Malaysia’s largest asset manager says US, China remain part of portfolio

Permodalan Nasional Bhd (PNB), Malaysia’s largest asset manager, said US and China assets will remain a core part of its portfolio despite volatility in global markets driven by tariff-related tensions. The firm remains focused on diversification to manage uncertainty and capture long-term opportunities. Public equities, both domestic and international, accounted for the bulk of its holdings in 2023, along with allocations to private investments and real estate. PNB managed MYR337bn (USD76.4bn) in assets last year, with international investments rising to 21.7% of the total portfolio from 19.2% in 2022. The fund’s exposure across asset classes and geographies is aimed at reducing risk and enhancing returns amid an evolving global economic landscape.