My 2023 Asset Allocation

2023 asset allocation

In this 2023 asset allocation article, I will share my year-end allocation in both Malaysia and foreign markets.

Target asset allocation


My target allocation is 10% P2P lending and 90% stock.

I am only considering equities, mutual funds and peer-to-peer (P2P) lending.


My current target allocation is 20% in bonds, 74% in equity and 6% in alternative assets. It was changed from 20% bonds, 78% equity and 2% cryptocurrency previously.

My investment assets in foreign markets are made up of exchange traded funds (ETFs) and mutual funds. A portion of these investments is on the robo-advisor platform, MYTHEO. My investment on MYTHEO consists of three portfolios, namely growth, income and inflation hedge. For simplicity sake, I am going to group income and inflation hedge into bonds.

Malaysia vs foreign

My target allocation between the local and overseas markets is 70% and 30%.

2023 asset allocation


My investments in Malaysia are divided into P2P lending (7.68% vs 1H2023: 8.91%) and stock market (92.31% vs 1H2023: 91.09%).

My top three holdings are MAYBANK (24.79%), PAVREIT (12.76%) and UCHITEC (12.45%).

This is still my ideal allocation as I have given myself a leeway of ±5%.


My investment assets in foreign markets are 19.30% bonds (1H2023: 21.26%), 76.23% equities (1H2023: 77.48%), and 4.47% in alternatives (1H2023: 1.26%). I consider this allocation to be within my target as I have given myself a leeway of ±5%.

The table below shows the countries that I have equity exposure with their percentages in my foreign portfolio (including mutual funds on Fundsupermart and and ETFs on Firstrade but excluding my portfolios on MYTHEO).


Current asset allocation between Malaysia and overseas

As on 31 December 2023, I have 77.04% (1H2023: 77.87%) of my total investment assets in Malaysia and 22.96% (1H2023: 22.13%) in the foreign markets. I have moved closer to my target allocation [70% (Malaysia)/30% (foreign markets)].

Conclusion of 2023 asset allocation

I still have not attained my ideal allocation between local and foreign markets yet. As I focused primarily on the foreign markets last year, my foreign markets allocation has increased. I will continue to invest more money into the foreign markets in 2024.

Asset allocation is an important determinant of the eventual return of a portfolio. I hope that my allocation will give me the return that I target, which is at least 7% per annum. I have achieved this target in 2023. Let’s see if my portfolio will be able to achieve this in 2024.

Invest and prosper!

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