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 RM106 billion as at the end of 2021. The objective is to achieve optimal risk-adjusted returns, grow financial assets and diversify sources of revenue for the nation.
RAV1
RM106b
2021
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 three-year rolling time-weighted rate of return (TWRR) of 7.0% against the targeted return of Malaysian Consumer Price Index (CPI) +3% on a five-year rolling basis.
3-yr Rolling NAV TWRR
7.0%
CF Portfolio Annual Return by Asset Class
| 2021 | 2020 | 2019 | 3-yr Rolling |
|
|---|---|---|---|---|
| Public Markets - Malaysia | 19.5% | -7.8% | 2.5% | 4.1% |
| Public Markets - Global | 1.6% | 26.2% | 27.5% | 17.8% |
| Private Markets - Malaysia | 13.9% | -6.4% | 7.9% | 4.8% |
| Private Markets - Global | 19.1% | -1.3% | 6.1% | 7.6% |
| Real Assets | 11.2% | 0.1% | 10.5% | 7.1% |
CF Portfolio Split by Asset Class
| 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|
| Public Markets - Malaysia | 54.1% | 53.5% | 56.2% | 58.5% |
| Public Markets - Global | 16.1% | 17.8% | 11.3% | 11.6% |
| Private Markets - Malaysia | 7.4% | 7.7% | 10.6% | 9.2% |
| Private Markets - Global | 14.5% | 12.5% | 11.3% | 10.3% |
| Real Assets | 7.9% | 8.5% | 10.5% | 10.3% |
CF Portfolio Split by Geography
| 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|
| Malaysia | 63.5% | 63.4% | 69.2% | 69.7% |
| China | 14.8% | 17.0% | 13.9% | 11.3% |
| Asia (Ex-China) | 12% | 12.1% | 12.9% | 14.6% |
| EMEA | 2.8% | 2.8% | 2.4% | 3.2% |
| North America | 7.0% | 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 RM28 billion as at 31 December 2021
RAV1
RM28b
2021
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 NAV TWRR of -11.4% in 2021, 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
2021 NAV TWRR
-11.4%
3-yr Rolling NAV TWRR
-21.4%
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
