Saturday, August 1, 2009

Amanah Saham 1Malaysia

AS 1Malaysia

首相纳吉今日正式宣布一个大马信托基金(Amanah Saham 1Malaysia)的发售细节。这一项由PNB (Permodalan Nasional Berhad)公开发售的100亿单位的基金将会在8月5日当天正式推出。每次由PNB发售的基金都会在华人的圈子引起热烈反响,大清早排队抢购这些新闻早已不是新鲜事,华裔对此基金的钟爱可谓众所皆知。

这类基金深受人民的热爱,原因无他,不外是稍微比银行利息高的回酬,加上打着政府的旗子,信誉保证。我想这些投资者中应该没有多少真正去了解这基金,例如阅读基金销售说明书(Prospectus)等,投资前作一个全面深入审核。更别说什么自我风险评估,资产配置等等相当重要事前准备。在此,我给大家分析这基金的一些细节,同时也告诉大家那些事项必须特别注意。(以下的部分数据皆以Amanah Saham Malaysia 2009的年报做准)

什么是信托基金?
信托基金是由一些资产管理公司或机构从人们那筹集一笔资金,然后由专业的基金经理代为投资。而信托在这里是指委托人(投资者)其合法持有的财产或财产权利委托给受托人,由受托人根据委托人意愿,以受托人自己的名义管理和处置该财产或财产权利。市面上的信托基金可成私人与政府机构所发行,目前为止,在FiMM下注册的资产管理公司共有42间。

此基金的投资策略与方向
有很多人有着错误的观念,认为发行所得的资金将会用来直接投入政府的发展计划。真实的情况,这类基金与一般信托基金的投资策略无异,主要是投资在证券市场的各类型交易工具,最常见的就是股票与债券。譬如说,Amanah Saham Malaysia(ASM)在2009年的报告指出,基金的67.74%投入在股票,剩余投资在固定收益证券或置放于货币市场、现金或存款。严格来说,这是一种平衡型基金,其净值的波动较平稳。销售说明书指出,AS1M最多可以投资90%在股票,同时至少要10%投资在债券。

此基金的价格固定在rm1.00
由于这是一个收入型基金,价格被永久固定在rm1.00,但是这并没有反应出投资单位的净资产值,投资者必须每年阅读年报探讨出基金的最新现状。一般的基金是以单位净资产值(NAV)代表着实际价值,基金所拥有的总资产減去所有负债和平均开销成本后,将得出净资产值。我个人认为虽然基金价格不变,但在年报内,适反映出每单位的真正净资产值将会给这个投资带来更大的透明度。

此基金的收费与运行成本
在Initial Offer Period(IOP)期间,是没有任何销售费用,过了之后基金经理有权征收1%的收费。不过,这比起一般的私营基金的3-6.5%销售费用,实在很便宜。再相比其他私人机构发行的平衡基金,这类基金的总开销比例(MER)就显得非常的低,才只有1%左右。这很可能是因为大量的资金的原因,产生规模经济(economic of scale),成本比例就很自然地下降。一般的私营基金,规模大概在1-5亿左右,顶多也是10多亿。

此基金是否属于保本基金?回酬如何?
这并非保本基金,很多人都误解政府机构推出的基金都有保本的保证。真正的保本基金会在销售说明书中清楚注明提供本金安全的保证。保本基金常见的投资方式是将大部分的资金投入在无息债券合同,这个合同通常就是有担保人提供。AS1M是以政府证券(MGS)平均5年的3.7至4%回酬作為基准。我乐观预测基金每年的平均回酬会在4-5%。

我本身是不会投资这基金,虽然某些部分是比私营基金来得优胜。原因无他,我个人认为在利用此基金推广一个马来西亚的概念时,不应以种族分配,就算只有30天。这根本就和我们首相推广的宏愿背道而行。其二,基金管理的方式极度不透明,连最基本的净资产值都没有写在报告中,一般的投资者真的很难去衡量基金的表现。其三,我担心基金规模过于庞大,会造成资金运作困难。其四,瞄了Master Prospectus一下,发现PNB旗下的基金经理多数是理财规划师(CFP)而非特许金融分析(CFA)。其五,我讨厌一大清早去排队。(个人主观)

ASNB - Amanah Saham 1Malaysia

24 comments:

嘉CacinG進 said...

