Everything You Need to Know About Amanah Saham Nasional Berhad (ASNB)

Amanah Saham Nasional Berhad (ASNB) is Malaysia’s largest unit trust management company and a wholly-owned subsidiary of Permodalan Nasional Berhad (PNB), one of the country’s leading fund management institutions. Established on 22 May 1979, ASNB was created to manage unit trust funds launched by PNB, with the goal of promoting long-term investment among Malaysians.

As of 2024, ASNB oversees approximately RM 350 billion in assets under management (AUM), with more than 300 billion units held by over 15 million account holders. This makes it the dominant player in Malaysia’s unit trust industry, offering various funds designed to cater to different investor needs.

What is a unit trust fund?

A unit trust fund is a collective investment scheme that pools public savings into a professionally managed fund. It operates under a legal Deed registered with the Securities Commission, which defines the rights of unitholders and the responsibilities of trustees and fund managers. This structure ensures compliance with legal and regulatory requirements while protecting investors’ interest.

Unitholders contribute capital to the fund and are responsible for reading and understanding the prospectus, which outlines the investment strategy, risks and potential returns. The management company oversees the fund’s operations, ensuring transparency and regulatory adherence. A trustee is appointed to safeguard the fund’s assets, providing an additional layer of security.

The professional fund manager is responsible for selecting and managing the investment portfolio, which may include equities, fixed-income securities, government bonds, treasury bills, and Negotiable Certificates of Deposits. Investments must comply with regulatory guidelines and may also include placements in eligible markets or other investments approved by the Securities Commission.

The primary objective of a unit trust is to generate capital gains and income distributions for unitholders. Returns from investments are either distributed based on the fund’s policy. By pooling resources, unit trust funds provide investors access to diversified portfolios and professional management, making a viable investment option for long-term financial growth.

Types of ASNB unit trust funds

ASNB offers two main categories of unit trust funds: Fixed Price Funds and Variable Price Funds. These funds cater to different investor preferences, risk appetites, and financial goals. Fixed price funds provide stable investment options with a fixed unit price, making them suitable for low-risk investors. In contrast, variable price funds have unit prices that fluctuate based on market performance, offering growth potential but with high risks. Understanding these fund types helps investors align their investments with their financial objectives.

Differences between ASNB fixed price funds and variable price funds

Fixed Price Funds maintain a constant unit price, offering stable investment opportunities with returns primarily in the form of annual income distributions. Meanwhile, Variable Price Funds fluctuate daily based on the Net Asset Value (NAV), allowing investors to earn returns through annual income distributions and potential capital gains. The table below outlines their key differences:

ASNB funds eligibility

Investment in ASNB unit trust funds is open to Malaysian citizens, with each fund having different requirements in terms of minimum investment amount, age, and maximum investment limits. Investments are allowed from birth, provided there is a Registered Guardian who is a Malaysian citizen aged 18 and above. The table below outlines the specific eligibility criteria for each fund.

Why choose to invest in ASNB fixed price funds

ASNB’s Fixed Price Funds are in a league of their own. Whether you’re a new investor looking for stability or someone seeking passive income, these funds offer a compelling mix of features that are hard to match in the Malaysian investment landscape. Let’s break down why ASNB Fixed Price Funds remain a favourite among millions of Malaysians.

1. Fixed unit price at RM1.00

All ASNB Fixed Price Funds are permanently priced at RM 1.00 per unit, ensuring price stability and eliminating market fluctuations. This fixed pricing structure allows investors to plan their investments with confidence, knowing exactly how many units they are purchasing. Additionally, the fixed price structure simplifies investment planning, as there is no need to monitor daily price movements. With a low RM 10 entry, ASNB Fixed Price Funds offer accessible, low-risk investing with relatively consistent returns for all Malaysians.

2. Stable and competitive dividend returns

ASNB Fixed Price Funds offer stable and competitive dividend returns, making them an attractive choice for investors seeking reliable income. Despite market fluctuations, these funds have consistently delivered dividends, maintaining a solid track record of payouts.

