TSI Fund Prospectus

8/10/2019 TSI Fund Prospectus

1/88

(TSI) 516

12

1.

2. (NAV)

3.

4.

5. 6. Hedge Fund

Hedge Fund

7. ETF (exchange trade

fund)

8. Sharpe, Jensen,

Treynor Information Ratio

9.

12.1

12.1.1


2/88

(TSI) 517

12-1

12.1.2

/

//


3/88

(TSI) 518

2

...

.

...

...

1. ...

2. ...

...

Par Value . 10 (1 )

3.

...


4/88

(TSI) 519

1.

()

2.

...

3. ()

12.1.3

1. (professional management)

...

2. (risk reduction

through diversified portfolio)


5/88

(TSI) 520

3. (alternative portfolio objectives and risk

management)

(psychographics) (wealth)

(life cycle) (goalachievement)

4. (time savings in investment

management and administration)

5. (transaction costs)

(transaction costs)

(transaction cost)

(No Load Funds)

6.

7.

8.


6/88

(TSI) 521

(private placement issues)

9. ...

10. (reinvestment income)

Auto Redemption

(reinvestment)

1.

2.


7/88

(TSI) 522

...

3. 6 12

4.

(index fund)

(active management strategy)

3 5

(benchmark)

Active style Passive style

Active style

Passive style

Portfolio

Portfolio Investment Style

5.

6.


8/88

(TSI) 523

12.1.4

3

...

.

...

. ...

...

...

...


9/88

(TSI) 524

...

...

... ... ...

...

...


10/88

(TSI) 525

...

Association of investment Management

Companies AIMC

3 ...

12.1.5 1.

1.1.

1.2.

1.3. 1.4. (transferable subscription right)


11/88

(TSI) 526

1.5. 1.1 1.4

...

2.

2.1. 2.2.

2.3.

2.4.

2.5.

2.6.

2.7.

2.8.

2.9. 2.1 2.8

...

2.10. ...

3. 4. (derivatives warrant)

5.

...

...

(quality of asset)

...

1.


12/88

(TSI) 527

Structure note

2.

2.1 Company limit

15%

2.2 Product limit

2.3

...

IOSCO (International

Organization of Securities Commissions)

WFE (World Federal of Exchanges)

Rating

Standard and Poor, Moodys, Fitch

... Investment grade Issuer rating


13/88

(TSI) 528

3

ThaiBMA

(fair allocation)

(conflict of interest )

(liquidity risk) (operation risk)

(legal risk)

...

... ...

12.1.6

(asset class)

portfolio asset class 1 25%

2 75%

(optimization of return)

(concentration of portfolio)

index

fund


14/88

(TSI) 529

12.1.7

(NAV)

(Management Fee)

(Distributor Fee)


15/88

(TSI) 530

(Trustee Fee)

(Audit Fee)

...

(Custodian Fee)

12.1.8

1.

2.

3.

4.


16/88


17/88

(TSI) 532

4.

5.

3.

4.

1.

(equity fund)65

...

(general fixed income fund)

...

...

(long-term fixed income fund)

...

Portfolio Duration (

)

(short-term fixed income fund)

...


18/88

(TSI) 533

Portfolio Duration

(mixed fund)

2.

(money market fund)

...

(guaranteed fund)

1.

2.

...

(capital protected fund)

1.

2.


19/88

(TSI) 534

(specific fund)

...

(index fund)

...Set Index Set 50 Index

(foreign investment fund)

1 .. 2546

15

300,000


20/88


21/88

(TSI) 536

(asset allocation)

Umbrella Fund (switching)

Umbrella Fund .

(Property Fund)

...

(.) ...

.

(IPO)

... IPO

IPO

1.


22/88

(TSI) 537

2.

3.

...

.

... . 2

4.

5.

6. (demand) (portfolio)

7. /(lease hold)


23/88

(TSI) 538

8.

1.

2. Lease

Hold (value added franchise)

3.

(gold fund)

(The Good Delivery Rules

for Gold and Silver Bars) (The London Bullion Market Association-

LBMA)

Feeder Fund ETF ETF

(New York Stock Exchange: NYSE)

...

