ASNB Unit Trusts: Amanah Saham Wawasan vs ASM vs ASW 2020, Which to Pick?

Among the ASNB fund lineup, three fixed-price funds are open to every Malaysian regardless of ethnicity: ASM (Amanah Saham Malaysia), ASM 2 Wawasan (formerly ASW 2020), and ASM 3. If you are not a Bumiputera and want the capital-stable, dividend-focused structure that makes ASB famous, these three are your entry point.

This guide explains how the funds differ, what the latest dividend rates look like, and how to decide which one deserves your ringgit.

---

What ASNB’s fixed-price funds actually are

ASNB, a subsidiary of Permodalan Nasional Berhad (PNB), manages 14 unit trust funds across two broad structures.

Fixed-price funds are priced permanently at RM 1.00 per unit. The unit price does not rise or fall. All returns come entirely from an annual income distribution (dividend). You cannot make a capital gain, but you also cannot suffer a capital loss on the unit price itself.

Variable-price funds trade at a fluctuating net asset value (NAV), just like a conventional unit trust. Your unit price can go up or down. ASNB’s variable-price lineup includes funds such as Amanah Saham Didik and Amanah Saham Malaysia Agro.

The three funds compared in this article are all fixed-price. That shared structure is the most important thing to understand before comparing them with each other.

---

The three funds at a glance

Feature	ASM	ASM 2 Wawasan	ASM 3
Former name	Amanah Saham Malaysia	Amanah Saham Wawasan 2020 (ASW 2020)	Amanah Saham Malaysia 3
Fund type	Fixed-price equity	Fixed-price equity	Fixed-price equity
Eligible investors	All Malaysians	All Malaysians	All Malaysians (Indian community priority)
Minimum initial investment	RM 10	RM 10	RM 10
Unit price	RM 1.00	RM 1.00	RM 1.00
Latest income distribution	5.00 sen/unit (FYE 31 Mar 2025)	4.75 sen/unit (FYE 31 Aug 2025)	4.75 sen/unit (FYE 30 Sep 2025)
Distribution basis	Annual	Annual	Annual
Units availability	Subject to availability	Subject to availability	Subject to availability
Sales charge	Nil	Nil	Nil

Sources: ASNB income distribution announcements (asnb.com.my, pnb.com.my, 2025).

---

ASM: the original fixed-price fund for all Malaysians

ASM was the first ASNB fixed-price fund opened to investors of all ethnicities. Its financial year ends on 31 March.

For the financial year ended 31 March 2025, ASM declared 5.00 sen per unit, distributing a total of RM 1.45 billion to approximately 740,000 unitholders holding 29.14 billion units (ASNB press release, March 2025).

The fund’s annual payout history has shown three consecutive years of increasing distributions, reflecting the underlying PNB equity portfolio’s performance.

Key consideration: ASM units are subject to availability. When the fund is fully subscribed, new investors must wait for units to be released or for existing holders to redeem. Check availability at myASNB or any ASNB agent bank before planning a large lump-sum investment.

---

ASM 2 Wawasan: the renamed ASW 2020

The fund most Malaysians still call “ASW 2020” was rebranded to ASM 2 Wawasan in October 2018. It is the same fund with the same fixed-price structure. The “2020” suffix referenced Malaysia’s Vision 2020 development agenda and no longer appears in the official name.

Its financial year ends on 31 August.

For the financial year ended 31 August 2025, ASM 2 Wawasan declared 4.75 sen per unit, distributing a total of RM 1.18 billion (PNB press release, August 2025). The prior year (FYE 31 August 2024) paid 4.75 sen as well, totalling RM 1.13 billion.

Key consideration: The slightly lower payout rate compared to ASM reflects the different underlying portfolio composition and financial year timing. Over a five-year horizon, both funds have delivered comparable total returns.

---

ASM 3: the newest fund with a community priority window

ASM 3 was launched with a specific outreach to the Indian community in Malaysia. During its promotional window, eligible Indian investors who had no existing ASM 3 holdings (or balances below 30,000 units) could subscribe up to 30,000 units before the allocation opened broadly. Once that tranche is exhausted, ASM 3 is available to all Malaysians under standard terms.

Its financial year ends on 30 September.

For the financial year ended 30 September 2025, ASM 3 declared 4.75 sen per unit, matching ASM 2 Wawasan’s rate (ASNB, 2025).

Key consideration: ASM 3 units tend to be tight. If you are not from the prioritised group and units are unavailable, focus on ASM or ASM 2 Wawasan first.

---

Fixed price vs variable price: why the distinction matters for you

Many investors confuse these two structures. Here is the practical difference.

With a fixed-price fund, RM 10,000 invested always has a redemption value of RM 10,000 in units, regardless of market conditions. The only way your total wealth grows is through the annual income distribution. This makes fixed-price funds suitable as a savings-replacement or emergency fund that earns more than a typical savings account, without the risk of a falling NAV.

