Asia's top fund houses by asset class, explained part 2

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 twelve categories, including three highly commended recipients.

US Equity
Virtus Investment Management | Virtus Silvant Large Cap Growth Strategy

Judges were impressed by this team’s “growth as a condition” approach, which cast a wider net than most of its peers to actively identify underappreciated growth leaders beyond conventional index screens.

This flexibility allowed the managers to capitalise on sectoral shifts while maintaining a disciplined portfolio structure.

As a result, the Virtus/Silvant Focused Large Cap Growth Strategy delivered a standout performance over the eligibility period, returning 48.68% against the Russell 1000 Growth Index’s 42.19%—an excess of 649 basis points.

“Virtus is a highly credible global manager that has really hit its stride in recent years,” one panellist said of this submission.

Managed by Atlanta-based Silvant Capital Management, an affiliate of Virtus Investment Partners, the strategy continues to apply its conviction-led philosophy to consistent effect, identifying companies with above-average growth potential, strong fundamentals, and disruptive momentum.

The strategy maintained its top percentile rank over one year and top decile rankings across longer-term horizons, supported by a Sharpe ratio of 2.53—among the highest in its category.

It demonstrated outperformance across a range of portfolio characteristics, including return on equity (41.9%) and operating margin (31.5%).

Stock selection played a central role, with contributions from names such as Netflix. Backed by deep research, clear valuation discipline, and a high-conviction mindset, Virtus and Silvant were a strong winner in the US equity manager category.

Best Absolute Returns Manager
Bridgewater Associates | Bridgewater China Total Return (CTR) Fund

Bridgewater Associates’ China Total Return (CTR) strategy continued to shine during a turbulent year for Chinese markets, offering investors an unusually consistent and resilient performance profile.

Drawing on decades of experience trading Chinese assets, the strategy is built to generate equity-like returns while smoothing out the volatility that often accompanies exposure to the region.

“The fund's substantial size further enhances its stability and operational capabilities, making it a compelling choice for investors seeking reliable absolute returns,” judges said. “This combination of factors justifies its commendable score in a competitive market.”

Launched offshore in 2021, CTR blends long-term strategic asset allocation with systematic, diversified active trading. This dual-engine approach helped CTR capture opportunities even as broader Chinese markets contended with stagnating growth, high debt levels and shifting policy signals.

The fund’s diversified mix—including local equities, bonds, and commodities—proved well-balanced to prevailing economic conditions, delivering strong returns with notably lower drawdowns and volatility.

Bridgewater’s deep familiarity with China’s macro landscape allowed it to tactically adjust exposures and stay ahead of shifting policy tides.

Its conviction trades, especially in local nominal bonds and a broad basket of Chinese assets, helped it outperform traditional benchmarks while maintaining downside protection.

Backed by strong institutional support across Asia, the Middle East, and North America, the strategy has scaled rapidly since launch.

Best Absolute Returns Manager (Highly Commended)
Lux Aeterna Capital Limited | Lux Aeterna Long/Short Credit Fund

Lux Aeterna’s Asia-focused long/short credit strategy stood out in a year of tightening spreads and shifting sentiment, producing a net return of 17.3% with minimal volatility and only one drawdown month.

The fund, steered by Kenny Chung, has built a strong three-year track record of stability and outperformance during one of the most challenging credit environments in recent memory.

“Overall, the combination of a solid return profile and a well-articulated investment strategy positions the Lux Aeterna fund as a decent option for investors seeking reliable returns in the credit space,” judges said of this submission.

Its multi-pronged approach—leveraging carry, relative value, and event-driven strategies—allowed the fund to navigate changing conditions across APAC.

Capitalising on high-yield bonds, regional restructuring events, and policy pivots, the portfolio maintained high risk-adjusted returns while avoiding correlation with broader fixed income and equity indices.

