Amanah Saham Wawasan 2020 (ASW 2020), Amanah Saham Malaysia (ASM) and Amanah Saham 1 Malaysia (AS1M) are three of the most popular unit trusts funds from Perbadanan Nasional Berhad that are available for non-bumiputra. All these unit trust funds are fixed price funds at the price of RM 1.00. This means that you buy and sell at RM 1.00 irregardless of share market fluctuations.
ASW 2020 which was launched in 1996 is an equity income fund that is benchmarked against 3-months KLIBOR rate. Based on year 2011 annual report, ASW 2020 invested 74.7% of its fund size of RM13.9b in equities and the remaining portion in money market and liquid instruments. MER ratio is 0.93 and PTR ratio is 0.25 as of year 2011.
ASM which was launched in year 2000 is an equity income fund that is benchmarked against 3-months KLIBOR rate. Based on year 2012 annual report, ASM invested 69.27% of its fund size of RM12.6b in equities and the remaining portion in money market and liquid instruments. MER ratio is 1.04 and PTR ratio is 0.28 as of year 2012.
AS1M which was launched in year 2009 is an equity income fund that is benchmarked against average rate of 5-years government MGS bond. Based on year 2011 annual report, AS1M invested 83.35% of its fund size of RM5.5b in equities and the remaining portion in money market and liquid instruments. MER ratio is 1.03 and PTR ratio is 0.59 as of year 2011.
If you compare the performance of these three funds in year 2011, I would say ASW 2020 performed the best even though its return of 6.5% is equivalent to AS1M return, despite its lower equity portion of 74.7%. Also, ASW 2020 has lower expenses than AS1M, as demonstrated by its lower MER of 0.93 and PTR of 0.25.
Over the long term, if you compare the performance of ASW 2020 and ASM especially the years that both funds co-exist (year 2001 - 2011), the average performance of ASW 2020 (6.92%) very marginally edge the average performance of ASM (6.89%) by a mere 0.04%. This means nothing really separates between these two funds. Apart from that, MER ratio for ASW 2020 is historically lower than ASM as well. AS1M is excluded from the comparison since it has only 2 years performance.
In summary, all these funds are behaving more like bonds with average returns of approximately 6% despite them being equity income funds. These funds will be suitable for those looking for stable and predictable returns over the long term that are far superior than the returns of fixed deposit rates and most of the bond funds.