tsi fund prospectus
TRANSCRIPT
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12
1.
2. (NAV)
3.
4.
5. 6. Hedge Fund
Hedge Fund
7. ETF (exchange trade
fund)
8. Sharpe, Jensen,
Treynor Information Ratio
9.
12.1
12.1.1
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12-1
12.1.2
/
//
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2
...
.
...
...
1. ...
2. ...
...
Par Value . 10 (1 )
3.
...
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1.
()
2.
...
3. ()
12.1.3
1. (professional management)
...
2. (risk reduction
through diversified portfolio)
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3. (alternative portfolio objectives and risk
management)
(psychographics) (wealth)
(life cycle) (goalachievement)
4. (time savings in investment
management and administration)
5. (transaction costs)
(transaction costs)
(transaction cost)
(No Load Funds)
6.
7.
8.
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(private placement issues)
9. ...
10. (reinvestment income)
Auto Redemption
(reinvestment)
1.
2.
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...
3. 6 12
4.
(index fund)
(active management strategy)
3 5
(benchmark)
Active style Passive style
Active style
Passive style
Portfolio
Portfolio Investment Style
5.
6.
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12.1.4
3
...
.
...
. ...
...
...
...
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...
...
... ... ...
...
...
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...
Association of investment Management
Companies AIMC
3 ...
12.1.5 1.
1.1.
1.2.
1.3. 1.4. (transferable subscription right)
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1.5. 1.1 1.4
...
2.
2.1. 2.2.
2.3.
2.4.
2.5.
2.6.
2.7.
2.8.
2.9. 2.1 2.8
...
2.10. ...
3. 4. (derivatives warrant)
5.
...
...
(quality of asset)
...
1.
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Structure note
2.
2.1 Company limit
15%
2.2 Product limit
2.3
...
IOSCO (International
Organization of Securities Commissions)
WFE (World Federal of Exchanges)
Rating
Standard and Poor, Moodys, Fitch
... Investment grade Issuer rating
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3
ThaiBMA
(fair allocation)
(conflict of interest )
(liquidity risk) (operation risk)
(legal risk)
...
... ...
12.1.6
(asset class)
portfolio asset class 1 25%
2 75%
(optimization of return)
(concentration of portfolio)
index
fund
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12.1.7
(NAV)
(Management Fee)
(Distributor Fee)
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(TSI) 530
(Trustee Fee)
(Audit Fee)
...
(Custodian Fee)
12.1.8
1.
2.
3.
4.
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4.
5.
3.
4.
1.
(equity fund)65
...
(general fixed income fund)
...
...
(long-term fixed income fund)
...
Portfolio Duration (
)
(short-term fixed income fund)
...
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Portfolio Duration
(mixed fund)
2.
(money market fund)
...
(guaranteed fund)
1.
2.
...
(capital protected fund)
1.
2.
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(specific fund)
...
(index fund)
...Set Index Set 50 Index
(foreign investment fund)
1 .. 2546
15
300,000
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(asset allocation)
Umbrella Fund (switching)
Umbrella Fund .
(Property Fund)
...
(.) ...
.
(IPO)
... IPO
IPO
1.
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2.
3.
...
.
... . 2
4.
5.
6. (demand) (portfolio)
7. /(lease hold)
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8.
1.
2. Lease
Hold (value added franchise)
3.
(gold fund)
(The Good Delivery Rules
for Gold and Silver Bars) (The London Bullion Market Association-
LBMA)
Feeder Fund ETF ETF
(New York Stock Exchange: NYSE)
...
(Price Risk)
(Currency Risk) ETF1
(NAV)
Investment Act 1940
1
Exchange Traded Fund (ETF)
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Hedge Fund
Hedge Fund Hedge Fund Active
Hedge Fund Hedge Fund
2 1
(NAV) 15-30 (
Hedge Fund 12.6)
(local fund domestic fund)
(onshore fund country fund)
(offshore fund international fund)
...
12.1.9
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(dividend)
(capital gain)
(valuation) Mark to Market
()
()
= + + (12.1)
2 (bid price)
(selling price)
2 Spread
1% - 5% (demand / supply)
1 ..2550 10.00 10.03
2 ..2550 10.03
2 ..2550 .
