Ria Portfolio Performance Review – April 2025

April was noticeably calmer than March’s roller-coaster ride. ASN Equity Global fell 3.71% in April, compared to a 5.63% drop in March, while ASN Equity Malaysia was nearly flat at –0.11%, after sliding 3.35% the month before. ASN Sukuk once again served as a steady income anchor; its positive yield of +0.65% in April (up from +0.43% in March) helped soften the blow from stock market swings.

At the portfolio level, our Very Conservative mix, which is mostly ASN Sukuk, delivered +0.57% in April, improving on March’s +0.30%. The Moderate portfolio was almost flat at –0.13%, a big improvement from –1.31% in March. Even our Very Aggressive strategy, with its heavy stock exposure, only fell –2.04% in April, compared to –4.49% the previous month.

Since Ria’s launch, most portfolios remain in positive territory. Moderately Aggressive and Moderate portfolios lead with cumulative gains of around +4.04% and +4.29% respectively, whereas the Very Aggressive bucket has edged slightly negative at –0.04% amid all the volatility.

The market in the first quarter was truly one of a kind. In many past years, things were far calmer and more predictable, so these wild swings can be an impactful lesson, especially if this is your first time investing. Remember that portfolios with higher equity weightings tend to fall the most when markets slip but also rebound faster when conditions improve. If seeing red on your Very Aggressive portfolio makes you lose sleep at night, it might be a sign to revisit your risk profile. Be honest about how much ups and downs you can genuinely live with and consider choosing a mix that matches your true comfort level.

Market Commentary – April 2025

April began with President Trump’s surprise tariff announcement, which sent global markets into a sharp sell-off and pushed the VIX (Volatility Index), a gauge of market fear, to its highest level since the pandemic. Just when it seemed the turmoil might persist, the administration paused most reciprocal duties for 90 days and lifted levies on electronics. This quick change of stance helped markets recover much of their early losses.

By the end of April, the MSCI ACWI was still down 1.74% in MYR terms, bringing its year-to-date decline to 3.75%. In the United States, the S&P 500 fell 3.35% as investors reacted to weaker first-quarter growth and softer hiring data. European markets proved more resilient. The FTSE 100 ended almost unchanged at –0.04% while France’s CAC 40 managed a 0.17% gain, supported by solid corporate earnings and an unexpected rate cut from the European Central Bank.

Asia produced mixed results. Japan’s Nikkei 225 led regional gains with a 3.46% rise, helped by a weaker yen boosting exporters’ profits. Hong Kong’s Hang Seng suffered a 6.30% drop amid fresh regulatory concerns. Malaysia’s FBM KLCI bucked the regional trend with a 1.81% increase, underpinned by healthy local spending.

Bond and commodity markets mirrored equity volatility. U.S. ten-year Treasury yields spiked to 4.6% mid-month before easing back to 4.2%. Gold set a new all-time high in MYR terms as investors sought safe havens, while oil prices slid 16% on recession fears and OPEC’s decision to boost supply.

Looking ahead, trade negotiations will remain in focus. The U.S. and Malaysia have agreed to continue talks and may roll back certain duties. China is quietly exploring tariff exemptions and opening channels for negotiation. India and Japan are also advancing discussions with Washington, and the EU stands ready to present its own trade proposal. Most reciprocal tariffs are paused at a 10% baseline until early July, though higher levies still apply to autos, steel and aluminium. With U.S. non-farm payrolls and first-quarter corporate earnings on the calendar, markets may stay choppy.

Although markets have calmed from April’s initial shocks, recession risks still linger, and volatility could return later this year if hard data disappoints. Now is a good time to reflect on your own comfort with risk: are you truly a risk-taker, or would you prefer steadier, more predictable returns after being battle-hardened by recent swings? Staying diversified and honest about how much ups and downs you can live with will help you ride out whatever comes next.

Ria Reminder – Know Yourself, Choose Your Own Pain and Gain

The recent months of 2025 felt like nothing we have ever experienced, as markets swung wildly and even the most confident investors felt queasy. If watching your Very Aggressive portfolio plunge left you tossing and turning at 2 AM, take heart that you are not alone. Volatility can be your greatest teacher, showing you exactly how much uncertainty you are willing to live with. High-equity portfolios suffer deepest during a sell-off, but they also rebound fastest once conditions improve.

As Warren Buffett reminds us,

“Risk comes from not knowing what you are doing.”

And today Berkshire Hathaway is sitting on over $300 billion in cash, ready to strike when the time is right. Veteran investor Mark Mobius put 95 percent of his fund in cash to ride out trade-war storms, declaring “cash is king” when uncertainty reigns. These legends know that preserving your peace of mind is as important as chasing returns. If the roller coaster of the past few months feels more stomach-turning than exciting, it may be time to dial back.

Log into your Ria app and revisit your risk settings. Ask yourself whether you are truly a daredevil seeking big swings or someone who would sleep better with steadier, more predictable growth. Adjust toward the blend that lets you stay the course without fear.

Choose the mix that fits your true comfort level, stay consistent with your investment contributions, and you’ll be ready to seize the next market updraft.