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MONTHLY MARKET UPDATE
มีที่ปร�กษาแนะนำให� ลงทุนยังไงก็ใช�คุณTMB Advisory ที่ปร�กษาส�วนตัวด�านการลงทุน
APRIL 2020
Data as of 30/04/2020
Growth forecasts deteriorated sharply throughout the world, and a contraction is now expected as many regions experienced lockdowns.Credit crunch and the expectations of rising corporate defaults have magnified the financial markets turbulence and therefore the impact on the economy. However, we believe that the continued active role from both monetary and fiscal part will support the global growth on the last quarter of the year. Because of current elevated uncertainties, we maintain our defensive stance in the portfolios. On equities, the recent rally was a result of an emotional response as the growth in the number of new cases slowed in many countries, as well as proactive and preventive monetary and fiscal policy. But stronger fundamentals are needed for any sustained upwards movement in stock prices. Valuation is also at historical high. Consensus expectations for margin growth seem too optimistic. In this uncertain context and recent strong rally, we remain underweight on equities. In terms of style, we prefer quality growth stocks than value as investors looking for companies offering resilient growth during economic shocks.On the fixed income, considering the highly accommodative stance of Central Banks, we expect government bond rates to remain very low for the next 12 months. Within fixed income part, we prefer global bonds to Thai bonds. On global fixed income, current yields are not seen as very attractive, but we keep a constructive view on duration as despite stretched valuations, safe heaven flows will likely continue. We are positive on credit, under the umbrella of Central banks with a focus on high quality and liquid names. Finally, we are now more constructive on Asian bonds against the EM bonds.
MARKET VIEWMARKET OVERVIEWLast month, equity market posted a “V shape” turnaround after historic plunge in Mar while the economy is expected to post a “U, W, or L shape” turnaround. The rebound of the stock market was supported by the massive relief measures from both monetary and fiscal policy and positive expectation from the investors after new cases per day in large economies tend to be stable or decreased. However, the large impact from the spread of COVID-19 already posted in the global economy and may need a long time to recover. Last month, equity market in developed countries outperformed emerging countries led by the US. Within developed market, US was the leader (S&P500 increased by 12.8%) while Europe and Japan lagged behind. In emerging market, LATAM was the worst performer again. In Asia market, China underperformed peers while Thailand, India, and Taiwan outperformed (increased 16.85%, 15.52%, and 14.11% respective-ly). Global bond market benefitted from a general tightening of credit spreads across the board. Global Aggregate Index Hedged USD ended the month with a comfortable return of +1.62%. In detail, on the credit side, Global Corporate index was the best performer, gaining 4.69%, followed by high spread assets (HY bonds +4.39%, EM Debt Local Currency +3.92%, EM Debt Hard Currency +2.25%). On Thai fixed income market, government bond yields followed the global downwards trend in April. Overall, Thai bond composite index gained +0.27%.
TABLE OF CONTENT
RISK AVERSE PORTFOLIO
CONSERVATIVE PORTFOLIO
BALANCED PORTFOLIO
ADVANCED PORTFOLIO
AGGRESSIVE PORTFOLIO
01
03
05
07
09
PLEASE SELECT THE ITEMS, FOR FURTHER INFORMATION
MARKET OVERVIEW AND MARKET VIEW (Data as of 30 Apr 2020)
PORTFOLIO OVERVIEW – APRIL 2020
01
Table of content
This summary is a part of the prospectus which only sets out information relating to the policy, return, risks and conditions of the fund. Investors must study the information in details from the full prospectus before making an investment decision. Full prospectus can be requested from a selling agent and the Management Company. Investors may also study information from the prospectus that was submitted by the Management Company to The Securities and Exchange Commission (SEC) on SEC’s website. If you have any questions, please ask your investment advisor before buying investment units. Investors should make investment only when they see that the fund is suitable to their objectives and that they can accept potential risks from such investment.
