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

AsianInvestor’s Asset Management Awards are widely regarded as a benchmark of excellence for asset managers operating across Asia Pacific.

While the awards framework has evolved over time, the central aim remains the same: to recognise firms that have demonstrated strong performance and consistency within their respective asset classes.

Submissions were reviewed by AsianInvestor’s editorial team together with a panel of industry practitioners and asset owner representatives. The assessment combined quantitative performance analysis with qualitative considerations, including investment approach, team structure and client servicing.

Judges evaluated each entry in the context of prevailing market conditions, taking into account how managers executed their strategies and maintained discipline in their processes.

The internal editorial team carefully reviewed the panel’s input before finalising the winners.

In this first instalment, we reveal the recipients across several asset class categories.

Look out for the second part in this series which will be published tomorrow.

ASIAN FIXED INCOME, US DOLLAR: Wellington Management

Wellington Management's Asia Credit Income Fund exemplifies the firm’s investment heritage of nearly a century and its deep expertise in fixed income and emerging market debt – and delivered exceptional performance during the award period.

Its composite returned 9.4% net, outperforming the JP Morgan Asia Credit Index Diversified by 384 basis points. Key share classes also ranked in the top quartile of their Morningstar peer groups, supported by a strong Sharpe ratio of 1.52.

This performance was driven by disciplined credit selection, dynamic allocation across corporates and sovereigns, and active duration management – essential features in a volatile macro environment to achieve consistent income and capital stability.

A key differentiator was the strategy’s emphasis on capital preservation and risk-adjusted returns. The portfolio maintained a higher average credit quality of A- compared with the benchmark’s BBB+, alongside a shorter duration (2.57 years vs 4.52 years) to manage rate volatility. Despite this defensive positioning, the fund captured attractive income opportunities, with yield-to-worst of 4.66% and spreads significantly above the benchmark.

The strategy also demonstrated exceptional downside resilience, with maximum drawdowns of just 0.9% over one year, among the lowest in its peer group.

ASIAN FIXED INCOME, US DOLLAR: Allianz Global Investors (Highly commended)

The Allianz Dynamic Asian High Yield Bond strategy earned recognition in a volatile market, delivering a strong 11.7% US dollar return for the year to 30 September 2025 – outperforming its benchmark by 118 basis points and maintaining a top-quartile Morningstar peer ranking.

Performance was driven by a conviction-led, research-driven investment framework combining top-down macro analysis with deep bottom-up credit selection. High-conviction allocations to Indian utilities, renewables and Macau gaming operators, alongside tactical positioning in dislocated credits, generated meaningful alpha, while disciplined avoidance of weaker issuers protected returns.

Strong investor confidence saw AUM grow from $143 million to $646 million, underscoring the strategy’s differentiated approach and consistent outperformance.

ASIAN FIXED INCOME, LOCAL CURRENCY: Amova Asset Management

The Singapore Fixed Income Strategy distinguished itself through a disciplined, conviction-led approach to capturing opportunities in the domestic bond market while prioritising capital preservation and consistent income.

Focused primarily on Singapore dollar-denominated securities issued by the Singapore government, statutory boards and corporates, the strategy combines high-quality sovereign exposure with selective allocations to corporate and subordinated credit to generate diversified sources of return.

During the October 2024 to September 2025 period, the strategy delivered strong outperformance relative to its benchmark, exceeding its annualised alpha target through a combination of macro insight and precise security selection. A key differentiating factor was the team’s early and high-conviction overweight duration position in Singapore Government Securities (SGS), which comprised 60% to 70% of the portfolio. This positioning proved highly effective as SGS yields declined sharply amid safe-haven flows and diversification away from US Treasuries, which experienced heightened volatility.

At the same time, the strategy generated additional alpha through targeted credit selection, particularly in financial subordinated debt, S-REIT bonds and fixed-for-life perpetual securities. These investments benefited from strong investor demand for yield as interest rates moderated.

Underlying this performance was the firm’s proprietary Fundamental, Valuation and Technical (FVT) framework, which integrates macroeconomic analysis with bottom-up credit research.

CHINESE DOMESTIC FIXED INCOME: Invesco

Invesco's IGW Jingyi Fengli Bond Fund stood out during the award period as one of the most remarkable performers in China’s fixed income market. The strategy combined exceptional asset growth, strong risk-adjusted returns and a differentiated multi-asset investment framework.

As of 30 September 2025, the fund’s AUM had achieved more than 1,000-fold growth within just one year, driven primarily by strong inflows from domestic institutional investors.

