monthly market update - media.tmbbank.com€¦ · monthly market update – august 2020 * this...
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MONTHLY MARKET UPDATE
มีที่ปร�กษาแนะนำให� ลงทุนยังไงก็ใช�คุณTMB Advisory ที่ปร�กษาส�วนตัวด�านการลงทุน
AUGUST 2020
Data as of 31/08/2020
The appetite for risk assets has remained strong over the summer lull and volatility has been decreasing.
The summer season has seen both the confirmation of existing themes and the emergence of new
ones that will likely drive economic and market trends in the coming months. We notice that the
decoupling between the real economy and financial markets has proved persistent. Another confirmed
trend is that the virus is not over (some EM, Europe, US see the daily number of covid cases
rebounding): the back-to-school test in September will be key. A sharp reacceleration of
the virus cycle would hit the financial markets, leading to mounting expectations of additional
support measures. On geopolitics, the US-China confrontation has taken a new twist recently in the
tech sphere. President Trump is likely to keep pressure high ahead of the elections. Finally, the
Presidential race is still very uncertain and a Democratic sweep would be a market mover, possibly
leading to higher volatility in the corporate sector. Overall, the outlook remains difficult to assess,
with asymmetric risks and any disappointment is a reason for caution, and so with tight valuations.
In these conditions, we keep a defensive stance on equities (and we keep our preference for credit
within risky assets), and within the asset class, we have a conservative view on DM equities while
we are more constructive on EM equities. In terms of style, quality growth stocks still offer interesting
features in the current environment, however valuations of some mega-caps and high-growth names
seem extreme, and rotation opportunities could arise in the value and cyclicals sectors. Markets are
being influenced by the news flow around fiscal and monetary interventions, which continues to drive
rates and spreads lower. We don't foresee any significant rise in bond yields as major Central Banks
should remain accommodative for a long period. In this context, we keep a rather neutral view on
duration, with a preference in US bonds versus other regions. On the credit side, we stay constructive
as companies remain under the umbrella of Central banks in the US and in the Euro area. We
continue to prefer IG to HY (which could suffer due to higher default rates and slowing top-line growth).
Nevertheless, in this context where credit spreads have already tightened significantly, a high
selectivity is due. Finally, we remain constructive on EM debt with a preference on Asian bonds.
Within fixed income part, we still prefer global bonds to Thai bonds
MARKET VIEWMARKET OVERVIEWLike July, August was another good month on equities. Risk sentiment improved supported
by the recovery as economies reopened and posted good activity data. Concerning Covid-19
trend, despite the virus kept on spreading globally, the pace of new Covid-19 cases in the
US slowed and the epidemic remained manageable in countries (especially Europe)
experiencing second wave contagion (no significant increase in hospitalizations). Finally,
news flow related to the development of a vaccine was rather positive. In this context, global
equities continued to rebound, MSCI World gaining 6.73%: Among developed markets, US
markets saw a stunning performance of FANG+ Index with a +21.2% increase (and now up
82.6% YTD). In term of style, as usual this year, growth stocks continued their strong run and
outperformed Value stocks, with the former up +9.4% against a gain of +3.3% for value.
Unlike July, Emerging markets underperformed developed equities, the MSCI EM
gaining only 2.24% (in USD terms). Performances were heterogeneous within EM: EM Asia
rebounded 3.24%, pulled up by Chinese equities (MSCI China +5.67% in USD thanks the
RMB strength, +1.82% vs USD), while LATAM dropped -6.20%. Thai market continued
to lag behind with a slight fall of 0.90% for the SET Index. Thai markets continue to suffer
from covid potential impact (especially on tourism), and from the current political unrest.
Though year for Thai equities (SET -14.6% YTD). Fixed income struggled in August as
investors rotated into riskier assets. Global Aggregate Index Hedged USD lost -0.72%. On
credit markets, spreads continued to tighten, but did not compensate the increase in
interest rates. As a result, Global corporate bonds lost -0.72% over the month. On Thai
fixed income market, in line with the global trend, government bond yields ended the month
with a slight upwards move, while credit spreads continued to tighten. Overall, the Thai bond
composite index ended slightly lower (-0,03%)
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 31 August 2020)
PORTFOLIO OVERVIEW – AUGUST 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 outperformed its benchmark, delivering +0.08% vs -0.16%. This month, the allocation to TMB Global Income who likely benefit from credit exposure and was less penalized by rising rates, contributed the most to the performance.