For customer’srisk level 1RISK AVERSE PORTFOLIO
Monthly Performances and Risks statistics
The portfolio underperformed its benchmark, delivering 0.37% vs 0.53%. This month, the funds that detracted the most from the performance were Thai bonds (money market funds) as their duration were less than duration of the benchmark. An underweight in global fixed income also detracted return of the portfolio.
Maximum drawdownWorst monthLowest returnBest monthHighest return
PortfolioBenchmarkSpread**
3 months-1.82%0.85%
-2.67%
1 month0.37%0.53%
-0.17%
6 months-0.94%1.78%
-2.72%
Portfolio volatilityBenchmark volatility
3 years1.29%0.90%
1 year2.13%1.40%
5 years--
YTD-1.41%1.40%
-2.81%
S.I.(% p.a.)1.67%2.60%
-0.93%
We reallocate TMB bond, TMB Thanaplus bond and TMB aggregate bond on K Cash and TMB treasury money.
PortfolioBenchmarkSpread
20173.01%2.25%0.76%
20180.68%1.28%
-0.61%
20193.31%3.72%
-0.41%
2016---
2015---
Portfolio commentary
Performance analytics
Risk analysis (rolling)
Strategy
Performance Evolution (Base 100)*
Calendar year performance
Past performance (%)
Asset Allocation*
FIF Fixed Income
Fixed Income
15.10%
% Investment Portion
84.90%
% weight14.81%
7.19%3.82%4.09%
84.90%59.43%25.47%
Bloomberg
TMBGLBF TB TMBGLIN TBUNGLDBN TB
KASKTPF TBTMBTRMF TB
ISIN
TH2560010005 TH7232010002TH8385010005
TH2733010007TH1092010004
TMB GLOBAL BOND FUNDTMB GLOBAL INCOME FUNDUNITED GLOBAL DYNAMIC BOND-N
K CASH MANAGEMENTTMB TREASURY MONEY
FIF Fixed Income
Fixed Income**
Portfolio composition – April 2020
Monthly Market Update – April 2020
* This portfolio allocation will evolve depending on the market condition or other economic factors.
Portfolio Benchmark
15.10%
84.90%
-3.15%03/2020-2.52%
03/20190.47%
Reference allocation: 100% Fixed IncomeThis profile is designed for investors having a low risk tolerance and expecting also capital preservation.
Benchmark :Composite Index **
Sub-fund launch date: 30/12/2016
Investment Objective
** Index composition :
48% THAI BOND DEALING CENTER GOVT BOND GRP 1 TOTAL RETURN INDEX + 8% THAI BOND DEALING CENTER CORPORATE BOND GRP 1 TOTAL RETURN INDEX (BBB UP) + 24% THAI BOND DEALING CENTER SHORT TERM GOVT BOND TOTAL RETURN INDEX + 20% BLOOMBERG BARCLAYS GLOBAL AGGREGATE HEDGED
Portfolio Management Fee :
Portfolio Management Fee (Exclude vat) Not Exceeding 1.5% P.A. of AUM (Actual Fee No Charge)
As of 30 April 2020
Inception to date
** The summation of portfolio return and the spread may not equal to the benchmark return because of the rounding effect
02
03
Table of content
This summary is a part of the prospectus which only sets out information relating to the policy, return, risks and conditions of the fund. Investors must study the information in details from the full prospectus before making an investment decision. Full prospectus can be requested from a selling agent and the Management Company. Investors may also study information from the prospectus that was submitted by the Management Company to The Securities and Exchange Commission (SEC) on SEC’s website. If you have any questions, please ask your investment advisor before buying investment units. Investors should make investment only when they see that the fund is suitable to their objectives and that they can accept potential risks from such investment.
