MONTHLY MARKET UPDATE...1.40%-0.53% Portfolio volatility Benchmark volatility 3 years--1 year 0.44%...

MONTHLY MARKET UPDATEFEBRUARY 2019

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

Data as of 28/02/2019

We expect a global synchronized slowdown at the start of 2019, and a stabilization later on. After the strong bounce experienced by risky assets, valuations gaps and oversold conditions have been reduced. Against this backdrop, we are tactically close to neutrality on equity. Looking forward, the next reporting season will be key to getting visibility on companies top line growth, and the impact and spillover from trade disputes on revenues. Among the asset class, emerging markets remain more attractive on a relative value basis vs developed equities and should remain the main beneficiaries from a Fed pause, a solution on tariffs or a stronger stimulus in China. In fixed income, with a global slowdown, we do not see a strong case for higher yields anymore. We think investors should exploit relative value opportunities across the board.

MARKET VIEWMARKET OVERVIEWMacroeconomic figures in major economies showed that future economy would growing at slower pace than last year. In the US, service purchasing manager index and existing home sales were lower than expected. In Eurozone, manufacturing purchasing manager index (preliminary) fell into contractionary zone. In China, manufac-turing purchasing manager index fell into contractionary zone and service purchasing manager index was lower than expected.Political uncertainty in Eurozone still remained as T. May couldn’t get a vote of the Brexit deal by UK parliament. On the monetary policy side, Central banks, and especially the Fed, confimed their more accommodative stance. Against this backdrop, equity markets prolonged their rebound, with the MSCI World rising by 3.07%. While MSCI Emerging was up only 0.2% led by Asian EM while LATAM dragged performance. For fixed income side, bonds markets performance was slightly negative as global rates slightly rose in February. Among the asset class, investors favored credit, which returned positive returns as spreads continued to tighten.

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 28 February 2019)

PORTFOLIO OVERVIEW – FEBRUARY 2019

02For customer’srisk level 1

The portfolio slightly underperformed its benchmark, delivering 0.18% vs 0.21%. This month: fund selection detracted the most from the performance (TMB Bond).

Maximum drawdown (since inception)Recovery period (days)Worst monthLowest returnBest monthHighest return

SincePortfolioBenchmarkSpread

3 months 30/11/2018

0.83%1.08%

-0.25%

1 month 31/01/2019

0.18%0.21%

-0.03%

6 months 31/08/2018

0.88%1.40%

-0.53%

Portfolio volatilityBenchmark volatility

3 years--

1 year0.44%0.49%

5 years--

YTD31/12/2018

0.54%0.59%

-0.05%

S.I.(% p.a.)30/12/2016

1.95%1.91%0.04%

No changes.

RISK AVERSE PORTFOLIO

PortfolioBenchmarkSpread

2016---

20173.01%2.25%0.76%

20180.68%1.28%

-0.61%

2015---

2014---

Portfolio commentary

Performance analytics

Risk analysis (rolling)

Strategy

Performance Evolution (Base 100)*

Calendar year performance

Past performance (%)

Asset Allocation*

Monthly Performances and Risks statistics

Foreign Fixed Income

Local Fixed Income

15.17%

% Investment Portion

84.83%

% weight15.17%

7.05%3.06%5.07%

84.83%29.99%29.90%24.94%

Bloomberg

TMBGLBF TBTMBGLIN TBUNGLDBN TB

TMBAGBF TBTMBBOND TBTMBPLUS TB

ISIN

TH2560010005TH7232010002TH8385010005

TH5573010003TH1128010002TH1133010005

TMB GLOBAL BOND FUND TMB GLOBAL INCOME FUNDUNITED GLOBAL DYNAMIC BOND-N

TMB AGGREGATE BOND FUND TMB BOND FUNDTMB THANAPLUS FUND


Local Fixed Income

Portfolio composition – February 2019

Table of contentMonthly Market Update – February 2019This 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.

* The performance is calculated in Thai Baht, based on historical data. The performance shown is calculated with net coupons reinvested and excluding ongoing costs. The performance shown covers the complete 12-month period for each calendar year. The product(s) have no guaranteed performance or return. Further, past performance is not a guarantee or a reliable indicator for current or future performance and is not guarantee that the investor will receive the expected return as shown. The performance data do not take account of the commissions and costs incurred on the issue and redemption of units

Portfolio Benchmark

15.17%

84.83%

-0.32%41

04/2018-0.10%

02/20170.47%

Neutral allocation: 100%Fixed Income This profile is designed for investorshaving a low risk toleranceand expecting also capitalpreservation.