(Price Risk)

(Currency Risk) ETF1

(NAV)

Investment Act 1940

1

Exchange Traded Fund (ETF)


24/88

(TSI) 539

Hedge Fund

Hedge Fund Hedge Fund Active

Hedge Fund Hedge Fund

2 1

(NAV) 15-30 (

Hedge Fund 12.6)

(local fund domestic fund)

(onshore fund country fund)

(offshore fund international fund)

...

12.1.9


25/88

(TSI) 540

(dividend)

(capital gain)

(valuation) Mark to Market

()

()

= + + (12.1)

2 (bid price)

(selling price)

2 Spread

1% - 5% (demand / supply)

1 ..2550 10.00 10.03

2 ..2550 10.03

2 ..2550 .

(unit trust is priced on a forward basis) Forward pricing

12.1.10

(dividend)

(interest received)


26/88

(TSI) 541

12-2

10

3

(XD date)

3

(XD date)

12.1.11 5

(conservative fund)

(income fund) -

(value company)

(growth-income fund)

(growth company)

(value company)

(growth fund)


27/88

(TSI) 542

(aggressive growth fund)

(joint venture)

12-3

12-3

(conservative)

(income)

(balanced)

(growth)

(aggressive

growth)

40 10 10

35 20 20

15 30 20

10 30 15

10 20 70

15 30 100

100% 100% 100% 100% 100%

(late career life)

(mid career life)

(early career life)

12.1.12


28/88

(TSI) 543

1.

2.

3.

4.

5.

6.

12.2

(retirement mutual fund) RMF

300,000 RMF

12.2.1 RMF

. RMF

... RMF

RMF

Money Market Fund RMF

RMF


29/88

(TSI) 544

RMF

(mixed fund)

RMF 2 RMF

RMF 2

()

12.2.2 1. RMF

2. RMF

RMF (capital gain)

5

3. RMF

4. RMF

12.2.3 RMF

(provident fund)

(provident fund)

Provident Fund ( .)

(RMF)

15% (300,000

)

RMF

RMF RMF RMF


30/88

(TSI) 545

RMF

12.2.4 1. RMF 3%

5,000 (

RMF

)

2. RMF . 15%

300,000

(.) RMF

.

300,000

3. RMF

1 1

RMF

RMF

RMF . 90 91

4. RMF 55

RMF 5 (

)

5. RMF

6. RMF

7. (

)


31/88

(TSI) 546

12.2.5 RMF

1. RMF 15 .

300,000

2. RMF 55 RMF

5

3. (capital gain)

5

4.

12-1150,000 1,800,000

(provident fund) 5% Provident Fund

90,000 (1,800,000 * 5%) 300,000

2,100,000 (1,800,000 + 300,000) RMF

RMF 3% 63,000 (5,000 )

RMF 15% 315,000 2,100,000 * 15%

RMF 15%

RMF Provident Fund

300,000

RMF 210,000 (300,000 90,000 Provident Fund)

210,000

RMF

30% 210,000 63,000


32/88


33/88

(TSI) 548

RMF

(capital gain)

5 ()

3%

12-2RMF

RMF 5 55

RMF

40 1 5,000

41 2 5,000

42 3 5,000

43 4 5,000

44 5 ()

12-2 40 44

RMF 5 55 5

(1-4)6

(capital gain)

12.2.6

1. RMF

2.

3.


34/88

(TSI) 549

1.

2.

3. .

4. RMF

5. . 90 91

RMF

12.3

(long term equity fund) LTF

65%

LTF (

)

60% - 70%

. LTF

RMF

12.3.1 LTF

65% (NAV)


35/88

(TSI) 550

LTF

65% LTF

12.3.2 1. 2. LTF

(capital gain)

3. LTF

4. LTF

LTF 2 .

() 2

15 .

12.3.3 LTF

5

12.3.4 LTF

1. 5

2. LTF

3.

4. 2 LTF

5. LTF

6. .


36/88

(TSI) 551

7. (

)

12.3.5 LTF

1. LTF 15%

300,000

RMF, Provident Fund, .

2. LTF

3. LTF LTF

5

(LTF 1 LTF

.