For customer’srisk level 2CONSERVATIVE PORTFOLIO
Monthly Performances and Risks statistics
KTAM ASEAN EQ-ATMB CHINA OPPORTUNITY FUND TMB EASTSPRING GLO CORE EQTMB GLOBAL QUALITY GROWTH FUND
TMB EMERGING BOND FUNDTMB GLOBAL BOND FUNDTMB GLOBAL INCOME FUNDUNTIED GLOBAL DYNAMIC BOND-N
K STAR EQUITY FUND-A ACCTISCO HIGH DIVIDEND EQUITY FUND
K CASH MANAGEMENTTMB TREASURY MONEY
Asset Allocation*
FIF EquitiesFIF Fixed Income
9.32%
% Investment Portion
26.43%EquitiesFixed Income
8.54%55.71%
FIF Equities
FIF Fixed Income
Equities
Fixed Income**
% weight9.32%2.05%2.58%2.25%2.44%
26.43%3.61%
10.62%6.91%5.29%8.54%2.65%5.89%
55.71%39.00%16.71%
Bloomberg
KTASEAN TB TMBCOPF TB TMBESGC TBTMBGQGT TB
TMBEBF TBTMBGLBF TBTMBGLIN TBUNGLDBN TB
KSTAACC TBTISCOHD TB
KASKTPF TBTMBTRMF TB
ISIN
TH6401010009 TH5969010005 TH9296010001TH6351010009
TH7628010004 TH2560010005TH7232010002TH8385010005
TH1557010002TH3221010004
TH2733010007TH1092010004
Portfolio composition – April 2020
55.71% 26.43%
9.32%
8.54%
Monthly Market Update – April 2020
* This portfolio allocation will evolve depending on the market condition or other economic factors.
The portfolio underperformed its benchmark delivering 2.56% vs 3.13%. The portfolio underperformed its benchmark because of its underweight exposure to equity as last month equity market posted a strong rebound. Within fixed income part, the portfolio’ s shorter duration compare with the benchmark is the key detractor of the portfolio, particularly in Thai bonds. Within equity part, the underweight exposure to Thai equity contributed to the underperformance. Within Thai equity, TISCOHD detracted the most because of its high exposure to banking sector which was strongly underperformed SET Index last month. K-STAR also detracted portfolio performance because of its high exposure to cash vs SET Index.
Maximum drawdownWorst monthLowest returnBest monthHighest return Portfolio
BenchmarkSpread**
3 months-4.35%-0.87%-3.48%
1 month2.56%3.13%
-0.58%
6 months-3.74%0.12%
-3.86%
Portfolio volatilityBenchmark volatility
3 years4.04%3.29%
1 year6.34%5.15%
5 years--
YTD-4.72%-0.48%-4.23%
Portfolio commentary
Performance analytics
Risk analysis (rolling)
Strategy
Performance Evolution (Base 100)*
Calendar year performance
Past performance (%)
Portfolio Benchmark
-9.95%03/2020-5.51%
04/20202.42%
Reference allocation: 80%Fixed Income, 20% Equities This profile is designed for cautious investors having a low to medium risk tolerance and looking for a large diversification in terms of asset classes.
Benchmark :Composite Index **
Sub-fund launch date: 30/12/2016
Investment Objective
** Index composition :
30% THAI BOND DEALING CENTER GOVT BOND GRP 1 TOTAL RETURN INDEX +5% MSCI AC ASIA EX JAPAN+ 10% BANGKOK SET+15% THAI BOND DEALING CENTER SHORT TERM GOVT BOND TOTAL RETURN INDEX +5% MSCI WORLD +5% THAI BOND DEALING CENTER CORPORATE BOND GRP 1 TOTAL RETURN INDEX (BBB UP) +30% BLOOMBERG BARCLAYS GLOBAL AGGREGATE HEDGED
Portfolio Management Fee : Portfolio Management Fee (Exclude vat) Not Exceeding 1.5% P.A. of AUM (Actual Fee 0.5% P.A. of AUM)
PortfolioBenchmarkSpread
20176.94%5.51%1.43%
2018 -2.05%-0.99%-1.06%
20196.15%5.42%0.72%
2016---
2015---
Inception to date
We reallocate TMB bond, TMB Thanaplus bond and TMB aggregate bond on K Cash and TMB treasury money.
