For instance, the total market cap for telcos has been in decline since peaking in 2014. While the total market cap for the local bourse is rising, the growth is driven primarily by new listings. Just look at the blue bar, which shows the total market cap for companies that have been in existence in 2000. In other words, it is the total returns that matter — as long as the stock price gains exceed forex losses. The Absolute Returns Portfolio fell 1.2% last week, paring total returns since inception down to 42.3%.

Source: The Edge Markets January 12, 2026 05:02 UTC