From their most recent ASM2 2021 AR, foreign equity is about 22.2% of their NAV, so maybe in a year or two they will reach 30%, close to EPF's level.

Just typical business email, but can be rather informal. Language-wise, you can use English or Malay. (I use English in emails all the time.) They will sometimes reply you in Malay despite the fact that you write to them in English, otherwise they will just use English.

Here you go:

Dear Sir/Madam,

Referring to the email attached below, may I request for the full list/details of the investment portfolio for ASM 2 (or ASM 1, ASM 3, ASB, ASB2 etc.) in the 2021 (or any other year you want, like 2022, 2023 etc. in your future request) annual report?

I am referring to the following highlighted statement:

"Nota : Bagi perkara (B) di atas, senarai lengkap pelaburan akan disediakan atas permintaan pemegang unit"

(Attach screenshot of AR document showing the above line below)



I would like to request the full list of investment portfolios instead of just the top 20 as stated in the annual report.

Please also include the holdings in fixed-income and cash/equivalents in the full list. Some of the previous portfolio lists that I requested did not include the bond holdings and other fixed income and cash holdings in the portfolio list. (Make sure you mention you want full list including fixed income and cash, otherwise they will just give you local and foreign equities holdings list.)

My name is (SURNAME in block letters), (given name) (IC: XXXXXX-XX-XXXX), ASNB Account ID: XXXXXXXXXXXX) for your reference.

Thank you.

Best regards,

(Given Name)

This post has been edited by TOS: Dec 27 2021, 10:36 AM

https://www.theedgemarkets.com/article/aman...e-hock-seng-lee

ASM3 2021 full holdings released yesterday, just checked my email this morning.

PNB Merdeka Ventures accounts for 0.81% of ASM3 NAV last year.



Also, from their most recent holdings list, cash is only a mere 6% of NAV, seems like they remain fully invested. International equity accounts for about 24% of NAV.

This post has been edited by TOS: Jan 1 2022, 11:39 AM

PNB has some stakes in KAO group, just some reading stuffs.

https://www.sinchew.com.my/20220217/%e6%97%...bc%b2%e5%83%b9/

Looks like their reserves are running low Looking forward to the AR and see if this year's dividend will be drawn from past retained earnings or not.

Bear in mind of liquidity. You cannot withdraw from EPF easily, but this is not the case with ASNB. (Buying, however, is the opposite, "as long as better than FD").

Priviliege vs no privilege. The products are meant for "them". Time plays a role too, since ASBx funds will have more retained earnings as they started earlier than the ASMx funds.

The people who manage the funds are the same.

This post has been edited by TOS: Mar 30 2022, 04:15 PM

The funds' holdings can be interchanged behind closed doors via the parent fund. A portion of the dividends are also declared from the parent fund, whose amount is not disclosed.

EDIT: fund's holdings, not money sorry.

This post has been edited by TOS: Mar 30 2022, 05:41 PM

Good observation! The underlying assets are a lot riskier than FD. So benchmarking against FD is not the right thing to do in first place.

Never? No one has ever observed the true NAV (except the fund managers). The fixed RM 1 NAV number is an illusion on paper. Stocks and bonds price change whenever markets are open.

Think about it, during March 2020 with stocks going down and bonds sold off, how can the NAV remain at 1 MYR around that period? If every unit holders were to withdraw money around that period, ASNB would not be able to pay out all your capital in full. Your RM 1 becomes RM 0.8 or RM 0.9 for example. Most likely they will look for help from PNB's "upper-level" proprietary fund to top-up.

The key message is the true NAV fluctuates behind. (Also, your FD is insured. ASNB funds are not.) Stocks and bonds != FD.

Illustration on paper makes you think it's God. (nothing magic, man, it's actually "cheating". Like private equity funds advertising their low volatility but in reality is because they don't mark to market their portfolio during sell-downs...)