As of 30 April 2020
S.I.(% p.a.)1.79%2.79%
-1.00%
** The summation of portfolio return and the spread may not equal to the benchmark return because of the rounding effect
04
05
For customer’srisk level 3BALANCED PORTFOLIO
Monthly Performances and Risks statistics
Table of content
This summary is a part of the prospectus which only sets out information relating to the policy, return, risks and conditions of the fund. Investors must study the information in details from the full prospectus before making an investment decision. Full prospectus can be requested from a selling agent and the Management Company. Investors may also study information from the prospectus that was submitted by the Management Company to The Securities and Exchange Commission (SEC) on SEC’s website. If you have any questions, please ask your investment advisor before buying investment units. Investors should make investment only when they see that the fund is suitable to their objectives and that they can accept potential risks from such investment.
KTAM ASEAN EQ-AONE EUROPEAN EQUITY FUNDTMB CHINA OPPORTUNITY FUNDTMB EASTSPRING GLO CORE EQTMB GLOBAL QUALITY GROWTH FUND TMB EMERGING BOND FUNDTMB GLOBAL BOND FUNDTMB GLOBAL INCOME FUNDUNITED GLOBAL DYNAMIC BOND-N
K STAR EQUITY FUND-A ACCTISCO HIGH DIVIDEND EQUITY FUNDTMB THAI MID SMALL MINIMUM VARIANCE FUND
K CASH MANAGEMENTTMB TREASURY MONEY
PortfolioBenchmarkSpread**
3 months-7.17%-3.99%-3.17%
1 month5.81%7.13%
-1.33%
6 months-7.23%-3.66%-3.58%
YTD-8.67%-4.49%-4.18%
S.I.(% p.a.)1.38%2.16%
-0.78%
Performance Evolution (Base 100)*
Calendar year performance
Past performance (%)
Portfolio Benchmark
% weight20.38%
3.41%2.68%6.46%3.76%4.06%
23.22%3.77%8.86%6.18%4.41%
25.30%9.22%
10.53%5.55%
31.10%21.77%
9.33%
Bloomberg
KTASEAN TBONEEUEQ TB TMBCOPF TBTMBESGC TBTMBGQGT TB TMBEBF TBTMBGLBF TB TMBGLIN TBUNGLDBN TB
KSTAACC TBTISCOHD TBTMBTMSVTB
KASKTPF TBTMBTRMF TB
ISIN
TH6401010009TH8488010001TH5969010005TH9296010001TH6351010009
TH7990010004TH2560010005TH7232010002TH8385010005
TH1557010002TH3221010004TH7480010001
TH2733010007TH1092010004
FIF Equities
FIF Fixed Income
Equities
Fixed Income**
Portfolio composition – April 2020
Asset Allocation*
20.38%
% Investment Portion
23.22%25.30%31.10%
FIF EquitiesFIF Fixed IncomeEquitiesFixed Income
20.38%
23.22%25.30%
31.10%
Monthly Market Update – April 2020
Reference allocation:50%Fixed Income, 50% Equities This profile is designed for investors having an average risk tolerance and targeting medium and long-term capital appreciation.
