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

Investment
Policy Statement

Responsible
Investment Policy

Voting
Policy