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Transcript
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 16 17 18 19 20 21 22 23 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 - 9 Annual Report SSF 10 Annual Report 11 SSF Annual Report SSF 12 Annual Report 13 SSF Annual Report SSF 14 Annual Report 15 SSF Annual Report SSF 16 Annual Report 17 SSF Annual Report SSF 18 Annual Report 19 SSF Annual Report SSF 20 Annual Report 21 SSF Annual Report SSF 22 Annual Report 23 SSF Annual Report SSF 24 Annual Report 25 SSF Annual Report SSF 26 Annual Report 27 SSF Annual Report SSF 28 Annual Report 29 SSF Annual Report SSF 30 Annual Report 31 SSF Annual Report SSF 32