(unit trust is priced on a forward basis) Forward pricing
12.1.10
(dividend)
(interest received)
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12-2
10
3
(XD date)
3
(XD date)
12.1.11 5
(conservative fund)
(income fund) -
(value company)
(growth-income fund)
(growth company)
(value company)
(growth fund)
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(aggressive growth fund)
(joint venture)
12-3
12-3
(conservative)
(income)
(balanced)
(growth)
(aggressive
growth)
40 10 10
35 20 20
15 30 20
10 30 15
10 20 70
15 30 100
100% 100% 100% 100% 100%
(late career life)
(mid career life)
(early career life)
12.1.12
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1.
2.
3.
4.
5.
6.
12.2
(retirement mutual fund) RMF
300,000 RMF
12.2.1 RMF
. RMF
... RMF
RMF
Money Market Fund RMF
RMF
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RMF
(mixed fund)
RMF 2 RMF
RMF 2
()
12.2.2 1. RMF
2. RMF
RMF (capital gain)
5
3. RMF
4. RMF
12.2.3 RMF
(provident fund)
(provident fund)
Provident Fund ( .)
(RMF)
15% (300,000
)
RMF
RMF RMF RMF
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RMF
12.2.4 1. RMF 3%
5,000 (
RMF
)
2. RMF . 15%
300,000
(.) RMF
.
300,000
3. RMF
1 1
RMF
RMF
RMF . 90 91
4. RMF 55
RMF 5 (
)
5. RMF
6. RMF
7. (
)
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12.2.5 RMF
1. RMF 15 .
300,000
2. RMF 55 RMF
5
3. (capital gain)
5
4.
12-1150,000 1,800,000
(provident fund) 5% Provident Fund
90,000 (1,800,000 * 5%) 300,000
2,100,000 (1,800,000 + 300,000) RMF
RMF 3% 63,000 (5,000 )
RMF 15% 315,000 2,100,000 * 15%
RMF 15%
RMF Provident Fund
300,000
RMF 210,000 (300,000 90,000 Provident Fund)
210,000
RMF
30% 210,000 63,000
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RMF
(capital gain)
5 ()
3%
12-2RMF
RMF 5 55
RMF
40 1 5,000
41 2 5,000
42 3 5,000
43 4 5,000
44 5 ()
12-2 40 44
RMF 5 55 5
(1-4)6
(capital gain)
12.2.6
1. RMF
2.
3.
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1.
2.
3. .
4. RMF
5. . 90 91
RMF
12.3
(long term equity fund) LTF
65%
LTF (
)
60% - 70%
. LTF
RMF
12.3.1 LTF
65% (NAV)
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LTF
65% LTF
12.3.2 1. 2. LTF
(capital gain)
3. LTF
4. LTF
LTF 2 .
() 2
15 .
12.3.3 LTF
5
12.3.4 LTF
1. 5
2. LTF
3.
4. 2 LTF
5. LTF
6. .
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7. (
)
12.3.5 LTF
1. LTF 15%
300,000
RMF, Provident Fund, .
2. LTF
3. LTF LTF
5
(LTF 1 LTF
.
LTF )
4.
12-3200,000 2,400,000
(Provident Fund) 5% Provident Fund
120,000 (2,400,000 * 5%) 400,000
2,800,000 (2,400,000 + 400,000) LTF (LTF
) LTF 15%
LTF 420,000 300,000
420,000 300,000
LTF 300,000 (
RMF . )
300,000 LTF .
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30% 300,000
90,000
LTF
5
1.5%
()
. 3%
12-4LTF 5
(
300,000 )
/
NAV
() 2547 300,000 10 30,000 -
2548 : : : :
2549 : : : :
() 2550 - 13.25 (30,000) 397,500
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12-4 LTF .. 2547 ..
2550 30,000 ( 5
)
1. ( = 30,000 * 13.25 = 397,500 ) ( = 30,000 * 10 = 300,000 ) 97,500
(397,500 300,000 = 97,500 ) 3%
2. ( 97,500 )
.. 2550
3. .. 2547 (
300,000 ) (
)
12.3.6
1. LTF
2. LTF 5
3. 300,000
RMF LTF
4. LTF
65%
1. LTF
65%
2. LTF 2
.
()
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3. .
