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Monthly Market UpdateMay 2021

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 31 May 2021)

PORTFOLIO OVERVIEW – MAY 2021

Data as of 31/05/2021

The US and Europe are expected to deliver strong growth this year, allowing us to stay within the

overall pro-risk paradigm from a medium-term perspective. However, last month soft and hard

data had been showing a pause in economic momentum. Now we see a mild weakening of

sentiment and rising inflation numbers, with the bar for positive surprises set much higher. As a

result, we would tend to reduce risk to neutral on equities, and look for entry points later. This is

not a call for any long term de-risking but a way to see how valuations are affected by rising input

prices (profit margins) and upward pressures on US rates, as well as how earnings expectations

evolve after a period where markets have become complacent. Against this backdrop, in the short

term, we have now to a neutral view on developed equities. We remain cautious on Thai equities

on the back of the uncertain environment and the evolution of the virus resurgence.

Finally, within global EM, we keep a slightly constructive stance on China. On the fixed income

side, despite the recent overshoot of inflation, the Fed is likely to downplay the risk. However,

both consumer and producer prices are rising, and when we look at PMI data, it indicates that

price pressures have been with us for some time now. Therefore, amid the risk of policy mistakes,

we prefer to remain cautious on duration. The backdrop remains positive for credit: expectations

of recoveries and reopenings allow us to be constructive on the sub asset class (especially in

Europe) amid supportive fundamentals. Finally, we turn towards neutrality on EM debt on

the back of concerns over higher US rates, and spreads now close to fair value.

MARKET VIEWMARKET OVERVIEWMay was a positive month for financial markets and although it is traditionally pointed as the

global equity weakest month of the year the “sell in may” adage proved wrong this year.

The global economic recovery is continuing and in spite of concerns regarding inflation, markets

generally closed the month higher.Over the month, the MSCI World gained 1.49%. European

equities were the best performers last month on the back of stronger than expected earnings

results and growing confidence in the economic recovery. The majority of the European equity

indices posted positive returns, with especially FTSE MIB gaining 5.2% followed by IBEX (up

3.9%). Japanese markets performed in line with global index (TOPIX +1.4%). Finally, in US, while

the S&P 500 reached new highs during the month thanks to a positive earnings season and

results showing strength in the US economy, the index slipped back from record highs as

investors confronted signs of higher inflation, and ended only up 0.7%. After a few month of

underperformance, EM equities finally outperformed DM, MSCI EM USD gaining 2.34%. Latam and

Eastern Europe pulled up the broad index thanks to their strong rebound (respectively +8.04%

and +10.11% in USD terms). Asia lagged behind with a moderate +1.25% monthly performance.

Within Asia, China ended the month slightly positive (+0.70%) while ASEAN was almost flat

(+0.20%). The best performer was India, with a 6.59% gain over the month, supported by the sharp

decline of daily Covid cases. Finally, in Thailand, SET index ended 1.03% higher, in line with the

EM Asia index.On the fixed income side, rates ended on a quite stable note. In the US,

10 y Treasuries ended 3bps lower than end April (1.60% vs 1.63%) while in Europe,

core rates were slightly up, with 10y German bond ending 2bps higher to -0.18% (vs -0.2%).

Against this backdrop, global sovereign index slightly inched up over the month (+0.18%).

On the credit side, corporate bonds outperformed govies, gaining +0.5%. The broad global

aggregate ended up 0.22%. Thai bonds ended almost stable with mixed trends on sovereign

interest rates, but resilient corporate bonds. Overall, the Thai bond composite index ended up

+0.10% over the month.

No changes.

Portfolio commentary

Performance analytics

Risk analysis (rolling)

Strategy

Calendar year performance

Past performance (%)

Asset Allocation*

As of 31 May 2021

Portfolio composition – May 2021

Refe re nce a l l ocat i o n : 1 0 0 % Fixed I nco meTh is p rofi l e is d e s i g ned fo r i nve sto rs hav i n g a l ow r is k to l e ra nce .

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 GOVERN-MENT 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 0.25% P.A. of AUM)

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

Performance Evolution (Base 100)*

Portfolio volatilityBenchmark volatility

5 year--

PortfolioBenchmarkSpread

S.I.(% p.a.)1.82%2.18%

-0.36%

Foreign Fixed Income

Local Fixed Income

28.03%

% Investment Portion

71.97%

3 month1 month 6 month YTD

The portfol io outperformed its benchmark, de l ivering +0.22% vs +0.13%. Th is month , Kru n gs r i Ac r t i ve F i xed I nco me a n d TM B Global Income were the main contributors to relative performance.