Performance was equally impressive. During the eligibility period, the fund generated a return of nearly 29%, significantly outperforming its benchmark return of just over 4% and delivering an exceptional excess return of more than 24%. With a Sharpe ratio of 3.39 and a top 2% ranking (7^th out of 499 funds) among secondary ordinary bond funds according to Galaxy Securities, the strategy demonstrated outstanding risk-adjusted returns.

A key differentiator was the fund’s flexible top-down asset allocation approach, combining bonds with a controlled equity allocation of up to 20%. The portfolio integrated high-grade credit and interest-rate bonds with selective equity exposure focused on technology and advanced manufacturing sectors such as AI computing, new energy and automotive.

The strategy dynamically adjusts between pure bonds, convertible bonds and growth-oriented equities, enabling it to capture structural market opportunities while maintaining disciplined risk management.

EMERGING MARKET DEBT: GMO Singapore

Over the award period, the GMO Emerging Country Debt Strategy outperformed its benchmark – the JP Morgan EMBI Global Diversified Index – by just over 6%, net of fees.

The portfolio saw positive alpha from both country and security selections during the period. Within country selection, overweight positions in Venezuela, Ecuador, Argentina and Lebanon were the major contributors. Additionally, an overweight position in Ukraine added to the gains.

In-index security selection was positively impacted by holdings in Argentina, Chile, and Peru, which were offset by negative contributions from Brazil, Ukraine and Egypt. Among off-benchmark countries, Tunisia and Belarus contributed positively to alpha, while the Russian Federation and Thailand detracted. Within the quasi-sovereign category, Peru and Venezuela were top contributors, whereas Brazil and Turkey were notable detractors.

AUM during the award period rose by $477 million to $5.94 billion.

By segmenting decisions by credit, currency and interest rates, the strategy added breadth – and limited directional local currency and local interest-rate exposures to maintain the US dollar asset allocation properties of the strategy. As a result, such exposures tend to be occasional, opportunistic and very high conviction.

EMERGING MARKET DEBT: Vontobel (Highly commended)

Vontobel’s emerging markets (EM) debt strategy was notable for its deeply contrarian, value-driven approach to an inefficient and fragmented asset class.

Backed by nearly three decades of EM fixed income expertise, the strategy actively exploited mispricings across issuers, countries, currencies and yield curves through rigorous bottom-up bond selection.

It delivered strong risk-adjusted performance, returning nearly 14% over 12 months and outperforming the JP Morgan EMBI Global Diversified Index. AUM grew from $3.1 billion to $4.6 billion, reflecting strong investor confidence. A 5-star Morningstar rating and a three-year Sharpe ratio of 1.52 further highlighted its consistent alpha generation.

HIGH YIELD BOND: Barings

The Barings Global High Yield Bond Fund was a winning strategy amid its long-standing investment discipline, consistent outperformance and global approach. It also benefitted from deep fixed income expertise and a platform overseeing $226 billion in public fixed income assets.

A key differentiator was Barings’ extensive research platform, with more than 80 investment professionals dedicated to high yield and structured credit – including 38 credit analysts, seven traders and 20 portfolio managers. This enabled rigorous credit selection within a high-conviction portfolio of roughly 250 issuers compared with more than 1,100 in the benchmark.

The strategy combined its disciplined risk management, sector positioning in defensive industries such as telecommunications and healthcare, and selective participation in higher-yield opportunities. Supported by proprietary credit grading, ESG integration and advanced technology platforms such as Aladdin® and eFront®, the fund continued to deliver consistent alpha and attract strong inflows, with AUM rising to over $4.2 billion by September 2025.

Its resilience highlighted the strength of its actively managed, bottom-up investment approach. Since inception in April 2012, the fund has consistently outperformed its benchmark across 1-, 3-, 5-, and 10-year periods and since inception on both total and risk-adjusted returns, ranking in the top quartile versus global high-yield peers.

HONG KONG DOLLAR BOND: AIA Investment Management HK Limited

The AIA Corporate Bond Fund was impressive in the Hong Kong fixed income market, combining disciplined credit selection, active portfolio management and strong research capabilities to deliver consistent income and capital preservation.

It has established itself as the largest Hong Kong dollar bond fund in the market. The strategy focuses on high-quality investment-grade bonds issued by corporates and financial institutions, with allocations primarily in Hong Kong dollar and US dollar fixed-rate securities.

