Ria Portfolio Performance Review – Dec 2025

December 2025 brought mixed results as the year wrapped up. ASN Equity Global dipped slightly by 0.6%, but ASN Equity Malaysia had a strong finish, jumping 4.9% thanks to positive local market conditions. ASN Sukuk stayed steady with a 0.1% gain, showing how sukuk can provide stability when stock markets are up and down.

Different markets moved in different directions during December, which affected our portfolios in various ways. Monthly gains ranged from 0.1% for the Very Conservative portfolio to 1.4% for the Very Aggressive portfolio. Since Malaysian stocks did better than global markets this month, portfolios with more stock investments, especially those focused on local opportunities, saw bigger gains, while the more cautious portfolios stayed steady.

Despite some rocky periods earlier in the year, every portfolio ended 2025 in positive territory. For the full year, returns were remarkably similar across the board, ranging from 4.5% for Very Conservative and Aggressive to 4.8% for Moderately Conservative and Moderate. This shows how spreading investments across different types of assets helps create a smoother ride, ensuring everyone saw growth regardless of their comfort level with risk.

Since Ria started in March 2024, our investing approach has delivered solid returns for the long run. The Aggressive portfolio leads with a 14.2% total return, followed by Very Aggressive at 13.4% and Moderately Aggressive at 13.2%. Our defensive strategies have also shown strength, with Moderate at 11.6%, Moderately Conservative at 9.8%, and Very Conservative at 7.9%. While the more growth-oriented portfolios have had bigger swings up and down over these 21 months, these results highlight why it's important to stay invested for the long haul and choose a strategy that matches your comfort level with risk.

Chart 1: Ria Portfolios Since Inception (11 March 2024 - 31 December 2025) - Growth of RM10k

Market Commentary – December 2025

December 2025 was another challenging month for global markets, as year-end profit-taking and economic uncertainty led to declines across most major indexes. US stocks fell, with the S&P 500 dropping 1.78% in December, bringing its year-to-date return to 6.93%. The MSCI World Index also declined 0.79% for the month but still delivered a solid 11.49% gain for the year. European markets showed more resilience: the UK's UKX rose 2.01% in December, pushing its impressive annual return to 22.58%, while Germany's DAX gained 1.94% for the month, finishing 2025 with an outstanding 26.21% return, one of the year's best-performing major markets. France's CAC dipped just 0.18%, ending the year up 17.58%.

Chart 2: Performance of Global Equity Markets for 2025 (%)

Source: Bloomberg

Asian markets experienced mixed results in December. Japan's Nikkei fell 1.89% for the month but still delivered a strong 17.29% gain for the year, supported by corporate reforms and improving profitability. Hong Kong's Hang Seng Index dropped 2.38% in December yet managed to finish 2025 up 19.95%, benefiting from China's economic stimulus measures. Malaysia's FBMKLCI was a bright spot, surging 4.89% in December, its best month of the year, bringing the index's annual return to 6.63%. This strong finish was fueled by the ringgit's continued strength against the US dollar, which appreciated significantly in December as the US Dollar Index (DXY) weakened on expectations of further Federal Reserve rate cuts in 2026. The stronger ringgit boosted foreign investor interest in Malaysian assets and enhanced returns for local investors.

Chart 3: Performance of USDMYR (RHS) aligned with the weakness in DXY Index

Source: Bloomberg

Turning to commodities, precious metals were the undisputed stars of 2025. Gold held steady in December with a minimal 0.01% move but finished the year up an astonishing 49.31%, reflecting ongoing concerns about inflation and geopolitical tensions. Silver was even more spectacular, skyrocketing 24.51% in December alone and ending 2025 up an eye-popping 124.95%, driven by both safe-haven demand and growing industrial use in solar panels and green technologies. Oil fell 2.39% in December, finishing the year down 1.39%, as concerns about weakening global demand and increasing renewable energy adoption kept prices under pressure despite OPEC production cuts. Bitcoin was 2025's biggest disappointment, dropping 5.87% in December and ending the year down 15.13%, as investors fled speculative assets and the cryptocurrency bubble deflated.

Chart 4: Silver was the Star Performer in December 2025 against Gold, Oil and Bitcoin (%)

Source: Bloomberg

December's mixed results capped off an extraordinary year that rewarded patient, diversified investors. While US stocks delivered modest gains, European markets and precious metals provided exceptional returns, demonstrating why global diversification matters. The 49% gain in gold and 125% surge in silver proved that traditional safe-haven assets remain powerful portfolio components during uncertain times. The ringgit's remarkable strength throughout the year, particularly accelerating in December, provided an additional boost to Malaysian investors' returns on foreign assets. Technology continues to drive market leadership, though investors have become more selective about valuations. For investors looking to participate in these trends while managing risk, maintaining exposure through globally diversified funds like our ASN Equity Global provides access to innovative companies across different markets and sectors.

Overall, 2025 served as a reminder that successful investing requires patience and discipline. Those who stayed invested through volatility, maintained diversified portfolios, and avoided panic-selling during downturns achieved the best outcomes. History shows that the biggest mistake investors make is selling during temporary declines and missing the recovery that follows. As we enter 2026, the lesson remains clear: keep emotions in check, stick to your investment plan, and stay invested through both challenging and rewarding periods.

RIA Reminder – Celebrate Your Wins and Stay Invested for 2026

December wrapped up an extraordinary year that rewarded investors who stayed calm and remained invested through the ups and downs. While the final month brought mixed results, with some markets declining and others rallying, 2025 proved once again that patience and diversification are the keys to investment success. Those who stuck to their plan through the year's volatility were rewarded with solid returns, particularly if their portfolios had high exposure to European stocks and precious metals.

As we enter 2026, remember that successful investing isn't about predicting what will happen next or timing the market perfectly. It's about staying invested, maintaining a balanced portfolio, and letting time work in your favor. The investors who panicked and sold during 2025's challenging moments missed out on significant rebounds. Market volatility will continue in the new year, but history shows that those who remain patient and committed to their investment plan achieve the best long-term results.

Log in to Ria and review your 2025 performance. See for yourself how staying invested through the year's volatility has moved you closer to your financial goals. Let's make 2026 even better by continuing to build wealth steadily, one month at a time.