Because AS are more on long term unit trust, actually the new unit holders are sharing profit gain using old unit holders' capital (share was dirt cheap 10 or 20 years ago, over the years, they keep much reserve for future return, kind of earning modulation, that's also why you won't see them distributing 20% dividend in a year or so, even if they made that.). Imagine they might still holding on some Maybank's share maybe at cost of RM1, you guess what's the yield now? But new unit holders will become 'old' one day also

PB Mutual is higher in risk appetite. High risk high return always true (high risk high loss also true  ). What they made immediately shown in the price (what they loss also).

Cheers...

wah....