Notable for its consistent delivery and breadth of alpha sources, the fund continues to attract interest from sophisticated investors. Its growing AUM and strong peer recognition underline a strategy that’s well positioned to endure across credit cycles. Lux Aeterna’s disciplined execution and regional insight make it one to watch.

Best Infrastructure Manager
EQT Partners | EQT Partners Infrastructure Funds (I-VI)

In a volatile macroeconomic environment, EQT Infrastructure VI stood apart for its scale, discipline and consistent outperformance.

The fund raised €17 billion in commitments by October 2024, placing it on track to reach its €20 billion target and underlining investor confidence in EQT’s proven approach to infrastructure investing.

EQT’s Infrastructure platform has delivered consistently strong performance, with average net internal rates of return (IRRs) of 16% and a realised gross multiple on invested capital (MOIC) of 2.4x across its five previous funds.

“They had a stable and strong net return across highly diversified sectors – they did a great job in terms of diversification,” judges said of this submission.

Infrastructure III alone achieved a standout 22% net IRR. The sixth fund is aiming to extend that track record by applying EQT’s value creation playbook across a high-conviction portfolio of digital infrastructure, renewable energy, and essential service platforms.

EQT’s blend of thematic investing and downside protection has helped insulate the portfolio from macroeconomic shocks.

More than 90% of portfolio revenues are inflation-linked, debt maturities are pushed beyond 2025, and variable interest exposure is substantially hedged. Operationally, EQT’s rigorous stress-testing and capital structuring has minimised refinancing risk and enabled EBITDA growth across the portfolio.

With a diversified investor base, robust ESG integration, and a growing pipeline of strategic assets, EQT Infrastructure VI continues to deliver risk-adjusted returns that set the benchmark for private infrastructure investing.

Best Private Debt Manager
Fiera Capital | Fiera Capital ANZ Real Estate Debt Strategy

Fiera Capital’s ANZ Real Estate Debt strategy demonstrated exceptional consistency and resilience over the review period, achieving a 10.1% annualised return and maintaining its hallmark distribution yield of 6%.

Amid a difficult macroeconomic backdrop — including rising interest rates, housing affordability constraints, and muted transaction activity — the strategy stood out for its stable returns and risk-aware positioning.

Investing exclusively in senior-secured loans across Australia and New Zealand, the fund prioritised asset-backed lending with robust downside protection.

Every loan is structured with strict loan-to-value and presale covenants, funded in tranches aligned to development milestones, and underpinned by high-quality sponsors.

“Fiera gained the strong scores that it did due to its consistent and strong track record in delivering solid returns,” judges said.  “This reliability establishes the fund as a commendable option for investors seeking stability in private debt investments.”

The strategy’s commitment to disciplined underwriting also paid off: over the eligibility period, it returned nearly two-thirds of its portfolio through $430 million in repayments, including 13 full loan exits.

With zero down months since inception and a Sharpe ratio of 7.5 over the review period, Fiera Capital’s performance reflects not only strong market selection and execution, but also exceptional consistency.

Now managing over $600 million in assets, the strategy’s track record across five years positions it as a premier choice for investors seeking stable income and low volatility in the private credit space.

Best Private Equity Manager
EQT Partners | EQT Partners BPEA Private Equity Fund VIII

EQT Partners’ BPEA VIII fund has cemented its position as a standout performer in the Asian buyout space, delivering robust returns and strong capital deployment during a volatile period for private markets.

With $11.2 billion in assets under management, the fund marked a 72% increase over its predecessor and attracted commitments from a globally diversified base of institutional investors.

“This submission had very detailed performance metrics which more than adequately described their sources of capital,” judges said.

During the eligibility period, BPEA VIII achieved a gross internal rate of return (IRR) of 27% and net IRR of 22%, supported by a disciplined investment strategy across 15 companies and multiple successful exits.

The portfolio is anchored in resilient, non-cyclical sectors — including healthcare, technology, and services — and diversified across geographies such as India, Southeast Asia, and Japan.

