That's what I thought also. ASB investments are 100% in equities. No way they can beat the market. Plus, according to Tan Sri Hamad Kama Piah Che Othman the size of the fund is getting bigger. When all other investment opportunities are gone, guess where everyone's putting their money at. At least most of bumiputeras anyway.
KUALA LUMPUR, Dec 15 - Unstable market conditions have led Amanah Saham Nasional Bhd (ASNB) to declare total payout of 8.75 sen a unit for the Skim Amanah Saham Bumiputera (ASB) for 2008, down from 9.00 sen declared last year.
The payout comprises 7.00 sen per unit in income distribution or totalling RM4.22 billion and a bonus of 1.75 sen per unit for a total of RM678.02 million for its 6.56 million unitholders who hold 62 billion units of ASB
ASN's parent company Permodalan Nasional Berhad chairman Tun Ahmad sarji said up to Dec 10, 2008, ASB has recorded a gross income of RM5.14 billion, Bernama reported today.
The dividend income from investee companies contributed RM3.12 billion or 60.71 percent of the gross income and profit from the sale of shares contributed RM1.58 billion or 30.75 percent, he said.
The rest of the income at 8.54 percent or RM439 million was derived from investments in short-term instruments and other investments.
ASB is a fixed price equity income fund, open to Bumiputeras aged 12 years and above, which is aimed at generating long-term, consistent and competitive returns to the unitholders while ensuring the preservation of capital at minimal risk tolerance level.
PNB president and group chief executive officer Tan Sri Hamad Kama Piah Che Othman said under the unstable market conditions, four percent reserves were carried to next year.
"PNB restructures its position regularly because we are a long-term fund manager. We want to maintain our performance and portfolio to consistently provide competitive returns," he said.
Last year, ASNB announced an income distribution of 8.00 sen per unit and a bonus of 1.00 sen per unit for ASB, an increase of 0.70 sen per unit compared with the income distribution of 7.30 sen per unit declared in 2006.
The bonus payout was 1.00 sen per unit in 2007 compared with 1.25 sen per unit the previous year.
The total of 9.00 sen per unit for ASB income distribution and bonus meant an increase of 0.45 sen per unit compared with 8.55 sen per unit for 2006, benefitting 6.35 million unit holders who then held 55.22 billion units of ASB.
Up to 13 December, 2007, ASB has recorded a gross income of RM5.13 billion or an increase of RM1.16 billion or 2.19 percent against RM3.97 billion in 2006.
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