SovereignWealthFunds.comArmed Forces Fund Board
Armed Forces Fund Board: what it invests in
Geography Mainly domestic
Armed Forces Fund Board: how big it is, and on what basis
In US dollars: about USD 3.29B. Converted at MYR 4.058 per US dollar, the 31 December 2025 reference rate.
Armed Forces Fund Board: what it publishes
Published 3 · Partly 5 · Not published 2
Our 10 item score. It measures what is public, not how well a fund is run.
- Transparency scoreS2
- 5.5 of 10
At a glance. LTAT, the Armed Forces Fund Board, runs the retirement savings fund for Malaysian armed forces personnel. Set up by statute in 1972 under the Ministry of Defence, it invests contributions in listed group companies and wider portfolios. For 2025 it paid a 5.35 percent dividend, its highest in eight years, from investment income of RM 749.49 million. Assets under management were RM 13.36 billion, down 2 percent on the year. S1 S3
Key points
- 2025 dividend of 5.35 percent, totalling RM 524.74 million, up from RM 514.2 million in 2024. S3
- Investment income RM 749.49 million and distributable profit RM 541.56 million in 2025. S3
- Combined reserves rose 29.1 percent to RM 1.31 billion. S3
- Fourth straight year of returns at 5 percent or more. S3
- A 2026 to 2030 Strategic Roadmap backs returns and the National Defence Industry Policy. S3
- Raising its exposure to liquid assets. S4
- Other ranks must contribute, with a government employer share; officers join voluntarily. S1
Interesting facts
Mandate and goals
LTAT manages the armed forces savings fund to deliver steady returns to contributors, and through its group companies supports the national defence industry. S3 S1
How it invests
| Industries | Financial services, Industrials and manufacturing, Healthcare and life sciences S1 S3 |
|---|---|
| Asset classes | Strategic state holdings, Public equities, Fixed income S1 S4 |
| Stages | Public markets, Buyout S1 |
| Geography | Mainly domestic. Mainly Malaysian listed companies S1 |
| Direct / through funds / co-invest | Yes / No / No S1 S3 |
| Ticket size | No ticket size is published. S2 |
| External managers | Not disclosed S2 |
| Co-investment programme | No co-investment route. S2 |
Past investments
| Investment | Type | Sector | Stage |
|---|---|---|---|
| Boustead Holdings. Controlling stake in the diversified group. S1 | Direct investment | Industrials and manufacturing | Buyout |
| Affin Holdings. Controlling stake in the banking group. S1 | Direct investment | Financial services | Public markets |
| Pharmaniaga. LTAT Group pharmaceutical company; net profit of RM 8.7M in the fourth quarter of 2025. S3 | Direct investment | Healthcare and life sciences | Public markets |
The fund does not publish investment dates or amounts for these holdings.
Case studies
Strengthening Pharmaniaga S3
- What: Reviewed and reinforced governance at group company Pharmaniaga.
- When: 2024 to 2025
- Size: Not published
- Why: Group company results drive dividends to members.
- Outcome: Fourth quarter 2025 net profit rose to RM 8.7M from RM 2.4M, its eighth profitable quarter in a row.
Investment process
LTAT reports to the Ministry of Defence, which monitors performance and governance across LTAT Group companies. Investments are reviewed one by one under the 2026 to 2030 roadmap. S1 S3
How to approach: No route for outside investors; members use the website or MyWIRA app. S2
Size and returns
- Headline size: RM13.36B (Assets under management, as of 2026-03-12) S4
- In US dollars: about USD 3.29B. Converted at MYR 4.058 per US dollar, the 31 December 2025 reference rate.
- Assets under management, end 2017: RM 10B (Assets under management, as of 2026-06-14) S1
- Combined reserves, 2025: RM 1.31B (Net assets or equity, as of 2026-03-13) S3
- Return, 2025: 5.35 percent (dividend rate) S3
- Size over time (MYR billion): 2017 10 S1
Leadership
Governance and transparency
Transparency score: 5.5 of 10 (band 3 of 5). Our own 10-item rubric; see the methodology page.
History
For family offices
A members' fund with no outside co-investment programme; its listed group companies trade on Bursa Malaysia. S1
Reports
- FY2025 dividend press release: https://www.ltat.gov.my/wp-content/uploads/2026/03/260312-PR-LTAT-Declares-8-Year-High-Dividend-Payout-For-Release.pdf S5
Common questions
What is LTAT?
The Armed Forces Fund Board, a statutory savings fund for Malaysian armed forces personnel set up in 1972. S1
What did it pay for 2025?
A 5.35 percent dividend, RM 524.74 million in total. S3
What does it own?
Controlling stakes in listed groups such as Boustead Holdings and Affin Holdings, plus Pharmaniaga. S1
Related profiles
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- GIC Private Limited Singapore · About USD 1.16T, estimate
- SAFE Investment Company China · About USD 1T, estimate
- Danantara Indonesia Indonesia · About USD 900B to USD 1T (unaudited), estimate
All sovereign wealth funds in Asia · All pension reserve funds · All funds in Malaysia
Sources
Disclaimer
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