Maximum drawdownWorst monthLowest returnBest monthHighest return
PortfolioBenchmarkSpread
3 months0.83%0.38%0.45%
1 month0.08%
-0.16%0.24%
6 months-1.12%0.80%
-1.93%
Portfolio volatilityBenchmark volatility
3 years1.29%0.91%
1 year2.13%1.34%
5 years--
YTD-0.32%1.97%
-2.28%
S.I.(% p.a.)1.81%2.51%
-0.70%
No changes.
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
28.36%
% Investment Portion
71.64%
% weight28.36%11.14%
8.13%9.09%
71.64%9.94%
17.97%16.90%16.91%
9.93%
Bloomberg
TMBGLBF TB TMBGLIN TBUNGLDBN TB
KASKTPF TBKFIXINC TBKFAFIXI TBKTSFIPA TBTMBTRMF TB
ISIN
TH2560010005 TH7232010002TH8385010005
TH2733010007TH1145010001TH7481010000TH7323010002TH1092010004
TMB GLOBAL BOND FUNDTMB GLOBAL INCOME FUNDUNITED GLOBAL DYNAMIC BOND-N
K CASH MANAGEMENTK FIXED INCOME FUNDKRUNGSRI ACTIVE FIXED INCOME AKTAM FIXED INCOME PLUS ATMB TREASURY MONEY
FIF Fixed Income
Fixed Income
Portfolio composition – August 2020
Monthly Market Update – August 2020
* This portfolio allocation will evolve depending on the market condition or other economic factors.
Portfolio Benchmark
28.36%
71.64%
-3.15%Mar-20-2.52%Jul-200.57%
Reference allocation: 100% Fixed IncomeThis profile is designed for investors having a low risk tolerance.
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 31 August 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
TMB CHINA OPPORTUNITY FUND TMB EASTSPRING ASIA ACTIVE EQUITYTMB EASTSPRING GLOBAL CORE EQTMB GLOBAL QUALITY GROWTH FUND
TMB ASIAN BOND FUNDTMB GLOBAL BOND FUNDTMB GLOBAL INCOME FUNDUNITED GLOBAL DYNAMIC BOND-N
K STAR EQUITY FUND-A ACCTHANACHART LOW BETA
K CASH MANAGEMENTK FIXED INCOME FUNDKRUNGSRI ACTIVE FIXED INCOME AKTAM FIXED INCOME PLUS A
Asset Allocation*
FIF EquitiesFIF Fixed Income
11.20%
% Investment Portion
38.59%EquitiesFixed Income
5.98%44.24%
FIF Equities
FIF Fixed Income
Equities
Fixed Income
% weight11.20%
2.85%2.87%2.71%2.77%
38.59%4.06%
16.01%10.04%
8.48%5.98%2.78%3.20%
44.24%9.82%
11.83%11.78%10.81%
Bloomberg
TMBCOPF TBTMBAGLF TBTMBESGC TBTMBGQGT TB
TMBASD2 TBTMBGLBF TBTMBGLIN TBUNGLDBN TB
KSTAACC TBTISCOHD TB
KASKTPF TBKFIXINC TBKFAFIXI TBKTSFIPA TB
ISIN
TH5969010005TH5820010004TH9296010001TH6351010009
TH7628010004 TH2560010005TH7232010002TH8385010005
TH1557010002TH3221010004
TH2733010007TH1145010001TH7481010000TH7323010002
Portfolio composition – August 2020
44.24% 38.59%
11.20%
5.98%
Monthly Market Update – August 2020
* This portfolio allocation will evolve depending on the market condition or other economic factors.
The portfolio outperformed its benchmark delivering +0.56% vs +0.17%. This month the underweight to Thai equity contributed to the performance. On the fund level, TMB Global Income were the key contributor.
Maximum drawdownWorst monthLowest returnBest monthHighest return
PortfolioBenchmarkSpread
3 months3.54%1.71%1.83%
1 month0.56%0.17%0.39%
6 months1.49%2.34%
-0.86%
Portfolio volatilityBenchmark volatility
3 years4.22%3.42%
1 year6.71%5.33%
5 years--
YTD-0.07%1.74%
-1.81%
S.I.(% p.a.)2.91%3.15%
-0.24%
Portfolio commentary
Performance analytics
Risk analysis (rolling)
Strategy
Performance Evolution (Base 100)*
Calendar year performance
Past performance (%)
Portfolio Benchmark
-9.95%Mar-20-5.51%Apr-202.56%
Reference allocation: 80%Fixed Income, 20% Equities This profile is designed fo 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
No changes.
