diff --git a/modules/angular2/src/common/pipes/async_pipe.ts b/modules/angular2/src/common/pipes/async_pipe.ts
index 51e31784fa..09c11063f5 100644
--- a/modules/angular2/src/common/pipes/async_pipe.ts
+++ b/modules/angular2/src/common/pipes/async_pipe.ts
@@ -81,7 +81,7 @@ export class AsyncPipe implements PipeTransform, OnDestroy {
       if (isPresent(obj)) {
         this._subscribe(obj);
       }
-      return null;
+      return this._latestValue;
     }
 
     if (obj !== this._obj) {