12.3.7 RMF LTFRMF LTF 12-4
12-4 RMF LTF
LTF RMF
65%
NAV
1.
2. 30%
10%
3% 5,000
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(
)
15%
300,000
15%
300,000
.
12.4
12.4.1
(provident fund)
...
12.4.2
1)
1.1)
1.2)
1.3) 2 15
2)
2.1)
2.2)
2.3)
15
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5
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(TSI) 557
12-2
12.4.3 ..2530
(2) ..2542
()
12.4.4
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(TSI) 558
1.
2.
3.
4. 5.
6.
7.
8.
9. 10.
12.4.5
12-5
12-5
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(TSI) 559
12.4.6
2
10,000 290,000
(
)
()
5
5
7,000
50 ()
15
2 15
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(TSI) 560
3
12-3
12.4.7
1. (capital protection)
(current income) (capital appreciation)
...
10,000
10,000 15 290,000
- >55>5
>5
7,000
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(TSI) 561
2.
12.4.8 (employee choice)
...
(employee's choice)
12.4.9
.. 2496
2
(
12)
Ministry of Manpower3
(CPF Board) 11
212
3:
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(TSI) 562
3
1. 2-15
65
2 .
3.
... 4. 55
62
55
12.4.10
1.
http://www.fpo.go.th/fseg/Index.php?body=./Source/Article/ArticleIndex.php&Language=Thai
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(TSI) 563
2.
3.
300,000
4.
5.
1.
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(TSI) 564
2.
3.
...
Employees Choice
4.
12.5
12.5.1 (private fund)
...
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(TSI) 565
1.
2.
3.
4.
5.
6.
12-4
12.5.2
...
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(TSI) 566
2 9
...
..
...
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(TSI) 567
2
...
12.5.3
1.
2.
3.
4.
5.
6.
7. 8.
9.
10.
12.5.4
12-6
12-6
1.
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(TSI) 568
2. ()
3. ()
12.5.5
1.
2.
3.
4.
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12
(TSI) 569
1.
2.
12.6 Hedge Fund
12.6.1 Hedge FundHedge Fund
High return and low risks
Hedge Fund (derivatives) Hedge Fund
Arbitrage (short position)
(undervalued securities)
Hedge Fund
(short position)
Hedge Fund Options, Forwards, SWAP
(panic sell)
Hedge Fund Hedge
Fund (financial leverage)
Hedge Fund
Hedge Fund
Hedge Fund (active management strategy)
Hedge Fund Aggressive
Hedge Fund (leverage)
(short ) Hedge Fund
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12
(TSI) 571
(portfolio)
1 Hedge Fund
Hedge Fund Hedge Fund
(correlation) Hedge Fund
12.6.3 Hedge FundHedge Fund .
Aggressive Growth
Hedge Fund
P/E
(short)
Hedge Fund
Distress Securities
Hedge Fund
Investment Grade Hedge Fund
Market Neutral Strategy
Emerging Market
Short selling (
) Hedge Fund
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12
(TSI) 572
Fund of Hedge Fund
Hedge Fund
Hedge Fund Asset class
(volatility)
Asset class
Multi Strategy
Arbitrage Strategies
(market inefficiency) Hedge Fund
2 Hedge Fund
Even-Driven Strategies Hedge Fund
(merging) (takeover) (restructuring) (spin-off)
Directional or Tactical Strategies
Margin (short sale)
12.6.4 Hedge Fund
1.
(margin account)
2. (liquidity risk)
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(TSI) 573
(mark to market)
(conservative)
(mark price)
3. (counterparty risk)
(default risks)
4. (settlement risk)
(settlement) Hedge Fund
(global macro strategy) Hedge Fund
12.7 (Exchange - Traded Fund : ETF)
ETF (exchange traded fund) (Index fund)
ETF (real time pricing)
NAV ETF
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12
(TSI) 574
ETF ETF (margin account) (credit
balance) ETF
ETF
(portfolio) ETF SET50
SET50 ETF ETF
. ETF
(organized market)
ETF ETF
ETF
(spread)
ETF ETF
ETF
ETF
ETF
12.7.1 ETFETF
ETF
3
1. (Open-end mutual fund)
ETF
2. (Unit investment trust or UIT)
ETF ETF
(trustee) ETF
3. (grantor trust)
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12
(TSI) 575
ETF
(depository receipt) ETF
SET50
6 ETF ETF
ETF
12 7 ETF
(capital gain tax)
ETF ETF ETF
12.7.2 ETFETF 2 ETF ETF
ETF
ETF 4
4
ETF
1.
