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<\/a><\/p>\nThe fund was launched in 2014 and aims to achieve capital growth over the long term by investing in shariah-compliant equities. According to its fund factsheet (as at Feb 28), its biggest sector allocation was in information technology (29%), followed by industrials (14.37%) and technology (13.45%).<\/p>\n
The top 10 holdings include Samsung Electronics Co Ltd, SK Hynix Inc, Taiwan Semiconductor Manufacturing Co Ltd and Delta Electronics Inc.<\/p>\n
Delta Electronics is involved in power and thermal management technologies and focuses on the provision of energy-efficient solutions.<\/p>\n
This is the third consecutive year in which the Maybank AsiaPac ex-Japan Equity-I Fund has won at the LSEG Lipper Fund Awards, and the first time in the last three years that it has won in all the three-, five- and 10-year categories.<\/p>\n
Staying true to investment philosophy<\/p>\n
Hishamudin highlights that MAM\u2019s consistent investment philosophy, applied across all funds, has supported the returns of its funds.<\/p>\n
\u201cOur philosophy is built on two objectives: applying a disciplined focus on quality to protect capital, and pursuing strategic growth where it can compound meaningfully. We ensure these principles are expressed consistently across our domestic, regional and global portfolios. This coherence across the firm proved particularly valuable in a year as eventful as 2025,\u201d he notes.<\/p>\n
The year started with new US President Donald Trump announcing trade tariffs on \u201cLiberation Day\u201d, which disrupted supply chains and pushed countries, including Malaysia, to negotiate with the US for better deals.<\/p>\n
At the same time, rapid developments in the generative artificial intelligence space led to growth in the tech sector but also introduced uncertainty into the market, as certain services and jobs are at risk of being replaced by the technology.<\/p>\n
Against this backdrop, MAM\u2019s fund managers entered 2025 with a cautiously optimistic stance, trimming equity exposure following the strong 2024 rally, explains Hishamudin. They redeployed capital selectively into real economy sectors such as energy, industrials and financials, while maintaining core positions in high-quality earnings companies.<\/p>\n
\u201cOn fixed income, we focused on investment-grade and sovereign bonds to lock in attractive yields, and increased exposure to gold and commodities as hedges against geopolitical and inflation risks,\u201d he says.<\/p>\n
They also kept cash at elevated levels of approximately 10%, above their historical norms, to preserve flexibility and act on market dislocations as they emerged.<\/p>\n
\u201cRebalancing was deliberate and incremental, guided by a consistent focus on diversification and downside protection. The objective was to build a portfolio capable of withstanding multiple macro scenarios, prioritising resilience and liquidity over chasing late-cycle returns,\u201d Hishamudin says.<\/p>\n The market may be challenging to navigate this year, as the war in Iran has caused oil prices to surge and introduced even more uncertainty into the global economy.<\/p>\n In response, MAM\u2019s fund managers will be positioning their portfolios this year around a defensive barbell approach, Hishamudin says.<\/p>\n High-quality fixed income, gold and elevated cash will be paired with selective exposure to energy, commodities and resilient equities.<\/p>\n \u201cAsset allocation will be more dynamic and regionally selective, shaped by geopolitical fragmentation and persistent inflation uncertainty, while steering clear of overconcentration in crowded global trades,\u201d he adds.<\/p>\n \u201cOverall, MAM will shift away from wide market exposure towards flexibility, liquidity and downside protection, while preserving the capacity to capture returns where opportunities present themselves.\u201d<\/p>\n Save by subscribing<\/a> to us for P\/S: The Edge is also available on
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