ASB vs ASM vs ASW Portfolios

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)

1Maybank Banking Berhad22.97%
2Sime Darby Plantation Berhad10.99%
3Tenaga Nasional Berhad4.41%
4Sime Darby Berhad3.94%
5Axiata Group Berhad3.78%
6Sime Darby Property Berhad3.28%
7Maxis Berhad2.41%
8SP Setia Berhad2.26%
9Digi.Com Berhad1.90%
10CIMB Group Holdings Berhad1.86%
11Telekom Malaysia Berhad1.71%
12UMW Holdings Berhad1.57%
13Petronas Chemicals Group Berhad1.41%
14MISC Berhad0.97%
15IOI Corporation Berhad0.85%
16Petronas Gas Berhad0.84%
17Kuala Lumpur Kepong Berhad0.80%
18MMC Corporation Berhad0.72%
19Petronas Dagangan Berhad0.69%
20UMW Oil & Gas Corporation Berhad0.66%

Percentage of portfolio = 68.02%

Management expense ratio (MER) = 0.42%


ASM (FY 31/3/2018)

1Maybank Banking Berhad12.24%
2Tenaga Nasional Berhad9.61%
3CIMB Group Holdings Berhad4.24%
4Axiata Group Berhad4.04%
5Sime Darby Plantation Berhad3.38%
6IOI Corporation Berhad2.56%
7Petronas Gas Berhad2.51%
8SP Setia Berhad2.45%
9MISC Berhad2.23%
10Telekom Malaysia Berhad2.18%
11Petronas Chemicals Group Berhad1.85%
12Digi.Com Berhad1.45%
13United Plantations Berhad1.44%
14IHH Healthcare Berhad1.44%
15Kuala Lumpur Kepong Berhad1.41%
16IJM Corporation Berhad1.39%
17UMW Holdings Berhad1.29%
18RHB Bank Berhad1.26%
19Gamuda Berhad1.24%
20Petronas Dagangan Berhad0.96%

Percentage of portfolio = 59.17%

MER = 1.13%


ASW (FY 31/8/2017)

1Maybank Banking Berhad7.96%
2Sime Darby Berhad5.95%
3Tenaga Nasional Berhad5.50%
4CIMB Group Holdings Berhad5.47%
5Petronas Gas Berhad3.13%
6Axiata Group Berhad2.91%
7Telekom Malaysia Berhad2.85%
8IHH Healthcare Berhad2.71%
9IOI Corporation Berhad2.18%
10Digi.Com Berhad2.12%
11IJM Corporation Berhad2.09%
12Petronas Chemicals Group Berhad2.05%
13RHB Bank Berhad2.03%
14MISC Berhad1.98%
15Maxis Berhad1.63%
16Petronas Dagangan Berhad1.61%
17AMMB Holdings Berhad1.49%
18SP Setia Berhad1.31%
19Kuala Lumpur Kepong Berhad1.18%
20UMW Holdings Berhad1.11%

Percentage of portfolio = 57.26%

MER = 1.16%



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.



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.


  1. Siti Kulthum A K Afendras

    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?

    1. Post

      Hi, Siti.
      Honestly I do not know the answer to your question. I suggest you to go to the myASNB website ( and use the customer feedback feature (green button at the bottom right of the page) to confirm with the company.
      Hope this answer helps.

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