Asia's top fund houses by asset class, explained part 1

AsianInvestor's prestigious Asset Management Awards remain highly anticipated and widely respected by asset managers and service providers throughout the Asia Pacific region.

Although our awards methodology has been refined over time, our focus remains unwavering on identifying the most exceptional talent and outstanding performers in the regional asset management landscape.

Our distinguished judging panel, comprising independent industry experts and senior executives from leading asset owners across the region, meticulously evaluated all qualifying submissions and provided crucial perspectives in shortlisting the most deserving candidates.

The editorial team then carefully assessed the finalists to determine the ultimate winners.

In today's announcement, we reveal the reasoning behind our selection of winners in the asset class categories. We present winners across eleven categories, including four highly commended entrants.

Asian Fixed Income, US Dollar
Allianz Global Investors | Allianz Dynamic Asian High Yield Bond

Allianz Global Investors delivered a standout performance in Asian high yield during a period marked by volatility and geopolitical risk.

Its Dynamic Asian High Yield Fund returned an impressive 21.4%, outperforming both its benchmark and the Morningstar peer group.

Judges praised the manager’s ability to extract alpha through well-timed credit allocations, with an active return of 50 basis points versus its customised JACI benchmark and a 2.7% outperformance relative to peers.

“The Sharpe ratio was high and it had the highest returns during the relevant period,” the panel said of this winning submission in a highly competitive category.

Key to its robust performance has been a renewed investment discipline under Jenny Zeng, who took over as CIO of Asia Pacific Fixed Income in early 2023.

Zeng strengthened both the team and process — deepening research capabilities, sharpening credit selection, and fostering a debate-driven investment culture.

The fund’s positioning — including overweight exposures to distressed sovereigns like Pakistan and Sri Lanka, as well as Macau gaming, Indian utilities, and selected Southeast Asian financials — was rewarded as markets rallied.

When valuations stretched, the team deftly rotated from high-beta positions to higher-carry credits, sustaining momentum through bottom-up selection.

Judges also highlighted the team’s commitment to discipline and ESG-aware exclusions, setting the strategy apart. AllianzGI’s blend of conviction, agility, and renewed process helped it reclaim leadership in a competitive market.

Asian Fixed Income, Local Currency
Manulife Investment Management | Manulife Global Fund - Asia Total Return Fund

Manulife Investment Management’s Asia Total Return Fund delivered a strong 14.38% return over the review period, comfortably outpacing its custom benchmark by 320 basis points.

Judges were impressed by the strategy’s ability to combine interest rate, credit, and currency positions to deliver solid risk-adjusted returns, all while navigating a complex macro backdrop.

It earned an upgrade despite AUM outflows, with judges noting the firm's consistent performance and strategic discipline in managing capacity.

The fund draws on a broad platform, investing dynamically across both Asian local currency bonds and US dollar credit.

Security selection played a decisive role — particularly in identifying undervalued Chinese property names early in the year, ahead of a meaningful rally.

Duration calls also paid off. The team’s overweight in US, Indian, and South Korean rates captured gains as global yields fell, while conviction in Chinese government bonds added further alpha amid domestic monetary easing.

While currency positioning was a slight drag — notably an overweight in the Korean won — judges noted the strategy’s consistency over multiple timeframes and its disciplined portfolio construction.

A relatively modest AUM of $55.6 million belies the fund’s maturity and breadth of research, including input from on-the-ground teams in Shanghai and Hong Kong.

The result: a well-diversified, agile portfolio that outperformed peers while staying true to its total return mandate.

Chinese Domestic Fixed Income
Invesco Great Wall | IGW Jingtai Fengli Pure Bond Fund

IGW Jingtai Fengli Pure Bond Fund impressed with a 6.34% return during the awards period — an excess of 281 basis points above its benchmark — and a striking Sharpe ratio of 2.71.

The fund also recorded a dramatic expansion in assets under management, growing more than 16-fold to 8.86 billion yuan over the year, with strong institutional support from domestic banks, insurers, and wealth managers.

“This was a well-balanced combination of top-down and bottom-up approaches,” one panellist said of this submission. “A Sharpe ratio of 2.7 is very good for fixed income.”

Much of that success stems from the steady hand of fund manager Chen Jing, who brought over 16 years of experience — particularly in pension fund management — to the strategy.

Known for blending macro insight with tactical execution, Chen draws from a deep understanding of interest rate cycles while also responding deftly to short-term market dynamics.

During a period of uncertainty, Chen’s framework — grounded in liquidity and sentiment indicators as well as macro fundamentals — allowed the team to reduce risk exposure when market exuberance peaked, locking in gains and avoiding short-term corrections. Judges highlighted her bold positioning and sharp timing as key strengths.

