At that growth rate, assets under management grew to RM998 billion, said the 70-year-old government-linked pension fund.

In a statement, the fund said it achieved a record gross investment income of RM60.98 billion, despite market volatility last year.

The fund said equities remain its main driver of returns while fixed income assets provided stability.

Equities, particularly foreign stocks, brought in RM28.71 billion while fixed income instruments provided RM25.42 billion.

“While leading stock indices lost as much as 40% in the first quarter, EPF took the opportunity to rebalance its portfolio by acquiring shares that were fundamentally strong at attractive prices,” it said.

Recovery in global and domestic markets in the second half contributed significantly to EPF’s investment portfolios, offering opportunities to take profits, particularly in the fourth quarter, it said.

But the fund said it took prudent measures to write down RM7.71 billion of its listed equity portfolio to maintain health of its long-term investments.

Taking into account the write-down, the fund achieved a net 5.26% return on investment.

About 33% of EPF’s investments across all asset classes were overseas as at December.