

Public Equity Investments
Public equities are currently the mainstay of PNB’s investment portfolio, representing the largest asset class for PNB’s mixed-asset fixed price funds, as well as its ASN Equity and ASN Mixed Asset Balanced variable priced funds.
Public Equity Investments
PNB is a significant investor in the Malaysian capital market, mainly focusing on domestic public equities. Its diversified equity holdings encompass various sectors.
PNB plays an active role in the domestic bourse through its trading activities, including open market trades and block crossings, contributing significantly to the market's annual turnover. The institution is also actively involved in the domestic IPO space, consistently participating in selected primary issuances, including major IPOs in Malaysia.
Strategic Companies
Investee companies in which PNB and the unit trust funds hold a majority or single largest stake.
Maybank Banking Berhad
Established in 1960, Maybank is now a leading ASEAN financial institution, ranked as the largest company by market cap on Bursa Malaysia. It is also among Forbes Global 2000 top 500 companies worldwide.
Maybank's mission is to humanise financial services for sustainability, ensuring accessible, ethical banking with fair pricing, personalised advice, and enhanced customers’ digital experiences.
Sime Darby Berhad
Sime Darby Berhad is a partner of choice for some of the world’s best brands in the industrial and automotive sectors. Through its operations in 18 countries and territories across Asia Pacific with over 100 years of experience, Sime Darby Berhad has been the spearhead of delivering sustainable future and bringing development to many parts of the world. In addition to industrial and automotive, it also has operations in the healthcare segment.
SD Guthrie
SD Guthrie is the world’s largest producer of certified sustainable palm oil (CSPO) with 1.88 million Metric Tonnes of CSPO produced annually. From the trading houses of colonial Singapore 200 years ago, SD Guthrie today operates along the entire palm oil value chain in 13 countries and has five R&D centers as well as 11 refineries around the world. SD Guthrie is a leader in innovation, producing superior products and fully integrating upstream and downstream operations to maximise efficiency.
S P Setia Berhad
S P Setia is a prominent property developer in Malaysia and operates in seven countries. The company's extensive portfolio includes townships, eco-sanctuaries, luxury enclaves, high-rise residences, and niche developments. It is also involved in diverse businesses such as construction, retail, wood-based manufacturing, and soon-to-be healthcare and hospitality ventures.
Notably, the company has been awarded No.1 in The Edge Top Property Developer Awards 14 times and FIABCI World Prix d'Excellence World Gold Awards 15 times.
Velesto Energy Berhad
Velesto, a Malaysian multinational company, offers comprehensive services within the oil and gas industry. The company owns and manages six high-quality jack-up drilling rigs, specifically designed for Southeast Asia’s water depths, reaching up to 400 feet.
Duopharma Biotech Berhad
Duopharma, Malaysia’s largest pharmaceutical company, researches, develops, manufactures, markets, and commercialises over 300 generic drugs. As a specialist healthcare company, it also invests in innovative technologies related to Alzheimer’s disease, digital therapeutics, and stem cell therapies.
MNRB Holdings Berhad
MNRB is an investment holding company offering reinsurance, takaful and re-takaful products and services through its wholly owned subsidiaries, Malaysian Reinsurance Berhad (Malaysian Re), Takaful Ikhlas Family Berhad (Takaful IKHLAS Family), Takaful Ikhlas General Berhad (Takaful IKHLAS General) and Malaysian Re (Dubai) Ltd.
Sapura Energy Berhad
Sapura Energy Berhad is a global integrated oil and gas services and solutions provider operating across the entire upstream value chain, including renewables, in over 20 countries. They are involved in exploration, development, production, rejuvenation, as well as decommissioning and abandonment.
Sime Darby Property Berhad
Sime Darby Property, a multi-award-winning Malaysian property developer with 50 years of success, has built over 100,000 homes across 25 developments spanning residential, commercial, industrial, and logistics properties. Additionally, it is engaged in leisure, investments, and asset management, operating 5.4 million sq. ft. of net lettable area across various segments.
Core Companies
Investee companies in which PNB has
more than a 10% shareholding or RM1
billion invested in them.
Telekom Malaysia
Tenaga Nasional Berhad
IJM Corporation Berhad
Axiata Berhad
Gamuda
Petronas Gas Berhad
BIMB Holdings Berhad
CIMB Group Holdings Berhad
DiGi Telecommunications
MBSB Bank
International Public Equity
Over thirty years ago, PNB embarked on its initial foray into international public equities, through both outsourced mandates and internally managed funds. After a gradual internal development, which included setting up global offices, PNB's involvement in international public equities significantly expanded when unit trust funds began investing in late 2017. Since then, the international public equity portfolio has grown substantially, becoming a larger part of both the overall public equity portfolio and PNB's international assets.
Portfolio Overview
PNB's investments in international public equities serve a vital role in diversifying the public equity portfolio by sector and region. These investments span a wide spectrum of sectors in developed and emerging markets across the Asia-Pacific, Europe, and North America. The selection is guided by our benchmarks and Shariah considerations.
PNB actively participates in global primary markets, engaging in key global IPOs and maintaining a dedicated team for identifying potential primary deals. In addition to single-counter investments, PNB also actively invests in a range of global Exchange-Traded Funds (ETFs) to gain exposure to specific markets, regions, and sectors.
Dual Trading Platform
While PNB's fund managers and analysts are centralised in Kuala Lumpur, they maintain worldwide coverage with support from PNB's network of capital market intermediaries. The organisation operates a dual trading platform model, executing trades in Kuala Lumpur for domestic and Asia-Pacific markets and in London through PNB UK for European and North American markets. PNB UK is regulated by the UK's Financial Conduct Authority and also serves as a representative office for multiple asset classes.
Outsourced Global Public Equity Investments
Beyond direct investments, PNB outsources a portion of its international public equity portfolio to external fund managers, enhancing diversification and expertise through structured knowledge-sharing programmes as well as to complement its internal strategies. The evaluation process for external managers considers factors such as performance history, credibility, investment philosophy, adherence to Shariah requirements, and ESG integration.
A dedicated fund-of-one structure under a regulated Luxembourg fund framework ensures robust governance and monitoring for these outsourced mandates. Currently, the outsourced international public equities initiative comprises three main mandates: Global Equity, Global Emerging Markets and Global Low-Vol.