ก Fund Management Service US ก ก ก
ก 0 0.25% ก . . ก ก ก
Government Shutdown ก 4/2015
ก ก TPP 2/2016
ก ก ก ก ก ก ก . . 2015 ก (47%) Fund Management Service Europe ก ก
• ก 3/2015 0.2% (QoQ) ก ก 0.4%(QoQ) กก ก ก ก ก GDP 2015 ก 1.7% ก ก 1.8% ก 2016 1.8%
• Flash PMI Markit 54.0 ก ก. . 53.6
ก ก ก ก ก ECB ก QE ECB ก ก QE ก Fund Management Service China ก • GDP 3/2015 6.9% YoY ก ก ก • Caixin PMI ก ก. . 48.3 ก ก 47.2 ก ก 50 ก • ก ก ก ก ( ก ก ) ก • ก ก ก ก ก ก Tier 1 city ก ก ก ก ก ก ก ก ก PBoC RRR ( 17.5% 23 . .) ก ( ก ก ก 1 1.5% 4.35% 23 . .) ก ก RRR ก ก 50 100 bps 2015 ก 2016 Fund Management Service Japan ก BOJ ก ก ก
ก ก ( ก 0.8% YoY ก ก 1.8% YoY ก ก 3.9% YoY) ( 0% YoY) ก
ก BOJ QQE 80
ก ก ก ก ก ก BOJ ก ก กก BOJ ก GDP 2015 2016 ก 1.7% 1.5% 1.2% 1.4% 2.0% ก 2/2016 ก ก 1/2016 Fund Management Service Thailand ก ก GDP 2.5 2.9% ก ก ก ก ก 4.8 ก 2015 2016 ( ก ก ก 8 ) ก ก CO2 Emission 10,000 400,000 ก ก ก ก ก 2016
ก . ก ก ก ก GDP 2015 2.5 2.9% Fund Management Service
ก ก
7 Fund Management Service ก 31 2558
8 Fund Management Service SET INDEX & Foreign Fund Flow YTD Foreign net sell 107,334 MB
+38,231
-36,582
+58,593 -5,118 +76,388 -193,910
31 2558 9 Fund Management Service MAJOR INDEX
Index Return YTD Return Sep (MOM) Return Oct (MOM) Dow Jones 0.90% 1.47% 8.47% S&P500 0.99% 2.64% 8.30% FTSE 100 3.12% 2.98% 4.94% Xetra DAX Index 10.65% 5.84% 12.32% CAC 40 14.63% 4.25% 9.93%
Vietnam Index 11.32% 0.37% 7.95% Nikkei 225 9.35% 7.95% 9.75% KOSPI Index 5.94% 1.10% 3.40% SSE Composite 4.57% 4.78% 10.80% PSE Composite Index 1.33% 2.89% 3.49% BSE SENSEX 3.06% 0.49% 1.92% Hang Seng Index 4.09% 3.80% 8.60% FTSE Bursa Klci 5.42% 0.51% 2.76% SET Index 6.86% 2.42% 3.41% Taiwan Weighted 8.09% 0.08% 4.56% Straits Times Index 10.90% 4.47% 7.43% JSX Index 14.77% 6.34% 5.48% 31 2558 10 Fund Management Service SECTOR PERFORMACE
Sector Return YTD Return Sep (MOM) Return Oct (MOM) Electronic Components 20.83% 3.37% 2.15% Health Care Services 18.12% 3.55% 1.81% Construction Materials 9.27% 1.32% 1.96% Tourism & Leisure 8.84% 4.13% 1.89% Petrochemicals & Chemicals 8.51% 4.86% 3.02% Insurance 3.46% 2.92% 0.10% Commerce 2.19% 2.39% 2.61% Transportation & Logistics 0.99% 0.49% 3.69% Automotive 5.73% 2.00% 2.94% Property Development 6.91% 2.12% 4.44% Food & Beverage 10.60% 4.94% 0.28% Information & Communication 10.70% 3.93% 3.82% Energy & Utilities 11.85% 7.45% 7.36% Media & Publishing 20.73% 6.29% 1.22% Agribusiness 21.13% 2.18% 0.38% Banking 21.88% 3.70% 2.75% SET INDEX 6.86% 2.42% 3.41% 31 2558 11 Fund Management Service ก
ก ก ก กก .
