A note here.

1. PNB is the owner of ASNB (the Unit Trust Management Company) that manages the funds that you are familiar with (ASB, ASB2, ASB 3, ASM, AS1M, etc.). PNB are separate entity from ASNB; PNB own multiple ventures/operations that generate profits for the company. PNB may also own shares, and some of these holdings may be the same ones owned by the ASNB funds; and by pooling their holdings together, they own huge chunks in a number of public companies in Malaysia. For example: Sime Darby, Maybank, etc.

2. Let's look at the predicted ASB returns some of us have thrown out. Although it seems that 6.25% + 0.25% and 6.00% +0.50% are the same (6.50%), there are different implications between these returns. ASB returns are quoted in [X + Y] =  Z%

a. X is the fund distribution (sen/unit) set by the fund manager, heavily based on the fund investment performances throughout the fiscal year

b. Y is the bonus (sen/unit) paid by PNB to ASB investors. PNB do this because ASB is their flagship fund and they want ASB returns to look good.

3. Let's look at these two returns:

a. 6.25% + 0.25% = 6.50%
b. 6.00% + 0.50% = 6.50%

In (a) the ASB fund itself performed poorly so PNB had to prop it up by declaring higher than usual bonus, whereas in (b) the ASB fund performed as expected, prompting PNB to pay the usual level of bonus. I much prefer for (b) to happen