MONTHLY MARKET UPDATE...MONTHLY MARKET UPDATE ม ท ปร กษาแนะนำให ลงท นย งไงก ใช ค ณ TMB Advisory ท ปร กษาส วนต

MONTHLY MARKET UPDATE

มีที่ปร�กษาแนะนำให� ลงทุนยังไงก็ใช�คุณTMB Advisory ที่ปร�กษาส�วนตัวด�านการลงทุน

JUNE 2020

Data as of 30/06/2020

The peak of the pandemic is now visible in more countries, and a gradual easing in the lockdown measures has started. However, in the US and South America, the outbreak seems still quite active. Overall, we continue to expect a significant plunge in the GDP growth globally for the first half of the year, before a stabilization at the end of the year. At country level, we will see different timelines depending on the outbreak developments and pre-existent fragilities. Over the past month, in addition to the reopening of economies, we have witnessed the strong fiscal support in the US and important policy actions in Europe, where we believe that the EU Recovery Fund and national fiscal interventions could prove to be a short-term game changer. However, there are no signs of improvement on the sustainability of corporate earnings. Overall, it is time to look forward, but the environment remains complex, with uncertainty still looming, and equity markets seem quite complacent ahead of second wave risks, trade and US – China tensions. Consequently, we maintain our cautious stance, but we are a bit more constructive and we will look for entry points, especially in Europe. From a tactical standpoint, although we are comfortable with quality growth stocks in the current environment, some rotation opportunities could arise in the value and cyclicals sectors. On DM equities, we keep a conservative view and we remain vigilant on hard data, while we remain neutral on EM. On the fixed income side, looking forward we believe central banks will aim to keep the cost of public debt low to support governments’ fiscal needs, leading range-bound movement in for yields. Within fixed income pocket, we prefer to be underweight on Thai bonds and overweight on global bonds. Among global fixed income, we have a rather neutral view on duration, with a preference in US bonds. We stay positive on credit, under the umbrella of Central banks in the US and in the Euro area, with a preference for IG. IG valuations look more consistent with fundamentals and CB action than HY (which could suffer due to higher default rates and slowing top-line growth). Finally, liquidity assessment remains crucial, and low spreads/low defaut rate are calling for high selectivity. Finally, we are constructive on EM debt with a preference on Asian bonds.

MARKET VIEWMARKET OVERVIEWDespite being a choppy month with some harsh trading days, June saw another strong performance for risk assets, ending a quarter that has seen almost all assets with a positive return. Much of these gains have come thanks to a less active outbreak in numerous regions, and the moves to reopen major economies, as well as remarkable levels of stimulus from governments and central banks across the world. In this context, global equities continued their rebound, MSCI World gaining 2.69%, supported by the rebound of European equities (Euro Stoxx 50 +6.48%). After a disappointing performance in May, MSCI EM rebounded significantly, gaining 7.35% in USD terms over the month thanks to the strong rebound of its biggest component China (+9.04%). In Thailand, SET Index (-0.26%) was only stable over the month. On fixed income markets, despite some volatility at the beginning of the month (rates went suddenly up, +30bp for 10y US Treasuries), major global rates finally ended almost unchanged in June. On credit markets, spreads continued to tighten in most major markets. Global Aggregate Index Hedged USD benefitted from this trend, and ended the month with a slightly positive return of +0.50%. On local fixed income, our Thai bond composite index was slightly up (+0.23%). Finally, on commodity markets, oil prices continued to recover in June and ended the month with a 10.65% increase (WTI), while Gold also continued to perform strongly with a +2.93% monthly return.

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 June 2020)

PORTFOLIO OVERVIEW – JUNE 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 +0.18% vs +0.29%. This month, the overweight global bond and United Global Dynamic bond contributed the most to the performance. On the opposite side, Thai Fixed income funds were key detractors.

Maximum drawdownWorst monthLowest returnBest monthHighest return

PortfolioBenchmarkSpread

3 months0.78%1.00%

-0.22%

1 month0.18%0.29%

-0.10%

6 months-0.96%1.88%

-2.83%

Portfolio volatilityBenchmark volatility

3 years1.28%0.90%

1 year2.13%1.41%

5 years--

YTD-0.96%1.88%

-2.83%

S.I.(% p.a.)1.71%2.61%

-0.90%

On fixed income markets, we are constructive on Thai fixed income, but we have now a preference for global fixed income which offers some portfolio protection thanks to global core government bonds and at the same time should bring additional return with a reasonable risk thanks to broad credit space diversification. Considering this, we decided to reinforce global bonds allocation (via TMB Global Bond, TMB Global income and United Global Dynamic Bond). Within Thai fixed income allocation, given the expected easing of financial conditions, we prefer to sell Money Market Funds (TMB Treasury and K Cash Management) to reinvest on Aggregate funds (Krung Thai Short Term Fixed income plus, K fixed income and Krungsri Active income fund) which should benefit from credit spreads tightening looking forward.


