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StashAway’s 2025 Returns

16 October 2025

After a volatile start to the year, global markets in 2025 delivered gains across most major asset classes. Growth remained resilient, monetary policy turned more supportive, and fiscal spending continued to underpin economic activity.

Amid this “everything rally”, our flagship General Investing portfolios powered by StashAway continued to post solid gains – with year-to-date returns ranging from 7.3% for our lower-risk, bond-focused portfolios to 18.7% for our most aggressive, equity-focused portfolio. That resulted in returns of 14.1% on average, outperforming traditional equity-bond benchmarks.

This consistent performance is driven by our Economic Regime-based Asset Allocation (ERAA®) investment framework, which manages macroeconomic risk while ensuring that your portfolios remain diversified across global equities, bonds, and gold.

Source: StashAway, Bloomberg

Here’s how the portfolios on our platform performed in 2025:

General Investing portfolios powered by StashAway

StashAway’s General Investing (GI) portfolios, guided by ERAA®, delivered solid, positive returns in 2025, outperforming traditional equity-bond benchmarks across all risk levels. The portfolios returned 17.5% on average in USD terms (6.6% in MYR terms) compared to average returns of 14.7% for their benchmarks.

Diversification paid off during last year’s market shifts

After a turbulent first half marked by trade tensions and shifting rate expectations, 2025 ended with an “everything rally” that benefited diversified multi-asset portfolios. Market leadership rotated over the year – from the US to global markets and back again – as AI momentum continued to push markets higher, and fiscal and monetary policy remained supportive. (Read more: CIO Insights: AI runs hot, jobs run cool, and the Fed runs loose)

In this environment, diversification proved its value. Our portfolios participated in market upside while remaining resilient through periods of volatility – supported by exposure across equities, bonds, ultra-short-dated Treasuries, and gold. This translated into not just absolute outperformance versus traditional benchmarks, but also stronger risk-adjusted returns – delivering more return for each unit of risk taken.

Chart 2 shows how our portfolios’ allocations to stabilising assets helped limit volatility and improve risk-adjusted returns across all risk levels, with especially strong benefits for lower-risk portfolios. On average, our portfolios (the blue bars below) generated 2.4 times the return per unit of risk, compared with 1.8 times for their benchmarks (the grey bars). For our investors, that translates into a smoother journey through market swings, making it easier to stay invested and sleep better at night.

A note on US dollar depreciation in 2025

Over the course of 2025, the Malaysian ringgit strengthened against the US dollar, appreciating by about 10%. This reflected a broader, ongoing trend of USD weakness amid stretched valuations for the US currency and a global rotation away from US assets. As a result, this trend weighed on local-currency returns, as the ETFs in your portfolios are traded in USD.

However, trading currency is not the same as currency exposure. While many of your investments are priced in USD, your ERAA® portfolios are globally diversified across regions and currencies, rather than concentrated solely in the US dollar. For example, a Japanese equity ETF quoted in USD still holds companies that earn revenues primarily in yen, while many US-listed companies generate significant income overseas in multiple currencies.

This built-in currency diversification helps reduce the impact of currency swings over time. When the USD strengthens, USD-denominated assets tend to support returns; when it weakens, international equities and assets like gold often benefit. This balanced approach helped cushion ERAA®-managed portfolios during the USD’s weakening trend in 2025 while continuing to capture global opportunities. Rather than trying to time currency movements, staying diversified across currencies helps keep portfolios resilient across market cycles and aligned with long-term goals.

When discussing individual asset classes, we focus on performance in USD terms to show how portfolios performed before currency effects are applied.

(For more on currency, check out How to position your portfolio amid the US dollar dip.)

Gold capped off a record-breaking year on safe-haven demand

Gold delivered its strongest annual performance in decades in 2025, finishing the year up more than 60%. All in all, gold contributed between 1.7 and 5.8 ppt to our portfolios' returns for the year – making it one of the key contributors to our portfolios. For our ERAA®-managed portfolios, gold served a dual role: generating returns while providing protection against market uncertainty.

2025’s rally was underpinned by several forces. Trade and geopolitical uncertainty both created sustained demand for safe-haven assets. Central banks continued to diversify their reserves away from Treasuries over the year, adding to this demand. Sticky inflation in the US also supported the precious metal's appeal, and a weaker dollar – down roughly 9% against major currencies for the year – made gold more attractive to international buyers.

