QUOTE(ytan053 @ Sep 6 2019, 08:56 AM)
Just my gut feel and I could be wrong.
Look at epf. epf ceo already mentioned where epf may cease to exist one day, look at what epf has moved to - i-invest, member can invest online with epf account 1 and there are massive redemption and investment just within the first wk of its launch. The sales of unit trust funds in that one day are more than few months of unit trust sales in the market.
PNB's fund size is getting larger, every year need to get approval from Scurities Commission to increase the fund size for the dividend distribution. They also face limits to invest in Malaysia and need to go to oversea.
They r also rescuing a lot of local companies by pumping in money to them. One day when the reserve cant sustain anymore, or they didn't manage the investment well / change to better strategy, they might start with dividend not being reinvested, then change to vp in the future as open market.
It might or might not happened but we need to have the forward look and understand the way business work in the past 10 years might not be applicable today with AI, technology, open market etc. 10 years ago, fintech doesn't exist.
So one can still practically rely on asm fp for now until there is major changes in the future then only think of other solution. Or get ready now.

Regarding this: "They r also rescuing a lot of local companies by pumping in money to them."
Do you mind sharing examples? As far as I can tell from their FP funds annual report, most of the holdings to go blue chip companies (at least for the common stock portions) and they seem to have stable cash flow and operations.
It's not like Maybank, TNB, Axiata, Digi, Nestle etc are in trouble. And fixed income securities issued by those corporate companies are of investment grade, not junk bonds or speculative issues etc.
So, why would you say PNB is "rescuing lots of local companies" by pumping money into them? Curious to know.