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

28.02%

% Investment Portion

71.98%

% weight28.02%11.05%

7.94%9.02%

71.98%10.00%17.98%17.00%17.00%

9.99%

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 – June 2020

Monthly Market Update – June 2020

* This portfolio allocation will evolve depending on the market condition or other economic factors.

Portfolio Benchmark

28.02%

71.98%

-3.15%Mar-20-2.52%Mar-190.47%

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 30 June 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


For customer’srisk level 2CONSERVATIVE PORTFOLIO


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

10.09%


38.62%EquitiesFixed Income

6.23%45.07%

FIF Equities

FIF Fixed Income

Equities

Fixed Income

% weight10.09%

2.56%2.55%2.46%2.52%

38.62%4.02%

16.11%9.95%8.54%6.23%2.87%3.35%

45.07%10.01%12.01%12.02%11.02%

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


45.07% 38.62%

10.09%

6.23%



The portfolio outperformed its benchmark delivering +1.44% vs +0.49%. This month the underweight in Thai equities, the overweight in Global Bonds and the allocation to Global EM Bonds (TMB Emerging bond) contributed the most to the performance. On the fund level, Tisco High Dividend was a key contributor, benefitting from the value rally at the beginning of June.



3 months5.22%4.17%1.05%

1 month1.44%0.49%0.94%

6 months-2.11%0.52%

-2.63%


3 years4.21%3.41%

1 year6.66%5.30%

5 years--

YTD-2.11%0.52%

-2.63%

S.I.(% p.a.)2.45%2.95%

-0.50%




Strategy




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.





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)


20176.94%5.51%1.43%

2018 -2.05%-0.99%-1.06%

20196.15%5.42%0.72%

2016---

2015---

Inception to date

In the current context where we consider that equity markets are probably too optimistic, we

remain cautious and we decided to reduce further equity exposure after the recent rally by

selling Tisco High Div. Within Thai equities, we also decided to have a more defensive exposure

with the introduction of Thanachart Low Beta fund. In Asia, we decided to sell ASEAN fund and

replace it by TMB Eastspring Asia Active Equity in order to have a greater focus on North Asian

countries that should be the first-out of the pandemic. On fixed income markets, we are

constructive on Thai fixed income, but we have now a preference for global fixed income which

offers some portfolio protection thanks to global core government bonds and at the same time

should bring additional return with a reasonable risk thanks to broad credit space diversification.

Considering this, we decided to reinforce global bonds allocation (via TMB Global Bond, TMB

Global income and United Global Dynamic Bond). Within Thai fixed income allocation, given the

expected easing of financial conditions, we prefer to sell Money Market Funds (TMB Treasury

and K Cash Management) to reinvest on Aggregate funds (Krung Thai Short Term Fixed income

plus, K fixed income and Krungsri Active income fund) which should benefit from credit spreads

tightening looking forward.


As of 30 June 2020

04

05

For customer’srisk level 3BALANCED PORTFOLIO


Table of content


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 BETATISCO STRATEGIC INCOME

K CASH MANAGEMENTK FIXED INCOME FUNDKRUNGSRI ACTIVE FIXED INCOME AKTAM FIXED INCOME PLUS A

TMB GOLD SINGAPORE FUND


3 months10.43%

9.01%1.42%

1 month2.29%0.59%1.70%

6 months-4.53%-2.82%-1.71%

YTD-4.53%-2.82%-1.71%

S.I.(% p.a.)2.56%2.57%

-0.01%




Portfolio Benchmark

% weight18.34%

6.17%4.10%1.98%6.08%

29.25%4.04%

11.14%8.01%6.06%

24.10%14.45%

6.75%2.91%

25.18%5.04%7.55%7.56%5.04%3.13%3.13%

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


Asset Allocation*


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.





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 (Exclude vat) Not Exceeding 1.5% P.A. of AUM (Actual Fee 0.5% P.A. of AUM)


201711.80%10.18%

1.62%

2018 -5.21%-4.04%-1.16%

20197.98%6.35%1.62%

2016---

2015---


The portfolio outperformed its benchmark delivering +2.29% vs +0.59%. This month, the overweight Global Bonds and the allocation to Gold contributed the most to the performance. On the fund level, Thai equities (K STAR and Tisco high Div) and Asia ex japan equity funds (TMB China Opportunity) were the key contributors.