AI and global stocks drove equity returns in 2025

A key theme for investors in 2025 was looking for opportunities beyond the US. “Liberation Day” in April marked a turning point, and a weaker US dollar supported non-US assets more broadly. Bigger fiscal spending in Europe, alongside sustained policy support in China, also provided opportunities outside the US. Japanese equities were a bright spot, contributing up to 1.9 ppt to returns for our higher-risk portfolios. Overall, our allocation to global equities excluding the US was the largest contributor to performance, adding up to 4.4 ppt to returns for the year.

Even so, US equities remained a core driver of performance. Our market-weight exposure to the S&P 500 contributed about 2.5 ppt in our higher risk portfolios, with the equal-weight allocation contributing another 0.7 ppt. This reflected the dominance of AI as a defining theme of the year, as hyperscalers continued to invest heavily in data centres and supporting infrastructure. Communication services and information technology – the sectors closely linked to AI – led US market returns for the year, as shown below in Chart 3. Our exposure to the tech sector added up to 1.9 ppt to returns for the year. (Read more in CIO Update: Is AI in a bubble?)

Rate cuts powered a strong year for fixed income

Global aggregate bonds were the largest contributor in our lowest-risk, bond-focused portfolio, adding 1.6 ppt to returns as central banks across major economies eased policy.
Ultra-short US Treasuries followed at 1.5 ppt. Although the Fed cut rates three times in 2025, these assets still offer relatively attractive yields for minimal duration risk.
High-yield corporate bonds added a combined 1.4 ppt. Corporate earnings held up, keeping default rates contained and allowing credit spreads to tighten.
Emerging market bonds contributed 0.5 ppt, supported by a weaker US dollar and investor appetite for yield.

Looking ahead, while the Fed has signalled a slower pace of cuts this year, ERAA®'s diversified bond exposure should continue to serve as a source of stability and income generation within our portfolios.

General Investing portfolios powered by BlackRock

The General Investing portfolios powered by BlackRock also saw solid returns for 2025. They posted 17.1% on average in USD terms (6.3% in MYR terms), versus 16.3% for their benchmarks in USD terms.

Here’s a detailed commentary on the latest reoptimisation by BlackRock.

Responsible Investing portfolios

The Responsible Investing (RI) portfolios, which optimise for both long-term returns and ESG impact – delivered strong returns in 2025 as well. For the year, they posted 18.7% on average in USD terms (7.8% in MYR terms). That compares with 16.5% on average for traditional bond-equity benchmarks in USD terms.

As with our GI portfolios, our RI portfolios benefited from ERAA®'s broad exposure to equities. ESG-screened global equities were the largest contributor to higher-risk portfolio performance, adding up to 7.2 ppt for the year. Our allocation to ESG-screened US large-cap equities contributed a further 5.5 ppt. Within lower-risk RI portfolios, gold was the standout performer, contributing up to 4.3 ppt. Fixed income allocations also supported returns: green bonds – which fund projects like renewable energy and sustainable infrastructure – added 0.9 ppt, while global government bonds contributed 0.6 ppt.

Thematic Portfolios

Our Thematic Portfolios posted strong gains across the board for 2025, with AI serving as a common thread. Technology Enablers benefited from sustained spending on AI infrastructure, though blockchain led performance. Future of Consumer Tech saw support from autonomous transportation, as well as gaming and esports. Healthcare Innovation gained from renewed M&A activity and momentum with weight loss drugs. Environment and Cleantech benefited as nuclear energy emerged as a clean solution to AI's power demands.

The interplay between these sectors and technology is set to deepen as the AI buildout continues. For long-term investors, our Thematic Portfolios offer exposure to these multi-year, structural trends.

Technology Enablers

The Technology Enablers portfolios posted returns of 18.9% on average in USD terms (7.9% in MYR terms) in 2025.

AI led performance for this portfolio in 2025, with these holdings contributing up to 7.6 ppt to returns. Blockchain also contributed strongly, adding up to 7.3 ppt to returns as institutional adoption of digital assets broadened. Its allocation to semiconductor companies contributed up to 5.4 ppt, buoyed by sustained AI spending. Ultimately, the buildout of AI infrastructure by hyperscalers like Google, Meta, and Amazon was a key driver throughout 2025.

Future of Consumer Tech

The Future of Consumer Tech portfolios saw returns of 14.3% on average in USD terms (3.8% in MYR terms) in 2025.

Future mobility was the top contributor for the year, adding up to 10.3 ppt to performance, supported by advances in autonomous transportation. Gaming and esports contributed up to 6.2 ppt on the back of expanding revenues and increasing player engagement. Fintech dragged on performance for the year.

Healthcare Innovation

The Healthcare Innovation portfolios posted returns of17.2% on average in USD terms (6.4% in MYR terms) in 2025.