哦~也有看到这新闻~!!!
可是要很早就去排队啦 -.-

Sonia said...

Not sure want to buy this or not, still considering, Thanks for sharing so detail analysis..

布莱恩 said...

是咯,七早八早就要牺牲睡眠去排队。
好惨,真的是给钱买罪受似的。

Anonymous said...

Amanah Saham 1Malaysia (AS1M),what is 1Malaysia? WHY still has QUOTA huh?
I have stopped my wife not even think about it. The reason i stopped my wife ? Niamah,I am a CHINESE, and i really hate them to use the name - 1Malaysia. Is this a good reason ?
I want to share something about Amanah Saham 1Malaysia (AS1M).
Most people will think that AS1M is just like another unit trust fund by PNB, something like Amanah Saham Malaysia (ASM) or ASW2020. But from my understanding, this is not the case.
Other PNB trust funds like ASM and ASW2020 give out dividend based on the returns of their investment portfolios, which are 95% equity and 5% others. Their yields have been consistently above 5% over the years (of course, this does not mean that it cannot go lower than 5%). These yields are benchmarked with the 3-month KL Interbank Offered Rates (KLIBOR), i think.
For AS1M, the yields are to be benchmarked against the yields from the Malaysian Govt Securities. In other words, the dividend from AS1M is to be benchmarked against the rates from the bonds issued by the Malaysian Govt. This is between 3.7% - 4%. In other words again, that means AS1M may not give out dividends higher than 5%.
Please do not get confused the Malaysian Govt Securities with the recent Sukuk Simpanan Rakyat (SSR). SSR is a special bond for rakyat issued by the govt (Ministry of Finance) and managed by Bank Negara, it has a fixed yield of 5% p.a. payable every 3 months. I am referring to the standard bonds issued by govts around the world including Malaysia, which is bought by international fund managers. AS1M is to be benchmarked against these govt securities.

维雄 said...

嘉CacinG進
哈,希望你不会排太久,尽量选一些比较山卡拉的地点。

Sonia
不客气,无论怎样都好,这还是FD最好的替代根据。

布莱恩
况且当天是工作日,要排队的话还必须请半天假。

Anonymous
Thank for your precious comment.
之前搞错了benchmark,多谢你的意见,现在改了。

Anonymous said...

政府基金(PNB, KWSP, Khazanah)一直以来收购大型华资企业,UMW,SOUTHERN BANK。。 等。之后有 IJM,SP SETIA ?
PNB 则不断地的向华人拿钱,却给于比 ASB 差的回酬。
为了马来西亚华人的未来,购买前千万要三思。

维雄 said...

也谢谢楼上这位无名氏给的资料。

.亮 said...

多谢你专业中肯的意见,给予我很大的信心-不去买!

Anonymous said...

AS1M是fixed price fund (固定价格的基金), 许多人错误的认为投资者随时可以以每单位RM1的原价赎回,所以完全没有风险,其实不然。因为ASM并没有作此保证。

ASM的网站清楚地阐明投资者要懂得投资风险.
"the potential investors are .... who understand investment risk and reward"

投资风险就是要承担亏损的风险。

有大约70-90%的AS1M会投资在股市。股市有起有落,遇到熊市时,AS1M的净值 (Net asset value)可能会低过每单位RM1的原价。如果那时有许多投资者对基金失去信心而要赎回,赎回的价格可能低过么单位RM1.

不同于其他信托基金,固定价格的基金不会公开发表基金的净值(NAV),所以投资者不会知道基金到底是不是真正赚钱。

Anonymous said...

我想问, 我之前已经买了ASM,如果我现在想拿回钱,我是否会被扣除费用呢

维雄 said...

亮.
亮兄,我相信你未看这篇文章前应该也不打算送去给政府去投资。

无名氏4号
我大概知道这位无名氏是佳礼的那位网友,谢谢你的补充。

无名氏5号
ASM应该是没有收任何redemption fee的,请放心卖掉。

{-'_'-} Yoon said...

Hi Wei Sheong, your point is very good and very clear. Thanks for sharing.

维雄 said...

朋友,我写下骗吃骗吃罢了。

伟杰 said...

好才有请教你先哦。。。

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宇喆 said...

请问我要卖掉as
m是所有银行都可以处理吗?

宇喆 said...

请问我要卖掉as
m是所有银行都可以处理吗?