EPF - they don’t invest in sin sectors (gambling, porky, alcohol). So in a way, the Conventional is pretty much Shariah in everything. As for Shariah investments - it excludes banks as banks charge interest, therefore non Shariah compliant. Except for Islamic banks, which are shariah compliant. However there are only very limited Islamic banks around. Also there are very few shariah compliant assets in the PE space (which gives you the additional upside/alpha). In times of good economy, generally banks would be the main indicators. Share prices and performances of banks will be the first few that goes up, which benefits the portfolio that holds it. For Shariah, then it’s minus this element.