Notable investments include India’s education lender HDFC Credila, healthcare technology firm CitiusTech, and a transformational merger between Vistra and Tricor that created a global corporate services leader.

The fund also scored a successful IPO exit from Sagility, highlighting its ability to scale and realise value.

BPEA VIII’s active ownership model, strategic value creation tools, and consistent track record of delivery position it as a leader in Asian private equity. Its emphasis on ESG integration and digital transformation further strengthened its appeal.

Judges were particularly impressed by BPEA’s strong portfolio construction and value creation strategies, which have translated into $4 billion in distributions across 12 liquidity events.

Best Active ETF
JP Morgan Asset Management | JP Morgan Global Select Equity ETF

JP Morgan Asset Management (JPMAM) reinforced its leadership in the active ETF space with the successful launch and rapid growth of the JPMorgan Global Select Equity ETF (JGLO).

Judges agreed the submission was the standout choice in a tight race for this category.

Built on the firm’s long-standing Global Select Equity Strategy, JGLO offers investors a core, style-agnostic portfolio of high-conviction global equity ideas. Since launching in September 2023, it has emerged as JPMAM’s fastest-growing active ETF globally, accumulating over $4.72 billion in assets under management (AUM) in just 1 year.

Powered by JPMAM’s proprietary research platform and led by seasoned portfolio managers, the ETF focuses on durable, long-term growth companies across geographies and sectors.

The strategy has consistently delivered excess returns over the MSCI World Index while maintaining a diversified, risk-controlled portfolio structure.

A cornerstone of the ETF’s success is its deep integration with J.P. Morgan’s global research infrastructure.

Supported by more than 80 analysts and a significant data science capability, the investment process combines traditional bottom-up stock selection with advanced analytics and AI-powered tools.

This institutional-scale platform provides the portfolio team with powerful insights and real-time decision-making support.

JGLO exemplifies how a time-tested investment philosophy, when combined with cutting-edge execution and global research, can deliver strong results for investors across varied market environments.

Best Gold ETF
State Street Global Advisors | SPDR Gold Shares ETF

State Street Global Advisors (SSGA) continued to dominate the global gold ETF landscape over the awards period, with SPDR Gold Shares securing its place as the world’s largest and most heavily traded gold-backed ETF.

As of September 2024, SPDR Gold Shares accounted for more than $73.7 billion in assets under management and captured over 60% of the US market share in gold-backed ETFs.

Judges were impressed: “State Street has a large AUM and market share, high inflows and higher return and strong research abilities,” the panel said.

Launched in 2004 as the first US-listed gold ETF, SPDR Gold Shares offers investors cost-effective, transparent, and highly liquid access to physical gold. It remains the only gold ETF cross-listed in Hong Kong, Singapore, and Tokyo, giving Asia Pacific investors the flexibility to trade in their local time zones and currencies.

During a year marked by macro uncertainty and rising geopolitical tensions, SPDR Gold Shares saw net inflows of $819 million, while key competitors posted redemptions.

Its performance closely tracked the spot price of gold, with a return of 42.9%, a Sharpe ratio of 2.70, and strong alignment with its benchmark.

Beyond performance, SSGA also demonstrated robust investor engagement through research, events, and media outreach. The successful multi-currency counter launch in Hong Kong in late 2024 further highlighted its commitment to innovation and investor accessibility in the region.

Best Real Estate Manager
KKR | KKR Real Estate

KKR has reaffirmed its leadership in Asian real estate investment, leveraging its “one-firm” approach to drive value creation across multiple asset classes.

With a $17 billion real estate portfolio in Asia Pacific, it executed a string of high-profile deals throughout 2024, delivering innovative investment solutions across logistics, hospitality, and living spaces.

“KKR has gained a great reputation over a number of strategies and is a big player in the Asia Pacific region in the real estate area,” judges said. “$17 billion in AUM a year is not small at all.”