2.
3.
4.
5.
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12
(TSI) 576
ETF
SET50 Index
ETF
1.
ETF
2. . / /
NAV ETF
3.
. ETF
ETF
. ETF
4.
Real time
ETF / / ETF
5. .
... Participating dealer
. ETF (create) (redeem)
ETF ETF NAV
12- 5 ETF
. Create ETFs Units
3
Stock
ETFs Unit
Fundadvisor
Trustee
Support
Monitor
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12
(TSI) 579
2.
3.
4.
12.8.2 1.
(total returns) (realized returns) (unrealized returns) ()
()
= +
= (
) /
2. (accrual basis)
3.
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12
(TSI) 580
4.
Time Weighted Returns
12 10
1 (12 10)/10 = 0.20 20%
5. Geometric Linked
4 1 12-5
12-5Geometric Mean
12-7 1
1 10.00 11.00 10.00%
2 11.00 10.50 -4.55%
3 10.50 12.00 14.29%
4 12.00 13.00 8.33%
(1+Rm) = (1+R
1)(1+R
2)(1+R
3)(1+R
4) (12.2)
Rm = 1
Ri = , i = 1,2,3,4
(1+Rm) = (1+10.00%)(1-4.55%)(1+14.29%)(1+8.33%)
= (1+0.10)(1-0.0455)(1+0.1429)(1+0.0833)
= (1.10)(0.9545)(1.1429)(1.0833)
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12
(TSI) 581
= 1.2999
(1+Rm) 1 = 1.2999-1
= (0.2999)1/4
= 0.74
6.
12-6 2547 30 2547
12 2
30 10
ABC 12 ABC ABC
12
ABC
12.8.3 1.
2.
12-8
12-8
SET50
TBDC
Government Bond Total Return Index 1
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(TSI) 582
TBDC Government
Bond Total Return Index
1
( 50)
TBDC Government Bond Total Return Index (
25) 1
(25)
3
3.
3 6 12
4. 3 3
5.
90
6.
7.
8.
12.8.4 Risk-adjusted Return
Sharpes Ratio, Treynors Ratio Jensen
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(TSI) 583
Sharpe
Sharpes Ratio = (Rp R
f)/
p(12.3)
Rp
Rf
91
p
Sharpe Ratio 1
12-7. 20 ABC
25 . 10 ABC
15 91 1.5
Sharpes Ratio . = (20% - 1.5%) /10% = 1.85
Sharpes Ratio ABC = (25% - 1.5%) / 15% = 1.57
ABC
Sharpe Ratio .
1 . ABC
Treynor
Treynors Ratio = ( Rp- R
f) /
p (12.4)
Rp R
f
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(TSI) 584
91
p
Treynors Ratio 1
12-8 24 40 1.2
2.5 91 1.5
Treynors Ratio = (24% -1.5%) /1.2 = 18.75 %
Treynors Ratio = (40% -1.5%) /2.5 = 15.4%
40 24 Treynors
Ratio 1
18.75
15.4
Jensen
p = R
p [ R
f+ ( R
m R
f)
p] (12.5)
Rp
Rf
91
Rm
p
p Jensen Jensen
p
() p
() p
()
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12
(TSI) 586
1: (24 - 10) / 9 = 1.6
2: (20 10) / 2 = 5.0
3: (15 - 20) / 3 = -1.6
4: (-10 - 5) / 15 = -1.0
5: (5 - 5) / 0 = 0.0
5
5
2
12.9
12.9.1
GDP
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12
(TSI) 587
(money
market fund)
...
/
...
.
.
-
(hedging)
-
15 Web site
-
(leverage)
-
- /
(style of fund manager)
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12
(TSI) 588
Value Style
Value Style (
)
Value style (P/E
) ()
Value Company (hidden or undervalue
asset )
Value style
(dividend)
Growth Style
(growth company)
(innovations)
Growth Style
(capital gain)
Market Capitalization
Portfolio Market Capitalization
Market Capitalization (asset class) Portfolio
Market Capitalization
XYZ Market Capitalization 3 XYZ
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(TSI) 589
Small Capitalization
Small Capitalization Large Capitalization
Market Capitalization
() 2
1.