Under Chen’s leadership, the fund has delivered consistent, risk-conscious outperformance — a result that not only impressed the panel but also reinforced its credibility among China’s institutional investor base.

Emerging Markets Debt
Ninety One | Emerging Markets Corporate Debt Fund

Ninety One’s Emerging Markets Corporate Debt Fund posted a robust 16.4% return during the eligibility period, outperforming its JPMorgan CEMBI Broad Diversified benchmark by 190 basis points.

The result placed it ahead of peers in both Hong Kong and Singapore, with a Sharpe ratio of 1.8 — among the highest in its category.

Despite net outflows of $14.5 million, assets under management rose 16.6% year-on-year to $1.98 billion, reflecting steady investor confidence.

“Ninety one for institutional clients is a comfortable place to go and they’re a very credible shop,” judges said of this submission. “When you look at its performance history it has given a stable return and a lower volatility over many, many years.”

The fund’s edge lay in its diversified alpha sources.

Bottom-up security selection across sectors and geographies drove performance, with standout contributions from Brazilian consumer and oil and gas issuers, Chinese financials, Zambian mining credits, and industrials in Mexico.

Judges were particularly impressed by the breadth and depth of the team’s coverage, as well as the rigour of its process.

The strategy takes a global sector-first lens to EM credit, overlaying regional and sovereign analysis to identify mispricings and underappreciated value.

This multidimensional approach, backed by a cohesive and high-calibre team, has enabled the fund to generate alpha while managing downside risks — a winning formula in a complex asset class.

Emerging Market Debt (Highly Commended):
M&G Investments | M&G (Lux) Emerging Markets Bond Fund

M&G’s (Lux) Emerging Markets Bond Fund delivered a strong 16.6% return during the review period, outperforming its composite benchmark by 110 basis points.

Judges praised the strategy’s blend of macro insight and rigorous fundamental research, supported by a flexible, unconstrained approach to portfolio construction.

Country allocation was the standout contributor, with positions in Argentina, Gabon and Colombia proving especially timely.

While currency effects presented a headwind — particularly across Latin America — the fund’s high-yield bias and CCC-rated exposure added meaningful alpha during the rally in credit spreads.

Under Claudia Calich’s seasoned leadership, and backed by a deep analyst bench, the fund remains a consistent and credible performer.

Its risk-aware framework and focus on downside protection position it well for continued success in this complex asset class.

High Yield Bond
Barings | Barings Global High Yield Fund

Barings impressed judges with its ability to deliver consistent outperformance through shifting market conditions — returning 16.4% during the eligibility period and beating its benchmark by 120 basis points.

The fund has held top-quartile rankings since inception across risk-adjusted metrics, underlining the strength of its long-term process.

A conviction-led approach lies at the core of the strategy. With exposure to just under 20% of the benchmark’s issuer count, the portfolio is tightly focused, yet broad in its opportunity set.

Performance over the year was driven by well-timed allocations to energy, telecoms, and healthcare, while underweights in structurally challenged sectors such as media and European real estate added further lift.

“This was a very comprehensive performance and a consistent outperformance of the benchmark over multiple years,” judges said, adding that Barings had shown long-term and consistent alpha.

Judges also noted the fund’s thoughtful use of rising stars and crossover credits to enhance quality without sacrificing yield. Backed by one of the largest high yield teams in the industry, the strategy benefitted from deep research coverage and a disciplined risk framework.

With rising inflows — particularly from Asia — and a track record of capturing relative value, Barings has continued to demonstrate why it remains a leader in global high yield.

US Fixed Income
PGIM Fixed Income | PGIM Fixed Income's Core Plus Strategy

This result has capped off a year of strong momentum PGIM Fixed Income, with AUM rising 22% to $102 billion.

Judges were impressed by the platform’s ability to deliver performance in a volatile macro environment, with its Core Plus strategy returning 13.5% (net) during the eligibility period — 195 basis points ahead of the Bloomberg US Aggregate Index, and exceeding its own objective by 45bps.

“Overall, this was a very solid performance,” judges said of the submission.

A clear emphasis on managing upside and downside capture has refined the strategy’s response to shifting market conditions. Judges noted the marked improvement in downside risk management over the past three years — a reflection of both discipline and agility.

The fund’s ability to adjust exposures within an evolving credit cycle helped it navigate rapidly changing rate expectations and persistent inflation pressures.

PGIM’s long track record, deep macro research, and scenario-based approach helped maintain stability across client portfolios.

Morningstar also recognised the strategy’s strength, awarding four- or five-star ratings to 86 of its share classes — near an all-time high.

With one of the largest US fixed income franchises globally and a sharpened focus on risk-adjusted returns, PGIM Fixed Income continues to lead the field in navigating complexity with consistency.

