In a statement, EPF said Q1 2024 saw income from equities increase to RM13.15 billion, compared with RM8.26 billion in Q1 2023, with the asset class remaining the top income contributor at 68% of total distributable income.

Fixed income instruments, predominantly Malaysian government securities, contributed 27% or RM5.14 billion to the total distributable income for Q1 2024.

Real estate and infrastructure registered an income of RM0.22 billion in Q1 2024, while money market instruments generated RM0.69 billion, which EPF said was in line with the set return expectations.

EPF’s overall investment assets as of March 2024 grew to RM1.19 trillion, with overseas investments accounting for 38% of total assets. The overseas investments, mainly in equities, generated RM9.88 billion in income, representing 51% of the total distributable income recorded.

Meanwhile, EPF’s domestic investments accounted for 62% of total assets, mainly invested in fixed income instruments.

EPF CEO Ahmad Zulqarnain Onn said the fund was keeping an optimistic outlook for the domestic economy, which recorded an acceleration in growth to 4.2% in Q1 2024.

“The country’s labour market remains healthy, with employment and the labour force participation rate continuing to rise.

“Malaysia is expected to continue recording solid growth in 2024, supported by continued strength in domestic demand and a recovery in exports,” he said, citing Bank Negara Malaysia’s forecasts that the economy will grow between 4% and 5% this year and that inflation will average between 2% and 3.5%.