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ANNUAL REPORT 2014
Siam Select Fund : SSF
(January 1, 2014 to December 31, 2014)
Siam Select Fund : SSF
Annual Report
SSF
CONTENT
PAGE
The Management Company Report
2
Capital Market and Economic Review
3
Siam Select Fund : SSF and Fund performance
4
Portfolio Valuation Report
5
Brokerage Fee (January 1, 2014 to December 31, 2014)
6
Fund's Direct Expenses (January 1, 2013 to December 31, 2013)
7
Other Informations That Unitholders Should Know
8
List of Connected Persons Who Have The Investment Deal
8
(January 1, 2014 to December 31, 2014)
Receipt of benefit in the case that
Siam Select Fund : SSF
8
use the service of other party (Soft Commission)
Connected Person Dealing Report For All Funds under Management
9
(January 1, 2014 to December 31, 2014)
Mutual Fund Supervisor Report
10
AUDITOR'S REPORT
11
1
Annual Report
SSF
2
The Management Company Report
To :
Unitholders of Siam Select Fund : SSF
One Asset Management Limited (ONEAM) would like to submit Siam Select Fund : SSF annual
report and 6-month period performance since January 1, 2014 to December 31, 2014 and since
July 1, 2014 to December 31, 2014.
For 1-year performance, Siam Select Fund : SSF posted a negative return of 15.88%, compared
with a negative return of 15.43% of the benchmark calculated from the average return of SET
Index (Details in Fund Performance Table)
In 2014, Thailand GDP went up barely 0.7% YoY, household consumption up 0.3%, investment
down 2.8%, inflation up 1.9%, and current account surplus down by 3.8%. We expect Thai
economy to do better in 2015; GDP growth is expected to rise by 3.5% to 4.5% from the help of 1)
improving export following the global economic recovery 2) better environment for private
investment and tourism sector 3) government budget planning and infrastructure projects 4)
increased in auto production and sales 5) lower oil price. However, there are still some headwinds
including 1) no sign of recovery for agricultural sector 2) fluctuations in global economy and
financial markets 3) strengthens Thai Baht against trade partners and competitors, and rising real
interest rates. Export is expected to increase by 3.5%, while private consumption and investment is
expected to go up by 2.9% and 6.0% respectively. We expect inflation to be between 0.0% to
1.0% and a current account surplus of 4.9%.
Thai stocks continue to surge in 2014, even though there are some fluctuations mostly from
political uncertainties. The events include protests in many areas of Bangkok, Bangkok Shut
Down, 2 trillion stimulus policy, and many political court cases that are still under consideration.
However, SET Index rose to 1,420 in May from 1,298 at the end of December with the support of
high level of liquidity in the market and interest rate hike delayed by the FED. At the end of May,
The National Council for Peach and Order (NCPO) announced Martial Law before seizing power
through a coup d'état two days later. The event leads to major foreign outflows from SET;
nevertheless the index did not fell much due to inflows from local investors.
The index rebounded after the rebounded and rose to the highest level of at year at 1,600 after the
coup by NCPO combined with curfew uplifted in some area, improved industry confidence to the
highest level in 7 months, and the introduction of temporary constitution brought back overall
investors’ confidence. In October, the index fell to around 1,520 over the concerns of FED rate
hike.
At the end of the year there were multiple fluctuations, beginning with the index rising to test the
resistance at 1,600 again before falling sharply to 1,400 due to some rumors relating to the
political and national security. The market later rebound again to close at 1,497 during the end of
the year after the rumor was proven to be false.
For statistical data, Set index in 2014 made a high at 1,600 and a low at 1,224. The average traded
value per day was around Baht 41,604 million per day with foreign net sell of Baht 36,584 million,
retail net sell of Baht 38,421 million, institution net buy of Baht 71,424 million and investment
portfolio of security net buy of Baht 3,582 million.
One Asset Management Company Limited (ONEAM) would like to highly appreciate all
unitholders that trust in ONEAM to manage your money. The company has strong intention to
manage all unitholders’ investment carefully and efficiently and to optimize all unitholders’
benefits.