US Fixed Income (Highly Commended):
Amundi | Amundi fund US Short-Term Bond Fund

Amundi’s US Short-Term Bond Fund earned praise for its consistency and discipline during a volatile period for short-duration assets.

The strategy returned 7.07% over the review period, ranking first among 18 peers in its Morningstar category, and posted a peer-leading Sharpe ratio of 2.99.

Judges noted the fund’s highly diversified, multi-sector approach — spanning government, corporate and securitised credit — as well as its rigorous liquidity framework, which helped manage risk without sacrificing income.

With an effective duration of just 0.41 years, the portfolio maintained resilience through interest rate swings while offering a yield to maturity of 5.45%, ahead of short-dated Treasuries.

AUM grew by nearly 30% over the year to $700 million, signalling growing interest from clients seeking alternatives to cash with minimal duration risk.

While more narrowly focused than broader Core or Core Plus strategies, Amundi’s low-volatility, actively managed approach delivered impressive results — and remains a compelling option for capital-preserving yield exposure.

Asia Ex-Japan Equity
HSBC Asset Managemen | HSBC GIF Asia Ex Japan Smaller Companies

Judges were impressed by the breadth and consistency of HSBC Asset Management’s Asia ex-Japan equity platform, which delivered strong outperformance across strategies during the review period.

The flagship Asia ex-Japan Equity fund returned 32.8%, beating its benchmark by 3.9%, while both its high dividend and small-cap strategies also exceeded their respective indices.

HSBC’s high-conviction, bottom-up investment approach was key to its success, supported by a growing thematic research platform and deep on-the-ground expertise across major Asian markets.

“HSBC are obviously a safe pair of hands in this category,” judges said. “They have a big resource base, a lot of people and have a lot of local input across the business.”

AUM in its Asian equity franchise grew from $24.3 billion to $30.2 billion over the year, reflecting renewed interest from clients amid the region’s recovery and structural growth trends.

Judges noted the platform’s disciplined portfolio construction, with a focus on stock selection over style or macro tilts. This helped manage volatility and control risk, while retaining exposure to secular growth themes.

The franchise’s performance was further underscored by superior risk-adjusted returns, with all three strategies achieving Sharpe ratios well above their benchmarks.

In a strong submission, HSBC demonstrated its ability to navigate complex market dynamics while maintaining clarity in process and positioning.

Asia Ex-Japan Equity (Highly Commended):
AFC Asia Frontier Capital | AFC Asia Frontier Fund (non-US) Class B Share

While modest in scale, AFC Asia Frontier Fund delivered a nimble and well-executed strategy that caught the panel’s attention for its performance, clarity and conviction.

Focused on high-growth frontier markets, the fund returned 19.1% over the review period — well ahead of its benchmark by nearly 12 percentage points — with a strong Sharpe ratio of 2.43.

Led by Thomas Hugger and Ruchir Desai, the strategy benefited from early and accurate macro positioning in markets such as Pakistan and Sri Lanka, both of which saw strong recoveries amid monetary easing and economic stabilisation.

“This firm are stock-pickers, they have a fantastic experience set, a really small team and they’re very focused,” one panellist said of this submission. “They’re a small fund and they’re going places.”

Stock selection added further value, with several multi-bagger gains in frontier names across Iraq, Vietnam and financials.

The fund's 37% AUM growth over the year, while off a low base, reflected renewed interest in its differentiated exposure.

Judges felt the strategy deserved recognition for its targeted expertise and disciplined execution — and for bringing often-overlooked frontier opportunities to the table.

China A-Shares
Hang Seng Investment Managment | Hang Seng China A-Shares Flexipower Fund

Judges praised the Hang Seng China A-Shares Flexipower Fund for delivering strong returns in a year that remained turbulent for China’s equity markets.

The fund gained 20.28% over the review period — outperforming the CSI 300 by more than 3 percentage points — and ranked third out of 32 peers in the Morningstar China A-shares category.

The strategy, which favours mid- and small-cap stocks, blends a top-down sector rotation approach with bottom-up stock selection.

Over the past year, this dual framework enabled the fund to lean into high-yield sectors such as energy, while identifying fundamentally sound businesses positioned to benefit from shifting macro dynamics. The result was meaningful alpha capture with a Sharpe ratio of 0.73.

Active share remained relatively high at 61%, reflecting the team’s conviction in both stock picking and sector positioning.

Despite some outflows over the year, performance has remained resilient, with a three-year track record that ranks in the top quartile over a challenging market cycle.

Judges noted the team’s discipline in mitigating downside risk while maintaining upside potential — a balance that earned the strategy top honours in this competitive category.