ก ก ก ก ก ก ก ก FED ECB BOJ
12 Fund Management Service Portfolio Weightings Earnings growth + Government policy
ก Convenience Store ก ก ก ก ก ก ก ก ก ก ก ก ก ก
ก ก กก ก ก ก ก ก ก ก ก ก ก ก ก กก ก ก CLMV ก ก ก ก ก ก ก ก ก ก ก ก
ก ก ก ก ก ก ก ก ก ก ก ก
ก 4Q58 1Q59 ก ก ก ก ก กก ก ก
13 ก ก Fund Management Service Fund Management Group ก 2558
ก ก 2558 ก ก ก ก ก ก ก กก ก ก ก ก ก
4.5% Date REPO Y2015 TH REPO 4.0% US FED FUND 28-Jan-15 2.00% ECB 3.5% 11-Mar-15 1.75% 3.0% 29-Apr-15 1.50% 2.5%
10-Jun-15 1.50% 2.0%
05-Aug-15 1.50% 1.5%
16-Sep-15 1.50% 1.0%
04-Nov-15 1.50% 0.5%
0.0% 16-Dec-15 1.50%(E) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 /0 /0 /0 /0 /0 /0 /0 /0 /0 /0 /0 /0 /0 /0 /0 1 7 1 7 1 7 1 7 1 7 1 7 1 7 1 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 /2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 8 8 9 9 0 0 1 1 2 2 3 3 4 4 5
Ref : BOT and BBLAM Fund Management Service Foreign Fund Flow
ก
Source: ThaiBMA Fund Management Service
Source: ThaiBMA Fund Management Service Fund Management Group ก ก
ก ก 1.50% ก Yield Curve ก ก
Duration Strategy Slightly Overweight Duration ก BM Fund Management Service Fund Management Group ก ก
• ก 2 8 ก ก
ก กก ก ก , ก ก • ก ก ก ก credit spread ก ก ก ก • ก ก 7 RMF & LTF Fund Management Service ก RMF 12 ก
ก ก MM RMF (Duration) ก 1 2 BFRMF ก 4 ก ก 75% NAV B25RMF ก 25% NAV 5 ( & ) BFLRMF ก 0 100% BERMF ก ก IN RMF ก ก BSIRIRMF ก ก ก ก ก 6 B SM RMF ก ก ก ก ก ก ก ก 80 NAV
ก ก ก 4 ก BBASICRMF ก ก ก 25% NAV Wellington Management Portfolios (Luxembourg) Global Opportunities Equity Portfolio B GLOBALRMF 6 ก ก ก Wellington Management Portfolios (Dublin) Plc. Global Health Care Equity Portfolio BCARERMF 7 ก ก Health Care ก BGOLDRMF ก ก SPDR Gold Trust ก 8
21 Fund Management Service ก ก
30 . . 58 Morningstar Fund size 3 6 1 3 5 10 ก Rating ( ) (%) (%) (%) (%) (%) (%) (%) (%) Overall ก MM RMF Money market 1,447.16 0.76 1.02 1.35 1.90 2.07 1.29 1.75 12/11/2551 ก ก (1) 1.29 1.31 1.47 1.83 2.05 1.43 ก ก 3 0.93 0.93 1.00 1.29 1.43 0.98 BFRMF 7,997.65 1.48 1.17 3.14 3.31 2.99 3.19 2.46 2.74 27/11/2545 ก (2) 1.86 1.90 3.23 3.11 2.96 4.08 2.80 B25RMF 2,981.08 0.10 0.69 0.16 9.43 28.52 1.08 40.65 21/11/2550 ก (3) 0.47 1.84 1.08 9.24 22.30 0.11 BFLRMF 12,602.25 1.14 5.36 6.79 16.18 85.47 221.8 2.29 432.32 27/11/2545 ก (4) 1.32 4.69 4.73 9.60 29.60 83.59 2.32
: ก ก ก (AIMC) ก ก ก ก (1) : Zero Rate Return 1 50 ก ก ก 3 1 ก ก ก 40 ก ก 1 ก (SIBOR1M) ก ก ก ก Credit Spread ก A 1 10 ก (2) : ThaiBMA Government Bond Index (Total Return Index) 1 3 30 ThaiBMA Government Bond Index (Total Return Index) 3 7 30 ก ก 1 1 ก ก ก 40 ก (3) : ก 25 ThaiBMA Government Bond Index ( Total Return Index ) 1 3 37.5 ก ก 1 1 ก ก ก 37.5 ก (4) : ก 50 ThaiBMA Government Bond Index ( Total Return Index ) 1 3 25 ก ก 1 1 ก ก ก 25 22 Fund Management Service ก ก
30 . . 58 Morningstar Fund size 3 6 1 3 5 10 ก Rating ( ) (%) (%) (%) (%) (%) (%) (%) (%) Overall BERMF 6,467.25 1.24 6.25 7.89 17.67 94.12 250.65 2.49 706.85 27/11/2545 IN RMF 3,676.64 3.57 10.28 10.85 22.75 81.27 6.57 120.93 23/05/2551 ก ก 3 B SM RMF 1,057.69 2.69 12.88 7.81 3.75 16.53 20/11/2555 SET Index 3.14 10.32 11.94 8.83 41.70 104.46 6.86 ก ก 3 BSIRIRMF 3,651.43 4.19 11.70 11.54 7.33 7.35 17/05/2556 SET High Dividend 30 Index 7.96 17.61 18.70 12.05 ก ก 3 BBASICRMF 1,197.11 0.44 4.20 3.65 1.91 3.33 16/05/2557 ก (5) 2.93 7.58 8.02 4.04 BCARERMF 2,531.20 7.45 0.69 19/05/2558 (ก ก) MSCI World Health Care Index Net 0.80 BGOLDRMF 1,026.69 6.67 4.56 4.81 24.75 4.69 3.31 2.25 19/05/2553 LBMA Gold Price PM 4.99 5.62 7.30 22.89 0.70 2.46
