So far, 4 funds have changed to new passbook with 2 from VP (ASN n ASG) n 2 from FP (ASD n ASM)
Since ASD is 100% bumi, lets monitor whether ASNB will convert ASD from VP to FP

highly unlikely. any change of any funds from VP or FP will cause a chain reaction which will lead to withdrawal. it doesn't have to be mass withdrawal, just the 3.4% holders will do.

Yes, that's a good point..

Yes, i think this is a very important information..

As currently, ASB is not changing to the new system yet..

If ASB2 is using the old system, then i think i really need to be prepared for the worse..

We need to look at asd book cause asd also change book and they are FP for bumi. If asd also have harga seunit nab, then is quite safe.

That's why now is a chance to open all 3 books. In case something happen, you still got 2 books as backup.

Trust Deficit is at stake right now
ASNB won't simply rock d boat

Time to consider the following, when the time comes for us to take a view that the Securities Comm decides to switchover :-

Will the issuer risk a 'bank run' by making an ann't prior to switching over and allowing everybody time to withdraw, especially the big unit-holders ?

Is the issuer able to, or rather,.. willing to absorb the withdrawn amount by the unit-holders who prefer to pull-out ?

It is not stated in any of the issuer's official docs on what sort of timeframe will be given for withdrawal period.

On the other hand, if our view is that the SC decides NOT to switchover, then eveyrhitng remains as before.

Edit : amending first statement and including final statement to provide more impact to a point being transmitted.

This post has been edited by Hansel: Sep 3 2015, 11:16 AM

Thanks guys, I was completely unaware of this.
I couldn't find information on the ASN website either.

But if they really change to VP fund, they better expect a bank run. If people do a bank run, Bursa will be affected. RM will drop also.

A bank run will not take place if there is insufficient time to withdraw,...THEORETICALLY. But how to 'execute this trap' in a 'legal and ethical' manner ? Is it illegal then to 'trap the unitholders' without providing sufficient time to withdraw or to reallocate to other FP funds when the ann't comes ?

The above do not need to be considered if one has the view that :-

1) ALL the 6 FP funds will remain status quo and an extension date will be announced.

2) Sufficient time will be provided for us to withdraw or to reallocate to another fund, hence,... making the issuer able to and willing to absorb the 'bank run' model, in terms of execution and capability of financial strength.

Hansel,
I suppose u r over Worry as u keep highlighting tis issue everyday
ASNB will definitely make announcement when they decide to change from FP to VP
Food for thought:-
1. Almost all FP funds allocate their investment into equities n others on 80:20 ratio subject to +/- 10% range
2. When unit holders perform withdrawal, ASNB will use existing Cash to meet redemption notice
3. If existing Cash is insufficient, ASNB will need to sell some equities or others to meet redemption notice
4. If ALL unit holders withdraw concurrently, ASNB need to sell all investments in Bursa at whatever cost
5. If ASNB keep pressing Sell button at Bursa, the index will tumble or hit 'Limit Down' which will affect the entire Bursa sentiment
6. Proceeds from Bursa will credit to ASNB account on T+3 but ASNB need to meet redemption notice 'on the spot'
Last but not least, I wud advise u Sell all FP funds immediately if tis issue keep bothering u which will affect yo health status as the journey just started b4 it reach 31/12/2015

a good thread..thanks TS

will,..

Then you are saying that PNB is able to,... and willing to let go all of their funds in spite of the state of the Gov't now, which we all know what it is.

And yes - you are right,... if I have an opposite view to the above sentence, then I should divest all of my units. And yes, I have sufficient knowledge, sufficient instruments and sufficient accounts opened in many places around the world to re-invest the amount withdrawn.

And today, fortunately, many instruments in the world are cheap enough for me to go into. I should start to do so before they imposed stronger TT controls. And so should others who have the same view as I do.

It won't affect my health status,... I am diversified enough to withstand all these shocks. I am under defensive mode to protect my wealth,.. that's all.

I was hoping earlier we do not have to talk about and walk down this path of divestment.

yes, ASB2 passbook do have NAV

If u r aware of those risk n know wat to do, then Y keep highlighting tis issue?

How about asd book?

To discuss further and to extract what you have explained to me. What you have explained to me THEN CONFIRMS that I am right,... until another opinion comes along, on what else can happen, or how else would the issuer be able and be willing to give unitholders a chance to redeem at RM1 per unit...

One additional reason : for the benefit of other unitholders who are in this discussion too. I'm sure other unitholders are also keen to know of other thinking patterns and reasonings too.

This post has been edited by Hansel: Sep 3 2015, 12:46 PM

I think should be same.. ASB2 the "special" fund also have NAV, ASD "same level" with others ASx don't have NAV?

I think ASD should be the same because if i am not mistaken, there was a notification on the upgrading of the system for ASD..

Good infor on the passbook status. You must be the SIFU of sifu here!

AA
I wonder why did they change the passbooks even for the VP funds (ASN & ASG) where they already have the NAV column.

Observation -> analysis -> deduction, my guess is for all to have the same passbook format and computing platform.

Next question is why?

I thought one speculation earlier was to enable people to update the passbooks on their ATM after purchases on the net.



BB
ASD's FP is also due on 31 Dec 15. That will be interesting to find out if there is any change.

Cheerio.