Hello guys

Wonder if we can discuss about the valuation of ASM Funds.

As a newbie, I had a look at ASM Annual Report for 2024. I wanted to know specifically if the Fund is marked to market for equity holdings, since equities make up a huge 76% of Assets, and there was
RM28bn units in issue as at 31MAR24.

Using Google translate, this is what I get, in English:

Quoted Shares, Unquoted Shares, Loan Shares/Warrants, Real Estate Investment Trusts ("REITs") and Unquoted Collective Investment Schemes

Investments in quoted shares, loan shares/warrants, REITs and unquoted collective investment schemes are stated at cost less any permanent impairment allowance. Cost is determined on a weighted average basis. Any permanent impairment allowance is recognised in the statement of profit or loss.

By this statement, I take it that M-T-M accounting is not practiced?

I also don't see anywhere the definition of Permanent Impairment Allowance.

The NAV per unit is also not disclosed.

Please correct me if I have missed seeing these items. I just read quickly .

In a nutshell, under stress conditions, e.g. sudden mass withdrawals, we have no idea if ASM's assets could realise RM1 per unit. Does PNB and/or the government backstop potential massive cash withdrawals, and guarantee that we will be able to take out our capital at any time without loss?

The other issue is their ability to pay dividends depends on the profits and dividends of the companies invested in. Which can be badly affected by stock market crashes. Currently the market is super bad, and no idea how long it will be depressed. Dividends for ASM2 (AUG24) and ASM3 (SEP24) may be affected, as may ASM dividend for 2025?

With uncertain returns, I think we can't say that ASM is directly comparable and better than FD, but the past 2 years it has indeed outperformed FD! . In future, dunno....

They are all adik beradik - Govt, PNB, Maybank.

In that (hopefully) unlikely event, the Govt will "direct" BNM to "persuade" all banks esp local banks to extend credit lines to PNB. Maybank will be the 1st to lend, to safeguard their own share price.

The annual report is very sparse, they don't even do a Balance Sheet! That is a bit uncomfortable, as investors are used to seeing full disclosures in company accounts.

ASM doesn't hold Sapura Energy Bhd shares does it? How will it affect ASM dividends?

So basically, it's more for marketing and product information, which is already in the website.

If no units offered at the fair, not much reason to go there?

Exactly. What's the point when you cant get units first try.

Besides, if it can be done online, why bother to go there? At home, you can keep trying until you get it (hopefully). Can't do that in a mall. The security will be sent to check out someone hovering around the kiosk for some time!

If can withdraw ASM units by cash, I will go

For me, the only thing I can't do online is get cash out. So there is no reason for me to spend extra time to drive to KL Sentral, park and go do my ASNB biz at their kiosk.

Anyway, I was only joking. I don't anticipate needing to withdraw cash suddenly, that I wouldn't have in reserve in my bank accounts, withdrawable at bank atms.

If we invest in ASM funds online on 1st September, will we be entitled to dividend for September?

If We invest by 31 August, we will be entitled yea?

You think it will be easier to get ASM tomorrow, because some people will be redeeming tomorrow?

Tadak

Sorry what do you mean, rounding up? You mean buy small odd amounts? Can get it on 31st?

I see. Maybe my amount is too big for the current time. It's only RM5k. I tried all 3 ASM. I don't have the time or patience to try for smaller amounts each time.

This post has been edited by BWassup: Sep 1 2025, 12:36 PM

Like that ah.

When I started investing end of last year, I did mostly in 5k, and a few times 10k also can get.

1k takes a very long time to accumulate, not really want to spend so much time.

I'll continue trying higher amount during periods when our sifus say got good chance, got new releases, etc

Buy now won't be entitled to dividend for September. Will lose almost one month of "Interest". But if one intends to be a long term investor, say 2 years or more, the loss is probably considered as not so significant.

This post has been edited by BWassup: Sep 3 2025, 06:03 PM

Been checking ASMx funds past few days. Testing with RM5k. Reply always "insufficient units available". Or something like that.

When is the best time of the month to try again?

Wonder if they will they be opening up for additional subscriptions soon?

Thanks.

Wow, Multiple RM5k.Congrats!

I havent got any past 1 week, despite following some advice to try 1k or 2k. Looks like I should try 5k instead, so as not to spend a lot of time trying with smaller amounts

Depends on availability of my funds each time wanna try. 5k was what I tried with and managed to get some last year, but at that time FD rates were still above 4%, and there were some increased quota by PNB. Now scenario is different, but still Mr Guy managed to get with 5k . To balance effort with chance of success, 5k is fine for me. If don't get, it's ok. 10k is probably not easy to strike anyway. Everyone's parameters can be different tho!

This post has been edited by BWassup: Sep 26 2025, 10:05 PM

Right. If rejected, can reduce the amount on the same page. Quite easy to do.

Managed to get RM5k ASM2 just now . Tried to add more after that, tadak liao .

ASM still not able to get any past 1 week.

deleted

This post has been edited by BWassup: Oct 1 2025, 12:19 PM