From past few years' experience they usually response within 2 weeks. And I recall having a similar experience of sending a reminder email once last time.

I think we will just see if they respond soon. Otherwise will just send another reminder and call it a day.

ASNB has sent me ASM3's 2022 full list of investment portfolio this afternoon. I added some useful statistics such as geography and industry classification schemes in the international equity section.

Enjoy!

 Senarai_Pelaburan_dari_segi_Peratusan_Nilai_Pasaran_Berbanding_dengan_NAB_Tabung_ASM3_300922.zip ( 27.32k ) Number of downloads: 94

From 香港明报 Money Monday 200223:

Still got 300 MYR inside? That counts as "officially out"?

We are also about to know whether it's time to change your RM.

This post has been edited by TOS: Mar 16 2023, 09:32 PM

This is not a good advice for a newbie investor.

You know what I mean.

Uhmm... ok then. No further comments from me. Happy fishing.

Err. Ok.

ASMx funds are nothing more than unit trusts. Barring counterparty risk with ASNB/PNB, i.e., the fund management company itself, the risk nature of a UT can be derived from the fund's underlying. In Finance, we care about exposure, that's where the risk/payoff etc. come from.

Here're ASM 1, ASM 2, ASM 3 full list of investment portfolio from FY 2020 to FY 2022. The analysis are more detailed in FY 2021 and FY 2022 (I added country, GICS industry classification etc. in the later years' excel files). But overall, you can observe that risk-free/near risk-free assets accounted for around 10%ish of the total NAV.

 ASNB_FP_Funds_Holdings.zip ( 1.26mb ) Number of downloads: 52


ASMx funds have always been heavy on the equity side, with some bond exposure. Save for risk-free treasuries like MGS or GII, equities and corporate bonds are obviously not risk-free.

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

So, newbies will ask: Maybank shares are obviously not fixed, nor are many other equities and bonds. We see stock prices go up and down after all.

How does ASNB achieve a constant NAV of RM 1 on a daily basis then?

If you look at the the formula for NAV, i.e., NAV = net asset value per unit of share, there are 2 ways this can be done:



Newbies may also ask: Which method(s), 1 or 2, is/are ASNB using? I can confirm that method no. 2 is definitely being used. You can observe that in ASMx fund's annual report in the "income source" section (sumber pengagihan), where you will see the line "Keuntungan ternyata daripada tahun-tahun sebelumnya" (or in English, realized profit from previous years). This is where ASNB will draw down realized profits from previous years to pay out as dividends in the current financial year. I could not confirm if method 1 is used, as the number of units in circulation is dependent on many factors ("dividends" are reinvested, forming many new units every financial year, complicating the analysis).

It begs to ask: so what's the big deal? Well obviously, if NAV far exceeds RM 1 and ASNB undervalues it every day by booking profits, all is good. The issue is what if NAV is below RM 1 and ASNB has booked huge unrealized losses, waiting to be realized in later years, or perhaps choosing when to realize those losses. These choices are subject to manipulations. It may well be that losses are not realized over many years... If you scrutinize ASMx fund's annual reports vs other private sector UTs like those of Kenanga's, AHAM's, Eastspring's etc., you will notice that the private sector UTs will mark to market their assets (i.e., recognized at fair value through profit/lost, FVTPL) in their P&L statement, this line does not exist in ASMx funds' P&L statements.

Long story short, the "magic" of NAV holding at RM 1 is just an accounting gimmick. It's a choice of when and how often you wish to mark your asset to the market value and when/how often you wish to realize the profits/losses. Nothing fancier than that. I am not suggesting that something has gone terribly wrong at ASNB or PNB. But for newbies, such "accounting" risk is best understood when you start investing at ASMx funds.

ASNB does have the advantage of starting pretty early in the 90s when Malaysia's economy was pretty strong, so they may be sitting on quite a large pile of realized profits, at least that's the case many years ago. In recent years, they have been distributing realized returns pretty often from their glory days.

That said, I am no accountant. Just a "finance" student. For more details, I refer to our friend ikanbilis, an ACCA accountant in SG. He should be able to give newbies further guidance, whenever appropriate.