One Asset Management Limited
Annual Report
SSF
Capital Market and Economic Review
In 2014, Thailand GDP went up barely 0.7% YoY, household consumption up 0.3%, investment
down 2.8%, inflation up 1.9%, and current account surplus down by 3.8%. We expect Thai
economy to do better in 2015; GDP growth is expected to rise by 3.5% to 4.5% from the help of
1) improving export following the global economic recovery 2) better environment for private
investment and tourism sector 3) government budget planning and infrastructure projects 4)
increased in auto production and sales 5) lower oil price. However, there are still some
headwinds including 1) no sign of recovery for agricultural sector 2) fluctuations in global
economy and financial markets 3) strengthens Thai Baht against trade partners and competitors,
and rising real interest rates. Export is expected to increase by 3.5%, while private consumption
and investment is expected to go up by 2.9% and 6.0% respectively. We expect inflation to be
between 0.0% to 1.0% and a current account surplus of 4.9%.
Thai stocks continue to surge in 2014, even though there are some fluctuations
mostly from political uncertainties. The events include protests in many areas of Bangkok,
Bangkok Shut Down, 2 trillion stimulus policy, and many political court cases that are still
under consideration. However, SET Index rose to 1,420 in May from 1,298 at the end of
December with the support of high level of liquidity in the market and interest rate hike delayed
by the FED. At the end of May, The National Council for Peach and Order (NCPO) announced
Martial Law before seizing power through a coup d'état two days later. The event leads to major
foreign outflows from SET; nevertheless the index did not fell much due to inflows from local
investors.
The index rebounded after the rebounded and rose to the highest level of at year at
1,600 after the coup by NCPO combined with curfew uplifted in some area, improved industry
confidence to the highest level in 7 months, and the introduction of temporary constitution
brought back overall investors’ confidence. In October, the index fell to around 1,520 over the
concerns of FED rate hike.
At the end of the year there were multiple fluctuations, beginning with the index
rising to test the resistance at 1,600 again before falling sharply to 1,400 due to some rumors
relating to the political and national security. The market later rebound again to close at 1,497
during the end of the year after the rumor was proven to be false.
For statistical data, Set index in 2014 made a high at 1,600 and a low at 1,224. The
average traded value per day was around Baht 41,604 million per day with foreign net sell of
Baht 36,584 million, retail net sell of Baht 38,421 million, institution net buy of Baht 71,424
million and investment portfolio of security net buy of Baht 3,582 million.
3
Annual Report
SSF
4
Siam Select Fund : SSF
Fund Code :
SSF
Fund Number :
010035
Type of Fund :
An open-equity fund with the first year closed.
Registered Fund Size :
US$ 100 million
Fund Units :
Inception Date :
Trustee :
Registrar :
10 million units
June 18, 1998
Citibank N.A. (Bangkok Branch)
One Asset Management Limited
Fiscal Year :
Dividend Policy :
January 1 - December 31
No dividend payment, all profit will be reinvested unless the fund
determine otherwise.
Level 6 (High Risk)
To seek long term capital growth from investing in undervalued
companies in the Stock Exchange of Thailand. The investment
focus is on the sector which good growth potential.
minimum of US$ 250,000
minimum of 10,000 units
Subscription and Redemption 10.00 a.m.-3.00 p.m.
on every Wednesday.
not more than 3% of subscription amount
(at present, the Manager waive this fee)
none
1.50% p.a. of net asset value (excluding VAT)
0.10% p.a. of net asset value (excluding 7% VAT)
0.10% p.a. of net asset value (including 7% VAT)
Risk Spectrum :
Investment Objective :
Subscription :
Redemption :
Dealing Time :
Front-end Fee :
Exit Fee :
Management Fee :
Trustee Fee :
Registrar Fee :
Selling and Redemption Agent
- One Asset Management Limited Tel. 0-2659-8888
press 1 Customer Service and Marketing Support Department
Fund performance of Siam Select Fund : SSF
Return 3 Return 6 Return 1 Return 3
Since
Months Months
Year
Year
Inception
SSF
-4.74%
3.51%
15.88%
59.39%
481.45%
SET Index
-5.61%
2.23%
15.43%
46.29%
453.39%
Information Ratio
0.05
0.04
0.01
0.04
0.00
Volatility of Performance
14.87%
12.75%
13.79%
17.25%
31.48%
* Information Ratio : The ability of fund managers to generate returns relative to risk.