Benchmark :Composite Index **
Sub-fund launch date: 30/12/2016
Investment Objective
** Index composition :
10% MSCI AC ASIA EX JAPAN +30% BANGKOK SET +18% THAI BOND DEALING CENTER GOVT BOND GRP 1 TOTAL RETURN INDEX +20% BLOOMBERG BARCLAYS GLOBAL AGGREGATE HEDGED +10% MSCI WORLD +3% THAI BOND DEALING CENTER CORPORATE BOND GRP 1 TOTAL RETURN INDEX (BBB UP) +9% THAI BOND DEALING CENTER SHORT TERM GOVT BOND TOTAL RETURN INDEX
Portfolio Management Fee :
Portfolio Management Fee (Exclude vat) Not Exceeding 1.5% P.A. of AUM (Actual Fee 0.5% P.A. of AUM)
PortfolioBenchmarkSpread
201711.80%10.18%
1.62%
2018 -5.21%-4.04%-1.16%
20197.98%6.35%1.62%
2016---
2015---
* This portfolio allocation will evolve depending on the market condition or other economic factors.
The portfolio underperformed its benchmark delivering 5.81% vs 7.13%. The portfolio underperformed its benchmark because of its underweight exposure to equity as last month equity market posted a strong rebound. Within fixed income part, the portfolio’ s shorter duration compare with the benchmark is the key detractor of the portfolio, particularly in Thai bonds. Within equity part, the underweight exposure to Thai equity contributed to the underperformance. Within Thai equity, TISCOHD detracted the most because of its high exposure to banking sector which was strongly underperformed SET Index last month. K-STAR also detracted portfolio performance because of its high exposure to cash vs SET Index.
Maximum drawdowWorst monthLowest returnBest monthHighest return
Portfolio volatilityBenchmark volatility
3 years7.76%7.38%
1 year11.71%11.29%
5 years--
Portfolio commentary
Performance analytics
Risk analysis (rolling)
Strategy
-18.82%03/2020-8.91%
04/20205.64%
Inception to date
We reallocate TMB bond and TMB aggregate bond on K Cash and TMB treasury money.
As of 30 April 2020
** The summation of portfolio return and the spread may not equal to the benchmark return because of the rounding effect
06
07
Table of content
This summary is a part of the prospectus which only sets out information relating to the policy, return, risks and conditions of the fund. Investors must study the information in details from the full prospectus before making an investment decision. Full prospectus can be requested from a selling agent and the Management Company. Investors may also study information from the prospectus that was submitted by the Management Company to The Securities and Exchange Commission (SEC) on SEC’s website. If you have any questions, please ask your investment advisor before buying investment units. Investors should make investment only when they see that the fund is suitable to their objectives and that they can accept potential risks from such investment.
For customer’srisk level 4ADVANCED PORTFOLIO
Monthly Performances and Risks statistics
Asset Allocation*
% weight28.15%
4.40%2.77%2.00%8.88%4.85%5.24%
17.28%3.89%9.15%4.25%
35.39%13.33%15.39%
6.68% 16.61%11.62%
4.98%2.57%
2.57%
Bloomberg
KTASEAN TBONEEUEQ TBTMBAGLF TBTMBCOPF TBTMBESGC TBTMBGQGT TB
TMBEBF TB TMBGLBF TBTMBGLIN TB
KSTAACC TB AJFSTDY TB TISCOHD TB
KASKTPF TBTMBTRMF TB
TMBGPRO TB
ISIN
TH6401010009TH8488010001TH5820010004TH5969010005TH9296010001TH6351010009
TH7990010004 TH2560010005TH7232010002
TH1557010002 TH2360010007 TH3221010004
TH2733010007TH1092010004
TH8320010003
KTAM ASEAN EQ-AONE EUROPEAN EQUITY FUNDTMB ASIAN GROWTH LEADERS FUND TMB CHINA OPPORTUNITY FUNDTMB EASTSPRING GLO CORE EQ TMB GLOBAL QUALITY GROWTH FUND
TMB EMERGING BOND FUND TMB GLOBAL BOND FUND TMB GLOBAL INCOME FUND
K STAR EQUITY FUND-A ACCTISCO HIGH DIVIDEND EQUITY FUNDTMB THAI MID SMALL MINIMUM VARIANCE FUND
K CASH MANAGEMENTTMB TREASURY MONEY
TMB GLOBAL PROPERTY
FIF Equities
FIF Fixed Income
Equities
Fixed Income**
Others
Portfolio composition – April 2020
28.15%
% Investment Portion
17.28%32.39%16.61%
Others 2.57%
FIF EquitiesFIF Fixed IncomeEquitiesFixed Income
Monthly Market Update – April 2020
PortfolioBenchmarkSpread**
3 months-9.23%-6.03%-3.19%
1 month8.01%9.54%
-1.53%
6 months-9.96%-5.72%-4.25%
YTD-11.48%
-6.89%-4.59%
S.I.(% p.a.)0.81%1.86%
-1.05%
Performance Evolution (Base 100)*
Calendar year performance
Past performance (%)
Portfolio BenchmarkReference allocation: 30% Fixed Income,70% Equities Thisprofileis designed for investors having a medium to high risk tolerance and prepared to bear a potential loss.
