Malaysia’s sovereign wealth fund, Khazanah Nasional Berhad, announced Monday its assets grew to 85 billion ringgit ($14.1 billion) in 2023, and it generated 5.9 billion ringgit in profit, a significant increase from the 1.6 billion ringgit in profit created 2022.
The information was included in the Khazanah Annual Review 2024. The fund announced it has achieved a compounded annual growth rate of 5.1% since 2004, when it had 33 billion ringgit in assets. As of 2023, the fund held 52.9% of its assets in Malaysian public market equities, 17.2% in global equities, 5.8% in Malaysian private markets, 14.7% in global private markets and 9.4% in real assets. These asset classes returned 1.8%, 9.7%, 6.7%, 5.8% and 10.6%, respectively.
“We delivered a stronger performance in 2023, more than three-fold in profit as compared to FY2022. Our commitment remains, as we continue to leverage our value creation efforts and portfolio rebalancing approach to strengthen our balance sheet and build a resilient financial position,” said KNB Managing Director Dato’ Amirul Feisal Wan Zahir in a statement. “While 2024 is expected to be yet another challenging year globally, with heightened political uncertainties, advancing Malaysia will remain our overarching theme to steer our strategies and actions towards delivering national development and ensuring a sustainable future for Malaysia.”
Last week, KNB also announced the appointment of Datuk Hisham Hamdan as the fund’s new CIO; he started on March 6, succeeding Azmil Zahruddin, who resigned in January 2023.
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Tags: Dato’ Amirul Feisal Wan Zahir, Datuk Hisham Hamdan, Khazanah Nasional Berhad, KNB, Malaysia