Portfolio Turnover Ratio
(01/01/2014 - 31/12/2014)
SSF
1.62
Remark : This Mutual Fund’s performance measurement report has been prepared in accordance
with the guidelines set by Association Investment Management Companies.
Return (%) As of December 26, 2014
Annual Report
SSF
Portfolio Valuation Report
Siam Select Fund : SSF
As of December 31, 2014
Security Name
Market Value
% NAV
(Baht)
THAILAND
Security Listed
Agribusiness
-
-
21,343,050.00
4.09%
4,207,242.00
0.81%
-
-
38,952,900.00
7.47%
3,122,494.35
0.60%
Packaging
-
-
Insurance
-
-
Automotive
-
-
2,583,000.00
0.50%
Food and Beverage
Fashion
Home & Office Products
Banking
Finance and Securities
Petrochemicals & Chemicals
Industrial Materials & Machinery
-
-
Construction Materials
48,280,115.50
9.26%
Property Development
210,636,217.00
40.39%
3,095,625.00
0.59%
-
-
6,264,000.00
1.20%
Health Care Services
37,988,937.60
7.28%
Media & Publishing
39,447,388.20
7.56%
Tourism & Leisure
6,108,302.00
1.17%
-
-
Information & Communication Technology
74,453,678.25
14.27%
Electronic Components
15,830,350.00
3.04%
4,178,629.74
0.80%
516,491,929.64
99.03%
2,702,404.84
0.52%
11,205,435.13
2.15%
Energy & Utilities
Mining
Commerce
Transportation & Logistics
Warrant
Total Securities
MAI Market - E FOR L AIM Plc.
Savings - Citibank N.A. Bangkok Branch
Savings - Industrial and Commercial Bank of China (Thai) Plc.
3,722,835.95
0.71%
Total Other Asset
2,557,347.80
0.49%
Total Other Debt
(15,111,198.89)
-2.90%
Net Asset Value
521,568,754.47
100.00%
Siam Select Fund : SSF
As of December 31, 2014
NAV PER UNITS 236.62 BAHT
5
Annual Report
SSF
6
Brokerage Fee of Siam Select Fund : SSF
For the period between January 1, 2014 to December 31, 2014
Number
Broker Name
Amount
Percentage
(Unit : Baht)
(%)
1
SCB Securities Co., Ltd.
825,401.79
16.18
2
Bualuang Securities Plc.
519,623.77
10.19
3
Phatra Securities Plc.
507,685.03
9.95
4
CIMB Securities (Thailand) Co.Ltd.
414,001.75
8.12
5
KGI Securities (Thailand) Plc.
378,157.09
7.41
6
TISCO Securities Co., Ltd.
327,315.26
6.42
7
Kasikorn Securities Plc.
311,877.74
6.12
8
Credit Suisse Securities Co., Ltd.
274,764.39
5.39
9
Thanachart Securities Plc.
242,816.50
4.76
10
DBS Vickers Securities Co., Ltd.
238,542.75
4.68
11
Others
1,059,764.40
20.78
5,099,950.47
100.00
Total Brokerage Fee
Annual Report
SSF
FORM 117-5
Fund Expenses of Siam Select Fund (SSF)
For the period between January 1, 2014 to December 31, 2014
Fund's Direct Expenses
Amount
% of NAV
Unit : thousand Baht
(Including
VAT)
Management fee
11,353.24
1.61
756.88
0.11
Advisory fee
-
-
Registrar fee
908.26
0.13
Auditing Fee
600.00
0.08
2,914.64
0.41
Trustee fee
Others Expenses
Total Expenses*
16,533.03
2.34
*Not include brokerage fee and others fee
Average Net Asset Value of Fund
707,295,348.04
Baht
7
Annual Report
SSF
8
Other Informations That Unitholders Should Know
List of Connected Persons Who Have The Investment Deal (January 1, 2014 - December 31, 2014)
1. KGI Securities (Thailand) Plc.
The investors can check the transactions of the connected person with mutual fund directly at One Asset Management
or One Asset Management website (http://www.one-asset.com)
and The Securities and Exchange Commission,Thailand website (http://www.sec.or.th).
