Our Portfolio

In pursuing Khazanah’s overall mandate, our investments are organised based on the following
investment structure: Investments Portfolio, Dana Impak Portfolio, Developmental Assets, and
Special Situations each established with distinct objectives, policies and strategies as defined in the
Investment Policy Statement (“IPS”).

Performance

The value of the Investments Portfolio as measured by Realisable Asset Value (“RAV”) stood at RM127.1 billion as at 31 December 2021. The objective is to achieve risk-adjusted returns on a long-term basis, preserve and grow the long-term value of our assets as well as diversify sources of revenue for the nation.

RAV1

RM127.1b

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 Investments Portfolio which focuses on preserving and growing the long-term value of assets, generated a three-year rolling (annualised) time-weighted rate of return (“TWRR”) of 5.0% against the target return of Malaysian Consumer Price Index (CPI) + 3% on a five-year rolling basis.

3-yr Rolling (Annualised) NAV2 TWRR

5.0%

2Net Asset Value (“NAV”) – RAV less total liabilities

Investments Portfolio Annual Returns by Asset Class

Asset Classes 2021 2020 2019 3-yr
Rolling
Public Markets - Malaysia 14.0% -7.4% 3.2% 2.9%
Public Markets - Global 1.6% 26.2% 27.5% 17.8%
Private Markets - Malaysia 12.2% -4.7% 5.9% 4.2%
Private Markets - Global 19.1% -1.3% 6.1% 7.6%
Real Assets 11.2% 0.1% 10.5% 7.1%

Investments Portfolio Split by Asset Class

Asset Classes 2021 2020 2019 2018
Public Markets - Malaysia 59.0% 59.5% 62.0% 63.4%
Public Markets - Global 13.5% 14.4% 9.2% 9.6%
Private Markets - Malaysia 8.9% 9.2% 11.2% 10.0%
Private Markets - Global 12.1% 10.1% 9.2% 8.5%
Real Assets 6.6% 6.8% 8.5% 8.5%

Investments Portfolio Split by Geography

Geographical Split 2021 2020 2019 2018
Malaysia 69.5% 70.5% 75.1% 75.0%
China 12.3% 13.7% 11.2% 9.3%
Asia (Ex-China) 10.0% 9.7% 10.4% 12.0%
EMEA 2.3% 2.2% 2.0% 2.6%
North America 5.9% 3.9% 1.3% 1.0%

Sectors Invested

Energy

Financials

Healthcare

Industrials

Information Technology

Media

Real Estate

Telco

Utilities

Performance

Developmental Assets is intended to deliver high economic impact through long-term developmental investments.
The total Realisable Asset Value (“RAV”) for Developmental Assets stood at RM4.5 billion as at 31 December 2021.

RAV1

RM4.5b

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.

Overall, the Developmental Assets recorded a RAV time-weighted rate of return (“TWRR”) of -1.2% in 2021, against the target rate of return of the 10-year Malaysian Government Securities (“MGS”) yield on a five-year rolling basis.

2021 RAV1 TWRR

-1.2%

3-yr Rolling (Annualised) RAV1 TWRR

-9.9%

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.

Focus for Developmental Assets

  • Engagement with regulators to manage operating landscape for investee companies
  • Restructure balance sheet of selected assets to preserve, grow and realise value
  • Refresh and strengthen leadership bench at operating companies

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

Investment
Policy Statement

Investment Policy

Shareholder Expectations and Investment Stewardship