Benchmark :Composite Index **
Sub-fund launch date: 30/12/2016
Investment Objective
** Index composition :
40% BANGKOK SET +15% MSCI AC ASIA EX JAPAN +9% THAI BOND DEALING CENTER GOVT BOND GRP 1 TOTAL RETURN INDEX +15% BLOOMBERG BARCLAYS GLOBAL AGGREGATE HEDGED +4% THAI BOND DEALING CENTER SHORT TERM GOVT BOND TOTAL RETURN INDEX +15% MSCI WORLD +2% THAI BOND DEALING CENTER CORPORATE BOND GRP 1 TOTAL RETURN INDEX (BBB UP)
Portfolio Management Fee :
Portfolio Management Fee (Exclude vat) Not Exceeding 1.5% P.A. of AUM (Actual Fee 1.0% P.A. of AUM)
PortfolioBenchmarkSpread
201714.90%13.50%
1.40%
2018-7.97%-6.22%-1.74%
20199.56%7.31%2.25%
2016---
2015---
28.15%
16.61%
32.39%
17.28%
2.57%
* This portfolio allocation will evolve depending on the market condition or other economic factors.
The portfolio underperformed its benchmark delivering 8.01% vs 9.54%. The portfolio underperformed its benchmark because of its underweight exposure to equity as last month equity market posted a strong rebound. Within fixed income part, the portfolio’ s shorter duration compare with the benchmark is the key detractor of the portfolio, particularly in Thai bonds. Within equity part, the underweight exposure to Thai equity contributed to the underperformance. Within Thai equity, TISCOHD detracted the most because of its high exposure to banking sector which was strongly underperformed SET Index last month. K-STAR also detracted portfolio performance because of its high exposure to cash vs SET Index.
Maximum drawdownWorst monthLowest returnBest monthHighest return
Portfolio volatilityBenchmark volatility
3 years10.55%10.16%
1 year15.78%15.40%
5 years--
Portfolio commentary
Performance analytics
Risk analysis (rolling)
Strategy
-26.04%03/2020-11.25%04/2020
7.84%
Inception to date
We reallocate TMB bond and TMB aggregate bond on K Cash and TMB treasury money.
As of 30 April 2020
** The summation of portfolio return and the spread may not equal to the benchmark return because of the rounding effect
08
09
AGGRESSIVE PORTFOLIOMonthly Performances and Risks statistics
For customer’srisk level 5
Table of content
This summary is a part of the prospectus which only sets out information relating to the policy, return, risks and conditions of the fund. Investors must study the information in details from the full prospectus before making an investment decision. Full prospectus can be requested from a selling agent and the Management Company. Investors may also study information from the prospectus that was submitted by the Management Company to The Securities and Exchange Commission (SEC) on SEC’s website. If you have any questions, please ask your investment advisor before buying investment units. Investors should make investment only when they see that the fund is suitable to their objectives and that they can accept potential risks from such investment.