Maximum drawdownRecovery period (days)Worst monthLowest returnBest monthHighest return

-3.15%286

03/2020-2.52%

11/20200.63%

Inception to date

85.00%


Bloomberg

TMBGLBF TB TMBGLIN TBUNGLDBN TB

KASKTPF TBKFIXINC TBKFAFIXI TBKTSFIPA TB

ISIN

TH2560010005 TH7232010002TH8385010005

TH2733010007 TH1145010001 TH7481010000 TH7323010002

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

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


Local Fixed Income

20180.68%1.28%

-0.61%

20193.31%3.72%

-0.41%

20201.06% 2.70%

-1.64%

20173.01%2.25%0.76%

2016---

28.03%

71.97%

RISK AVERSE PORTFOLIOMonthly Performances and Risks statistics

For customer’srisk level 1

** The summation of portfolio return and the spread may not equal to the benchmark return because of the rounding effect

Portfolio Benchmark

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.

Monthly Market Update – May 2021

% weight28.03%10.99% 12.03% 5.00%71.97% 15.98%17.99% 19.02%18.98%

3 year1.34%0.93%

1 year0.80%0.60%

0.61%0.32%0.29%

0.22%0.13%

0.09%

0.50%0.03%0.46%

0.01%-0.29%0.30%

02

As of 31 May 2021



Fixed Income, 20% Equities This profile is designed fo cautious investors having a low to medium risk tolerance and looking for a l a rge 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% T H A I B O N D D E A L I N G CENTER SHORT TERM GOVT BOND TOTAL RETURN INDEX +5% MSCI WORLD +5% THAI BOND DEALING CENTER CORPORATE BOND GRP 1 TOTA L R E T U R N I N D EX (BBB UP) +30% BLOOMBERG B A R C L A Y S G L O B A L AGGREGATE HEDGED

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


Monthly Performances and Risks statistics

For customer’srisk level 2CONSERVATIVE PORTFOLIO



Asset Allocation*



3 month1.30%1.92%

-0.62%

1 month0.40%0.39%0.00%

6 month2.91%2.95%

-0.05%

YTD1.94%1.93%0.01%

S.I.(% p.a.) 3.51%3.70%

-0.19%

No changes.



Strategy


3 year4.40%3.62%

1 year3.39% 2.92%

5 year--


-9.95%231

03/2020 -5.51%

04/20202.56%

Inception to datePortfolioBenchmarkSpread

2018-2.05%-0.99%-1.06%

2019 6.15%

5.42%0.72%

20202.75%4.58%-1.83%

20176.94%5.51% 1.43%

2016---

Foreign EquitiesForeign Fixed Income

12.70%


33.87%Local EquitiesLocal Fixed Income

8.68%44.75%

The portfolio is almost in line with its benchmark delivering +0.40% vs +0.39%. This month, This month, Krungsri Acrtive Fixed Income and TMB Global Income were the main contributors to relative performance, while TMB Eastspring Global Capital Growth and TMB Eastspring Global Core Equity were the main detractors.


Portfolio commentary Performance Evolution (Base 100)*

Portfolio Benchmark

Table of content



12.70%

33.87%44.75%

8.68%

TMB EASTSPRING ASIA ACTIVE EQUITY TMB EASTSPRING GLO CORE EQTMB EASTSPRING GLOBAL CAPITAL GROWTH

TMB EMERGING BOND FUNDTMB GLOBAL BOND FUNDTMB GLOBAL INCOME FUNDUNTIED GLOBAL DYNAMIC BOND-N

TISCO STRATEGIC AK STAR EQUITY FUND-A ACC

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

Foreign Equities


Local Equities

Local Fixed Income

% weight12.70% 5.66% 4.54% 2.51%

33.87%3.01%

12.92% 12.47%5.47% 8.68% 6.12%

2.56%44.75%

11.92% 14.94% 17.89%

Bloomberg

TMBAGLF TBTMBESGC TB TMEGLCG TB

TMBEBF TBTMBGLBF TBTMBGLIN TBUNGLDBN TB

KSTAACC TB TISTRAT TB

KFIXINC TBKFAFIXI TBKTSFIPA TB

ISIN

TH5820010004 TH9296010001 TH9851010008

TH7990010004 TH2560010005 TH7232010002 TH8385010005

TH1557010002 TH1127010003

TH1145010001 TH7481010000 TH7323010002

04

As of 31 May 2021





For customer’srisk level 3

The portfolio underperformed its benchmark deliver-ing +0.67% vs +0.72%. This month, allocation to Gold and K Mid Small Cap were the main contributors to relative performance, while TMB Eastspring Global Capital Growth and K STAR were the main detractors.