Backed by deep operating partnerships and an integrated approach to sourcing and execution, KKR demonstrated strong alignment between investment strategy and market opportunity.

The firm’s ability to unlock value through carve-outs, platform partnerships and rebranding strategies stood out, particularly in sectors where institutional capital remains under-penetrated.

Leadership additions across asset management and acquisitions also signalled KKR’s commitment to long-term growth in the region.

By integrating real estate and private equity insights, KKR has delivered strong performance and operational excellence, further solidifying its reputation as a leading force in Asian real estate investment.

Best REIT
ESR-REIT | EST-REIT

ESR-REIT delivered another year of disciplined execution and strategic clarity, advancing its 4R Strategy—Rejuvenate, Recapitalise, Recycle, Reinforce Sponsor Support—with two transformative acquisitions during the review period.

The purchase of ESR Yatomi Kisosaki Distribution Centre in Nagoya, a modern, freehold logistics facility with a CASBEE A sustainability rating, and 20 Tuas South Avenue 14 in Singapore, with a rare 44-year remaining leasehold, marked a bold step in building a resilient, future-ready New Economy portfolio.

Acquired at a 2.3% discount to valuation, both assets contributed immediately to distribution per unit (DPU) accretion, which increased from a projected 1.8% to 3.0% following a well-executed capital structure, including perpetual securities and a sponsor-backed offering.

These strategic acquisitions enhanced key portfolio metrics: New Economy exposure rose to 70%, Singapore land tenure improved to 32.1 years, and Weighted Average Lease Expiry (WALE) extended to 4.4 years.

The result was a stronger, longer-tenure asset base designed to weather volatility and rising rates.

“There was a pleasing focus on ESG as well,” judges said of this submission. “Putting this ESG enhancing matrix throughout the deck deserved credit.”

ESR-REIT’s management also displayed market timing, prudence, and clarity of vision, executing against macro uncertainty with conviction.

Best Multi-Asset Strategy
Bridgewater Associates | Bridgewater China Total Return (CTR) Fund

Bridgewater Associates’ China Total Return (CTR) strategy exemplifies the strengths of a world-class multi-asset approach, delivering equity-like returns with materially reduced risk across one of the world’s most complex and volatile markets.

Launched offshore in 2021, CTR draws on Bridgewater’s decades-long experience in China to combine a diversified strategic asset allocation with systematic active management.

“The fund has consistently demonstrated its ability to deliver solid returns, reinforcing its credibility in the absolute return space,” judges said of a stellar submission.

“Additionally, Bridgewater's well-known reputation adds to investor confidence – the firm is recognized for its rigorous analytical approach and expertise in managing complex strategies.”

The strategy dynamically allocates across Chinese equities, nominal bonds, commodities, and currencies, supported by scores of discrete alpha views. This disciplined, multi-pronged approach has enabled the strategy to remain resilient across cycles while extracting returns from idiosyncratic opportunities.

During the eligibility period, CTR could produce strong returns while delivering half the volatility and sharply limiting drawdowns.

In a challenging macro environment marked by weak growth and policy uncertainty, Bridgewater’s models identified favourable conditions for local assets early in 2024 and tactically increased exposure to bonds and a diversified asset basket.

Built on the same research and investment infrastructure as Bridgewater’s flagship strategies, CTR highlights the firm’s ability to adapt its macro framework to single-market challenges. The strategy’s strong track record, institutional uptake, and dynamic risk management position it as a standout example of multi-asset investing at scale.

Best Digital Asset Fund
Sinohope Asset Management | Sinohope Multi Strategy Crypto Fund

Sinohope Asset Management stood out in 2024 with its actively managed, multi-strategy approach to digital assets.

The firm’s flagship fund, the Sinohope Multi-Strategy Crypto Fund, was one of the first compliant virtual asset funds in Hong Kong, offering professional investors diversified exposure across the top 200 liquid tokens alongside futures and traditional assets.

Combining systematic quant models with fundamental strategies, the fund delivered robust results in a volatile year.

