Khazanah Nasional Bhd managing director Datuk Amirul Feisal Wan Zahir.
KUALA LUMPUR: Sovereign wealth fund Khazanah Nasional Bhd says the uncertainty stemming from US President Donald Trump’s sweeping global tariffs is making it difficult to exit private assets as it reviews its portfolio.
The fund, which manages over US$30bil of assets, is still assessing its next moves as events are “literally still unfolding”, managing director Amirul Feisal Wan Zahir said in a Bloomberg TV interview with Avril Hong here yesterday.
“We are exposed to private assets internationally and domestically,” he said on the sidelines of the Asean Investment Conference 2025.
“When you have policy changes such as this impacting global markets, it becomes very difficult for exits and investments. So we will see what happens.”
Amirul said he was looking to diversify risks internationally, noting that risk factors would change with the restructuring of global trade.
Domestically, Khazanah is focused on “key enablers” for the Malaysian economy that would help the country’s infrastructure, such as aviation connectivity and the energy transition. The fund is also looking at investing in startups, venture capital funding, and semiconductors, he added.
Concerns that the tariffs could push the world economy into recession have roiled global markets, threatening to erode Khazanah’s investment returns. The fund reported a 22% increase in its net asset value last year, bolstered by gains in domestic assets.
Amirul said it was still too early to evaluate its net asset value targets for 2025.
Trump’s administration has imposed a 24% levy on imports from Malaysia as part of broader measures by the United States to counter what it said were large imbalances with trading partners. Malaysia would continue to engage with Washington to find a fair solution to trade issues.
Its stock market has experienced some of the worst fund outflows in South-East Asia this month. Khazanah is one of the largest shareholders in the nation’s equities.
Still, Amirul was upbeat that economic growth would prevail in the country.
“For Malaysia, I think we are more optimistic. We see growth. Rates at the moment are at a level where it is conducive for trade still,” he said. — Bloomberg
