An asset is physical, touchable object that is maintained. A designed function (position) is still no more than a piece of paper. You cannot replace the oil of a piece of paper. A position only starts functioning after you have installed the physical pump or electric motor, after you have erected the building, or created the road and the bridge.
Assets are also movable. An asset can be removed from its position (function) and replaced by another object to take over that position. Following the definitions of asset and position, this means that the examples of a pump and motor are assets in HxGN EAM.
Assets are stockable. An old asset can be repaired and moved into the storeroom for later use on the same or totally unrelated position. Assets can also be purchased as spare parts in case of a quick replacement on a certain position.