Over the past five years, the returns have remained steady across various funds. The table below presents the annual return yields for different ASNB Fixed Price Funds from 2020 to 2024.

ASNB Fixed Price Funds continue to be a reliable investment choice for Malaysians seeking stability and consistent returns. Their fixed unit price, competitive dividend payouts, and accessibility make them an attractive option, especially for risk-averse investors.

3. Tax-free dividends

This tax exemption makes ASNB Fixed Price Funds even more attractive for investors looking to maximize their returns. Since dividends earned are not subject to income tax, investors can fully enjoy their payouts without any deductions or additional paperwork. This simplifies financial planning and ensures that every ringgit earned from these funds goes directly into your pockets.

4. Zero sales charge

No sales charges are imposed on ASNB Fixed Price Funds, unlike many other unit trusts that charge upfront fees ranging between 1-5 %. This ensures that every ringgit you invest goes entirely into purchasing units, maximizing the value of your investment.

Note: Certain funds like ASB 2 and ASM 3 reserve the right to impose up to a 1 % sales fee at their discretion, though this is rarely applied.

5. On-the-spot redemption

ASNB offers instant redemptions over the counter at branches or agent banks. This means that whether you need cash on the spot, a cheque, or a direct bank transfer, you can access your funds immediately without hassle.

For investors who prefer digital convenience, ASNB also enables online redemptions through the myASNB portal and mobile app without any additional charges. There is a minimum of 100 units per transaction and a maximum of 2,000 units per month, accumulated across all ASNB unit trusts. Redemptions are limited to three transactions per month, whichever limit is reached first.

6. Low minimum investment

With a minimum initial investment of just RM 10, ASNB Fixed Price Funds are highly accessible. This affordability allows students, young adults, and first-time investors to start their investment journey with minimal financial commitment.

7. Backed by government-linked institutions

ASNB funds benefit from strict regulatory oversight and professional fund management under Permodalan Nasional Berhad (PNB), a government-linked investment institution. With strong regulatory oversight and backing from the Malaysian government, these funds offer investors an added layer of confidence in the stability and governance.

8. Available to All Malaysians (Not Just Bumiputera)

Among the six Fixed Price Funds, three funds are open to all Malaysians regardless of race or background. These include:

• Amanah Saham Malaysia (ASM)
• ASM 2 Wawasan
• ASM 3

9. No Management of NAV or Daily Price Monitoring

With a fixed unit price, ASNB Fixed Price Funds do not require daily monitoring of market movements or tracking of Net Asset Values (NAVs), allowing investors to focus on key aspects of their financial journey:

• Investment amount: Since there are no price fluctuations, you can confidently plan your investments without worrying about timing the market. Whether you invest a lump sum or make regular contributions, your investment strategy remains straightforward.
• Dividend returns: Your primary source of returns comes from annual dividend payouts. Without capital price fluctuations, all earnings are based on the fund’s dividend performance, making it easier to anticipate and manage potential income.
• Long-term financial goals: Fixed Price Funds provide a stable foundation for wealth accumulation. Since investors don’t need to react to daily market shifts, they can focus on long-term objectives such as retirement planning, children’s education, or passive income generation.

Risks and limitations in ASNB funds

While ASNB funds offer stable returns and accessible investing options for Malaysians, they are not without drawbacks. Like any investment, they come with certain risks and limitations that investors should be aware of. It’s important to understand these factors before committing your money to ensure they align with your financial goals. 

Here’s what you need to know before investing in ASNB funds.

1. Market and interest rate risk still apply

While ASNB Fixed Price Funds ensure that the unit price remains at RM 1, this does not mean they are completely risk-free. The underlying assets such as equities, bonds, and money market instruments are still influenced by external factors like economic downturns, inflation, and changes in government policies. For instance, during periods of economic instability or high-interest rates, the returns from bonds or equities within the fund may be lower, which can directly impact the dividend payouts.