Fund Manager
1. Win Udomrachtavanich, Ph.D.
2. Monthol Junchaya
3. Winyoo Sriwiriyanon
4. Suttinee Simakulthorn
5. Buncha Jungwattanakij
6. Piyawat Thammanant
7. Surashate Sriwattanakulwong
8. Arpaphan Chaisrisuraphan
9. Ormruthai Chanjam
10.Chanphen Choowongse 11. Porn - uma Dhevahudee
12. Prapaporn Suecharoenkit
13. Sutthiroj Sitiwatananon
14. Pornphen Chuleeprasert 15. Sanitra Manomaiphan
• If the fund investment does not comply with the investment policy during the specified period, the lack of information must be
demonstrated with reasons : - None -.
• Mark to market or such a claim right equals to zero when the instrument issuer or debtor calls for default in payment or being
in the failing circumstances (if any) : -None• Information of debt liquidation by other assets (if any) : -None• Report of holding of investment unit exceeding the total investment limits (if any): -None• The operation information of voting in the unitholder meeting on behalf of the mutual fund of the last calendar year.
Investors are able to check the guidelines for voting, the voting process at the website of the management company :
http://www.one-asset.com
Receipt of benefit in the case that Siam Select Fund (SSF)
use the service of other party (Soft Commission)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
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20
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Company giving benefit
Bualuang Securities Plc.
TISCO Securities Co., Ltd.
Country Group Securities Plc.
DBS Vickers Securities (Thailand) Co., Ltd.
CIMB Securities International (Thailand) Plc.
Phatra Securities Plc.
Asia Plus Securities Plc.
Credit Suisse First Boston Securities (Thailand) Ltd.
Kasikorn Securities Plc.
KGI Securities (Thailand) Plc.
Capital Nomura Securities Plc.
Thanachart Securities Plc.
Kiatnakin Securities Co., Ltd.
Trinity Securities Co., Ltd.
SCB Securities Co., Ltd.
Finansia Syrus Securities Plc.
TMB Macquarie Securities (Thailand) Ltd.
Finansa Securities Ltd.
JPMorgan Securities (Thailand) Ltd.
Maybank Kim Eng Securities (Thailand) Plc.
CLSA Securities (Thailand) Ltd.
KT ZMICO Securities Co., Ltd.
UBS Securities Ltd.
Benefit
news, research, report, etc.
news, research, report, etc.
news, research, report, etc.
news, research, report, etc.
news, research, report, etc.
news, research, report, etc.
news, research, report, etc.
news, research, report, etc.
news, research, report, etc.
news, research, report, etc.
news, research, report, etc.
news, research, report, etc.
news, research, report, etc.
news, research, report, etc.
news, research, report, etc.
news, research, report, etc.
news, research, report, etc.
news, research, report, etc.
news, research, report, etc.
news, research, report, etc.
news, research, report, etc.
news, research, report, etc.
news, research, report, etc.
Reason for Receiving benefit
For investment benefit of the Fund
For investment benefit of the Fund
For investment benefit of the Fund
For investment benefit of the Fund
For investment benefit of the Fund
For investment benefit of the Fund
For investment benefit of the Fund
For investment benefit of the Fund
For investment benefit of the Fund
For investment benefit of the Fund
For investment benefit of the Fund
For investment benefit of the Fund
For investment benefit of the Fund
For investment benefit of the Fund
For investment benefit of the Fund
For investment benefit of the Fund
For investment benefit of the Fund
For investment benefit of the Fund
For investment benefit of the Fund
For investment benefit of the Fund
For investment benefit of the Fund
For investment benefit of the Fund
For investment benefit of the Fund
Annual Report
SSF
FORM 126 (1) - 4
Siam Select Fund (SSF)
Connected Person Dealing Report
For All Funds under Management
Period from January 1, 2014 to December 31, 2014
Connected Person
Percentage of
Dealing Type
Total Dealing
1. Investment through Brokers who are
7.41
connected person
2. Investment directly with connected person
-
3. Investment in a new issue for which the
-
underwriter or arranger is connected person
4. Investment in assets issued by
-
connected person
5. Purchase debt instrument accepted, avaled or
recoursed by connected person
-
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