Maximum drawdowWorst monthLowest returnBest monthHighest return

Portfolio volatility

Benchmark volatility

3 years

8.18%

7.81%

1 year

12.45%

11.91%

5 years

-

-




Strategy

-18.82%Mar-20-8.91%Apr-205.81%

Inception to date

In the current context where we consider that equity markets are probably too optimistic, we remain cautious and we decided to reduce further equity exposure after the recent rally by selling Thai and European equity funds (Tisco High Div, TMB Thai Mid Small Min Variance, and One European Equity). Within Thai equities, we also decided to have a more defensive exposure with the introduction of Thanachart Low Beta fund, and we increase our tilt towards core and growth fund such as K Star and Tisco Strategic. In Asia, we decided to sell ASEAN fund and replace it by TMB Eastspring Asia Active Equity in order to have a greater focus on North Asian countries that should be the first-out of the pandemic. On developed equities, we decided to reduce core exposure (TMB Eastspring Global Core Equity) to increase our bias towards quality growth stocks (via TMB Global Quality growth) which should show more resilience in this uncertain environment. On fixed income markets, we are constructive on Thai fixed income, but we have now a preference for global fixed income which offers some portfolio protection thanks to global core government bonds and at the same time should bring additional return with a reasonable risk thanks to broad credit space diversification. Therefore, we decide to reinforce global bonds allocation (via TMB Global Bond, TMB Global income and United Global Dynamic Bond). Within Thai fixed income allocation, given the expected easing of financial conditions, we prefer to sell Money Market Funds (TMB Treasury and K Cash Management) to reinvest on Aggregate funds (Krung Thai Short Term Fixed income plus, K fixed income and Krungsri Active income fund) which should benefit from credit spreads tightening looking forward. Finally, given the great uncertainty of the outlook, we decide to introduce a position on Gold which should act as a macro-hedge.


As of 30 June 2020

18.34%


29.25%24.10%25.18%

Others 3.13%

FIF EquitiesFIF Fixed IncomeEquitiesFixed Income

18.34%

25.18%

24.10%

29.25%

3.13%

06

07

Table of content


For customer’srisk level 4ADVANCED PORTFOLIO


TMB CHINA OPPORTUNITY FUND TMB EASTSPRING ASIA ACTIVE EQUITYTMB EASTSPRING GLO CORE EQTMB 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*

% weight28.59%

8.26%7.20%2.98%7.12%3.03%

23.29%4.06%

13.21%6.02%

32.82%16.43%

8.71%3.79%3.89%

11.12%6.06%5.06%4.19%4.19%

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


28.59%


23.29%32.82%11.12%

Others 4.19%

FIF EquitiesFIF Fixed IncomeEquitiesFixed Income



3 months14.22%11.98%

2.24%

1 month3.25%0.76%2.49%

6 months-6.24%-4.81%-1.44%

YTD-6.24%-4.81%-1.44%

S.I.(% p.a.)2.39%2.42%

-0.03%




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.





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)




201714.90%13.50%

1.40%

2018-7.97%-6.22%-1.74%

20199.56%7.31%2.25%

2016---

2015---

28.59%

11.12%

32.82%

23.29%

4.19%


The portfolio outperformed its benchmark delivering +3.25% vs +0.76%. This month, the overweight Global Bonds and the allocation to Gold contributed the most to the performance. On the fund level, Thai equities (K STAR and Tisco high Div), Asia ex japan equity funds, and TMB Global Quality Growth were the key contributors.



3 years

11.18%

10.76%

1 year

16.92%

16.30%

5 years

-

-




Strategy

-26.04%Mar-20

-11.25%Apr-208.01%

Inception to date

In the current context where we consider that equity markets are too optimistic, we remain cautious and decided to reduce further equity exposure after the recent rally by selling Thai and European equity funds (Tisco High Div, TMB Thai Mid Small Min Variance, and One European Equity). Within Thai equities, we also decided to have a more defensive exposure with the introduction of Thanachart Low Beta fund, and we increased our tilt towards core and growth fund such as K Star and Tisco Strategic. In Asia, we decided to sell ASEAN fund and replace it by TMB Eastspring Asia Active Equity in order to have a greater focus on North Asian countries that should be the first-out of the pandemic. On developed equities, we decided to reduce core exposure (TMB Eastspring Global Core Equity) to increase our bias towards quality growth stocks (via TMB Global Quality growth) which should show more resilience in this uncertain environment. Finally, we decided to reduce TMB Global Property which could continue to suffer given prolonged restrictions to people gathering, and we reinvested on United Healthcare fund which appears as a good defensive theme in the current environment. On fixed income markets, we are constructive on Thai fixed income, but we have now a preference for global fixed income which offers some portfolio protection thanks to global core government bonds and at the same time should bring additional return with a reasonable risk thanks to broad credit space diversification. Therefore, we decide to reinforce global bonds allocation (via TMB Global Bond and TMB Global income). Within Thai fixed income allocation, given the expected easing of financial conditions, we prefer to sell Money Market Funds (TMB Treasury and K Cash Management) to reinvest on Aggregate funds (K fixed income and Krungsri Active income fund) which should benefit from credit spreads tightening looking forward.Finally, given the great uncertainty of the outlook, we decide to introduce a position on Gold which should act as a macrohedge.


