Asia’s fixed income markets in 2025 stood as a beacon of resilience amid the global turbulence. Despite US President Donald Trump’s “Liberation Day” tariffs, which started taking effect on August 1, Asian credit managed to deliver solid returns, with the J.P. Morgan Asia Credit Index up 3.82% in the first half of the year.

As the Federal Reserve eyes rate cuts starting September 2025, targeting 3.5% by mid-2026, returns on Asian fixed income remain attractive relative to developed markets, offering carry plays and diversification from US assets, which is reflected in the US dollar weakness.

Yet, success in this US$30 trillion-plus market demands more than luck; it requires astuteness – a blend of foresight, discipline, and adaptability. Astute investors thrive by mastering macroeconomic nuances, mitigating risks, and seizing selective opportunities.

These are the traits that best describe the winners of this year’s Asset Benchmark Research (ABR) annual recognition for the Most Astute Investors. Part of the Local Currency Bond Review and the G3 Bond Review, this year’s results were supported by over 900 sellside individuals across research, sales, and trading, who expressed their views for some 630 institutional investors active in the ten local currency bond markets, and the G3 bond market.

Crème de la crème

For the local currency bond results, the markets that saw the most activity were the Indonesian rupiah, Indian rupee, Malaysian ringgit, and the Philippine peso. In the case of the G3 bond market, participation was from eight markets in the region, with Hong Kong, Singapore, and China being the most active.

For this year’s Most Astute Investors ranking, Asset Benchmark Research has launched a new category – the best chief investment officer. This recognition acknowledges excellence not only in managing investment portfolios but also in developing and implementing investment strategies, as well as managing risk management and oversight.

The inaugural winners are Ezra Nazula, CIO of Manulife Asset Management in Indonesia; Tanandon Cholitkul, CIO of Kasikorn Asset Management in Thailand; and Charlie Wang, CIO of Sentosa Capital in Singapore.

Manulife’s Nazula has carried the title of Most Astute Investor for the past eight years. Except for 2020, he has held the top position consistently in the rupiah bond market. Under his stewardship, Manulife has consistently delivered strong fixed income performance, helping the firm to secure ABR’s top investment house in local currency bonds, Indonesia, for 10 consecutive years.

Kasikorn’s Tanandon has over a decade of experience in fixed income investment at the firm. This is the fourth year Tanandon has secured the number one position in the Thai baht bond market as the Most Astute Investor. He dovetails his investing strategy along the firm’s core and satellite portfolio approach, combining a long-term perspective with tactical, short-term opportunities.

As a co-founder at Sentosa Capital, Wang successfully put into play the firm’s investment philosophy that puts a premium on liquidity together with high-quality Asian credit to achieve absolute returns comparable to high-yield bonds but with better credit ratings. Wang has been ranked in the Most Astute Investor category for the past eight years and this year retains the top spot in the hedge fund category.

In 2025, Asia’s fixed income market rewarded those who blended macro vision with tactical precision. By staying resilient, selective, and forward-looking, this year’s class of Most Astute Investors harnessed the region’s fixed income markets’ underappreciated strengths, turning global uncertainties into portfolio alpha.

For the full list of the Most Astute Investor individual winners and houses for the ABR Local Currency Bond Review and the ABR G3 Bond Review, please download TheAsset App.

The Asset is organizing the annual ABR Fixed Income Gala Dinner for the Most Astute Investors and Best of the Sellside on the 6th of November 2025 in Singapore. Seats and table bookings are limited. To join, please send an email to – celebrate@TheAsset.com.