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 B O N D G R P 1 TOTA L RETURN INDEX +20% BLOOMBERG BARCLAYS GLOBAL AGGREGATE H E D G E D + 1 0 % M S C I WORLD +3% THAI BOND D E A L I N G C E N T E R CORPORATE BOND GRP 1 TOTAL RETURN INDEX ( B B B U P ) + 9 % T H A I BOND DEALING CENTER S H O R T T E R M G O V T BOND TOTAL RETURN INDEX

Portfolio Management Fee :

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

BALANCED PORTFOLIO




Asset Allocation*



3 month2.34%4.36%

-2.02%

1 month0.67%0.72%

-0.05%

6 month7.10%7.86%

-0.76%

YTD5.50%5.80%

-0.30%

S.I.(% p.a.)5.07%5.15%

-0.08%

No changes.




Strategy


3 year8.73%8.44%

1 year7.56% 7.60%

5 year--

Maximum drawdownRecovery period (days)Lowest returnBest monthHighest returnWorst month

-18.82%242

03/2020-8.91%

04/20205.81%

Inception to date PortfolioBenchmarkSpread

2018-5.21%

-4.04%-1.16%

2019 7.98%

6.35%1.62%

20203.07%4.95%-1.89%

201711.80%10.18%1.62%

2016---

Foreign EquitiesForeign Fixed Income


Local EquitiesLocal Fixed Income

24.44%

24.87%

26.70%

20.96%


Portfolio Benchmark

Table of content



24.24%

24.64%

27.40%

23.71%

24.24%23.71%27.40%24.64%

TMB EASTSPRING ASIA ACTIVE EQUITYTMB EASTSPRING GLOBAL CORE EQUITYTMB EASTSPRING GLOBAL CAPITAL GROWTH

TMB EMERGING BOND FUNDTMB GLOBAL BOND FUNDTMB GLOBAL INCOME FUNDUNITED GLOBAL DYNAMIC BOND-N

K MID SMALL CAP EQUITY FUNDK STAR EQUITY FUND-A ACCTISCO STRATEGIC INCOME

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

% weight24.24%14.27%6.00%3.98%

23.71%2.98%5.91%

10.87%3.95%

27.40%3.12%

19.22%5.07%

24.64%4.93%8.88%

10.84%

Bloomberg

TMBAGLF TBTMBESGC TBTMEGLCG TB

TMBEBF TBTMBGLBF TBTMBGLIN TBUNGLDBN TB

KMIDSMA TBKSTAACC TBTISTRAT TB

KFIXINC TBKFAFIXI TBKTSFIPA TB

ISIN

TH5820010004TH9296010001TH9851010008

TH7990010004TH2560010005TH7232010002TH8385010005

TH5501010000TH1557010002TH1127010003

TH1145010001TH7481010000TH7323010002

FIF Equities

FIF Fixed Income

Equities

Fixed Income

06

As of 31 May 2021




For customer’srisk level 4ADVANCED PORTFOLIO



Portfolio Management Fee (Exclude vat) Not Exceeding 1.5% P.A. of AUM (Actual Fee 1.0% P.A. of AUM)

R e f e r e n c e a l l o c a t i o n : 30% Fixed Income,70% Equi t ies Th is prof i le is des igned for investors having a medium to high r i s k t o l e r a n c e a n d p r e p a r e d t o b e a r 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 G L O B A L A G G R E G AT E HEDGED +4% THAI BOND DEALING CENTER SHORT TERM GOVT BOND TOTAL R E T U R N I N D E X + 1 5 % MSCI WORLD +2% THAI BOND DEALING CENTER CORPORATE BOND GRP 1 TOTA L R E T U R N I N D EX (BBB UP)


Asset Allocation*


3 month3.21%

6.03%-2.82%

1 month0.96%0.96%0.00%

6 month10.11%11.32% -1.20%

YTD8.06%8.46%

-0.39%

S.I.(% p.a.)6.13%

6.30% -0.17%




No changes.




Strategy


3 year11.95%11.64%

1 year10.49%10.61%

5 year--

The portfolio is in line with its benchmark delivering both +0.96%. This month, TMB India Active Equity and K Mid Small Cap were the main contributors to relative performance, while TMB Eastspring Global Capital Growth and K STAR were the main detractors.