Benchmark :Composite Index **

Sub-fund launch date: 30/12/2016

Investment Objective

** Index composition :

48% THAI BMA GOVERNMENT BOND TOTAL RETURN INDEX, 8% THAI CORPORATE DEBENTURE TOTAL RETURN INDEX (BBB UP), 24% THAI BMA SHORT-TERM GOVERNMENT 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 28 February 2019

02/17 05/17 08/17 11/17

02/18

05/18 08/18 11/18 02/19 98

100

102

104

106

02/17 05/17 08/17 11/17 02/18 05/18 08/18 11/18 02/19


04

Asset Allocation*

Foreign EquitiesForeign Fixed Income

10.72%


25.89%Local EquitiesLocal Fixed Income

10.38%53.01%

Foreign Equities


Local Equities

Local Fixed Income

% weight10.72%

2.89%5.46%2.37%

25.89%2.01%

10.89%5.01%7.97%

10.38%3.09%7.28%

53.01%15.74%24.52%12.76%

Bloomberg

TMBCOPF TB TMBGQGT TB TMBIAEQ TB

TMBASD2 TBTMBGLBF TBTMBGLIN TBUNGLDBN TB

KSTAACC TBTISCOHD TB

TMBAGBF TBTMBBOND TBTMBPLUS TB

ISIN

TH5969010005 TH6351010009 TH8510010003

TH7628010004 TH2560010005TH7232010002TH8385010005

TH1557010002TH3221010004

TH5573010003TH1128010002TH1133010005

TMB CHINA OPPORTUNITY FUNDTMB GLOBAL QUALITY GROWTH FUND TMB INDIA ACTIVE EQUITY

TMB ASIAN BOND FUND TMB GLOBA L BOND FUNDTMB GLOBAL INCOME FUNDUNTIED GLOBAL DYNAMIC BOND-N

K STAR EQUITY FUND-ACCTISCO HIGH DIVIDEND EQUITY FUND

TMB AGGREGATE BOND FUNDTMB BOND FUNDTMB THANAPLUS FUND


53.01% 25.89%

10.72%

10.38%



For customer’srisk level 2

The portfolio slightly outperformed its benchmark delivering 0.61% vs 0.58%. This month: allocation effect contributed the most to the performance.

Maximum drawdown (since inception)Worst monthLowest returnBest monthHighest return


3 months30/11/2018

1.48%1.27%0.21%

1 month 31/01/2019

0.61%0.58%0.02%

6 months31/08/2018

0.17%0.38%

-0.21%Portfolio volatilityBenchmark volatility

3 years--

1 year2.20%1.95%

5 years--

YTD31/12/2018

2.19%1.81%0.38%

S.I.(% p.a.)30/12/2016

3.19%2.89%0.30%

No Changes.

CONSERVATIVE PORTFOLIO




Strategy





Portfolio Benchmark

-3.56%10/2018-1.44%

01/20191.58%

Neutral allocation: 80% Fixed Income, 20% Equities This profile is designed for cautious investors havinga low to medium risk tolerance and looking fora large diversification in terms of asset classes.





30% THAI BMA GOVERNMENT BOND TOTAL RETURN INDEX, 5% MSCI ASIA EX JAPAN INDEX, 10% SET INDEX, 15% THAI BMA SHORT-TERM GOVERNMENT BOND INDEX, 5% MSCI WORLD INDEX, 5% THAI BMA CORPORATE DEBENTURE 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)


2016---

2017 6.94% 5.51% 1.43%

2018-2.06%-0.99%-1.07%

2015---

2014---

97.5

100

102.5

105

107.5

110

06

ONE EUROPEAN EQUITY FUNDTMB ASIAN GROWTH LEADERS FUND TMB CHINA OPPORTUNITY FUNDTMB GLOBAL QUALITY GROWTH FUND TMB INDIA ACTIVE EQUITY

TMB ASIAN BOND FUND TMB GLOBAL BOND FUND TMB GLOBAL INCOME FUNDUNITED GLOBAL DYNAMIC BOND-N

K MID SMALL CAP EQUITY FUNDK STAR EQUITY FUND-ACCTISCO HIGH DIVIDEND EQUITY FUND

TMB AGGREGATE BOND FUNDTMB BOND FUND



3 months30/11/2018

1.66%1.15%0.51%

1 month31/01/2019

0.97%1.07%

-0.10%

6 months31/08/2018

-1.38%-1.25%-0.13%

YTD31/12/2018

4.22%3.49%0.72%

S.I.(% p.a.)30/12/2016

4.69%4.25%0.44%




Portfolio Benchmark

The portfolio underperformed its benchmark delivering 0.97% vs 1.07%. This month: fund selection detracted the most from the performance (K STAR Equity).



