Broader participation in global equity exposure; activity also exceeded its recent three-month average |
iShares Core S&P 500 Acc UCITS and State Street SPDR S&P 500 Acc UCITS | Continued interest in core US equity building blocks |
Xtrackers MSCI World ex USA UCITS | An emerging interest in developed markets outside the US, from a smaller base |
September showed renewed interest in several core UCITS ETFs. Aggregate UCITS trading nevertheless remained below its June–August average, so it is too early to call this a sustained trend.
Regions and sectors: pockets of diversification
Area | How attention changed |
Singapore REITs | CapitaLand Ascendas REIT attracted substantially broader participation, alongside gains in Lion-Phillip S-REIT ETF. |
Europe and the UK | Vanguard FTSE Europe ETF, iShares STOXX Europe 600 UCITS ETF and Vanguard FTSE 100 UCITS ETF gained participants, suggesting tentative diversification from small bases. |
Consumer businesses | Grab, McDonald’s and Lululemon all attracted sharply higher participation, bringing variety beyond technology. |
China and Hong Kong | KraneShares CSI China Internet ETF gained participants, while iShares MSCI China ETF, Alibaba and Tencent cooled. Interest remained selective. |
South Korea and Japan | Participation softened in iShares MSCI South Korea ETF and SK hynix ADRs, while iShares MSCI Japan ETF was broadly unchanged. |
These are pockets of changing interest, rather than evidence of a wholesale regional or sector rotation.
Bonds: Treasury ETFs drew more activity
Exposure | ETF | How activity changed |
Long-dated US Treasuries | iShares 20+ Year Treasury Bond ETF | Trades increased substantially, with little change in participation—more intensive trading among a similar-sized group. |
Intermediate US Treasuries | iShares 7–10 Year Treasury Bond ETF | Both participation and trades increased, from a small base. |
Short-dated US Treasuries | iShares USD Treasury Bond 0–1yr UCITS ETF | More clients participated, alongside higher trading activity. |
Global bonds | iShares Core Global Aggregate Bond UCITS ETF | Both participation and trading activity softened. |
Interest picked up across selected Treasury maturities, but the data does not reveal whether clients were positioning for higher or lower yields.
What cooled—and what held interest
Theme | September pattern |
Memory and quantum | Participation weakened in the Roundhill Memory and Defiance Quantum ETFs |
Gold | SPDR Gold Trust attracted fewer trading clients, while participation in iShares Gold Trust was broadly steady. Gold interest was mixed rather than uniformly weaker. |
Silver | Global X Silver Miners ETF attracted more participants. Pan American Silver and Amplify Junior Silver Mine ETF saw sharp increases in trades, but from fewer clients—pointing to concentrated trading rather than broader interest. |
September’s behaviour was increasingly selective: clients concentrated activity in particular stocks and themes, while several diversified ETFs attracted broader participation.
Source: Saxo Singapore-office exports; September 2026 versus August unless stated otherwise. Participation refers to clients trading each instrument. UCITS figures cover instruments labelled UCITS. Regional observations use selected instruments, not September exchange totals. Activity includes buying and selling and does not establish net flows, motivations or future returns.