This article first appeared in Wealth, The Edge Malaysia Weekly on March 27, 2023 - April 2, 2023
Editor’s note
After two years of market turmoil and turbulence, fund managers expected 2022 to be equally challenging, if not more. And they were right.
Amid rising interest rates and inflation, among other factors, the prices of all major asset classes fell. The performance of many equity, bond and mixed assets funds took a beating.
For long-only fund managers that generate returns based on price appreciation, many raised their cash levels to minimise losses and, more importantly, preserve fire power for bargain hunting when the market trend starts reversing.
The time did come. As inflationary pressure started easing towards the end of the year, market players expected the US Federal Reserve to hold its rate steady, if not lower it once again.
As asset prices rebounded, fund managers deployed their cash to buy up undervalued companies with solid fundamentals. Some went into energy and financial sectors, while others scooped up shares in sectors whose valuation had turned attractive once again. They were calmer and more confident this time after going through two years of roller-coaster rides. The unprecedented experience in 2020 and 2021 came in handy.
While the performance of various funds was not great last year, it is worth noting that their longer-term returns in three, five and 10 years remain impressive.
Let us not forget that investing is a marathon. If one stretches one’s investment horizon long enough, one can see that the award-winning fund houses have actually been leading the investing race in the past 10 years. And there is no doubt that they will continue to strive to extend their track records.
Given that asset prices fell substantially last year, 2023 is perhaps the start of another tough race that will require endurance. It is also perhaps a crucial time to test the ability, conviction and patience of the fund managers. Perhaps we may see new winners emerging in the next three years.
To all the winners this year, we say “Congratulations”! — Kuek Ser Kwang Zhe
Winners list
Group Award Winners
Duration: 3 Years
| Group Award | Company |
| Bond Group (Malaysia) | AmFunds Management Bhd |
| Bond Group (Provident) | Manulife Investment Management (M) Bhd |
| Equity Group (Malaysia) | Manulife Investment Management (M) Bhd |
| Equity Group (Islamic) | AHAM Asset Management Bhd |
| Equity Group (Provident) | PMB Investment Bhd |
| Mixed Assets Group (Malaysia) | UOB Asset Management (M) Bhd |
| Mixed Assets Group (Islamic) | Manulife Investment Management (M) Bhd |
| Mixed Assets Group (Provident) | Kenanga Investors Bhd |
Fund Award Winners
Duration: 3 Years
| Award | Fund |
| Bond MYR (Malaysia) | AmanahRaya Unit Trust |
| Bond MYR (Islamic) | AmanahRaya Syariah Trust |
| Bond MYR (Provident) | RHB Bond |
| Equity Malaysia (Malaysia) | Manulife Investment Growth |
| Equity Malaysia (Islamic) | Hong Leong Dana Makmur |
| Equity Malaysia (Provident) | Hong Leong Dana Makmur |
| Equity Malaysia Small & Mid-Cap (Malaysia) | Public Emerging Opportunities |
| Equity Malaysia Small & Mid-Cap (Islamic) | Manulife Investment Shariah Progress Plus |
| Equity Malaysia Small & Mid-Cap (Provident) | KAF Vision |
| Equity Malaysia Diversified (Provident) | PMB Shariah Equity |
| Equity Asean (Malaysia) | Public ASEAN Growth |
| Equity ASEAN (Islamic) | Public Islamic ASEAN Growth |
| Equity Asia-Pacific (Malaysia) | KAF Jade |
| Equity Asia-Pacific (Provident) | PB Islamic Asia Strategic Sector |
| Equity Asia-Pacific ex-Japan (Malaysia) | Pheim Asia Ex-Japan |
| Equity Asia-Pacific ex-Japan (Islamic) | Principal Islamic Asia Pacific Dynamic Equity |
| Equity Asia-Pacific ex-Japan (Provident) | Hong Leong Asia-Pacific Dividend |
| Equity Greater China (Malaysia) | Public Greater China |
| Equity Global (Malaysia) | PB Global Technology & Healthcare |
| Equity Global (Islamic) | PB e-Islamic Sustainable Millennial |
| Equity Malaysia Income (Malaysia) | Areca Dividend Income |
| Equity Malaysia Income (Islamic) | Eastspring Investments Islamic Equity Income |
| Equity Malaysia Income (Provident) | Hong Leong Dividend |
| Mixed Asset MYR Balanced - Malaysia (Malaysia) | Eastspring Investments Balanced |