Biotech contributed the most to performance for 2025, adding 11.6 ppt. M&A activity picked up as pharmaceutical giants pursued acquisitions of smaller biotech firms to fill pipeline gaps. The pharmaceutical sector added 7.3 ppt for the year as GLP-1 weight loss drugs remained in focus.

(For more, read CIO Insights: A pulse check on the healthcare sector.)

Environment and Cleantech

The Environment and Cleantech portfolios saw returns of 25.5% on average in USD terms (14.0% in MYR terms) in 2025.

Uranium companies led portfolio gains for the year, contributing 11.2 ppt as nuclear energy became a key solution to surging AI power demands. The portfolios’ allocation to the future mobility sector contributed 8.2 ppt for the year. The clean energy sector more broadly added 7.6 ppt, while smart grids contributed 5.5 ppt as global infrastructure upgrades came into focus.

Shariah Global Portfolios

The Shariah Global Portfolios, launched in August 2025 with a focus on Islamic investing principles, delivered solid returns in their first months. From launch through year-end 2025, they posted 9.3% on average in USD terms (5.3% in MYR terms).

Shariah-compliant US equities were the largest contributor to higher-risk portfolios, as US markets gained steam through the year. Shariah-screened global equities were the second largest contributor. Within lower-risk portfolios, gold was the largest contributor, benefiting from the same safe-haven tailwinds that supported our other portfolios. Global sukuk – Islamic bonds – was also a key support.

Disclaimers:

Model portfolio returns are expressed in gross terms before fees, withholding taxes, and reclaims on dividends. They are provided only as a gauge of pure performance before other items.

Actual account returns may deviate from the model portfolios due to differences in the timing of trade execution (e.g. during the day vs close), timing differences and intraday volatility of reoptimisation and rebalancing, fees, dividend taxes and reclaims, etc.

Past performance is not a guarantee for future returns. Before investing, investors should carefully consider investment objectives, risks, charges and expenses, and if need be, seek independent professional advice.

This communication is not and does not constitute or form part of any offer, recommendation, invitation or solicitation to purchase any financial product or subscribe or enter any transaction.

This communication does not take into account your personal circumstances, e.g. investment objectives, financial situation or particular needs, and shall not constitute financial advice. You should consult your own independent financial, accounting, tax, legal or other competent professional advisors.

This information should not be relied upon as investment advice, research, or a recommendation by BlackRock regarding (i) the iShares Funds, (ii) the use or suitability of the model portfolios or (iii) any security in particular. Only an investor and their financial advisor know enough about their circumstances to make an investment decision. Past Performance is not a reliable indicator of future results and should not be the sole factor of consideration when selecting a product or strategy.

For StashAway General Investing portfolios that are powered by BlackRock, BlackRock provides StashAway with non-binding asset allocation guidance. StashAway manages and provides these portfolios to you, meaning BlackRock does not provide any service or product to you, nor has BlackRock considered the suitability of its asset allocations against your individual needs, objectives, and risk tolerance. As such, the asset allocations that BlackRock provides do not constitute investment advice, or an offer to sell or buy any securities.

BlackRock® is a registered trademark of BlackRock, Inc. and its affiliates (“BlackRock”) and is used under license. BlackRock is not affiliated with StashAway and therefore makes no representations or warranties regarding the advisability of investing in any product or service offered by StashAway. BlackRock has no obligation or liability in connection with the operation, marketing, trading or sale of such product or service nor does BlackRock have any obligation or liability to any client or customer of StashAway.

For StashAway Income Investing portfolios that are powered by J.P. Morgan Asset Management, J.P. Morgan Asset Management provides StashAway with non-binding asset allocation guidance. You would be investing into an investment product which is established, offered and sold by StashAway and would not be investing in any J.P. Morgan fund. There is no contractual relationship between you and J.P. Morgan Asset Management or any of the J.P. Morgan Chase Parties nor has J.P. Morgan Asset Management considered the suitability of the investment product's asset allocations against your individual needs, objectives, and risk tolerance.

J.P. Morgan Asset Management is not affiliated with StashAway and therefore makes no representations or warranties regarding the advisability of investing in any product or service offered by StashAway. This promotional material is not issued by J.P. Morgan Asset Management, any J.P. Morgan funds and fund parties, or other entities in the J.P. Morgan Chase & Co. group of companies. J.P. Morgan Asset Management and any J.P. Morgan Chase Parties have not reviewed the contents of the promotion material and accordingly take no responsibility for the accuracy of the contents or any liability for any statement or misstatement.