Portfolio composition – April 2020
Monthly Market Update – April 2020
Benchmark :Composite Index **
Sub-fund launch date: 30/12/2016
Investment Objective
** Index composition :
50% BANGKOK SET + 25% MSCI AC ASIA EX JAPAN + 25% MSCI WORLD
Portfolio Management Fee :
Portfolio Management Fee (Exclude vat) Not Exceeding 1.5% P.A. of AUM (Actual Fee 1.0% P.A. of AUM)
PortfolioBenchmarkSpread**
3 months-12.34%
-8.95%-3.39%
1 month11.26%12.62%-1.37%
6 months-13.73%
-8.16%-5.57%
YTD-15.60%-10.17%
-5.43%
S.I. (% p.a.)-0.32%1.40%
-1.72%
Performance Evolution (Base 100)*
Calendar year performance
Past performance (%)
Portfolio Benchmark
Asset Allocation*
PortfolioBenchmarkSpread
201719.68%18.67%
1.01%
2018-12.39%
-9.62%-2.76%
201911.73%
8.73%3.00%
2016---
2015---
FIF EquitiesFIF Fixed Income
46.52%
% Investment Portion
2.23%Equities 46.75%Others 4.50%
2.23%
46.75%
46.52%
4.50%
% weight46.52%
8.32%4.71%4.84%6.30%
11.66%4.08%6.60%2.23%2.23%
46.75%16.99%
4.69%18.06%
7.01%4.50%4.50%
Bloomberg
KTASEAN TBKTAFINA TBONEEUEQ TB TMBAGLF TBTMBCOPF TBTMBESGC TBTMBGQGT TB
TMBGLIN TB
KSTAACC TBAJFSTDY TBTISCOHD TBTMBTMSV TB
TMBGPRO TB
ISIN
TH6401010009TH2424010001TH8488010001TH5820010004TH5969010005TH9296010001TH6351010009
TH7232010002 TH1557010002TH2360010007TH3221010004TH7480010001
TH8320010003
KTAM ASEAN EQ-AKTAM WORLD FINANCIAL SERVICES FUNDONE EUROPEAN EQUITY FUNDTMB ASIAN GROWTH LEADERSTMB CHINA OPPORTUNITY FUNDTMB EASTSPRING GLO CORE EQTMB GLOBAL QUALITY GROWTH FUND
TMB GLOBAL INCOME FUND
K STAR EQUITY FUND-A ACCKRUNGSRI DYNAMICTISCO HIGH DIVIDEND EQUITY FUNDTMB THAI MID SMALL MINIMUM VARIANCE FUND
TMB GLOBAL PROPERTY
FIF Equities
FIF Fixed Income
Equities
Others
The portfolio underperformed its benchmark delivering 11.26% vs 12.62%. The portfolio underperformed its benchmark because of its underweight exposure to equity as last month equity market posted a strong rebound. Within fixed income part, the portfolio’ s shorter duration compare with the benchmark is the key detractor of the portfolio, particularly in Thai bonds. Within equity part, the underweight exposure to Thai equity contributed to the underperformance. Within Thai equity, TISCOHD detracted the most because of its high exposure to banking sector which was strongly underperformed SET Index last month. K-STAR also detracted portfolio performance because of its high exposure to cash vs SET Index.
Maximum drawdownWorst monthLowest returnBest monthHighest return
Portfolio volatilityBenchmark volatility
3 years14.51%14.28%
1 year21.39%21.38%
5 years--
No Changes.
Portfolio commentary
Performance analytics
Risk analysis (rolling)
Strategy
-36.53%03/2020-14.83%04/202011.20%
Inception to date
Reference allocation: 100% EquitiesThis profile is designed for investors havinga high risk tolerance and prepared to bear strong market volatility.
* This portfolio allocation will evolve depending on the market condition or other economic factors.
As of 30 April 2020
** The summation of portfolio return and the spread may not equal to the benchmark return because of the rounding effect
10
Table of content
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