3 years--

1 year5.26%4.95%

5 years--

No Changes.

BALANCED PORTFOLIOPortfolio commentary



Strategy


-8.27%10/2018-3.25%

01/20193.22%

% weight21.06%

2.14%4.08%2.27%

10.72%1.86%

18.55%1.97%8.74%2.95%4.89%

30.53%7.16%

10.11%13.26%29.86%16.40%13.46%

Bloomberg

ONEEUEQ TB TMBAGLF TB TMBCOPF TB TMBGQGT TB TMBIAEQ TB

TMBASD2 TBTMBGLBF TB TMBGLIN TBUNGLDBN TB

KMIDSMA TBKSTAACC TBTISCOHD TB

TMBAGBF TB TMBBOND TB

ISIN

TH8488010001 TH5820010004 TH5969010005 TH6351010009 TH8510010003

TH7628010004 TH2560010005TH7232010002TH8385010005

TH5501010000TH1557010002 TH3221010004

TH5573010003 TH1128010002

Foreign Equities


Local Equities

Local Fixed Income


Asset Allocation*


21.06%



30.53%29.86%

21.06%

18.55%30.53%

29.86%



Neutral 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 ASIA EX JAPAN INDEX, 30 %SET INDEX, 18 % THAI BMA GOVERNMENT BOND TOTAL RETURN INDEX, 20 % BLOOMBERG BARCLAYS GLOBAL AGGREGATE HEDGED, 10 % MSCI WORLD INDEX, 3 % THAI BMA CORPORATE DEBENTURE TOTAL RETURN INDEX (BBB UP), 9 % THAI BAM SHORT-TERM GOVERNMENT BOND TOTAL RETURN INDEXRETURN INDEX


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



2016---

2017 11.80% 10.18% 1.62%

2018-5.21%-4.04%-1.17%

2015---

2014---

02/17 05/17 08/17 11/17

02/18

05/18 08/18 11/18 02/19 95

100

105

110

115

120

Asset Allocation*

% weight32.18%

4.22%7.03%3.35%

11.61%2.75%3.22%

13.52%1.94%4.84%6.74%

39.09%9.07%

13.94%16.08%15.20%15.20%

Bloomberg

ONEEUEQ TB TMBAGLF TB TMBCOPF TB TMBGQGT TB TMBIAEQ TB UOBUGHF TB

TMBASD2 TB TMBGLIN TBUNGLDBN TB


TMBAGBF TB

ISIN

TH8488010001 TH5820010004 TH5969010005 TH6351010009 TH8510010003 TH5842010008

TH7628010004TH723201002TH8385010005

TH5501010000TH1557010002 TH3221010004

TH5573010003

ONE EUROPEAN EQUITY FUNDTMB ASIAN GROWTH LEADERS FUND TMB CHINA OPPORTUNITY FUNDTMB GLOBAL QUALITY GROWTH FUND TMB INDIA ACTIVE EQUITYUNITED GLOBAL HEALTHCARE FUND

TMB ASIAN BOND FUND TMB GLOBAL INCOME FUNDUNITED GLOBAL DYNAMIC BOND-N


TMB AGGREGATE BOND FUND

Foreign Equities


Local Equities

Local Fixed Income



32.18%



39.09%15.20%

32.18%

13.52%

39.09%

15.20%





3 months30/11/2018

1.96%1.05%0.91%

1 month31/01/2019

1.35%1.47%

-0.12%

6 months31/08/2018

-2.42%-2.44%0.02%

YTD31/12/2018

5.78%4.65%1.13%

S.I.(% p.a.)30/12/2016

5.31%5.11%0.20%




Portfolio Benchmark




3 years--

1 year7.43%6.99%

5 years--

ADVANCED PORTFOLIO





-12.05%10/2018-4.73%

01/20194.38%

Neutral allocation: 30% Fixed Income, 70% Equities This profile is designed for investors having a medium to high risk tolerance and prepared to bear a potential loss.