It returned 34% over the eligibility period with a Sharpe ratio of 0.89, demonstrating consistent alpha generation and disciplined risk management. Notably, its dynamic barbell approach — balancing high-conviction crypto positions with lower-risk allocations to T-bills — provided both downside protection and upside participation.

Sinohope’s ability to anticipate macro shifts also played a key role. As rates fell in late 2024, the team tactically rotated from T-bills into Bitcoin, positioning the portfolio for further upside. Strategic bets on sectors like DePIN, layer 2 infrastructure, and meme coins added additional lift.

Backed by an in-house research team and third-party audited processes, judges said Sinohope delivered on its promise of transparency, compliance, and performance.

Best Money Market Fund
HSBC Asset Management | HSBC Global Money Funds - Hong Kong Dollar

HSBC Asset Management’s long-running Hong Kong Dollar money market fund — HSBC Global Money Funds – Hong Kong Dollar — delivered a standout year in 2024, driven by disciplined risk management, dynamic duration strategies, and robust investor demand.

Judges took note that in a higher-for-longer interest rate environment, the fund capitalised on elevated money market yields while preserving capital and ensuring liquidity.

“There was a diversified source of inflows amid a robust performance,” the judging panel said of this submission. “The focus was not only on performance, however, but on the management of risks.”

Founded in 1991, the fund is one of the oldest in the HKD money market space and remains one of the largest, with assets under management rising 85% year-on-year to HK$10.1 billion as of September 30, 2024.

Net flows totalled HK$5.25 billion over the period, underlining broad-based demand across institutional, private bank, and retail channels.

Despite its conservative mandate, the fund outperformed its internal benchmark over one- and three-year periods, thanks to nimble positioning and active management of its weighted average maturity (WAM).

HSBC’s strong market presence enabled access to a wide issuer base and primary market opportunities, further enhancing execution and income generation.

With a AAAmmf rating from Fitch — the only such rating in its asset class — the fund showed HSBC’s consistent, risk-first philosophy and its longevity to best effect.

Best Money Market Fund (Highly Commended)
Fullerton Fund Management | Fullerton SGD Cash Fund

Fullerton Fund Management’s flagship SGD Cash Fund stood out in a volatile year, maintaining its position as Singapore’s largest SGD-denominated cash fund with SG$5.8 billion in AUM as of September 2024.

The fund recorded the highest net inflows among Asia-domiciled money market funds during the eligibility period, reflecting investor confidence in its prudent and conservative approach.

With a 15-year track record and a disciplined focus on capital preservation, the fund invests exclusively in bank fixed deposits and Singapore government bills, avoiding short-term corporate credits.

Its ultra-competitive fee structure and stable returns make it a compelling liquidity solution for both retail and institutional investors.

During the review period, Fullerton navigated shifting interest rate expectations by dynamically extending its weighted average maturity and fine-tuning its bill selections. As interest rate cuts loom globally, Fullerton’s ability to respond nimbly to macro conditions while managing risk positions it well for on-going leadership in the SGD liquidity space.

Best Money Market Fund (Highly Commended)
CSOP Asset Management | CSOP USD Money Market Fund

The Best Money Market Fund category was particularly competitive in 2025, prompting judges to make the rare decision to award two Highly Commended entries — an unprecedented move that reflects the exceptional quality of the submissions received.

CSOP Asset Management stood out for the remarkable growth and performance of its USD Money Market Fund.

During the review period, the fund delivered a net return of 5.38% with exceptionally low volatility (0.23%), and no single-day NAV loss. Assets under management surged from $198 million to over US$735 million, underlining strong investor confidence.

The fund’s success is underpinned by a rigorous focus on capital preservation, liquidity, and yield. Investments are limited to deposits, certificates of deposit, and commercial paper, with no bond exposure.

The fund also offers T+0 settlement through major Singapore channels, providing investors with efficient access and same-day interest accrual.