Malayan Banking Bhd.

PNB is an active, research-driven, team-based manager which constructs a diversified portfolio of equities, unit trusts and institutional real estate trusts. The firm conducts fundamental analysis, seeking to invest in fundamentally strong companies that generate positive investment returns either from capital appreciation and/or dividend income. Stock selection is based on thorough analysis to provide a reasonable and adequate basis for investment recommendation put forth by the firm's team of analysts. PNB utilizes top-down and bottom-up approaches where research primarily focuses on macroeconomics factors and company specific fundamentals. This is carried out by a team of their in-house analysts and economists. Accessibility to external analysts and economists also provides the support to form an alternative view on the state of economy, sector and stock. The firm incorporates several layers of risk management throughout its investment process chain designed to detect and respond to the various market trends and movements to limit downside portfolio risk and maximize long-term returns. While PNB are long-term investors, dynamic asset allocation and timely rebalancing of the firm's portfolios will help mitigate market volatilities.

KWAP utilizes active and passive strategies, aiming to achieve optimum returns for the retirement fund by investing in Malaysian and international equities, loans, bonds, money market instruments, real estate and other investments approved by the Investment Panel. They outsource a portion of the fund management to external investment managers for diversification and peer comparison. The firm has adopted Strategic Asset Allocation as a key element in the investment decision making process, aiming to deploy capital to asset classes which best represent the most optimal risk return tradeoff. They invest in domestic and international equity. For fixed-income such as government bonds, corporate bonds and short-term debt papers, they seek to identify the best investments which minimize risk and maximize return and to outperform the benchmark consistent with a prudent level of risk in accordance with their Investment Policy and Guidelines.

GELS is a conservative, risk-averse manager which focuses on risk management. Their overall investment policy and strategic asset allocation are determined by upper management. The Asset Liability Committee actively manages risk at all levels of the investment process.The firm invests their own funds primarily in quoted government securities, loan stocks and bonds, as well as in quoted equity, unquoted securities, real estate and collective investment schemes. The bulk of their investment is domestic, complemented with foreign securities.