-26.04% 249

03/2020 -11.25%

04/2020 8.01%

Inception to datePortfolioBenchmarkSpread

2018-7.97% -6.22%-1.74%

20199.56%7.31%

2.25%

20203.90% 5.74%

-1.84%

201714.90%13.50%

1.40%

2016---



Portfolio Benchmark

Table of content




28.00%35.13%10.78%

38.37%15.72%

Foreign EquitiesForeign Fixed IncomeLocal EquitiesLocal Fixed Income

35.13%15.72%

38.37%10.78%

% weight35.13%4.02%1.98%

14.18%6.95%2.08%1.97%

3.95%15.72%2.96%4.90%7.86%

38.37%6.20%19.10%2.00%11.08%

10.78%4.90%5.87%

Bloomberg

KTASEAN TBONEEUEQ TBTMBAGLF TBTMBESGC TBTMBIAEQ TBTMBJAPE TBTMEGLCG TB

TMBEBF TBTMBGLBF TBTMBGLIN TB

KMIDSMA TBKSTAACC TBTLOBETA TBTISTRAT TB

KFAFIXI TBKTSFIPA TB

ISIN

TH6401010009 TH8488010001TH5820010004TH9296010001 TH8510010003TH7075010002TH9851010008

TH7990010004TH2560010005TH7232010002

TH5501010000TH1557010002TH3054010006TH1127010003

TH7481010000TH7323010002

KTAM ASEAN EQ-AONE EUROPEAN EQUITY FUNDTMB EASTSPRING ASIA ACTIVE EQUITYTMB EASTSPRING GLO CORE EQTMB INDIA ACTIVE EQUITYTMB JAPAN ACTIVE EQUITY FUNDTMBES GLOBAL CAPITAL GROWTH

TMB EMERGING BOND FUNDTMB GLOBAL BOND FUNDTMB GLOBAL INCOME FUND

K MID SMALL CAP EQUITY FUNDK STAR EQUITY FUND-A ACCTHANACHART LOW BETATISCO STRATEGIC A

KRUNGSRI ACTIVE FIXED INCOME AKTAM FIXED INCOME PLUS A

Foreign Equities


Local Equities

Local Fixed Income

08

As of 31 May 2021



For customer’srisk level 5AGGRESSIVE PORTFOLIO




Po r t fo l i o M a n a g e m e n t Fe e ( E xc l u d e va t ) N o t E xc e e d i n g 1 . 5 % P. A . o f AU M ( Ac t u a l Fe e 1 . 0 % P. A . o f AU M )

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


5 0 % S E T I n d ex, 2 5 % M S C I A s i a ex J a p a n I n d ex, 2 5 % M S C I Wo r l d I n d ex



3 month4.50%8.64%-4.14%

1 month1.22%1.34%

-0.13%

6 month14.29%17.00%-2.71%

YTD11.56%12.78%-1.22%

S.I.(% p.a.)7.42%8.16%

-0.74%




Asset Allocation*

No changes.




Strategy


3 year16.56%16.33%

1 year14.77%14.99%

5 year--

The portfolio slightly underperformed its benchmark delivering +1.22% vs +1.34%. This month, TMB India Active Equity and K Mid Small Cap were the main contributors to relative performance, while TMB Eastspring Global Capital Growth, TMB Eastspring Global Core Equity and K STAR were the main detractors.


-36.53%290

03/2020 -14.83%

04/2020 11.26%

Inception to date



2018-12.39% -9.62% -2.76%

201911.73%8.73%3.00%

20204.99% 7.52%

-2.53%

201719.68% 18.67%

1.01%

2016---


Portfolio Benchmark

Table of content




51.80%48.20%

Foreign EquitiesLocal Equities

51.80%48.20%

% weight51.80%

8.99%1.97%

16.10%11.84%3.09%3.91%

5.89%48.20%10.26%18.97%4.96%14.01%

Bloomberg

KTASEAN TBONEEUEQ TBTMBAGLF TBTMBESGC TBTMBIAEQ TBTMBJAPE TBTMEGLCG TB

KMIDSMA TBKSTAACC TBTLOBETA TBTISTRAT TB

ISIN

TH6401010009TH8488010001TH5820010004TH9296010001TH8510010003TH7075010002TH9851010008

TH9851010008TH1557010002TH3054010006TH1127010003

KTAM ASEAN EQ-AONE EUROPEAN EQUITY FUNDTMB EASTSPRING ASIA ACTIVE EQUITYTMB EASTSPRING GLOBAL CORE EQUITYTMB INDIA ACTIVE EQUITYTMB JAPAN ACTIVE EQUITY FUNDTMB EASTSPRING GLOBAL CAPITAL GROWTH

K MIS DMALL CAP EQUITY FUNDK STAR EQUITY FUND-A ACCTHANACHART LOW BETATISCO STRATEGIC INCOME

Foreign Equities

Local Equities

10

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