: ก ก ก (AIMC) ก ก ก ก (5) : ก 80 MSCI World Index ก ก ก 20 23 Fund Management Service
24 Fund Management Service ก LTF 2 ก
ก ก B LTF ก 65 NAV 6 BLTF75 ก 65 ก 75 NAV
*** 2 ก ***
ก ก 30 . . 58 Morningstar Fund size 3 6 1 3 5 10 ก Rating ( ) (%) (%) (%) (%) (%) (%) (%) (%) Overall B LTF 33,864.82 1.27 6.15 7.80 17.68 93.96 253.51 2.48 243.92 11/11/2547 BLTF75 25,712.69 1.05 4.75 5.85 12.87 70.03 1.56 146.67 18/05/2550 SET Index 3.14 10.32 11.94 8.83 41.70 104.46 6.86
: ก ก ก (AIMC) ก ก ก 25 Fund Management Service
26 ก (FIF) Fund Management Service ก ก 4 ก
ก ก ก ก ก Wellington Management Portfolios (Dublin) Plc. BCARE Global Health Care Equity Portfolio ก ก ก 7 ก Health Care ก Wellington Management Portfolios (Luxembourg) B GLOBAL Global Opportunities Equity Portfolio ก ก ก ก ก Nomura Japan Strategic Value Fund ก 75 B NIPPON 6 ก ก Invesco Asian Equity Fund (Dublin) ก 75 B ASIA
*** 4 ก ***
28 Fund Management Service ก ก
30 . . 58 Morningstar Fund size 3 6 1 3 5 10 ก Rating ( ) (%) (%) (%) (%) (%) (%) (%) (%) Overall
BCARE 6,686.00 7.12 3.77 22.25 115.61 178.61 14.88 164.67 29/08/2550 (ก ก) MSCI World Health Care Index Net 0.80 5.95 18.73 89.93 139.19 12.96
B GLOBAL 878.32 4.83 01/10/2558 (ก ก) ก (6)
B NIPPON 2,773.41 5.45 3.53 10.02 10.69 27/11/2557 (ก ก) ก (7) 5.19 1.76 12.65
B ASIA 2,216.33 3.50 11.13 6.97 02/04/2558 (ก ก) ก (8) 4.64 16.61 : ก ก ก (AIMC) ก ก ก ก (6) : MSCI All Country World Index Net ก ก ก ก (7) : Tokyo Stock Price Index (TOPIX) ก ก ก ก ก ก ก ก ก 75% ก (8) : MSCI Asia ex Japan ก ก ก ก ก ก ก ก ก 75 29 ก Fund Management Service
MM RMF 30 . . 58
ก : Zero Rate Return 1 50 ก ก ก 3 1 ก ก ก 40 ก ก 1 ก (SIBOR1M) ก ก ก ก Credit Spread ก A 1 10 31 Fund Management Service
BFRMF 30 . . 58
ก : ThaiBMA Government Bond Index (Total Return Index) 1 3 30 ThaiBMA Government Bond Index (Total Return Index) 3 7 30 ก ก 1 1 ก ก ก 40 32 Fund Management Service
B25RMF 30 . . 58
ก : ก 25 ThaiBMA Government Bond Index ( Total Return Index ) 1 3 37.5 ก ก 1 1 ก ก ก 37.5 33 Fund Management Service
BFLRMF 30 . . 58
ก : ก 50 ThaiBMA Government Bond Index ( Total Return Index ) 1 3 25 ก ก 1 1 ก ก ก 25 34 Fund Management Service
BERMF 30 . . 58
ก : SET Index 35 Fund Management Service
IN RMF 30 . . 58
ก : SET Index 36 Fund Management Service
BSIRIRMF 30 . . 58
ก : SET High Dividend 30 Index 37 Fund Management Service
B SM RMF 30 . . 58
ก : SET Index 38 Fund Management Service
BBASICRMF 30 . . 58
ก : ก 80 MSCI World Index ก ก ก 20 39 Fund Management Service
BCARERMF 30 . . 58
ก : MSCI World Health Care Index Net 40 Fund Management Service
BGOLDRMF 30 . . 58
ก : LBMA Gold Price PM 41 Fund Management Service
BLTF 30 . . 58
ก : SET Index 42 Fund Management Service
B LTF75 30 . . 58
ก : SET Index 43 Fund Management Service
BCARE 30 . . 58
44 Fund Management Service
B GLOBAL 30 . . 58
ก : MSCI All Country World Index Net ก ก ก 45 Fund Management Service
B NIPPON 30 . . 58
ก : Tokyo Stock Price Index (TOPIX) ก ก ก ก ก ก ก ก ก 75% 46 Fund Management Service
B ASIA 30 . . 58
ก : MSCI Asia ex Japan ก ก ก ก ก ก ก ก ก 75 47