Emerging Market Equity
AFC Asia Frontier Capital | AFC Asia Frontier Fund (non-US) Class B Share

In a fast-changing year for emerging markets, AFC Asia Frontier Fund stood out for its ability to tap into overlooked but fast-growing economies, posting a 19.11% return over the review period — a striking 11.92 percentage points above its benchmark, the MSCI Frontier Markets Asia Net Total Return USD Index.

A Sharpe ratio of 2.43 underlined the consistency of returns despite macro volatility, while assets under management expanded 37% to $15.6 million.

What distinguished this strategy was its focused exposure to emerging frontier markets such as Pakistan, Sri Lanka, Iraq and Vietnam — countries that not only staged significant recoveries in 2024 but did so from deeply discounted levels.

Pakistan, for instance, saw a 900-basis point rate cut, spurring an equity rally that made it the second-best performing global market over the year. Sri Lanka’s better-than-expected GDP rebound and easing inflation also helped boost returns, with the fund well-positioned in both markets.

The fund’s high-conviction, value-oriented approach led to several multi-bagger names across EMs, especially in consumer and financial sectors.

Judges noted the team’s deep regional expertise and agile allocation across geographies as central to its outperformance — offering investors differentiated, diversified exposure to under-researched corners of the emerging markets universe.

Japan Equity
Nikko Asset Management | Japan Cash-Rich Company Equity Strategy

Nikko Asset Management’s Japan Cash-Rich Company Equity Strategy impressed with its disciplined focus and consistent outperformance during the review period.

The strategy delivered a 22.74% return for the 12 months to September 30, 2024, comfortably ahead of the TOPIX Total Return benchmark at 16.57%.

A strong Sharpe ratio of 2.10 underscored the strategy’s ability to generate risk-adjusted returns, while assets under management grew 57% year-on-year to reach over JPY53 billion.

What set the strategy apart was its clear philosophy: identifying undervalued companies with substantial cash reserves and strong balance sheets.

These firms, often small- and mid-caps, are positioned to unlock value through M&A activity, return of capital to shareholders, or operational transformation.

Importantly, the portfolio demonstrated resilience in down markets while capturing gains in rising ones.

“Nikko successfully reduced semiconductor exposure ahead of market corrections,” judges said of the submission.

Judges also highlighted the relevance of the strategy’s positioning in the current Japanese equity landscape.

Structural reforms, capital efficiency initiatives, and governance improvements continue to create opportunities — particularly in areas such as retailers and firms adjusting pricing strategies in response to inflation.

A strong track record, combined with a forward-looking thesis, helped this submission to stand out in a competitive field.

Indian Equity
Allianz Global Investors | Allianz India Equity Fund

Allianz Global Investors secured the Indian Equity award on the back of outstanding performance and a well-articulated, research-driven strategy.

The Allianz India Equity Fund delivered a 54.7% return over the review period, outperforming the MSCI India Index by a striking 14.4 percentage points.

A Sharpe ratio of 4.25 reflected both the magnitude and quality of returns.

“The fund had consistent outperformance across market cycles,” judges said.

Assets under management also surged from $27.9 million to $124 million across the year, underpinned by strong inflows from both retail and institutional clients.

Judges highlighted the strategy’s clarity and consistency. Anchored by a ‘fair value’ discipline and a long-term lens, the team sought out high-quality companies trading below intrinsic value—what they term ‘temporary laggards’.

A strong tilt toward industrials early in the year, followed by a rotation into IT and healthcare, highlighted AllianzGI’s ability to dynamically align conviction with evolving market conditions.

The depth of their research stood out too, supported by a robust framework of expert channel checks, company meetings, and proprietary ESG assessments.

This blend of rigour and insight allowed the team to avoid major missteps and build a differentiated portfolio—an approach that ultimately delivered both alpha and resilience through a turbulent year.

Indian Equity (Highly Commended):
Sundaram Asset Management Singapore | Sundaram India Midcap Fund

Sundaram India Midcap Fund earned a highly commended in this category by delivering a 48.7% return during the award period, placing it in the top 4th percentile of 566 offshore India equity funds, according to Morningstar.

The strategy has consistently followed a bottom-up, quality-focused approach, targeting mid- and small-cap companies with strong cash flows and sustainable growth engines.

Stock selection was the primary driver of performance, with standout contributors including Kalyan Jewellers and Trent.

The fund maintained a diversified portfolio, limiting sector tilts and refraining from concentration, while remaining disciplined in position sizing. A Sharpe ratio of 2.83 reflected strong risk-adjusted returns.

The fund’s AUM grew 30% over the year to $63.7 million, supported by institutional inflows. While the fund slightly underperformed its midcap benchmark over the period, long-term returns have exceeded both the benchmark and the broader MSCI India Index, underscoring its potential to deliver alpha in India’s dynamic mid-cap space.