2.
1. (key feature)
2. "
"(
)"
"
3.
(credit risk) (market risk)
(liquidity risk)
1.
2.
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12
(TSI) 590
3.
2
.
(NAV)
(front end fee)
(back end fee)
(switching fee)
(expense ratio)
Expense Ratio
Expense Ratio
Expense Ratio
Expense Ratio
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(TSI) 592
Expense Ratio
5
Expense Ratio
(index fund) (passive strategy) (active
strategy)
(economy of scale)
.
.
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12
(TSI) 593
(life Style)
(investment by objective)
(risk tolerance)
25
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79/88
12
(TSI) 594
25 30
30 45
45 60
60
.
12.9.2
1.
2. ()3. ()
1.
2.
1. 2. ()
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80/88
12
(TSI) 595
3.
4.
2
1. (IPO)
2. (IPO)
Broker Market Maker Broker Market Maker
Internet User Password
.
(Bid/Offer price)
-
8/10/2019 TSI Fund Prospectus
81/88
12
(TSI) 596
Website
. .
31 2550
:
17.0860 17.0861 17.0860 83,689,388,673.30
6.2797 6.2798 6.2797 989,398,008.80
/ 16.2928 16.2929 16.2928 865,998,271.36
Website
Real time
(NAV )
Dealer
Dealer Dealer
(matching order)
Dealer
. .
-
8/10/2019 TSI Fund Prospectus
82/88
12
(TSI) 597
12.9.3
Dollar Cost Averaging
Dollar
Cost Average
(crash)
(low downside risk) Dollar Cost Average
Dollar Cost Average
Share Cost Averaging
( ) 100 10 12
1,000 1,200 Share Cost
Averaging
Dollar Cost Averaging
Market Timing
Market Timing
10% 5%
.
Penalty
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8/10/2019 TSI Fund Prospectus
83/88
12
(TSI) 598
12.9.4
(Fund Fact Sheet)
10 (portfolio)
(Lipper)
(fund features)
...
Fit & Proper
LIPPER
LIPPER 3
5 10
3 (1)
(risk-adjusted performance) (2) (consistent return) (3)
(preservation of capital)
3 Lipper Awards 18
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12
(TSI) 599
(retirement mutual fund) RMF
5 55 RMF
RMF 3% 5,000
(long term equity fund) LTF
()
LTF 5 LTF
15% 300,000
(provident fund)
2-15
15
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8/10/2019 TSI Fund Prospectus
85/88
12
(TSI) 600
(private fund)
...
ETF Hedge Fund
(benchmark)
Dollar Cost Average Share Cost Average
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86/88
12
(TSI) 601
. 2543. . 3. . .
. 2544. . 12. . .
. 2544.
. . .
. 2545.
. 4. . .
. 2546.
. . .
. 2548. .
. .
. 2548. . . .
. 2546.
. 2. . .
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12
(TSI) 602
.. 2496 (1) (2)
1 2545
()
(% )
(%
)
(%
)
Ordinary
Account (%)
Special
Account (%)
Medisave
Account (%)
< 35 16 20 36 26 4 6
35 45 16 20 36 23 6 7
46 55 16 20 36 22 6 8
56 60 6 12.50 18.50 10.50 0 8
61 65 3.50 7.50 11 2.50 0 8.50
> 65 3.50 5 8.50 0 0 8.50:
1. S$ 6,000
2. S$ 2,400 Medisave Account 6-8%
3. 4
3.1 Ordinary Account
Retirement 3.2 Medisave Account
3.3 Special Account
3.4 Retirement Account 55
S$ 75,000 62
12 2.5% 55
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88/88
12
Ordinary Special S$ 75,000 Retirement
62
Retirement
:
1. Ordinary Account
() Public Housing Scheme Housing & Development Board (HDB)
() Residential Properties Scheme
() () Ordinary Account
2
() Home Protection Scheme
() Dependant's Protection Scheme (DPS) 60
Education Scheme
1
12
2. Medisave Account
Medisave
Medishield
Medishield Plus
3. Special Account