Malaysia asset manager Permodalan Nasional says US, China will remain important

By Yantoultra Ngui

SINGAPORE (Reuters) - Malaysia's largest asset manager, Permodalan Nasional Bhd (PNB), said on Monday that United States and China assets will remain an important part of its portfolio, amid volatile global markets triggered by tariffs.

"The U.S and China are the largest economies in the world and their assets will remain an important component of any global investment institution's portfolio, including ours, in the long term," PNB told Reuters in an emailed statement.

PNB said it remained focused on its investment diversification strategy amidst the ongoing uncertainty characterising the global economy and markets.

Public equities, both local and international, make up the majority of its portfolio, besides private investments and real estate, among others, according to its 2023 annual report.

The firm, which was set up in 1978, managed 337 billion ringgit ($76.38 billion) of assets in 2023, with international investments making up 21.7% of its total portfolio, up from 19.2% the previous year, the report showed.

PNB said that its portfolio was spread across various asset classes and geographies, helping it to mitigate risks, and capitalise on new opportunities to grow.

($1 = 4.4150 ringgit)

(Reporting by Yantoultra Ngui; Editing by Christian Schmollinger and Rachna Uppal)

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