MS-ASIAN SM becomes Thailand’s largest Asian equity FIF with more than THB2 billion in assets under management
Manulife Asset Management (Thailand) (Manulife AM (Thailand)) has announced that its “Manulife Strength - Asian Small Cap Equity FIF” (“MS-ASIAN SM” or “the Fund”) has reached THB2.35 billion in assets under management[1]. This milestone was reached in less than two years following the Fund’s 31 January 2012 launch and makes it Thailand’s largest FIF (foreign investment fund) which invests in Asian equities.
Mr Tor Indhavivadha, CEO of Manulife AM (Thailand), explained: “The MS-ASIAN SM’s increasing popularity is based on a bottom-up investment strategy that selects small-cap stocks with the potential to outperform their local markets across market cycles. Despite periods of significant market volatility, the Fund has delivered outperformance versus the benchmark index since its launch. During the calendar year 2013, the Fund delivered a net return of 22.8% compared with the benchmark MSCI AC Asia Pacific ex Japan Small Cap Index return of 7.0% in the same period[2].”
Since its inception, the Fund has posted net return of 56.4%, outperforming its benchmark index by 44.8 percentage points[3].
The MS-ASIAN SM is a feeder fund that invests in a ‘master fund’, the Manulife Global Fund – Asian Small Cap Equity Fund. Managed by Linda Csellak, Head of Asia Pacific Equities at Manulife Asset Management’s Hong Kong office, the master fund looks for companies with earnings growth potential, pricing power, strong management teams and niche market positioning and aims to purchase them at a discount before the broader market recognises their potential. Supported by more than 75 on-the-ground equity specialists across 10 Asian markets, investment decisions are informed by the most up-to-date and in-depth market analysis.
Ronald Chan, Head of Equities, Asia, at Manulife Asset Management (Asia), shared his 2014 outlook for Asian equities: “There are fundamental merits to investing in North Asia. We expect these markets – particularly China, South Korea and Taiwan – to be prime beneficiaries of a second consecutive year of global economic growth. One key reason for this is that these countries and territories are generally export-oriented and are therefore well placed to take advantage of increasing global trade. While periods of volatility remain possible going forward, North Asian indices have generally weathered political and economic turmoil over issues such as the US debt ceiling debate and the onset of the Quantitative Easing taper relatively well.”
The latest positioning of the MS-ASIAN SM reflects the shift in focus to North Asian markets, which are currently trading at lower valuations than their Southeast Asian counterparts. Therefore, despite the fact that stock valuations have risen somewhat in select Asia markets, the master fund is currently trading at an average price to earnings ratio (P/E) of 13.4x while the market as a whole is trading at a P/E of about 21.6x[4].
Tor concluded “The MS-ASIAN SM is a potentially valuable part of an investment portfolio as its investment strategy allows it to uncover potential hidden gems across market cycles. The Fund’s exposure to multiple Asian markets makes it an effective diversification tool in the face of current volatility in the Thai market and the potential for political uncertainty to continue affecting the market in the short run.”
Interested investors can contact Manulife Asset Management (Thailand) directly or through its designated sales agents. For more details, please contact Manulife Asset Management (Thailand)’s Investment Consultant Team at 0-2246-7650 #2.
[1] Manulife Asset Management, 27 December 2013.
[2] Manulife Asset Management (Thailand), Bloomberg, 2 January 2013 - 27 December 2013.
[3] Manulife Asset Management (Thailand), Bloomberg, 31 January 2012 - 27 December 2013.
[4] Manulife Asset Management, MSCI AC Asia Pacific ex Japan Small Cap Index, Bloomberg, 31 December 2013.
Mr Tor Indhavivadha, CEO of Manulife AM (Thailand), explained: “The MS-ASIAN SM’s increasing popularity is based on a bottom-up investment strategy that selects small-cap stocks with the potential to outperform their local markets across market cycles. Despite periods of significant market volatility, the Fund has delivered outperformance versus the benchmark index since its launch. During the calendar year 2013, the Fund delivered a net return of 22.8% compared with the benchmark MSCI AC Asia Pacific ex Japan Small Cap Index return of 7.0% in the same period[2].”
Since its inception, the Fund has posted net return of 56.4%, outperforming its benchmark index by 44.8 percentage points[3].
The MS-ASIAN SM is a feeder fund that invests in a ‘master fund’, the Manulife Global Fund – Asian Small Cap Equity Fund. Managed by Linda Csellak, Head of Asia Pacific Equities at Manulife Asset Management’s Hong Kong office, the master fund looks for companies with earnings growth potential, pricing power, strong management teams and niche market positioning and aims to purchase them at a discount before the broader market recognises their potential. Supported by more than 75 on-the-ground equity specialists across 10 Asian markets, investment decisions are informed by the most up-to-date and in-depth market analysis.
Ronald Chan, Head of Equities, Asia, at Manulife Asset Management (Asia), shared his 2014 outlook for Asian equities: “There are fundamental merits to investing in North Asia. We expect these markets – particularly China, South Korea and Taiwan – to be prime beneficiaries of a second consecutive year of global economic growth. One key reason for this is that these countries and territories are generally export-oriented and are therefore well placed to take advantage of increasing global trade. While periods of volatility remain possible going forward, North Asian indices have generally weathered political and economic turmoil over issues such as the US debt ceiling debate and the onset of the Quantitative Easing taper relatively well.”
The latest positioning of the MS-ASIAN SM reflects the shift in focus to North Asian markets, which are currently trading at lower valuations than their Southeast Asian counterparts. Therefore, despite the fact that stock valuations have risen somewhat in select Asia markets, the master fund is currently trading at an average price to earnings ratio (P/E) of 13.4x while the market as a whole is trading at a P/E of about 21.6x[4].
Tor concluded “The MS-ASIAN SM is a potentially valuable part of an investment portfolio as its investment strategy allows it to uncover potential hidden gems across market cycles. The Fund’s exposure to multiple Asian markets makes it an effective diversification tool in the face of current volatility in the Thai market and the potential for political uncertainty to continue affecting the market in the short run.”
Interested investors can contact Manulife Asset Management (Thailand) directly or through its designated sales agents. For more details, please contact Manulife Asset Management (Thailand)’s Investment Consultant Team at 0-2246-7650 #2.
[1] Manulife Asset Management, 27 December 2013.
[2] Manulife Asset Management (Thailand), Bloomberg, 2 January 2013 - 27 December 2013.
[3] Manulife Asset Management (Thailand), Bloomberg, 31 January 2012 - 27 December 2013.
[4] Manulife Asset Management, MSCI AC Asia Pacific ex Japan Small Cap Index, Bloomberg, 31 December 2013.
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