Performance during the awards period was driven by a combination of flexible duration management, tactical currency positioning and relative value trading across Hong Kong dollar and US dollar markets. The team capitalised on primary market opportunities and new-issue premiums while rotating into undervalued credits and selectively investing in subordinated financials to generate alpha without materially increasing risk.

Risk management and research were also core differentiators – with the fund benefitting from a deep regional credit research platform of more than 30 analysts across Asia Pacific. ESG integration, including internal scorecards, carbon footprint monitoring and engagement with issuers on sustainability commitments, further strengthened investment decisions.

Despite volatile global markets, shifting rate expectations and geopolitical uncertainty, the fund’s defensive quality bias, strong liquidity management and diversified portfolio construction enabled it to preserve capital and generate stable income.

ASIA EX-JAPAN EQUITY (LARGE-CAP): HSBC Asset Management

HSBC Asset Management’s Asia ex-Japan equity franchise reinforced its position during the award period as a well-established and innovative platform. Supported by specialist teams across Asia, the firm combined deep local expertise with a disciplined bottom-up investment approach to deliver high-conviction strategies focused on sustainable long-term growth.

Notable was HSBC’s strong on-the-ground presence across major Asian markets including mainland China, Hong Kong, Taiwan and India. This local insight enabled the team to identify structural growth themes early and translate them into differentiated investment ideas.

The franchise also expanded its thematic equities platform, offering single- and multi-thematic strategies designed to capture emerging investment trends across the region.

In particular, the HSBC GIF Asia Pacific ex Japan Equity High Dividend Fund exemplified this approach. The strategy combined diversification across growth, defensive and cyclical sectors with carefully selected high-quality large-cap stocks, targeting both sustainable income and capital appreciation. Over the year ending 30 September 2025, the fund delivered a return of nearly 17%, outperforming its benchmark’s 14.90%, while maintaining a robust Sharpe ratio of 1.38.

Backed by a disciplined investment process and integration of ESG considerations under SFDR Article 8, the strategy demonstrated resilience in volatile markets.

ASIA EX-JAPAN EQUITY (MID/SMALL-CAP): Amova Asset Management

The Amova Singapore Equity Fund stood out in the mid- and small-cap Asia ex-Japan equity management universe during the award period as a flagship offering within the Singapore active equity universe, combining longevity and consistent outperformance.

Supported by Amova’s experienced Asian equity team, disciplined investment process and strong research culture, the fund demonstrated the rare ability to generate consistent excess returns at scale. Its success was driven by a rigorous bottom-up investment philosophy focused on identifying undervalued companies with sustainable earnings and structural growth potential. This was in line with Amova's focused investment philosophy, emphasising quality, growth potential and valuation discipline in identifying attractive opportunities across diverse Asian markets.

A key differentiator was the strategy’s focus on “New Singapore” stocks – those companies positioned to become the next generation of Singapore blue-chips and aligned with the country’s evolving economic model.

For example, by targeting high-conviction opportunities across financial services, communication service, and industrials, the fund captured long-term growth themes linked to Singapore’s status as a global financial, technology and logistics hub.

This forward-looking, research-driven approach continued to deliver compelling performance and long-term value for investors.

ASIA EX-JAPAN EQUITY (MID/SMALL-CAP): M&G Investments (Highly commended)

M&G Investments demonstrated strong capabilities in small- and mid-cap Asia ex-Japan equity management during the award period.

Its differentiated investment approach focused on identifying mispriced securities through independent, proprietary research across a curated universe of more than 450 companies. A concentrated portfolio of around 50 high-conviction holdings allowed the team to exploit company-specific valuation gaps driven by market debate or controversy.

Supported by a regional equity team of 20 plus, along with deep Asian market experience, the strategy delivered benchmark outperformance in 2025. Strong sector positioning in technology and financials, alongside successful investments, demonstrated the power of disciplined bottom-up stock selection and active engagement.

CHINA A-SHARES (LARGE-CAP): Invesco

Invesco’s IGW Quality Evergreen Balanced Fund delivered exceptional growth and performance, demonstrating both strong investor demand and a highly differentiated investment approach. As of September 30 2025, the fund’s AUM had jumped 10-fold from the 12 months earlier, driven largely by significant inflows from domestic insurance institutions.

Focused on identifying high-quality companies through a disciplined bottom-up investment process, and concentrated on technology and emerging industries, the strategy emphasised companies with strong competitive advantages, clear long-term growth trajectories and the potential for non-linear expansion.

In terms of performance, during the award period the fund generated a remarkable return of over 105%, dramatically outperforming its benchmark return of just under 17% and delivering excess returns of more than 88%. Its Sharpe ratio of 3.25 significantly exceeded that of major market indices, highlighting the strategy’s ability to generate strong returns with superior risk-adjusted performance.

