Winners list

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

Fund Award Winners
Duration: 3 Years

Fund Award Winners
Duration: 5 Years

Fund Award Winners
Duration: 10 Years

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