Our Portfolio

In balancing our dual objectives, we invest in two separate funds. The two funds, the Commercial Fund (CF) and the
Strategic Fund (SF), are established with distinct objectives, policies and strategies.

Performance

The portfolio value of the Commercial Fund as measured by Realisable Asset Value (RAV) stood at RM95.3 billion as at the end of 2020. The objective is to achieve optimal risk-adjusted returns, grow financial assets and diversify sources of revenue for the nation.

RAV1

RM95.3b

as of 31 December 2020

1Realisable Asset Value (“RAV”) – Market value of all equities, securities and cash held;
where no market price is available, an estimate of value is used.

Our Commercial Fund which focuses on preserving and growing the long-term value of assets, generated a two-year rolling time-weighted rate of return (TWRR) of 1.5% against the targeted return of Malaysian Consumer Price Index (CPI) +3% on a five-year rolling basis.

NAV TWRR

for CF2

1.5%

2Time-Weighted Rate of Return (TWRR) is calculated on 2-year rolling basis for Net Asset Value

CF Portfolio Annual Return by Asset Class

2020 2019
Public Markets - Malaysia -7.8% 2.5%
Public Markets - Global 26.2% 27.5%
Private Markets - Malaysia -6.4% 7.9%
Private Markets - Global -1.3% 6.1%
Real Assets 0.1% 10.5%

CF Portfolio Split by Asset Class

2020 2019 2018
Public Markets - Malaysia 53.5% 56.2% 58.5%
Public Markets - Global 17.8% 11.3% 11.6%
Private Markets - Malaysia 7.7% 10.6% 9.2%
Private Markets - Global 12.5% 11.3% 10.3%
Real Assets 8.5% 10.5% 10.3%

CF Portfolio Split by Geography

2020 2019 2018
Malaysia 63.4% 69.2% 69.7%
China 17.0% 13.9% 11.3%
Asia (Ex-China) 12.1% 12.9% 14.6%
EMEA 2.8% 2.4% 3.2%
North America 4.8% 1.6% 1.2%

Sectors Invested

Consumer

Energy

Financials

Healthcare

Industrials

Information Technology

Media

Real Estate

Telco

Utilities

Performance

The Strategic Fund’s portfolio by Realisable Asset Value (RAV) stood at RM27.9 billion as at 31 December 2020 compared to RM32.9 billion a year ago.

RAV1

RM27.9b

as of 31 December 2020

1Realisable Asset Value (“RAV”) – Market value of all equities, securities and cash held;
where no market price is available, an estimate of value is used.

The Strategic Fund, which invests to deliver economic and societal returns for the nation, recorded a return of 0.3% in 2020, against the targeted rate of return of the 10-year Malaysian Government Securities (MGS) yield on a five-year rolling basis.

Aggregate Net Profit / NTA ex-MAGB

20202

0.3%

2019

2.9%

22020 Aggregate Net Profit / Net Tangible Asset ex-MAGB is a full year estimate as at 31 December 2020

Focus for Strategic Fund

  • Engagement with regulators to manage operating landscape for investee companies
  • Restructure balance sheet of selected assets to preserve value due to impact of Covid-19 and market downturn
  • Refresh and strengthen leadership bench at operating companies

For more information on the list of companies under Commercial Fund,
go to our Portfolio of Selected Companies

Investment
Policy Statement

Responsible
Investment Policy

Voting
Policy