LSEG Lipper Fund Awards 2026 Malaysia: Full Winners List & What It Means For Investors
The LSEG Lipper Fund Awards 2026 just announced its winners list for the Malaysian market, and the results reveal an important trend in the country's fund management industry. Public Mutual retained its position as the leading winner for the second consecutive year with 4 group awards and 29 individual awards - a performance hard to match by any other firm.
For Malaysian investors using unit trusts as part of their portfolio (whether through EPF i-Invest, Tabung Haji, or self-directed platforms), the Lipper results are not just "good news" for fund companies - they are an objective signal of who consistently delivers the best returns versus peers.
This article explains: (1) what Lipper Fund Awards are and how they are measured, (2) the 2026 Malaysia Group Awards winners list, (3) performance of major players (Public Mutual, Maybank AM, AHAM, ASNB), (4) what this means for investors, and (5) how to use this data when making unit trust investment decisions.
What Are LSEG Lipper Fund Awards?
LSEG Lipper Fund Awards are the most globally recognized fund industry awards, administered by London Stock Exchange Group (LSEG) after acquiring Refinitiv in 2021. The awards have been held for 30+ years across many markets including Malaysia, Singapore, Hong Kong, Europe, and the US.
What makes Lipper Awards different from typical awards:
- Based on objective data - not perception or voting
- Lipper Leader Rating methodology - measures risk-adjusted returns across 3, 5, and 10 year periods
- No payment to be considered - all funds registered in Malaysia are automatically considered
- Two main categories: Group Awards (for companies) and Individual Fund Awards (for specific funds)
The official source can be viewed at LSEG Lipper Fund Awards Malaysia 2026.
2026 Malaysia Group Awards Winners (3 Years)
Here is the Group Award winners list for Malaysia 2026, based on 3-year past performance:
| Group Award Category | Winner |
|---|---|
| Bond Group (Islamic) | Public Mutual Bhd |
| Equity (Malaysia) | Public Mutual Bhd |
| Equity (Islamic) | Maybank Asset Management Sdn Bhd |
| Equity (Provident) | AHAM Asset Management Bhd |
| Mixed Assets (Malaysia) | Public Mutual Bhd |
| Mixed Assets (Islamic) | Public Mutual Bhd |
| Mixed Assets (Provident) | Amanah Saham Nasional Bhd |
Of 7 Group Award categories, Public Mutual won 4 - exceptional dominance. The remainder is shared by Maybank AM, AHAM Capital, and ASNB in their specific categories.
Public Mutual: Leading Winner For Two Years In A Row
Public Mutual Bhd, a subsidiary of Public Bank, retained its position as the leading winner of the Lipper Fund Awards 2026 Malaysia. According to The Edge Malaysia, Public Mutual swept 4 group awards and 29 individual awards - a dominant tally in Malaysia's unit trust landscape.
Public Mutual's CEO, Chiang Kang Pey, stated that the most effective investment strategy last year was positioning across the global AI value chain - involving semiconductor companies (TSMC, NVIDIA), hyperscalers (Microsoft, Google, Amazon), and electronic equipment makers (ASML, Lam Research). The strategy proved highly profitable thanks to the AI boom of 2024-2026.
Public Mutual's Group Award wins:
- Bond Group (Islamic) - 3 Years
- Equity (Malaysia) - 3 Years
- Mixed Assets (Malaysia) - 3 Years
- Mixed Assets (Islamic) - 3 Years
Public Mutual funds worth watching:
- Public Strategic SmallCap Fund - exposure to small caps with high potential
- Public e-Tracker Fund - tracking global economy including AI sector
- Public Far-East Telco & Infrastructure Fund - digital infrastructure theme exposure
- PB Strategic Growth Fund - growth strategy with AI value chain exposure
- Public Islamic Equity Sequel Fund - shariah-compliant with similar strategy
For deeper reading on unit trust investment strategies, see the article 5 Reasons to Choose Unit Trust.
Maybank Asset Management: Champion of Equity (Islamic)
Maybank Asset Management Sdn Bhd won the Group Award for Equity (Islamic) - the category for the firm with the best shariah-compliant equity fund portfolio over 3 years.
This is a significant achievement given the fierce competition in Malaysia's shariah-compliant space, where almost all major players (Public Mutual, AmInvest, Eastspring, Manulife) have strong Islamic products. Maybank AM differentiated itself through:
- Global Islamic fund management - exposure to US/Hong Kong/European shariah-compliant stocks
- Thematic expertise - funds focused on technology, ESG, healthcare
- Large assets under management (AUM) - liquidity and economies of scale
Standout Maybank AM Islamic funds:
- Maybank Global Sustainable Equity-i Fund
- Maybank Asia Pacific Ex-Japan Islamic Equity Fund
- MAMG Sukuk Income Plus Fund
- Maybank Bluewaterz Total Return Bond Fund
For Muslim investors seeking shariah-compliant unit trusts with global exposure, Maybank AM Islamic is a strong choice based on Lipper records.
