These three are fixed price funds from Amanah Saham Nasional Berhad (ASNB). ASB is Amanah Saham Bumiputera, ASM is Amanah Saham Malaysia and ASW is Amanah Saham Wawasan 2020. Recently, the company has rebranded ASW to Amanah Saham Malaysia 2 – Wawasan. In this article, I am still going to call it ASW.
Now, I am going to compare their largest 20 holdings to see if there is any similarity between the funds. All the data are taken from their last financial reports.
ASB (FY 31/12/2017)
| 1 | Maybank Banking Berhad | 22.97% |
| 2 | Sime Darby Plantation Berhad | 10.99% |
| 3 | Tenaga Nasional Berhad | 4.41% |
| 4 | Sime Darby Berhad | 3.94% |
| 5 | Axiata Group Berhad | 3.78% |
| 6 | Sime Darby Property Berhad | 3.28% |
| 7 | Maxis Berhad | 2.41% |
| 8 | SP Setia Berhad | 2.26% |
| 9 | Digi.Com Berhad | 1.90% |
| 10 | CIMB Group Holdings Berhad | 1.86% |
| 11 | Telekom Malaysia Berhad | 1.71% |
| 12 | UMW Holdings Berhad | 1.57% |
| 13 | Petronas Chemicals Group Berhad | 1.41% |
| 14 | MISC Berhad | 0.97% |
| 15 | IOI Corporation Berhad | 0.85% |
| 16 | Petronas Gas Berhad | 0.84% |
| 17 | Kuala Lumpur Kepong Berhad | 0.80% |
| 18 | MMC Corporation Berhad | 0.72% |
| 19 | Petronas Dagangan Berhad | 0.69% |
| 20 | UMW Oil & Gas Corporation Berhad | 0.66% |
Percentage of portfolio = 68.02%
Management expense ratio (MER) = 0.42%
ASM (FY 31/3/2018)
| 1 | Maybank Banking Berhad | 12.24% |
| 2 | Tenaga Nasional Berhad | 9.61% |
| 3 | CIMB Group Holdings Berhad | 4.24% |
| 4 | Axiata Group Berhad | 4.04% |
| 5 | Sime Darby Plantation Berhad | 3.38% |
| 6 | IOI Corporation Berhad | 2.56% |
| 7 | Petronas Gas Berhad | 2.51% |
| 8 | SP Setia Berhad | 2.45% |
| 9 | MISC Berhad | 2.23% |
| 10 | Telekom Malaysia Berhad | 2.18% |
| 11 | Petronas Chemicals Group Berhad | 1.85% |
| 12 | Digi.Com Berhad | 1.45% |
| 13 | United Plantations Berhad | 1.44% |
| 14 | IHH Healthcare Berhad | 1.44% |
| 15 | Kuala Lumpur Kepong Berhad | 1.41% |
| 16 | IJM Corporation Berhad | 1.39% |
| 17 | UMW Holdings Berhad | 1.29% |
| 18 | RHB Bank Berhad | 1.26% |
| 19 | Gamuda Berhad | 1.24% |
| 20 | Petronas Dagangan Berhad | 0.96% |
Percentage of portfolio = 59.17%
MER = 1.13%
ASW (FY 31/8/2017)
| 1 | Maybank Banking Berhad | 7.96% |
| 2 | Sime Darby Berhad | 5.95% |
| 3 | Tenaga Nasional Berhad | 5.50% |
| 4 | CIMB Group Holdings Berhad | 5.47% |
| 5 | Petronas Gas Berhad | 3.13% |
| 6 | Axiata Group Berhad | 2.91% |
| 7 | Telekom Malaysia Berhad | 2.85% |
| 8 | IHH Healthcare Berhad | 2.71% |
| 9 | IOI Corporation Berhad | 2.18% |
| 10 | Digi.Com Berhad | 2.12% |
| 11 | IJM Corporation Berhad | 2.09% |
| 12 | Petronas Chemicals Group Berhad | 2.05% |
| 13 | RHB Bank Berhad | 2.03% |
| 14 | MISC Berhad | 1.98% |
| 15 | Maxis Berhad | 1.63% |
| 16 | Petronas Dagangan Berhad | 1.61% |
| 17 | AMMB Holdings Berhad | 1.49% |
| 18 | SP Setia Berhad | 1.31% |
| 19 | Kuala Lumpur Kepong Berhad | 1.18% |
| 20 | UMW Holdings Berhad | 1.11% |
Percentage of portfolio = 57.26%
MER = 1.16%
Comparison
From the tables above, I bet you can notice that these three funds have a striking similarity. Maybank Banking Berhad occupies the top spot in all three funds. Tenaga Nasional Berhad has a place in the top three spots of these funds too. Judging from the equity holdings, these funds should have similar returns. So, what are their respective latest returns?
The total return of ASB in 2017 is 8.25% which includes 7% dividend, 0.25% bonus and a special bonus (up to 10000 units) of 1%. The returns of ASM and ASW in 2018 are much lower, 6.5% and 6% respectively. The income distribution of ASB in 2018 is not announced yet.
What causes the around 2% difference between ASB and the other funds? This might be due to the difference in the allocation of the capital but I cannot really be sure as I could not extract the information. Another reason might be due to its lower management expense ratio. Nonetheless, ASB has been consistently giving higher dividend than the other two funds, even without the bonus.
Conclusion
Although the funds seem to hold almost the same stocks, the returns are not similar. Thus, if you are qualified to invest in ASB, I strongly recommend you to do so. If you are ineligible for ASB, the other two funds also give a high return compared to most common investment vehicles. The key is the consistency of their returns. You can check the returns of these funds from the official site (Link).
If you are interested in opening an account to invest in these fixed-price funds, please refer to my previous article here.
Comments
I am a Malaysian residing outside Malaysia at the moment. I have a ASW account. Since the phone number I’m using now is not my Malaysian number, can i still register for the portal?
Author
Hi, Siti.
Honestly I do not know the answer to your question. I suggest you to go to the myASNB website (https://www.myasnb.com.my/) and use the customer feedback feature (green button at the bottom right of the page) to confirm with the company.
Hope this answer helps.