40 % SET INDEX, 15 % MSCI ASIA EX JAPAN INDEX, 9 % THAI BMA GOVERNMENT BOND TOTAL RETURN INDEX, 15 % BLOOMBERG BARCLAYS GLOBAL AGGREGATE HEDGED TOTAL RETURN, 4% THAI BMA SHORT-TERM GOVERNMENT BAOND TOTAL RETURN INDEX, 15 % MSCI WORLD INDEX, 2 % THAI BMA CORPORATE DEBENTURE TOTAL RETURN INDEX



No Changes.

Strategy

08



2016---

201714.90%13.50% 1.40%

2018-7.98%-6.22%-1.75%

2015---

2014---

02/17 05/17 08/17 11/17

02/18

05/18 08/18 11/18 02/19 95

100

105

110

115

120


AGGRESSIVE PORTFOLIOMonthly Performances and Risks statistics


* การจัดสรรสัดส�วนการลงทุนตาม Portfolio น้ีอาจเปล่ียนแปลงได�ตามสภาวะตลาดหร�อป�จจัยทางเศรษฐกิจอ่ืนๆ การคำนวณผลการดำเนินงานท่ีคาดหวังอิงสกุล เง�นบาทและอิงตามข�อมูลผลการดำเนินงานในอดีตย�อนหลัง ผลการดำเนินงานท่ีแสดงคำนวณจากอัตราดอกเบ้ียสุทธิของตราสารท่ีมีการลงทุนใหม� และไม�รวมค�าใช� จ�ายท่ีจะเกิดข�น้ ผลการดำเนินงานท่ีแสดงครอบคลุมระยะเวลา 12 เดือนเต็ม สำหรับแต�ละป�ปฏิทินผลิตภัณฑ�ต�างๆ ไม�มีการรับประกันผลการดำเนินงานหร�อผลตอบ แทน นอกจากน้ี ผลการดำเนินงานในอดีตไม�ได�เป�นการรับประกันหร�อเป�นตัวบ�งช้ีท่ีเช่ือถือได�สำหรับผลการดำเนินงานหร�อผลตอบแทนในป�จจ�บัน หร�ออนาคตและมิได� รับประกันว�าผู�ลงทุนจะได�รับผลตอบแทนท่ีคาดหวังตามท่ีแสดงไว� ข�อมูลแสดงผลการดำเนินงานไม�รวมค�านายหน�า และค�าใช�จ�ายท่ีเกิดข�น้จากการออก และการไถ�ถอน หน�วยลงทุน

% weight52.92%

7.41%6.20%

11.80%5.46%

10.33%4.48%1.98%5.25%

47.08%9.86%

16.57%20.65%

Bloomberg

ABAGSCF TB ONEEUEQ TB TMBAGLF TB TMBCOPF TB TMBGQGT TB TMBIAEQ TB TMBJAPE TBUOBUGHF TB


ISIN

TH6839010001 TH8488010001 TH5820010004 TH5969010005 TH6351010009 TH8510010003 TH7075010002TH5842010008

TH5501010000TH1557010002TH3221010004

ABERDEEN AMERICAN GROWTH - SMALLER COMP. ONE EUROPEAN EQUITY FUNDTMB ASIAN GROWTH LEADERS FUND TMB CHINA OPPORTUNITY FUNDTMB GLOBAL QUALITY GROWTH FUND TMB INDIA ACTIVE EQUITYTMB JAPAN ACTIVE EQUITY FUNDUNITED GLOBAL HEALTHCARE FUND


Foreign Equities


Local Equities


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





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




3 months30/11/2018

1.71%0.69%1.02%

1 month31/01/2019

2.11%2.20%

-0.09%

6 months31/08/2018

-4.55%-4.47%-0.08%

YTD31/12/2018

8.10%6.39%1.71%

S.I. (% p.a.)30/12/2016

5.95%6.28%

-0.33%




Portfolio Benchmark


Maximum drawdownWorst monthLowest returnBest monthHighest return


3 years--

1 year10.71%10.17%

5 years--




-17.59%10/2018-6.84%

01/20195.86%

No Changes.

Strategy

Asset Allocation*

Foreign EquitiesLocal Equities

52.92%


47.08%

47.08% 52.92%

10


2016---

201719.68%18.67% 1.01%

2018-12.39%

-9.62%-2.77%

2015---

2014---

02/17 05/17 08/17 11/17

02/18

05/18 08/18 11/18 02/19 90

100

110

120

130

Table of content

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MONTHLY MARKET UPDATE...1.40%-0.53% Portfolio volatility Benchmark volatility 3 years--1 year 0.44%...

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Transcript of MONTHLY MARKET UPDATE...1.40%-0.53% Portfolio volatility Benchmark volatility 3 years--1 year 0.44%...