unker no good at reading this - this is old ASM 1 report

nisbah perbelanjaan pengurusan is looking good, lower the better since 2023 is so low is good right?

what is nisbah pusing ganti portfolio? higher better or lower better?
2023 is like 0.27 - i guess it is improving is it?
totally tak faham

Hmm..

Simply cannot do that...

I'm sure the units from somewhere

But where? No one shared that part of information

Only shared got 1 billion offering start 1st August

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.

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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.

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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.

PNB 2023 annual report released: https://www.pnb.com.my/06_2IAR_EN.php

PNB's AUM has declined for the whole of 2023 despite MYR's depreciation and excellent global markets performance...

I have emailed them earlier to ask for the full investment list of ASM 1 as of 1st April 2024. Will update you guys with detailed overseas investment breakdown when they send me the list.

Hi, the link above for 2023 is not working anymore.  Is this the same as the published Annual Report or this report is solely on a specific detailed investment portfolio?

Has anyone managed to download Penyata Tahunan ASM2 - Wawasan untuk tahun kewangan berakhir 31/08/2024, in myASNB website?

I cannot see my annual statement, in the website yet.

So, 3 months later, no list is sent and...



This is your PNB/ASNB

Welcome to Malaysia...

All Digital Banking platform not supported

Only ewallet boost & TnG

You need to use those ordinary banking platform like tiger, sotong, teh, camel etc.

Seriously...
I don't know how they choose the investment...

Already few really bad, until need to write down totally... Thus affecting the performance of the funds....

Only one saving them is that all happened during & post COVID-19 time... So can blame on the pandemic 😔

Talk about the losses incurred by PNB also gets reported...

Well Done...