Malaysia’s Largest Pension Fund 1Q Income Drops on Volatility

Malaysia’s state retirement fund reported a 13% year-on-year drop in investment income for the first three months of the year due to volatility in global markets.

Investment income for the first quarter dropped to 18.31 billion ringgit ($4.3 billion) from 20.99 billion ringgit a year ago, the Employees Provident Fund said in a statement Tuesday. Contribution from equities — the biggest asset class — slid 23% from a year ago.

“Whilst the announcement of tariffs was made by the US administration on 2 April, uncertainties surrounding US trade policies had begun to affect major stock markets throughout the quarter,” EPF ...