Khazanah Nasional Berhad, Malaysia's sovereign wealth fund, said Monday its net asset value rose 19.1% to 103.5 billion ringgit ($31 billion) in 2013.
“We are starting this year from a position of relative strength and hopefully our portfolio can handle any storms,” said Azman Mokhtar, managing director for the Kuala Lumpur-based fund. Last year “was eventful with highlights including better operating performance across practically all investee companies and deepening of the regional presence of various companies.”
The fund's 2013 returns compare with a 24% increase in the MSCI World index, the biggest gain since 2009, and a 5% decline in the MSCI Emerging Markets index.
Khazanah has cut non-core Malaysian investments, while making more acquisitions abroad after Prime Minister Najib Razak called for state funds not to crowd out local entrepreneurs.
Khazanah also announced some personnel changes. Ganen Sarvananthan, currently Khazanah's head of investments, will leave to become partner and managing director of the Asia business of private equity firm TPG Capital. He will be replaced by Dominic Silva, currently executive director of investments; he will assume his new role Feb. 1.