As of 30 June 2020

08

09

AGGRESSIVE PORTFOLIOMonthly Performances and Risks statistics

For customer’srisk level 5

Table of content








50% BANGKOK SET + 25% MSCI AC ASIA EX JAPAN + 25% MSCI WORLD




3 months20.11%15.90%

4.21%

1 month4.74%1.13%3.61%

6 months-8.83%-7.55%-1.27%

YTD-8.83%-7.55%-1.27%

S.I. (% p.a.)1.90%2.17%

-0.27%




Portfolio Benchmark

Asset Allocation*


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

47.92%


5.11%Equities 41.70%Others 5.27%

KTAM ASEAN EQ-ATMB CHINA OPPORTUNITY FUND TMB EASTSPRING ASIA ACTIVE EQUITYTMB EASTSPRING GLO CORE EQTMB GLOBAL QUALITY GROWTH FUNDUNITED GLOBAL HEALTHCARE FUND

TMB GLOBAL INCOME FUND

K STAR EQUITY FUND-A ACCTHANACHART LOW BETATISCO HIGH DIVIDEND EQUITY FUNDTISCO STRATEGIC INCOME

TMB GOLD SINGAPORE

% weight47.92%

3.84%10.38%11.37%

5.99%11.26%

5.08%5.11%5.11%

41.70%18.47%11.67%

6.67%4.89%5.27%5.27%

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 +4.74% vs +1.13%. This month, the allocation to Gold and to Thematics contributed the most to performance. On the fund level, Thai equities (K STAR and Tisco high Div), Asia ex japan equity funds and TMB Global Quality Growth were the key contributors.

Maximum drawdown

Worst month

Lowest return

Best month

Highest return

Portfolio volatility

Benchmark volatility

3 years

15.55%

15.15%

1 year

23.27%

22.66%

5 years

-

-

In the current context where we consider that equity markets are probably too optimistic, we remain cautious and we decided to reduce further equity exposure after the recent rally by selling Thai and European equity funds (Tisco High Div, TMB Thai Mid Small Min Variance, and One European Equity). Within Thai equities, we also decided to have a more defensive exposure with the introduction of Thanachart Low Beta fund, and we increased our tilt towards core and growth fund such as K Star and Tisco Strategic. In Asia, we decided to sell ASEAN fund and replace it by TMB Eastspring Asia Active Equity in order to have a greater focus on North Asian countries that should be the first-out of the pandemic. On developed equities, we decided to sell financial sector bet (KTAM Global Financial services) to reinvest on broader core equity exposure (TMB Eastspring Global Core Equity). We also increased our bias towards quality growth stocks (via TMB Global Quality growth) which should show more resilience in this uncertain environment. Finally, we decided to reduce TMB Global Property which could continue to suffer in this context of restrictions to people gathering, and we reinvested on United Healthcare fund which appears as a more defensive theme in the current environment. In this aggressive portfolio, given our cautiousstance on equity we decide to keep a position in global fixed income. Within this pocket, we decide to sell TMB Global Income to reinvest on a more defensive fund, TMB Global bond, which could act as a macro hedge in case of a market correction given its large exposure to safe assets, in particular US government bonds. Finally, given the great uncertainty of the outlook, we also decide to introduce a position on Gold (TMB Gold Singapore) which should offer some protection to the portfolio.




Strategy

-36.53%

Mar-20

-14.83%

Apr-20

11.26%

Inception to date

Reference allocation: 100% EquitiesThis profile is designed for investors having a high risk tolerance and prepared to bear strong market volatility.



As of 30 June 2020

5.11%

41.70%

47.92%

5.27%

10

Table of content

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Documents

MONTHLY MARKET UPDATE...MONTHLY MARKET UPDATE ม ท ปร กษาแนะนำให ลงท นย งไงก ใช ค ณ TMB Advisory ท ปร กษาส วนต