AHAM Asset Management: Champion of Equity (Provident) - 7 Awards
AHAM Asset Management Bhd (formerly Affin Hwang Asset Management) won the Group Award for Equity (Provident) - the category for funds eligible as provident fund / EPF approved investments.
According to AHAM Capital, 2026 is the biggest winning year in recent years with a total of 7 awards including the Group Award. This is a significant comeback for AHAM after a major rebrand following its separation from Affin Hwang.
Factors behind AHAM's success:
- Strong investment analysis team - 30+ analysts with local and regional experience
- Growth-at-reasonable-price (GARP) strategy - neither extreme growth nor pure value
- EPF-MIS friendly exposure - many funds eligible for EPF i-Invest investments
Notable AHAM funds:
- AHAM Aiiman Growth Fund (Islamic)
- AHAM World Series - Global Quantum Equity Fund
- AHAM Shariah Asia Pacific Equity Fund
- AHAM Select Income Fund
Investors with EPF Members Investment Scheme (i-Invest) accounts can consider AHAM funds for diversification rather than relying solely on EPF dividends. See our article on EPF i-Invest Platform: Invest Unit Trust Yourself for a detailed guide.
ASNB: Impressive Debut In Mixed Assets (Provident)
Amanah Saham Nasional Bhd (ASNB) made history by winning its maiden Group Award in the Mixed Assets (Provident) category, plus 2 individual awards.
According to Bernama, ASNB's achievements include:
- Mixed Assets (Provident) Group Award - 3 Years
- Mixed Asset MYR Balanced - Malaysia (Provident) - 3 Years (ASN Imbang 1)
- Mixed Asset MYR Balanced - Malaysia (Provident) - 5 Years (ASN Imbang 1)
This is significant for ASNB because:
- Proof of consistent performance - 5 years is a long period that's hard to achieve
- Provident category shows ASN funds are suitable for long-term investments like retirement
- Changes the perception that ASNB is only for fixed savings (ASB, ASM)
The recognized fund is ASN Imbang (Mixed Asset Balanced) 1, which maintains a balanced portfolio of equity and bonds. For investors who already have an ASB account, considering ASN Imbang 1 for diversification may make sense.
What Do The Lipper Awards Mean For Investors?
Now to the most important part - how should ordinary investors use this information?
1. Lipper Awards = Initial Filter, Not Final Decision
The Lipper Awards reveal risk-adjusted historical performance. This is useful as:
- Initial shortlist - reducing 700+ funds in Malaysia to ~10-15 high performers
- Objective validation - better than relying on unit trust agent recommendations alone
- Consistency check - funds winning at 3 and 5 years are more convincing than 1-year only
But DO NOT buy a fund just because it won a Lipper. Always check:
- Annual management fee - any fee > 1.5%/year is expensive
- Loading charge / sales charge - some funds charge 5-7% upfront!
- Lock-in period - some funds have early exit penalties
- Fund size (AUM) - too-small funds (<RM50 million) can have liquidity risk
2. Past Performance ≠ Future Performance
This is a standard but important disclaimer. Public Mutual won 4 group awards in 2025 and 2026 - but there's no guarantee it will win again in 2027. Markets change, and strategies that worked may not stay relevant.
For perspective:
- 2024: Manulife and Public Mutual shared the top spot
- 2025: Public Mutual sole leader
- 2026: Public Mutual sole leader (retained)
Players change, so always rebalance your portfolio periodically (minimum once a year).
3. Match Funds With Your Objectives
Different awards point to different funds:
- Equity (Malaysia) - for aggressive investors, long-term (10+ years)
- Mixed Assets - balanced portfolio, suitable for medium term (5-10 years)
- Bond Group (Islamic) - low-risk, capital preservation for short term (1-3 years)
- Provident - long-term retirement focus
Before picking a fund, identify your investment goal first. Are you saving for:
- Retirement in 20-30 years? → Equity heavy
- Buying a home in 5 years? → Mixed Assets
- Emergency fund? → Bond / Money Market
4. Diversify Across Fund Managers
Even though Public Mutual won 4 group awards, DO NOT put 100% of your investments with Public Mutual alone. Diversify across 2-3 fund managers to:
- Reduce operational risk (if one firm has issues)
- Access multiple strategies (growth vs value, large-cap vs small-cap)
- Geographic variety (local vs global)
A diversified portfolio example:
- 40% Public Mutual (Equity Malaysia + Mixed Assets)
- 30% Maybank AM (Islamic Equity Global)
- 20% AHAM (Asia Pacific Equity)
- 10% ASNB (ASN Imbang)
Industry Trend: AI Value Chain Drives Returns
A standout trend from Public Mutual's findings is the importance of AI value chain exposure. CEO Chiang Kang Pey stated directly that positioning along the global AI value chain was the main driver of outperformance.