For ASNB Variable Price Funds, the risk is even more pronounced because their unit prices fluctuate based on NAV. If the market performs poorly, not only could dividends be reduced, but the unit price itself may drop, leading to potential capital losses when selling. Therefore, investors should be aware that while ASNB funds are relatively stable, they are still subject to economic cycles and market risks.

2. No PIDM protection

Unlike bank savings accounts or fixed deposits, ASNB funds are not insured by the Perbadanan Insurans Deposit Malaysia (PIDM). This means that if ASNB or its fund managers face financial trouble, your investment is not guaranteed or protected in the same way that bank deposits are.

Without PIDM coverage, investors are fully exposed to the risks associated with fund performance, including fluctuations in dividend payouts, economic downturns, and potential mismanagement by fund managers. While ASNB funds are managed under PNB, they still carry some level of financial risk, and losses—though unlikely—are not impossible.

3. Limited unit availability for certain funds

For ASNB Fixed Price Funds, particularly ASM, ASM 2 Wawasan, and ASM 3, unit availability is restricted by a quota system. While these funds are open to all Malaysians, the number of units allocated to non-Bumiputera investors is capped. Once the quota is full, non-Bumiputera investors cannot purchase additional units unless existing investors redeem their holdings, making it challenging to expand investments at will.

Due to this limitation, securing units requires patience and timing, as availability depends on when other investors sell their units. This means that potential investors have to constantly monitor availability or wait for special openings announced by ASNB. Additionally, these funds are highly sought after due to their stable returns and tax-free dividends, making it even more competitive to secure units when they become available.

4. Capped online withdrawals

Although ASNB has digitised its services through the myASNB portal and mobile app, online redemptions are capped at 2,000 units per month across all ASNB unit trusts. The minimum redemption amount is 100 units, and investors must plan their withdrawals accordingly.

For those needing to withdraw a larger sum, transactions must be made at physical ASNB branches or agent banks, where on-the-spot redemptions are available. This lack of unrestricted online liquidity may be inconvenient in urgent situations, especially for investors who prefer digital transactions.

5. Dividend income is not guaranteed

Although ASNB Fixed Price Funds have a history of consistent dividend payouts, these distributions are not guaranteed. The dividend rate fluctuates based on the performance of the fund’s underlying assets, which are affected by market conditions, inflation and economic downturns.

During weak market periods, returns may decline, leading to lower dividends. Fund expenses and management costs can also impact payouts. Investors should not rely solely on ASNB dividends for passive income and should consider diversifying their investments for financial stability.

6. Limited flexibility in switching between funds

Unlike many unit trust investment platforms that allow seamless fund switching, ASNB does not offer an automatic switch option between its funds. If you wish to move your investment from one ASNB fund to another, you must first redeem your units, wait for the funds to be credited, and then reinvest in the desired fund.

This process can be time-consuming and inefficient, especially for funds with limited unit availability. By the time you redeem and attempt to reinvest, the target fund’s units may no longer be available, making fund reallocation within ASNB more restrictive compared to other investment platforms.

How can you start investing in ASNB funds?

You can open an account by visiting an ASNB branch office or authorized ASNB agent. The required documents are as below:

• 18 years and above: MyKad.
• Below 18 years: MyKid / MyKad or Birth Certificate, along with the parent / guardian’s MyKad.

The minimum initial investment for all ASNB unit trust funds is as low as RM 10, making it highly accessible to all Malaysians.

Via myASNB App:

1. Download & Sign Up– Get the myASNB app and register.

2. Verify Identity – Complete in-app verification.

3. Answer 6 Questions – Simple risk assessment.

4. Start Investing – Deposit a minimum of RM10.

Ways to invest into your ASNB funds

Beyond direct cash investments, ASNB offers multiple convenient options to grow your investment seamlessly. Whether you prefer automated contributions, EPF withdrawals, or financing options, here are the key ways to invest in ASNB funds:

1. EPF Members’ Investment Scheme (MIS)

The EPF Members’ Investment Scheme (MIS) allows EPF members aged 18 and above to invest part of their EPF savings into ASNB unit trusts. Investments are subject to EPF’s terms and unit availability.