** The summation of portfolio return and the spread may not equal to the benchmark return because of the rounding effect
As of 31 August 2020
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.
TMB CHINA OPPORTUNITY FUND TMB EASTSPRING ASIA ACTIVE EQUITYTMB EASTSPRING GLOBAL CORE EQUITYTMB GLOBAL QUALITY GROWTH FUND
TMB ASIAN BOND FUNDTMB GLOBAL BOND FUNDTMB GLOBAL INCOME FUNDUNITED GLOBAL DYNAMIC BOND-N
K STAR EQUITY FUND-A ACCTHANACHART LOW BETATISCO STRATEGIC INCOME
K CASH MANAGEMENTK FIXED INCOME FUNDKRUNGSRI ACTIVE FIXED INCOME AKTAM FIXED INCOME PLUS A
TMB GOLD SINGAPORE FUND
PortfolioBenchmarkSpread
3 months5.62%2.71%2.91%
1 month0.85%0.56%0.29%
6 months3.85%3.74%0.11%
YTD-1.43%-0.78%-0.65%
S.I.(% p.a.)3.33%3.03%0.30%
Performance Evolution (Base 100)*
Calendar year performance
Past performance (%)
Portfolio Benchmark
% weight20.14%
6.80%4.57%2.15%6.62%
28.92%4.04%
10.94%7.99%5.95%
23.16%13.82%
6.36%2.98%24.44
4.88%7.35%7.32%4.88%3.35%3.35%
Bloomberg
TMBCOPF TBTMBAGLF TBTMBESGC TBTMBGQGT TB
TMBASD2 TBTMBGLBF TBTMBGLIN TBUNGLDBN TB
KSTAACC TBTLOBETA TBTISTRAT TB
KASKTPF TBKFIXINC TBKFAFIXI TBKTSFIPA TB
TMBGOLD TB
ISIN
TH5969010005TH5820010004TH9296010001TH6351010009
TH7628010004TH2560010005TH7232010002TH8385010005
TH1557010002TH3054010006TH1127010003
TH2733010007TH1145010001TH7481010000TH7323010002
TH3190010001
FIF Equities
FIF Fixed Income
Equities
Fixed Income
Others
Portfolio composition – August 2020
Asset Allocation*
Monthly Market Update – August 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 outperformed its benchmark delivering +0.85% vs +0.56%. This month, the underweight Thai equity contributed the most to the performance. On the fund level, TMB Global Income, TMB China Opportunity and Tisco Strategic were the key contributors
Maximum drawdowWorst monthLowest returnBest monthHighest return
Portfolio volatilityBenchmark volatility
3 years8.21%7.85%
1 year12.55%12.00%
5 years--
Portfolio commentary
Performance analytics
Risk analysis (rolling)
Strategy
-18.82%Mar-20-8.91%Apr-205.81%
Inception to date
No changes.
** The summation of portfolio return and the spread may not equal to the benchmark return because of the rounding effect
20.14%
% Investment Portion
28.92%23.16%24.44%
Others 3.35%
FIF EquitiesFIF Fixed IncomeEquitiesFixed Income
20.14%
24.44%
23.16%
28.92%
3.35%
As of 31 August 2020
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
TMB CHINA OPPORTUNITY FUND TMB EASTSPRING ASIA ACTIVE EQUITYTMB EASTSPRING GLOBAL CORE EQUITYTMB GLOBAL QUALITY GROWTH FUNDUNITED GLOBAL HEALTHCARE FUND
TMB ASIAN BOND FUNDTMB GLOBAL BOND FUNDTMB GLOBAL INCOME FUND
K STAR EQUITY FUND-A ACCTHANACHART LOW BETATISCO HIGH DIVIDEND EQUITY FUNDTISCO STRATEGIC INCOME
K FIXED INCOME FUNDKRUNGSRI ACTIVE FIXED INCOME A
TMB GOLD SINGAPORE FUND
Asset Allocation*
% weight30.88%
9.00%7.93%3.20%7.66%3.09%
22.78%4.01%
12.83%5.94%
31.24%15.54%
8.11%3.65%3.94%
10.68%5.84%4.84%4.43%4.43%
Bloomberg
TMBCOPF TBTMBAGLF TBTMBESGC TBTMBGQGT TBUOBUGHF TB
TMBASD2 TBTMBGLBF TBTMBGLIN TB
KSTAACC TBTLOBETA TBTISCOHD TBTISTRAT TB
KFIXINC TBKFAFIXI TB
TMBGOLD TB
ISIN
TH5969010005TH5820010004TH9296010001TH6351010009TH5842010008
TH7628010004TH2560010005TH7232010002
TH1557010002TH3054010006TH3221010004TH1127010003
TH1145010001TH7481010000
TH3190010001
FIF Equities
FIF Fixed Income
Equities
Fixed Income
Others
Portfolio composition – August 2020
30.88%
% Investment Portion
22.78%31.24%10.68%
Others 4.43%
FIF EquitiesFIF Fixed IncomeEquitiesFixed Income
Monthly Market Update – August 2020
PortfolioBenchmarkSpread
3 months7.83%3.96%3.87%
1 month1.21%1.00%0.20%
6 months5.86%4.94%0.92%
YTD-2.09%-1.78%-0.31%
S.I.(% p.a.)3.49%3.18%0.31%
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---
30.88%
10.68%
31.24%
22.78%
4.43%
* This portfolio allocation will evolve depending on the market condition or other economic factors.
