[[{“value”:”
THE market appears to be in the late stage of its cycle, one defined by fatigue. Vitrox and Frontken’s recent record quarterly revenues were met with muted reactions, a sign that expectations have run ahead of fundamentals.
At the same time, more margin calls are beginning to reappear, exposing the fragility that comes with overextended positioning. Fund managers, having already deployed most of their cash, are finding fewer compelling opportunities to add risk.
“We’re taking the opportunity to lock in some profits in our AmResearch Model Port. At this stage, taking additional risks offers limited upside but exposes investors to outsized downside,” said AM Investment Bank (AM) .
“We’ve trimmed positions in Kelington (+49%) and Greatech (+16%), both of which have delivered strong gains since inclusion. Our cash holdings now stand at 16% of AUM, giving us flexibility for redeployment once valuations normalise,” said AM.
The tech sector has been the key beneficiary of the recent rebound, but AM maintains a Neutral stance. AM employs a selective approach, as the recovery is unlikely to be broad-based. AI-linked names should continue to outperform, though for certain companies, the effects of tariffs are starting to weigh on margins and demand.
Fund flow trends suggest that rotation is already underway, with capital moving back into Healthcare and Consumer names, early signs of a market preparing for a more defensive stance. IHH (+6) and KPJ (+3) were among the top stocks with month-on-month additions, highlighting renewed institutional interest in quality defensives.
This sets the stage for strong demand in the upcoming healthcare IPO, which fits both the growth and defensiveness narrative. “In the absence of new themes, we also advocate a bottom-up approach, favouring entrepreneurial-driven stories such as our recent initiations on LSH and LFG,” said AM. —Nov 3, 2025
Main image: Freepik
The post Late-cycle fatigue sets in as fund managers turn defensive first appeared on Focus Malaysia.
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