With a variable-price fund, the same RM 10,000 could be worth RM 9,200 or RM 11,500 depending on the NAV on the day you redeem. Returns include both capital appreciation and income distribution, but you accept the downside risk as well.

If your goal is capital preservation with a steady annual return, the fixed-price ASM family is the right category. If you want long-term growth and can tolerate NAV fluctuation, explore variable-price unit trusts or diversified robo-advisors and ETFs.

---

Eligibility: who can invest in each fund

All three funds are open to:

• Malaysian citizens (MyKad holders)
• All ethnicities, including non-Bumiputera
• Adults (age 18 and above for a standard account)
• Minors through a joint account with a parent or guardian

The ASB and ASB 2 funds, by contrast, are exclusively for Bumiputera investors. If you are non-Bumiputera, ASM, ASM 2 Wawasan, and ASM 3 are the equivalent fixed-price instruments available to you.

There is no income threshold or employment requirement. A student, retiree, or self-employed individual can open an ASNB account at any agent bank (Maybank, CIMB, RHB, Public Bank, and others) or through the myASNB app.

---

Income distribution: how and when you receive it

For all three funds, income distribution is automatically credited as additional units into your account at the end of each financial year. You do not receive cash unless you redeem units. This reinvestment structure compounds your holding over time.

To qualify for the annual distribution, you need a minimum balance of at least 1 unit in your account on the last day of the financial year (31 March for ASM, 31 August for ASM 2 Wawasan, 30 September for ASM 3).

Muslim unitholders may opt for Class B units to receive their income distribution net of zakat, paid collectively on their behalf to the relevant zakat body. This option was formalised following Shariah opinions issued in 2025 and is available at the point of account opening or by updating your account preferences.

---

Which fund should you choose?

The honest answer: for most investors, any of the three you can actually access units in is the right choice. The structural differences are minor.

Here is a practical decision framework:

Choose ASM if: You want the longest track record, the highest recent payout (5.00 sen in FY2025), and units are available.

Choose ASM 2 Wawasan if: ASM units are sold out. The fund is large (over RM 25 billion in assets) and highly liquid, and the 4.75 sen rate is still well above most savings account rates.

Choose ASM 3 if: You are part of the Indian community during the priority window, or units are available and both ASM and ASM 2 Wawasan are sold out.

Diversify across all three if: You want to spread your ASNB exposure across different financial year-end dates, which staggers when you receive distributions throughout the year (March, August, September).

For context on how these funds compare against other long-term savings vehicles, see EPF, ASB and Tabung Haji compared and dollar-cost averaging in Malaysia.

---

Key takeaways

• ASM, ASM 2 Wawasan (formerly ASW 2020), and ASM 3 are all fixed-price ASNB funds open to every Malaysian.
• Fixed-price means your unit price stays at RM 1.00 permanently. Returns come entirely from the annual income distribution, not capital gain.
• ASM paid 5.00 sen per unit for FY2025 (ended March 2025). ASM 2 Wawasan and ASM 3 each paid 4.75 sen per unit for their respective 2025 financial years.
• No sales charge applies to any of the three funds. The minimum investment is RM 10.
• The biggest practical constraint is unit availability. Check myASNB or an agent bank before assuming you can invest as much as you want.
• Non-Bumiputera investors cannot access ASB or ASB 2. The ASM family is the equivalent fixed-price option for all Malaysians.
• Diversifying across all three staggered the financial year-end, spreading your annual income distribution across three months.

---

Frequently asked questions

Is ASW 2020 and ASM 2 Wawasan the same fund? Yes. ASNB renamed Amanah Saham Wawasan 2020 to ASM 2 Wawasan in October 2018. The fund structure, unit price, and eligibility are identical. The “ASW 2020” name is no longer official but is still widely used.

Can a non-Bumiputera invest in ASM? Yes. All three ASM funds are open to Malaysian citizens of all ethnicities. ASB and ASB 2 are the only ASNB fixed-price funds restricted to Bumiputera investors.

What happens to my income distribution if I do not have a unit on the last day of the financial year? You will not receive any distribution for that year. To qualify, you need at least 1 unit in your account on the final day of the relevant financial year: 31 March (ASM), 31 August (ASM 2 Wawasan), or 30 September (ASM 3).

Can I lose money in a fixed-price ASNB fund? Your unit price stays at RM 1.00. You will not suffer a capital loss on the units themselves. However, if the fund declares a lower income distribution in a given year (or no distribution at all), your total return for that year will be lower. There is no government guarantee on the distribution amount.

How do I invest in ASNB funds? Open an ASNB account at any agent bank (Maybank, CIMB, RHB, Public Bank, AmBank, and others) or through the myASNB portal at myasnb.com.my. You will need your MyKad. The minimum initial investment is RM 10 per fund.