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Fixed Income

Fixed Income

KWAP’s ​Fixed Income consists of several units that specialise in various sub-asset classes such as Government Bonds, Corporate Bonds, Money Market and FX Instruments. The overall Fixed Income portfolio comprises approximately 50 percent of KWAP’s overall fund size. KWAP is an active player in both the domestic primary and secondary capital markets.

 

The Fixed Income Department’s (FID) main target is to build a diversified portfolio from a global set of opportunities via:

  • Construction of portfolios that are in line with KWAP's Investment Policy and Guidelines;
  • Identification of macro investment themes that drive the fixed income markets, with emphasis on the duration, yield curve and individual sector;
  • Development of an in-house credit scoring and assessment system;​
  • Risk allocation via quantitative analysis to maximise investment efficiency.

In recent years, the FID has launched several initiatives that enable a more proactive approach in the management of our fixed income investments, which include improving portfolio risk management and enhancing returns via fee-based income.​

Objective

The main objective of the FID's fund management revolves around finding the best value fixed income investments that minimise risks and maximise returns on our investment portfolios under various market environments.
The strategic objective is to outperform the benchmark by judicious selection and trading of fixed income instruments in order to achieve a high total rate of return on investments, while at the same time maintaining a prudent risk management process in accordance with KWAP’s Investment Policy and Guidelines.​

Fixed Income Portfolio

The Fixed Income Portfolio consists of four main sub-asset classes:

  • Sovereign Bonds (Domestic & International)
  • Corporate Bonds (Domestic & International)
  • Loans
  • Money Market (Ringgit & Foreign Currencies)​

In addition to the above, KWAP outsources fixed income mandates to external fund managers in both domestic and international markets.

 

KWAP undertakes hedging activities utilising products such as FX Forwards, Cross Currency Swaps and Interest Rate Swaps to protect the portfolio value from unfavourable market movements.

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