E. & O. E.

This post has been edited by TOS: May 3 2023, 10:56 PM

Hi.

If memory serves, I remember since 2020 ASNB stated in their respective funds' annual reports that they allow you to contact them to request for the full list of investment details of the funds as of the last day of each fund's financial year.

To illustrate, using ASM 1 2022 annual report as an example, they stated in section 2.1.B (PDF page 8/40):





You can find the above sentence in the same section of every ASMx fund's annual report.

Hope that helps.

This post has been edited by TOS: May 5 2023, 11:47 PM

No, you shouldn't use the chat service. They won't be able to instantly provide you with the full list.

You need to reply to their email when they email you to inform you that the income distribution statement (penyata pengagihan pendapatan) is available. Kindly refer to the screenshots below for reference (using the latest example from ASM 3 FY 2022):

https://imgur.com/a/6IRNXnJ

As you can see from the screenshots in the link above, sometimes you need to "push harder" for them to respond to you. Make sure you stress you want the fixed income and cash & equivalents details too or they will just throw you with the equity side of things. (They once bought Indonesian sovereign bonds. )

Received ASM income distribution statement today in my inbox.

I will upload the Excel file here when ASNB send me the full list of ASM1 investment portfolio.

Expect a delay of 2 weeks to 1 month after 31st May as they need time to compile the list.

I don't have the full list at the moment. The annual report has not been released anyway.

Went to sell ASNB FP units today. Counter officers* said still many people buying. Few people selling.

*From Prai CIMB and Maybank branches.

In another news, ASNB has replied me that they forwarded my request for 2023 ASM full list of investment to the relevant department.

Let's see how long it takes this time.

This post has been edited by TOS: Jun 6 2023, 05:26 PM

PNB/ASNB is fast this time. Here you go: ASM 1 2023 full list of investment. (I included all other years as well, navigate to the 2023 folder under ASM to look for the newest files).

As usual, I added GICS classification, country/geographical info etc. for the international equity sheet.

Some interesting positions:

Givaudan (Swiss chemicals and cosmetics company),
CSL Ltd (Australia biotech company),
Delta Airlines (seriously, airlines? Hopefully this's a short-term play.)

And many others. Half of international equities in USA.

Enjoy.

 ASNB_FP_Funds_Holdings.zip ( 1.43mb ) Number of downloads: 93


This post has been edited by TOS: Jun 8 2023, 10:32 PM

Sorry, don't have access to Bloomberg terminal at the moment. So can't dig much out... Gotta wait till I go to SG this August and check then...

Sources told the Edge PNB intends to list Prolintas in a REIT-like structure (infrastructure trust e.g. Keppel Infrastructure Trust in Singapore) on Bursa.

https://www.sinchew.com.my/20230610/ipo%e6%...b8%8a%e5%b8%82/

This post has been edited by TOS: Jun 10 2023, 08:46 PM

This is called "shrinkflation". It's a well-known marketing tactic for FMCG companies because they know customers are more responsive/sensitive to price rather than volume.

But alas, customers are never stupid for too long. (like the xx.99 etc. "ending-with-a-9" pricing tactic, designed to trick your brain into thinking that an item is cheaper by "1 cent").

This post has been edited by TOS: Jun 16 2023, 09:55 PM

PNB's 2022 annual report has been published: https://www.pnb.com.my/06_2IARFull_EN.php

Yea, and this member will let you know when ASNB respond to him after requesting for the report.

Err, no. The original report is in PDF format, this member will have to convert it to excel and do all the analysis on his own before posting it here.

Alright, you guys have been waiting for this...

ASNB/PNB sent me ASM2's 2023 full portfolio list as of 31st August 2023 this morning. I added a detailed Excel analysis for the foreign equity holdings. They closed all positions in banking and finance, added more weights on tech and real estate in ASM2 2023 compared to ASM 1 2023.

 ASNB_FP_Funds_Holdings.zip ( 1.59mb ) Number of downloads: 92


You can find both the original PDF and my Excel files in the folder ASM2/2023. I included all earlier years' portfolio for completeness and for your comparison.

Let me know if you encounter any technical issues.

Enjoy.