10 November 2025
Written by MYTHEO
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Key Takeaways
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• Most MYTHEO portfolios extended their winning streak in October, supported by strong performances in global equity markets, particularly within the technology and AI-driven sectors.
• The technology and AI rally has broadened beyond the US, fueling massive gains in the Japanese and South Korean markets, while also lifting related sectors such as clean energy.
• Global diversification and multi-sector exposure proved valuable, with the Growth, Inflation Hedge, ESG, Essential and Izdihar portfolios all benefiting from MYTHEO’s strategy of capturing opportunities across different regions and industries.

In this monthly report, we will assess the performance of MYTHEO’s portfolios in light of the financial market developments in October 2025.

1. Growth Portfolio

‍MYTHEO’s Growth Portfolio was up by 1.85% (up by 1.35% in MYR) in October 2025.

‍MYTHEO’s Growth Portfolio extended its winning streak, delivering its sixth consecutive month of positive returns in October. The portfolio benefited from the strong rally in US growth stocks as well as its exposure to the Japanese and South Korean markets.

‍The two key performance drivers were the portfolio’s allocations to the Pacific region (VPL) and US growth equities (VUG), which gained 4.31% and 4.01%, respectively. VPL, which invests approximately 60% in Japan and 13% in South Korea, was supported by robust equity market rallies in both countries. The Nikkei 225 Index surged 16.64%, while the KOSPI Index advanced nearly 20% during the month. Both markets were lifted by a broad rally in technology stocks linked to Artificial Intelligence.

‍In Japan, equities recorded their sharpest monthly gain in more than 30 years following a change in political leadership after Sanae Takaichi was elected as the new leader of the ruling party and subsequently became Japan’s first female prime minister. Investors are optimistic that Takaichi will introduce structural reforms and promote strategic investments. The rally was further supported by a 4.12% appreciation of the US Dollar (USD) against the Japanese Yen (JPY), which benefited export-oriented companies.

In South Korea, technology stocks rallied sharply after Nvidia announced a collaboration with the South Korean government to expand the country’s AI infrastructure, boosting optimism across the semiconductor sector. At the same time, US growth stocks (VUG) continued to outperform, supported by strong third-quarter earnings from major technology companies. Apple, Microsoft, Alphabet, and Meta Platforms all reported results that exceeded market expectations, reinforcing investor confidence that the US technology sector remains in a solid growth phase
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Top 3 ETFs performance (Growth portfolio)

Bottom 3 ETFs performance (Growth portfolio)

Source: GAX MD Sdn Bhd, data in USD term for the month of October 2025.

2. Income Portfolio

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In October 2025, MYTHEO’s Income Portfolio rose by 0.16% in USD but eased by 0.32% in MYR.

‍The performance of the Income Portfolio was mixed in October, with no single dominant factor driving overall results. The 0.25% point policy rate cut had some influence, as the 10-year US Treasury yield briefly fell below 4% for the first time this year, reaching a daily low of 3.953% before ending the month at 4.101%, which was 0.049% points lower than the September closing level.

‍Lower bond yields supported interest rate–sensitive assets, particularly long-duration US Treasuries. The iShares 20+ Year Treasury Bond ETF (TLT) gained 1.38%, making it the best-performing asset in the portfolio for the month.

‍Movements in the US dollar were mixed in October. The USD weakened against many emerging market currencies, providing a tailwind to local currency-denominated emerging market bonds (EMLC), which ended the month in positive territory. However, the US dollar strengthened against most major developed market currencies, as reflected by a 2% rise in the US Dollar Index (DXY). This broad dollar strength weighed on international government securities (IGOV), which have significant exposure to Europe and Japan, leading to negative returns for the segment.
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Top 3 ETFs performance (Income portfolio)

Bottom 3 ETFs performance (Income portfolio)

Source: GAX MD Sdn Bhd, data in USD term for the month of October 2025.

3. Inflation Hedge Portfolio

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MYTHEO's Inflation Hedge Portfolio recorded a gain of 0.84% (a gain of 0.32% in MYR).

‍The Inflation Hedge Portfolio also recorded a solid month, supported by renewed investor interest in clean energy assets. The iShares Global Clean Energy ETF (ICLN) was the best performer, rallying 11.76% in October.

‍According to Lipper, the alternative energy sector recorded net inflows in three of the past four months, following 25 consecutive months of outflows. Inflows surged in September to their highest level in more than three years, reflecting renewed investor confidence in the sector’s long-term prospects. This optimism was supported by rising electricity demand from Big Tech’s AI data center expansions, which are expected to come online over the next few years. To meet this growing demand, additional renewable energy capacity will likely be deployed, as renewables remain both the cheapest and fastest sources of new power generation.‍
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Inflow and outflow of investment into alternative energy sector.

Source: Lipper, November 2025
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‍The Invesco DB Base Metals Fund (DBB) also performed strongly, gaining 6.86% in October. The fund’s performance was largely driven by a 7.85% increase in aluminium prices, marking the sharpest monthly rise since April 2024, when prices climbed 10.89%. Aluminium prices benefited from growing demand tied to the expansion of green energy, as the metal is a critical material in solar photovoltaic (PV) components and a key input in electric vehicle batteries. ‍
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Top 3 ETFs performance (Inflation hedge portfolio)

Bottom 3 ETFs performance (Inflation hedge portfolio)

Source: GAX MD Sdn Bhd, data in USD term for the month of October 2025.

4. Global ESG Portfolio

MYTHEO’s Global ESG rose by 2.01% (increased by 1.51% in MYR).

