Ria Portfolio Performance Review – Sep 2025
September delivered universally strong and positive results across our investment lineup, driven by a global equity rally. ASN Equity Global led performance with an impressive 4.43% return, overcoming previous headwinds to become the top-performing asset for the month. ASN Equity Malaysia also delivered a solid gain of 3.68%. ASN Sukuk continued its positive contribution with a 0.13% return, maintaining its role as a reliable income generator and portfolio stabilizer during varying market conditions.
The strong performance across both global and domestic equities translated into excellent results across our portfolio strategies, with the month’s returns demonstrating the effectiveness of higher equity exposure in a positive market cycle. All portfolio strategies delivered positive returns for the month, ranging from 0.26% for Very Conservative to a robust 3.58% for Very Aggressive, highlighting the strong payoff for higher-risk allocations during the rally. Year-to-date performance continues to show strong overall resilience and convergence. Moderately Conservative now holds the strongest position at 4.22%, closely followed by Very Conservative at 4.17% and Moderate at 4.07%. The more aggressive portfolios have caught up significantly, with Moderately Aggressive at 3.78%, and both Aggressive and Very Aggressive finishing the year-to-date period at 3.57%.
Since Ria's launch, our diversified approach continues to demonstrate consistent value creation across all risk profiles, with the strong September performance widening the gap for equity-focused strategies. The Aggressive portfolio leads cumulative returns at a strong 13.13%, followed by Moderately Aggressive at 12.32% and Very Aggressive at 12.16%. The Moderate strategy has delivered 10.77%, while our more defensive strategies show solid long-term performance amid lower downside risks with Moderately Conservative achieving 9.23% and Very Conservative at 7.54%.
This performance is the proof of concept for our strategy. It underscores a critical truth: In any market environment, decisive diversification and the iron will to remain invested are the powerful combination that ultimately delivers the alpha and rewards the committed investor.
Market Commentary – September 2025
September painted an unexpected picture across global markets, one where investors threw caution to the wind as equity markets staged a remarkable comeback. US markets delivered a masterclass in resilience as the S&P 500 climbed a robust 3.18% in September, propelling its year-to-date return to 7.99%, while the MSCI World Index mirrored this strength with a 3.20% monthly gain, stretching its year-to-date advance to an impressive 11.82%. European markets revealed their mixed nature with Germany's DAX stumbling slightly with a -0.06% monthly decline despite maintaining a phenomenal year-to-date return of 27.90%, while the UK's UKX Index gained 1.01% extending its year-to-date return to 18.99%, and France's CAC Index jumped 2.68% bringing its annual gains to 17.86%. Asia was electrifying. Japan's NKY Index posted a solid 4.76% gain pushing its year-to-date return to 14.92%, but Hong Kong's HSI Index exploded with a staggering 7.35% monthly surge, catapulting its year-to-date return to an eye-watering 29.75%, fueled by Beijing's aggressive policy support and whispers of broader economic stimulus. Malaysia's FBMKLCI added 3.88%, trimming its year-to-date loss to -1.87%.
Figure 1: S&P 500 hit all-time high following its recovery from the April tariff war decline.
Figure 2: Gold price reached new all-time high in September
September's commodity markets reflected deeper anxieties about the global economic order and currency dominance. Gold surged an astonishing 11.43% for the month, extending its year-to-date return to a spectacular 38.30%. This wasn't just about inflation hedging; something more fundamental was shifting. Trump's aggressive tariff policies, combined with his administration's pressure on the Federal Reserve to adopt a more permissive inflation target, effectively encouraging an overshoot, created a perfect storm of dollar uncertainty. The Dollar Index (DXY) became increasingly volatile as markets wrestled with these conflicting forces, with investors questioning whether the greenback's decades-long dominance was eroding. In this environment, investors diversified across the entire spectrum of safe haven assets. Bitcoin gained 5.07% in September bringing its year-to-date return to 15.11%, respectable but dwarfed by gold's 38.30% annual performance, proving that when genuine uncertainty strikes, the yellow metal's millennia-old credibility still trumps blockchain innovation. Oil markets faced their own reality check as Brent crude tumbled -1.12% in September, leaving it with a tepid 2.39% year-to-date return as OPEC+ began unwinding production cuts.
Figure 3: The Federal Funds Rate is projected to drop from a 2025 median of 363 bps to a long-term median of 300 bps (blue dots)
September's economic data revealed growing labor market weakness as US Non-Farm Payrolls missed expectations. The Federal Reserve responded by cutting the Federal Funds rate by 25 basis points, marking a pivotal shift in monetary policy, though officials remained cautious about the path ahead. This created a delicate balancing act: cut too aggressively and inflation expectations become unanchored, accelerating the de-dollarization trend; move too slowly and overleveraged sectors risk buckling into recession. Adding to the uncertainty, threats of a US government shutdown loomed as political gridlock intensified over budget negotiations.
Figure 4: Dollar Index (DXY) long term trend
Figure 5: The weakness of the Dollar Index (DXY) year-to-date may be attributed to countries de-dollarizing their reserves in response to the threat of a tariff war.
Looking ahead to October, markets brace for heightened volatility as Trump threatens to impose a sweeping 100% tariff on Chinese goods, with Beijing signaling swift retaliation that could spark an all-out trade war between the world's two largest economies. Whether this proves mere posturing or actual policy remains to be seen, but the market's reaction will likely be swift. Yet September's rally demonstrated something crucial: resilience in the face of uncertainty. For disciplined, long-term investors, volatility like this represents opportunity rather than threat. History has repeatedly shown that the best returns come to those who maintain their investment discipline during turbulent periods, continuing to deploy capital systematically when others flee. September 2025 will likely be remembered as an inflection point where the de-dollarization debate moved from academic conferences to trading floors, where safe haven assets both ancient and digital commanded renewed attention, and where the traditional rules of currency dominance began to be rewritten. In times like these, staying invested and maintaining a long-term perspective isn't just prudent, it's essential for capturing the recovery and growth that inevitably follows periods of heightened uncertainty.
RIA Reminder – Let Your Money Work While Others Watch From the Sidelines
September showed us something important: good things can happen even when the news feels uncertain. Markets rallied while headlines warned of job market weakness and rising tensions. If that sounds confusing, it's because investing isn't about predicting the news; it's about staying invested through it. Think of it like planting a tree: you don't dig it up every time the weather changes. You let it grow, season after season.
The world is changing in ways that reward those who own investments, not just those who work harder. Your money, when invested wisely, works around the clock across different markets and opportunities, finding growth in places you might never see or hear about in the daily news.
As we head into October, expect more headlines, more drama, and more reasons to worry. Trade wars, political battles, market swings will all be there. But here's the good news: you don't need to react to any of it. History is clear: the best returns go to those who stay calm and stay invested. While others panic and sell during uncertain times, your investments keep working, quietly capturing the opportunities that volatility creates. You're not just saving money; you're building lasting wealth. And that's worth staying committed to, no matter what October brings.
Log in to Ria today and witness how staying invested through the noise is quietly building the financial freedom you deserve, one month at a time.