Portfolio Performance
Our Portfolio
In pursuing Khazanah’s overall mandate, our investments are organised based on the following investment structure
Khazanah’s investment strategy is structured around four distinct portfolios—Investments, Dana Impak, Developmental Assets and Special Situations—each with defined objectives and policies. This structure enables us to fulfil our dual mandate: delivering sustainable financial returns and generating long-term national impact.
Key Investment Areas
01 /
Investments Portfolio
Commercial returns-focused investments across asset classes.
Going Forward
Continue portfolio rebalancing towards Strategic Asset Allocation targets.
02 /
Dana Impak Portfolio
Targeted catalytic investments with measurable socioeconomic outcomes.
Going Forward
Catalyse the venture capital ecosystem, grow Mid-Tier Companies and strengthen Malaysia’s position in semiconductors and advanced manufacturing.
03 /
Developmental Assets
Long-term strategic holdings with national development value.
Going Forward
Continue shepherding companies towards long-term financial sustainability.
04 /
Special Situations
Assets requiring turnaround in profitability and operational stability.
Going Forward
Actively manage and resolve assets facing significant operational challenges.
Our Investment Portfolio by the Numbers
We invest across a broad mix of local and global assets with the goal of generating long-term, risk-adjusted returns. Our Investments Portfolio is guided by a disciplined strategy that balances growth, diversification and resilience.
In 2024, strong performance in public equities—particularly in Malaysia—coupled with active monetisation and steady income streams, supported a record portfolio return. Despite persistent global volatility, including inflationary pressures and tighter financial conditions, our portfolio remained resilient due to proactive rebalancing and strategic asset allocation.
Investments in private markets and real assets continued to provide portfolio stability, while our focus on Malaysia’s public sector yielded solid returns. These outcomes underscore the strength of our long-term value creation strategy and our readiness to fund Malaysia’s future needs.
Time-Weighted Rate of Return (TWRR)
2023: 5.7%
in Realisable Asset Value (RAV) for the Investments Portfolio
allocated to Dana Impak
RAV-over-debt ratio, reflecting improved balance sheet resilience
(2023: 2.7x)
Continued capital deployment aligned with
national priorities under A Nation That Creates
Paid
Dividend to the Government of Malaysia