KUALA LUMPUR, March 15 (Bernama) -- Eastspring Investments Berhad (“Eastspring”) bagged four awards for the following categories at the prestigious 2023 Refinitiv Lipper Fund Awards^ presentation on 14 March 2023.
1) Malaysia Fund Awards
a. Mixed Asset MYR Balanced – Global (10 years)
- Eastspring Investments Asia Select Income Fund
b. Mixed Asset MYR Balanced – Malaysia (3 years)
- Eastspring Investments Balanced Fund
c. Mixed Asset MYR Balanced – Malaysia (10 years)
- Eastspring Investments Balanced Fund
2) Malaysia Islamic Fund Awards
a. Equity Malaysia Income (3 years)
- Eastspring Investments Islamic Equity Income Fund
“Eastspring Investments Berhad has continually proven itself by the quality of its winning team of fund managers who work together in a conducive environment with a bottom-up approach in stock selection, adhering to the valuation and research-driven style”, said Raymond Tang, Chief Executive Officer of Eastspring Investments Berhad.
“Our unit trust funds have charted growth over the medium-to-long-term and they reflect our strength and resilience in bringing value to our investors. At Eastspring, we believe our disciplined, valuation and research-driven investment style can potentially generate attractive returns for our clients over the long run”, said Doreen Choo, Head of Investments at Eastspring Investments Berhad.
What is in store for 2023?
Eastspring is keeping its “ears” to the ground. We see decent economic growth in Malaysia this year as we expect the country’s Gross Domestic Product (GDP) to grow between 4.0 and 5.0% in 2023. We expect a moderation of economic growth this year, instead of a recession. Malaysia’s exports are expected to remain strong and private consumption will still be the main driver of economic growth. A strong positive catalyst for emerging markets, including Malaysia, would be China’s reopening in 2023.
BNM monetary policy normalization is expected to remain gradual and measured. We opine that future policy decisions will depend largely on the central bank’s expectation of the sustainability of the current growth momentum, given the increased external uncertainties, stemming from central banks’ aggressive policy response to fight inflation, the Russia-Ukraine war and China’s inevitable slowdown, among others.
Meanwhile, corporate earnings are expected to grow at high single digits yoy for 2023 and market valuations are relatively cheap after the recent correction.
The re-tabled budget 2023 was within expectations, as it focussed on various social support initiatives to assist the economically challenged, while still spending on high impact initiatives. Investors will be relieved that there were no controversial proposals in the form of new major taxes on the private sector, which is expected, given that we have six State elections to be held soon.
Our Equity view - We are still cautiously optimistic on Malaysian equities. We think this maiden budget by the new administration is responsible and addresses some of the key necessities. We had expected that this budget would have few tweaks, given the recent change in government. The bigger test will likely be later in the year, when we have the State elections out of the way and this administration prepares for budget 2024.
Our Fixed Income view - While we are positive that Malaysia's fiscal deficit of 5.0% of GDP under the new re-tabled budget is lower than the earlier budget presented in October 2022 of 5.5%, we note that there is no mention on efforts to rationalize or propose targeted subsidies. The budget tries to balance prudence, while also helping the rakyat who face high costs of living. Economic risks remain, especially with regards to recession in the developed countries.
^ Lipper Fund Awards from Refinitiv, ©2023 Refinitiv. All rights reserved. Used under license. The grantors of the awards are not related to Eastspring Investments Berhad. Past performance is not necessarily indicative of future performance.
ABOUT EASTSPRING INVESTMENTS
Eastspring Investments, part of Prudential plc, is a leading Asia-based asset manager that manages over USD 221.4 billion (as at 31 December 2022) of assets on behalf of institutional and retail clients. Operating since 1994, Eastspring Investments has one of the widest footprints across Asia*. We provide investment solutions across a broad range of strategies including equities, fixed income, multi asset, quantitative and alternatives and are committed to delivering high quality investment outcomes for our clients over the long term.
We incorporate Environmental, Social and Governance (“ESG”) factors into our investment process and are aligned with several global sustainability initiatives including the United Nations-supported Principles for Responsible Investments (“PRI”) and the Asia Investor Group on Climate Change (“AIGCC”). We collaborate alongside industry peers to harness a collective investor voice to influence and drive change with investee companies.
For more information on Eastspring Investments, please visit: www.eastspring.com
*Eastspring Investments (excluding JV companies) companies are ultimately wholly-owned / indirect subsidiaries / associate of Prudential plc of the United Kingdom. Eastspring Investments companies (including JV's) and Prudential plc are not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America or with the Prudential Assurance Company, a subsidiary of M&G plc, a company incorporated in the United Kingdom.
ABOUT EASTSPRING INVESTMENTS BERHAD
Established in 2000 and based in Kuala Lumpur, Eastspring Investments Berhad is one of the Malaysia’s leading asset management companies in Malaysia in serving both institutional and retail clients, with RM 57.6 billion in funds under management in the country (as at 31 December 2022).
Eastspring Investments Berhad manages unit trust funds, wholesale funds as well as private mandates.
SOURCE: Eastspring Investments Berhad
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