Anyway, the best advice I can give you is to scrutinize its holdings often. Don't hesitate to email asnbcare to request for the full list of the investment portfolio. You can sometimes learn from their portfolio allocations for your own good.

I mean study the holdings and allocations for your own investments say if you buy shares/mutual funds yourself. It does not matter if ASB is higher than ASM. Just for your own good.

I wouldn't say "totally" disconnected. Any fund, due to its underlying holdings, must have some beta with respect to something (for example, an index, or future prices of LNG, for a commodities hedge fund).

That said, if I am an accountant I would be interested in studying ASNB funds' audit papers. It must be a headache for the accountant to force the value to be RM 1 on paper while the true NAV fluctuates. Always makes me wonder what accounting tricks are deployed.

Anyway, we better hope the true NAV is above RM 1 all the time, or at least most of the time.

Not me. I want to sell but need market to tank first, then can double punch PNB and look for good stuffs. Selling something worth less than RM 1 at RM 1 is a highly profitable trade (if the discount is large).

This post has been edited by TOS: Apr 2 2022, 10:19 AM

It also depends on how you keep the profits right? If you keep all in cash, then surely you can pay out, NAV won't be affected much. But if you reinvested them, then securities value tank, your "reinvested" profits can turn into losses easily.

I bet PNB won't keep all their profits in cash. The opportunity cost is too high. Most likely they reinvest them. If you read 2020 AR, you can see reported cash and money market funds account for only 10% of all assets. The other 90% are invested.

This post has been edited by TOS: Apr 3 2022, 12:53 PM

Indeed. Seconded.

Choosing a low benchmark can also make the fund managers complacent with their performance "as long as they can return above FD rates".

This post has been edited by TOS: Apr 2 2022, 11:05 AM

Thanks for the updates. Been waiting for this:



The drawdown is 7 times more than last financial year. Note the "pendapatan dari PNB" line. About 107 million MYR of distributions came from the proprietary PNB fund. Last year none exists.

As always, all ASNB ASM 1 unit holders can email them to ask for the full list of portfolio. Gonna see what foreign counters they are holding last year.

This post has been edited by TOS: Jun 2 2022, 02:35 PM

If you read further, on page 21 of the PDF (P&L statements):



I guess it is unfortunate for them to have their financial year end on 31st of March when the market is very bearish at that moment.

-------------------------------------------------------------------------

In another news, PNB has replied me the full ASM1 equity list. (I asked for fixed income and cash or equivalents statements but none are sent...)

Have fun analyzing. In case you guys are worried, Sapura energy's stake amount to 0.34% of ASM 1's NAV, add in a further 0.02% of RCPS and the total exposure is 0.36% of NAV.

The "Nobartis AG-REG" entry should be "Novartis AG-REG" as I could not find a company named Nobartis AG. Most likely a typo.

 Senarai_Pelaburan_ASM_as_of_1st_April_2022.zip ( 19.71k ) Number of downloads: 31


*Cross-posted with IBKR thread

This post has been edited by TOS: Jun 3 2022, 11:15 PM

Hi.

Interactive Brokers (IBKR in short) is a US broker offerring trading services in many markets across various products. https://www.interactivebrokers.com/en/home.php

There is a related thread in the Stock Exchange subforum. Link below.

https://forum.lowyat.net/topic/4843925

This post has been edited by TOS: Jun 4 2022, 08:17 AM

Maybe a useful info for non-bumi "fans" of ASNB FP products.

I went to ASNB branch this afternoon to open an account for my sister. However, there was a long queue outside of the office (all are Malays...).

A small counter was set up outside the branch to cater to customers before they enter the branch. When I approach the person-in-charge, I was told that non-bumis should come early in the morning to open account as units are always full. Alternatively, my sister's account can be opened online too via myASNB.

I interpret the "come early morning" statement as units are available early in the morning. Maybe I am too sensitive to that statement, but since it's an ASNB employee's saying, you can try "fishing" early in the morning more often.

This post has been edited by TOS: Jun 8 2022, 09:43 PM