Malaysia Top Funds Like Tech Stocks in Asia’s Worst Market
- Eastspring, Kenanga boosted returns by buying tech shares
- Malaysia’s stock index set for worst annual drop since 2008
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The funds that won big from Asia’s worst-performing major equity market placed their bets on technology stocks.
Eastspring Investments Small Cap Fund scored a 16.6% return in 2019, while Kenanga Syariah Growth Fund returned 15.6%, topping the list of Malaysian funds with $100 million or more in assets, Bloomberg-compiled data show. That’s even as the benchmark FTSE Bursa Malaysia KLCI Index slumped 7.6%, set for the steepest drop since 2008. In contrast, the smaller cap gauge has rallied 22%.