Eligible ASNB Funds

Application Methods

• Manual submission (via KWSP 9N AHL Form)

• Documents required: EPF 9N (AHL) Application Form, latest EPF statement, original & copy of IC
• Where to apply: ASNB Main Counter, ASNB Branches & Agents (except Pos Malaysia & Maybank)

• Manual submission (via KWSP 9N AHL Form)

• Register as an EPF i-Invest member

Withdrawal of EPF Investment

For more details, visit the EPF website.

2. Salary Deduction Scheme

The Salary Deduction Scheme – Systematic Investment Plan (SIP) allows ASNB unitholders to invest regularly without visiting ASNB branches or agents. It is available for ASB and Fixed Price Funds (ASB 2, ASB 3 Didik, ASM 2 Wawasan, ASM 3), subject to unit availability.

Eligibility Criteria

• Must meet ASNB’s minimum investment balance requirement for the selected fund.
• Maintain a clean account status.
• ASB unit holders must not have reached the maximum investment limit.

Application Procedures & Required Documents

For more details, visit the ASNB website.

3. Investment through financing

ASNB offers investment through financing as an alternative to cash investments. This facility allows investors to secure financing from financial institutions to invest in Fixed Price Funds or to use their ASNB unit trusts as collateral for loans.

Investment Limit for Fixed Price Funds

Unit Trust Collateral Facilities

Unit Trust Collateral for Business & Personal Financing

For more details, visit the ASNB website.

4. Internet banking facility

ASNB unit holders can make additional investments, check balances, and review transaction records via various banking platforms, including internet banking, mobile apps, ATMs, and e-wallets.

Supported Banks & Platforms

• Maybank: Maybank2U, ATM
• CIMB: CIMB Clicks, ATM
• Affin Bank: Affin Always
• RHB: RHB Now
• Hong Leong: HLB Connect
• AmBank: AmOnline
• Bank Islam: Bank Islam Internet Banking
• Touch ‘n Go: TnG eWallet

Investment Amount Limits

• Minimum additional investment: RM1 (except for Touch ‘n Go, which is RM10).
• Maximum additional investment: Subject to bank or eWallet daily limits.

Transaction Processing Time

• Fixed Price Funds: Same-day processing.
• Variable Price Funds: Updates after 2 business days (before 4 PM) or 3 working days (after 4 PM).

Comparison with other low risk investments

When it comes to low-risk investments, ASNB fixed price funds are often the go-to for many Malaysians. But they aren't the only way to grow your cash safely. From fixed deposits to cash management accounts, each option comes with its own pros and cons in terms of returns, flexibility, and accessibility.

Data as of 29th Mar 2025

Ultimately, the best place for your money depends on what you value more — higher returns, easy access, or guaranteed protection. If you're looking for an option that offers competitive returns without locking up your cash, a cash management portfolio like StashAway Simple™ could be a great complement to traditional options like ASNB.

Diversify your investment with ASNB unit trust funds

Looking for a smart way to grow your money? ASNB unit trust funds might just be the hidden gem in your investment portfolio. Whether you prefer steady, reliable returns from fixed price funds or want to tap into market growth with variable price funds, ASNB gives you the best of both worlds.

Compared to fixed deposits or government securities, ASNB offers competitive returns, flexible withdrawal options, and even financing facilities to help you make the most of your investment. Plus, with easy access through online banking and mobile apps, managing your money has never been this hassle-free.

Why put all your eggs in one basket when you can diversify and maximize your potential? ASNB gives you the chance to build wealth while keeping things flexible. Whether you are saving for the future or looking for better returns, this is a solid, stress-free way to invest!