This aligns with our findings on the AI Memory Price Surge where the semiconductor, hyperscaler, and AI equipment sectors drove exceptional returns for global investors.
For Malaysian unit trust investors, this means:
- AI/Tech themes cannot be ignored - funds with global tech exposure may outperform
- Pure local Malaysia funds may underperform if AI themes dominate
- Look for funds with 30-50% exposure to global AI themes
Risks To Keep In Mind
While Lipper winners are top-performing funds, several risks remain:
1. AI Concentration Risk
If a fund is too concentrated in AI/Tech (>40%), volatility in the sector will have a big impact. An AI bubble crash (if it happens) could materially reduce NAV.
2. Currency Risk
Funds investing globally are typically USD-denominated. Ringgit strength can reduce returns even when underlying assets rise.
3. Liquidity Risk
Small funds (<RM100 million AUM) carry liquidity risk. If many investors redeem at once, the fund may have to sell assets at suboptimal prices.
4. Manager Style Drift
Some funds that win awards change strategy after success. Monitor quarterly reports to ensure the fund still follows its original philosophy.
How To Buy Lipper Award-Winning Unit Trusts
Several ways to access these funds:
Channel 1: Direct From Fund Manager
- Public Mutual: via Public Bank branches or licensed UTC agents
- Maybank AM: via Maybank branches or digital platforms
- AHAM: via licensed UTC agents or online platforms
- ASNB: via ASNB branches, BSN, or Maybank
Pros: full product range, full support from fund manager. Cons: need to open separate accounts with each manager.
Channel 2: EPF i-Invest Platform
For EPF-MIS approved funds, you can use EPF Account 1 money to invest. The list of approved funds can be checked on the EPF portal.
Pros: use existing money, tax efficiency. Cons: only for approved funds, limited to Account 1.
Channel 3: Active Investor - Direct Stocks
For investors who want full control and lower fees, buying stocks directly on Bursa Malaysia or foreign markets may be better. Public Bank (1295) or Maybank (1155) shares can give exposure to their unit trust businesses without annual management fees.
For a comparison of unit trusts vs direct stock investing, read Stock Investing VS Unit Trust.
FAQ: Common Questions About Lipper Fund Awards
1. Will Lipper Award-winning funds definitely deliver high returns next year?
No. Lipper measures historical performance (3-10 years past), not future predictions. Always do your own due diligence before investing.
2. How many years of data are used for Lipper Awards?
Lipper Group Awards use 3 years of data. Individual Fund Awards have 3, 5, and 10 year categories.
3. Are all funds in Malaysia eligible for Lipper Awards?
Yes, all funds registered in Malaysia are automatically considered. There is no entry fee. Fund managers don't need to nominate.
4. What's the difference between Group Award and Individual Fund Award?
Group Award is given to the fund management company for overall portfolio performance in a specific category. Individual Fund Award is given to a specific fund with the best performance in that category and time period.
5. Is Public Mutual always the leading winner?
Public Mutual has been the leading winner for 2 consecutive years (2025, 2026). Before that, Manulife and Public Mutual shared the top spot in 2024. Public Mutual has the largest AUM in Malaysia (>RM100 billion) which gives them an edge in research & technology.
6. Should I switch funds now based on Lipper 2026?
Not necessarily. Before switching:
- Check existing fund's management fee and exit fee
- Compare 5-year performance (not 1 year)
- Consider tax implications (if any)
- Consult a financial planner if uncertain
7. I'm a newbie, which fund should I start with?
For beginners, balanced (mixed assets) funds are usually more suitable than pure equity. Public Mutual Mixed Assets or ASN Imbang 1 can be a starting point. Then gradually add equity components.
8. What's the minimum to invest in Lipper-winning unit trusts?
Depends on the fund - typically RM1,000 for lump sum and RM100/month for installment plans. Some ASNB funds start as low as RM10.
Conclusion
The LSEG Lipper Fund Awards 2026 confirm Public Mutual as the leading winner in Malaysia's unit trust space, with Maybank AM, AHAM, and ASNB as strong players in their specific categories. For investors, these awards are useful as an objective initial filter but not the final decision - always check fees, strategy, and match with your investment objectives.
The AI value chain trend drives industry returns, suggesting that global technology exposure is increasingly important in Malaysian investor portfolios. Diversification across 2-3 fund managers, a mix of local + global, and periodic rebalancing is the best strategy.
For investors wanting more control and lower fees than unit trusts, investing in stocks directly on Bursa Malaysia and foreign markets is an alternative worth considering.
Open a CDS account with Mahersaham to start investing in Bursa Malaysia and also in foreign stocks like the US and Hong Kong.
For beginners who want to understand the basics of stock investing before starting, download our free Stock Basics Ebook.