| Mixed Asset MYR Balanced - Malaysia (Islamic) | Hong Leong Dana Maa'rof |
| Mixed Asset MYR Balanced - Malaysia (Provident) | Hong Leong Dana Maa'rof |
| Mixed Asset MYR Balanced - Global (Malaysia) | United Bond & Equity Strategic Trust |
| Mixed Asset MYR Conservative (Malaysia) | PB Mixed Asset Conservative |
| Mixed Asset MYR Conservative (Provident) | Public Ehsan Mixed Asset Conservative |
| Mixed Asset MYR Flexible (Malaysia) | InterPac Dynamic Equity |
| Mixed Asset MYR Flexible (Islamic) | InterPac Dana Safi |
| Mixed Asset MYR Flexible (Provident) | Kenanga OA Inv-Kenanga Managed Growth |
| Mixed Asset MYR Flexible (Provident) | RHB Thematic Growth |
Fund Award Winners
Duration: 5 Years
| Award | Fund |
| Bond MYR (Malaysia) | AmanahRaya Unit Trust |
| Bond MYR (Islamic) | AmanahRaya Syariah Trust |
| Bond MYR (Provident) | AmDynamic Bond |
| Equity Malaysia (Malaysia) | Areca equityTrust |
| Equity Malaysia (Islamic) | Hong Leong Dana Makmur |
| Equity Malaysia (Provident) | Hong Leong Dana Makmur |
| Equity Malaysia Small & Mid-Cap (Malaysia) | Public Emerging Opportunities |
| Equity Malaysia Small & Mid-Cap (Islamic) | Public Islamic Opportunities |
| Equity Malaysia Small & Mid-Cap (Provident) | KAF Vision |
| Equity Malaysia Diversified (Provident) | PMB Shariah Equity |
| Equity ASEAN (Malaysia) | United ASEAN Discovery |
| Equity Asia Pacific (Malaysia) | KAF Jade |
| Equity Asia-Pacific ex-Japan (Malaysia) | Pheim Asia Ex-Japan |
| Equity Asia-Pacific ex-Japan (Islamic) | Principal Islamic Asia Pacific Dynamic Equity |
| Equity Asia-Pacific ex-Japan (Provident) | Hong Leong Asia-Pacific Dividend |
| Equity Global (Malaysia) | Principal Global Titans MYR |
| Equity Global (Islamic) | Public Islamic Global Equity |
| Equity Malaysia Income (Malaysia) | Areca Dividend Income |
| Equity Malaysia Income (Islamic) | Public Islamic Dividend |
| Equity Malaysia Income (Provident) | Hong Leong Dividend |
| Mixed Asset MYR Balanced - Malaysia (Malaysia) | Public Growth Balanced |
| Mixed Asset MYR Balanced - Malaysia (Islamic) | Hong Leong Dana Maa'rof |
| Mixed Asset MYR Balanced - Malaysia (Provident) | Hong Leong Dana Maa'rof |
| Mixed Asset MYR Balanced - Global (Malaysia) | United Bond & Equity Strategic Trust |
| Mixed Asset MYR Conservative (Malaysia) | PB Mixed Asset Conservative |
| Mixed Asset MYR Conservative (Provident) | Public Ehsan Mixed Asset Conservative |
| Mixed Asset MYR Flexible (Malaysia) | Public e-Flexi Allocation |
| Mixed Asset MYR Flexible (Islamic) | PMB Shariah Tactical |
| Mixed Asset MYR Flexible (Provident) | Kenanga OA Inv-Kenanga Managed Growth |
Fund Award Winners
Duration: 10 Years
| Award | Fund |
| Bond MYR (Malaysia) | Maybank Malaysia Income |
| Bond MYR (Islamic) | AmanahRaya Syariah Trust |
| Bond MYR (Provident) | RHB Bond |
| Equity Malaysia (Malaysia) | Areca equityTrust |
| Equity Malaysia (Islamic) | Hong Leong Dana Makmur |
| Equity Malaysia (Provident) | Hong Leong Dana Makmur |
| Equity Malaysia Small & Mid Cap (Malaysia) | Manulife Investment Progress |
| Equity Malaysia Small & Mid-Cap (Islamic) | Public Islamic Opportunities |
| Equity Malaysia Small & Mid-Cap (Provident) | KAF Vision |
| Equity Asia Pacific (Malaysia) | Public Far-East Alpha-30 |
| Equity Asia Pacific ex-Japan (Malaysia) | PB China Australia Equity |
| Equity Asia Pacific ex-Japan (Islamic) | Principal Islamic Asia Pacific Dynamic Equity |
| Equity Asia Pacific ex-Japan (Provident) | Principal Asia Titans |
| Equity Malaysia Income (Provident) | Hong Leong Dividend |
| Equity Malaysia Diversified (Provident) | Kenanga Malaysian Inc |
| Mixed Asset MYR Balanced - Malaysia (Malaysia) | Eastspring Investments Balanced |
| Mixed Asset MYR Balanced - Malaysia (Islamic) | Dana Makmur Pheim |
| Mixed Asset MYR Balanced - Malaysia (Provident) | Dana Makmur Pheim |
| Mixed Asset MYR Conservative (Provident) | Dana Makmur Pheim |
| Mixed Asset MYR Flexible (Malaysia) | Manulife Investment - ML Flexi |
| Mixed Asset MYR Flexible (Islamic) | Manulife Investment - HW Shariah Flexi |
| Mixed Asset MYR Flexible (Provident) | Kenanga OA Inv-Kenanga Managed Growth |
| Mixed Asset MYR Balanced - Global (Malaysia) | Eastspring Investments Asia Select Income |
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