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Retirement Fund of Malaysia
Nik Amlizan Mohamed · Pension Fund · Multi-Strategy
Retirement Fund (Incorporated), commonly known as Kumpulan Wang Persaraan (Diperbadankan) or KWAP, is a Malaysian statutory body established on March 1, 2007, under the Retirement Fund Act 2007. It serves as the country's second-largest pension fund, primarily managing contributions from the public sector to assist the Federal Government in financing its pension liabilities. KWAP transitioned from the earlier Pensions Trust Fund and has since evolved into a major institutional investor with a global footprint. The institution is responsible for both the investment management of the fund's assets and the administration of pension payments to public sector retirees. Its strategic focus includes domestic and international investments across public equities, fixed income, real estate, and private markets, aiming to provide sustainable long-term returns for its beneficiaries.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +36.3% |
| YTD return | +19.9% |
| Sharpe ratio | 3.41 |
| Win rate | 50% |
| AUM | $0.1B |
| Inception | Oct 1, 2025 |
| Updated | Sep 4, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $0.1B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://www.kwap.gov.my |
Current Holdings
Updated on Sep 4, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| HSBC | HSBC Holdings PLC ADR | 100.0% | +31.5% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Jun 1, 2026 | BUY | HSBC | 62.5% → 100.0% |
| Jun 1, 2026 | SELL | AZN | 37.5% → 0.0% |
| Mar 23, 2026 | SELL | HSBC | 62.5% → 62.5% |
| Mar 23, 2026 | BUY | AZN | 37.5% → 37.5% |
| Mar 16, 2026 | BUY | HSBC | 49.6% → 62.5% |
Investment Style Analysis
Retirement Fund of Malaysia is widely recognized for employing a Multi-Strategy strategy. As of Sep 4, 2026, the firm oversees approximately $0.1B in assets under management (AUM). The portfolio demonstrates a clear preference for the Banks - Diversified sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Jun 1, Retirement Fund of Malaysia made a significant move by increasing exposure to HSBC. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
KWAP's investment philosophy is anchored in a long-term perspective to deliver sustainable, risk-adjusted returns through a disciplined and dynamic asset allocation strategy. The fund emphasizes diversification across geographies and asset classes, including a significant shift toward international markets and private investments like private equity, infrastructure, and real estate to improve portfolio efficiency. Guided by its 'Vision 2025' and sustainability framework, KWAP integrates ESG principles into its investment process and seeks alpha opportunities in markets where it holds high conviction. The institution also aligns its strategic initiatives with national economic goals, such as the Ekonomi MADANI framework, by supporting high-growth sectors and innovation through dedicated funds like Dana Perintis and Dana Pemacu.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Retirement Fund of Malaysia.
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Frequently asked questions
How is the simulated portfolio for Retirement Fund of Malaysia constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Retirement Fund of Malaysia's largest holding?
As of the latest filing, Retirement Fund of Malaysia's top position is HSBC Holdings PLC ADR (HSBC), representing 100.0% of the portfolio. This reflects a high-conviction bet by the institution.
What is Retirement Fund of Malaysia's historical performance and risk profile?
Our simulation indicates a total return of +36.3% with a win rate of 50%. Notably, the portfolio maintains a Sharpe Ratio of 3.41, suggesting an exceptional level of risk-adjusted returns compared to the broader market.
What sectors does Retirement Fund of Malaysia primarily invest in?
Retirement Fund of Malaysia has a strong preference for the Banks - Diversified sector, which makes up 100.0% of their disclosed assets. The portfolio also has exposure to other industries, indicating a specific thematic focus.
Is Retirement Fund of Malaysia's portfolio concentrated or diversified?
Retirement Fund of Malaysia runs a highly concentrated portfolio with 1 disclosed positions. The top 3 holdings alone account for 100.0% of the total portfolio weight, suggesting a strategy that favors deep research into a few key names.
How has Retirement Fund of Malaysia performed in 2026?
Our AI-simulated model portfolio for Retirement Fund of Malaysia tracks a Year-to-Date (YTD) return of +19.9%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Nik Amlizan Mohamed manage Retirement Fund of Malaysia directly?
Yes, Nik Amlizan Mohamed serves as the key portfolio manager for Retirement Fund of Malaysia, overseeing the investment strategy and final capital allocation decisions.