Most people invest in ASB, but very few actually understand what’s happening behind the scenes.

They treat it like a safe place to park money: Put in cash → get dividends → repeat.

Now, there’s nothing wrong with that, but if you really want to “level-up” as an investor, you need to understand where your money is going to and how the returns are generated.

I sat down and read through the entire ASB 2025 annual report.

There are a few things in there that might change how you think about your money.

Fact 1: ASB invests in stocks (mostly)

A common misconception is that ASB is mostly “safe” assets.

In reality:

• 75.64% of the fund is invested in equities (ie. stocks)

• A large part of the remaining funds (13.75%) are in fixed income assets (ie. Government Bonds or Sukuk).

So yes, ASB is stable, but a big reason why it performs over time is because it’s exposed to the stock market.

2. ASB is HUGE

It isn’t just a fund; it’s a cornerstone of the Malaysian stock market.

• Fund Size: RM181 Billion

• Unitholders: 11.4 Million people

With the Bumi population estimated at 21.8 million for 2025, that means roughly 1 in 2 Bumiputeras in this country is an ASB investor. 

That is a massive level of trust and responsibility on the shoulders of the fund managers.

Fact 3: Maybank is the backbone of ASB

20.38% of the entire fund is invested in yellow bank. In fact, ASB has been the largest shareholder of Maybank for decades, owning a whopping 27.7% stake.

For every RM1,000 you put into ASB:

• ~RM200 goes into Maybank

• ~RM90 goes into SD Guthrie

• ~RM80 goes into Malaysian Government bonds

And so on.

Fact 4: When you're investing in ASB, you're mostly investing in the Malaysian stock market.

The top 20 holdings account for 62.25% of the fund.

Most of them are bluechip stocks listed on Bursa Malaysia.

Fact 5: ASB doesn’t really trade shares or buy low / sell high.

Rather, it generates profit by investing in dividend paying stocks.

You can see this with the “Nisbah Ganti Pusing Portfolio”.

A ratio of 1 = All investments in the portfolio changed over the year.

A lower number (ie. 2023: 0.21) means that the portfolio didn’t change much.

From 2023 to 2025, the ratio increased to 0.51.

This suggests that the fund managers were more active in 2025 compared to previous years.

They probably did this to manage global volatility and stabilize returns.

Fact 6: ASB’s management fees are EXTREMELY low.

For 2025, the expense ratio is only 0.09%, which means:

👉 For every RM1,000, the annual cost of managing it is only RM0.90.

This is exceptionally low compared to other UT funds, which charge between 1.00-1.50% per year.

(Bonus fact!) ASB dividends are calculated based on the lowest balance every month.

To be eligible for that month’s dividend, make sure to deposit by 1hb.

If after 1hb, wait.

Deposit the money into other places (TNG GO+, AEON Bank, etc.) to earn profit.

Check out ASB’s 2025 annual report here: https://cms.myasnb.com.my/uploads/Annual_Report_FYE_31122025_ASB_7909dd04c7.pdf

ASB is a great safety net, but to reach millionaire status, you need a strategy that goes beyond the basics.

On 9th May, I’m taking everything I’ve learned as a CFP to share with you my journey to RM1 mil.

You’ll learn:

• The Roadmap: A raw breakdown of my current holdings and the math I'm using to reach my first RM1 million.

• Risk Management: How I'm positioning my investments to stay resilient against inflation and subsidy rationalization.

• Buy vs. Avoid: The specific sectors I'm currently heavy on and the ones I am exiting.

See you at NU Sentral (only 10 seats left!): https://luma.com/bcmwws7c

Psst, send me a DM on WhatsApp and I’ll give you a 10% discount voucher for the event: https://wa.link/w45ywz