‍The ESG Portfolio posted another strong month, with all underlying investments ending in positive territory. Similar to the previous month, the iShares ESG Aware MSCI Emerging Markets ETF (ESGE) stood out as the top performer, delivering a 7.32% gain.

The bulk of ESGE’s strength came from its largest holding, Taiwan Semiconductor Manufacturing Co. (TSMC), which rose 14.9% and represents 12.59% of the ETF. Additional support came from Samsung Electronics and SK Hynix, which surged 28.1% and 60.9%, respectively. Samsung is the third-largest holding at 3.60%, while SK Hynix accounts for 2.32%. The rebound reflected improving sentiment toward the semiconductor sector, driven by growing demand for AI-related components and expectations of a broader recovery in global electronics.‍
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Top 3 ETFs performance (Global ESG portfolio)

Bottom 3 ETFs performance (Global ESG portfolio)

Source: GAX MD Sdn Bhd, data in USD term for the month of October 2025.

5.  Essential Products Portfolio

MYTHEO’s Essential Products portfolio gain by 1.47% (increased by 1.97% in MYR).

‍The Essential Portfolio also benefited from strong interest in clean energy–related themes. The iShares Global Clean Energy ETF (ICLN), Global X Lithium & Battery Tech ETF (LIT), and First Trust Global Wind Energy ETF (FAN) gained 11.76%, 9.62%, and 5.31%, respectively.

‍Investor sentiment towards clean energy sector improved as markets began anticipating substantial demand growth for renewable energy fuelled by massive data center investments announced by major technology companies. These data centers are highly power intensive, and a significant portion of future electricity supply is expected to be sourced from clean and renewable energy.
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Top 3 ETFs performance (Essential products portfolio)

Bottom 3 ETFs performance (Essential products portfolio)

Source: GAX MD Sdn Bhd, data in USD term for the month of October 2025.

6.  Izdihar Portfolio

MYTHEO’s Izdihar portfolio rose by 4.19% or 3.68% in MYR.

‍The MYTHEO Izdihar Portfolio delivered another month of strong performance in October, driven by its significant exposure to the technology sector, which represents more than half of its total allocation.

‍The MYTHEO Izdihar Portfolio invests in ETFs similar to other MYTHEO portfolios. However, the ETFs’ underlying exposures are the actual stocks. For MYTHEO Izdihar, the top three underlying stocks were TSMC, Nvidia, and Apple, which together made up approximately 18% of the portfolio. Their share prices rose 14.94%, 8.53%, and 6.18%, respectively. Both TSMC and Apple reported earnings that exceeded market expectations, while Nvidia continued to rally on sustained optimism surrounding the AI and cloud computing boom, as major technology firms raised capital expenditure targets in these segments, directly benefiting its outlook.
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Top 3 ETFs performance (Izdihar products portfolio)

Bottom 3 ETFs performance (Izdihar products portfolio)

Source: GAX MD Sdn Bhd, data in USD term for the month of October 2025.

Chart 1: YTD Portfolio Return in % (MYR)

Source: GAX MD Sdn Bhd, November 2025
Note: Past performance is not an indication of future performance
Balanced allocation consists of 30% Growth, 47% Income and 23% Inflation Hedge
The Izdihar portfolio YTD performance is calculated from July 17, 2025, aligning with its official launch date.

How to calculate MYTHEO Omakase actual year-to-date (YTD) portfolio return

For MYTHEO Omakase, the actual portfolio returns derive from the combined weighted returns of each allocated functional portfolio.
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For instance, assuming allocations of 30% to the Growth portfolio, 47% to the Income portfolio and 23% to the Inflation Hedge Portfolio, the YTD portfolio return in MYR as of October would be 7.44%. [(30% x 16.10%) + (47% x 0.49%) + (23% x 10.36%)]

Our Thoughts
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October marked another encouraging month across MYTHEO’s portfolios. All portfolios, except the MYTHEO Income Portfolio, delivered positive returns. The Income Portfolio was initially in positive territory but turned slightly negative, mainly due to a 0.49% depreciation of the US Dollar.

Technology and Artificial Intelligence (AI) remained the main catalysts for both the overall market and MYTHEO’s portfolios. As highlighted previously, the rally that began in the US technology sector has now broadened both geographically and across industries. Strong advances in the Japanese and South Korean markets in October reinforced this trend. The rotation has also expanded into related sectors, particularly clean energy, which is now attracting increasing investor attention.

The month of October clearly demonstrated how MYTHEO enables investors to benefit from global AI-driven opportunities. Although MYTHEO invests primarily through US-listed ETFs, the underlying holdings within these ETFs are diversified across the globe. The MYTHEO Growth, ESG and Izdihar portfolios, for instance, benefited significantly from the market rallies in Japan and Korea. These portfolios hold indirect exposures to leading companies such as Toyota Motor, Sony, Advantest, and SoftBank in Japan, as well as Samsung Electronics and SK Hynix in South Korea.

Similarly, the MYTHEO Inflation Hedge and MYTHEO Essential portfolios also gained indirectly from the technology and AI theme through their exposure to the clean energy sector, including electric vehicles (EVs), solar, and wind energy.

These outcomes clearly demonstrate that MYTHEO’s investment platform offers comprehensive, globally diversified products that allow investors to capture opportunities across different regions and sectors, not just in the US. Above all, MYTHEO continues to make investing simple, intelligent, and accessible for everyone.
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‍Discover how MYTHEO can enhance your portfolio diversification today and embark on your financial journey with confidence. Take the first step towards your financial goals now.

This material is subject to MYTHEO’s Notice and Disclaimer.