The portfolio outperformed its benchmark delivering +1.21% vs +1.00%. This month, the underweight Thai equity contributed the most to the performance. On the fund level, TMB Global Income, TMB China Opportunity and Tisco Strategic were the key contributors. On the other side, Thanachart Low beta were the main detractor to the performance
Maximum drawdownWorst monthLowest returnBest monthHighest return
Portfolio volatilityBenchmark volatility
3 years11.23%10.83%
1 year17.06%16.42%
5 years--
Portfolio commentary
Performance analytics
Risk analysis (rolling)
Strategy
-26.04%Mar-20
-11.25%Apr-208.01%
Inception to date
No Changes ** The summation of portfolio return and the spread may not equal to the benchmark return because of the rounding effect
As of 31 August 2020
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 – August 2020
Monthly Market Update – August 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 months11.15%
6.68%4.47%
1 month1.81%2.01%
-0.19%
6 months8.56%7.22%1.34%
YTD-3.24%-2.47%-0.77%
S.I. (% p.a.)3.47%3.57%
-0.10%
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
50.56%
% Investment Portion
4.88%Equities 39.08%Others 5.48%
KTAM ASEAN EQ-ATMB CHINA OPPORTUNITY FUND TMB EASTSPRING ASIA ACTIVE EQUITYTMB EASTSPRING GLOBAL CORE EQUITYTMB GLOBAL QUALITY GROWTH FUNDUNITED GLOBAL HEALTHCARE FUND
TMB GLOBAL BOND FUND
K STAR EQUITY FUND-A ACCTHANACHART LOW BETATISCO HIGH DIVIDEND EQUITY FUNDTISCO STRATEGIC INCOME
TMB GOLD SINGAPORE
% weight50.56%
3.76%11.13%12.33%
6.34%11.91%
5.10%4.88%4.88%
39.08%17.18%10.70%
6.35%4.88%5.48%5.48%
Bloomberg
KTASEAN TBTMBCOPF TBTMBAGLF TBTMBESGC TBTMBGQGT TBUOBUGHF TB
TMBGLBF TB
KSTAACC TBTLOBETA TBTISCOHD TBTISTRAT TB
TMBGOLD TB
ISIN
TH6401010009TH5969010005TH5820010004TH9296010001TH6351010009TH5842010008
TH2560010005
TH1557010002TH3054010006TH3221010004TH1127010003
TH3190010001
FIF Equities
FIF Fixed Income
Equities
Others
The portfolio outperformed its benchmark delivering +1.81% vs +2.01%. This month, the underweight in Thai Equity contributed the most to performance. On the fund level, TMB China Opportunity and Tisco Strategic were the key contributors. On the other side, United Global Healthcare were the main detractor to the performance.
Maximum drawdown
Worst month
Lowest return
Best month
Highest return
Portfolio volatility
Benchmark volatility
3 years
15.62%
15.26%
1 year
23.45%
22.80%
5 years
-
-
No changes
Portfolio commentary
Performance analytics
Risk analysis (rolling)
Strategy
-36.53%
Mar-20
-14.83%
Apr-20
11.26%
Inception to dateReference allocation: 100% EquitiesThis profile is designed for investors having a high risk tolerance and prepared to bear strong market volatility.
* This portfolio allocation will evolve depending on the market condition or other economic factors.
** The summation of portfolio return and the spread may not equal to the benchmark return because of the rounding effect
4.88%
39.08%
50.56%
5.48%
As of 31 August 2020
10
Table of content
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PLEASE SELECT THE ITEMS, FOR FURTHER INFORMATION