Over the award period, the fund ranked in the top 2% (27^th out of 1,860) among equity-oriented hybrid peers, substantially outperforming both the CSI 300 and the CSI Stock Connect Hong Kong Composite indices. It attributed that to a blend of rigorous fundamental research, high-conviction stock selection and disciplined risk management.

EMERGING MARKET EQUITY (MID/SMALL-CAP): Fiera Capital

Fiera Capital’s emerging markets (EM) franchise was impressive due to its ability to identify opportunities in under-researched and under-owned markets beyond the traditional ‘Big Six’ EM economies.

The firm’s flagship Global Emerging Markets strategy, with a 15-year track record, has delivered consistent top-quartile results across multiple time horizons and achieved a 23.1% three-year return to September 2025, outperforming the MSCI EM benchmark by 4.9%.

Complementing this has been the innovative OAKS EM Select strategy, launched in 2021 to capture growth in smaller emerging and frontier markets. Over the same period, it delivered 21.0% and outperformed its benchmark by 9.6%.

These results have been driven by a disciplined investment process integrating fundamental research, macro risk screening and ESG considerations at both company and country levels. Combined with deep on-the-ground research, strong client partnerships and industry thought leadership, Fiera Capital has established itself as a differentiated and forward-thinking leader in EM equity investing.

A hallmark of the platform was its benchmark-agnostic, high-conviction approach, with active share consistently between 80% and 90%, enabling portfolio managers to focus on true alpha generation rather than index replication.

EMERGING MARKET EQUITY (MID/SMALL-CAP): M&G Investments (Highly commended)

M&G Investments showed its strong capabilities in small- and mid-cap emerging market (EM) equity management during the award period, leveraging its rigorous research processes and disciplined approach to deliver compelling investment performance.

With an investment philosophy focused on company fundamentals – particularly return on capital, valuation and corporate governance – rather than macroeconomic growth, enabled it to identify mispriced opportunities where future profitability is underappreciated.

Strong 2025 performance was driven by high-conviction positions in leading EM companies and diversified geographic exposure, while AUM grew 107% to just under $328 million – in turn demonstrating investor confidence in the firm’s differentiated, long-term investment process.

HONG KONG EQUITY (LARGE-CAP): AllianzGI

A disciplined, bottom-up investment approach, where stock selection – rather than sector positioning – drove returns, earned Allianz Global Investors well-deserved recognition in large-cap Hong Kong equity management during the award period,

This approach helped the Allianz Hong Kong Equity Fund navigate periods of extreme market volatility, including a year where benchmark sector dispersion exceeded 100%, while maintaining a strong Sharpe ratio of 1.74.

Continuity of leadership was also critical to success. Christina Chung, who has managed the fund for over 20 years, has maintained a consistent philosophy focused on identifying companies whose long-term growth potential is underestimated by the market. The strategy was further strengthened by proprietary Grassroots Research®, leveraging a global network of over 300 field researchers to gain real-time insights directly from industry sources.

Combined with robust risk management and ESG integration, the fund has consistently generated alpha while positioning investors to benefit from long-term structural trends in Hong Kong and China, particularly in technology and innovation-driven sectors. This reflects local market expertise, extensive research capabilities and a commitment to active management in large-cap Hong Kong equities.

HONG KONG EQUITY (MID/SMALL-CAP): FountainCap Research & Investment

FountainCap Research & Investment established itself as the leading manager in small- and mid-cap Hong Kong equity during the award period.

The firm’s Global China Opportunity Strategy, launched in 2015, continued to combine deep local insight with a global perspective, investing across both onshore and offshore Chinese markets through an All-China approach grounded in rigorous bottom-up research and on-the-ground fundamental analysis.

This disciplined framework produced strong and consistent results. During the award period, the strategy delivered a gross return of just over 43%, outperforming the Hang Seng Index by more than 12% and the CSI 300 by nearly 27% – marking its strongest relative performance in three years.

Stock selection, especially with positioning in companies such as Tencent, Zijin Mining and Pop Mart, was the primary driver of returns.

Since inception, the strategy has outperformed the MSCI China All Shares Index by over 208% and the MSCI China Index by almost 189%, while maintaining lower volatility and favourable upside/downside capture ratios.

Supported by a high-conviction portfolio, low turnover and a disciplined contrarian philosophy, FountainCap continued to demonstrate differentiated expertise and consistent alpha generation in China equities.