Malaysia's EPF posts lower gross investment income in 3Q

0 Comment(s)Print E-mail Xinhua, December 5, 2022
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KUALA LUMPUR, Dec. 5 (Xinhua) -- Malaysian pension fund Employees Provident Fund (EPF) said Monday its gross investment income for the third quarter ending Sept. 30 fell 12 percent to 12.32 billion ringgit (2.82 billion U.S. dollars) from 13.97 billion ringgit (3.2 billion U.S. dollars) a year ago.

The EPF said in a statement that its total gross investment income for the nine-month period also decreased by 18 percent to 39.31 billion ringgit (9 billion U.S. dollars) from 48.02 billion ringgit (11 billion U.S. dollars) a year earlier.

EPF Chief Executive Officer Amir Hamzah Azizan said that due to stabilized market conditions for both equity and fixed income investments, the EPF's third quarter performance was better than the previous quarter's gross investment income of 11.14 billion ringgit (2.55 billion U.S. dollars).

"There are ongoing concerns that high interest rates will lead to a global recession, exacerbated by continuing geopolitical risks and interest rate hikes by the United States Federal Reserve (Fed)," he said.

Notwithstanding these challenges, he said the EPF's disciplined investment approach, guided by its robust strategic asset allocation and active portfolio management, helped cushion the impact and allowed the EPF to deliver a steady performance driven by the strong rebound in the domestic market.

He also said the economic recovery serves as fertile ground for investments and opportunities that will spur economic activity, jobs, and faster movement of people and goods.

He added that this would be an opportune time for institutional investors like the EPF to reconfigure its business strategy to position for short-term endurance along with long-term resilience and growth.

He noted the EPF remains resilient and focused on what it can control, namely asset allocation, costs, and an overarching strategy that emphasizes long-term sustainability of its investments and returns, in line with its strategic asset allocation.

"Though the uncertainty revolving around international markets continues to be a strong concern, we are taking a 'cautiously optimistic' stance as we are not ignoring indicators that may suggest improvement in the macroeconomic outlook such as the possible peak in global inflation and the Fed's hints that interest rate increases will begin to slow in the coming months," he added. Enditem

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