LTF )

4.

12-3200,000 2,400,000

(Provident Fund) 5% Provident Fund

120,000 (2,400,000 * 5%) 400,000

2,800,000 (2,400,000 + 400,000) LTF (LTF

) LTF 15%

LTF 420,000 300,000

420,000 300,000

LTF 300,000 (

RMF . )

300,000 LTF .


37/88

(TSI) 552

30% 300,000

90,000

LTF

5

1.5%

()

. 3%

12-4LTF 5

(

300,000 )

/

NAV

() 2547 300,000 10 30,000 -

2548 : : : :

2549 : : : :

() 2550 - 13.25 (30,000) 397,500


38/88

(TSI) 553

12-4 LTF .. 2547 ..

2550 30,000 ( 5

)

1. ( = 30,000 * 13.25 = 397,500 ) ( = 30,000 * 10 = 300,000 ) 97,500

(397,500 300,000 = 97,500 ) 3%

2. ( 97,500 )

.. 2550

3. .. 2547 (

300,000 ) (

)

12.3.6

1. LTF

2. LTF 5

3. 300,000

RMF LTF

4. LTF

65%

1. LTF

65%

2. LTF 2

.

()


39/88

(TSI) 554

3. .

12.3.7 RMF LTFRMF LTF 12-4

12-4 RMF LTF

LTF RMF

65%

NAV

1.

2. 30%

10%

3% 5,000


40/88

(TSI) 555

(

)

15%

300,000

15%

300,000

.

12.4

12.4.1

(provident fund)

...

12.4.2

1)

1.1)

1.2)

1.3) 2 15

2)

2.1)

2.2)

2.3)

15


41/88

(TSI) 556

5


42/88

(TSI) 557

12-2

12.4.3 ..2530

(2) ..2542

()

12.4.4


43/88

(TSI) 558

1.

2.

3.

4. 5.

6.

7.

8.

9. 10.

12.4.5

12-5

12-5


44/88

(TSI) 559

12.4.6

2

10,000 290,000

(

)

()

5

5

7,000

50 ()

15

2 15


45/88

(TSI) 560

3

12-3

12.4.7

1. (capital protection)

(current income) (capital appreciation)

...

10,000

10,000 15 290,000

- >55>5

>5

7,000


46/88

(TSI) 561

2.

12.4.8 (employee choice)

...

(employee's choice)

12.4.9

.. 2496

2

(

12)

Ministry of Manpower3

(CPF Board) 11

212

3:


47/88

(TSI) 562

3

1. 2-15

65

2 .

3.

... 4. 55

62

55

12.4.10

1.

http://www.fpo.go.th/fseg/Index.php?body=./Source/Article/ArticleIndex.php&Language=Thai


48/88

(TSI) 563

2.

3.

300,000

4.

5.

1.


49/88

(TSI) 564

2.

3.

...

Employees Choice

4.

12.5

12.5.1 (private fund)

...


50/88

(TSI) 565

1.

2.

3.

4.

5.

6.

12-4

12.5.2

...


51/88

(TSI) 566

2 9

...

..

...


52/88

(TSI) 567

2

...

12.5.3

1.

2.

3.

4.

5.

6.

7. 8.

9.

10.

12.5.4

12-6

12-6

1.


53/88

(TSI) 568

2. ()

3. ()

12.5.5

1.

2.

3.

4.


54/88

12

(TSI) 569

1.

2.

12.6 Hedge Fund

12.6.1 Hedge FundHedge Fund

High return and low risks

Hedge Fund (derivatives) Hedge Fund

Arbitrage (short position)

(undervalued securities)

Hedge Fund

(short position)

Hedge Fund Options, Forwards, SWAP

(panic sell)

Hedge Fund Hedge

Fund (financial leverage)

Hedge Fund

Hedge Fund

Hedge Fund (active management strategy)

Hedge Fund Aggressive

Hedge Fund (leverage)

(short ) Hedge Fund


55/88


56/88

12

(TSI) 571

(portfolio)

1 Hedge Fund

Hedge Fund Hedge Fund

(correlation) Hedge Fund

12.6.3 Hedge FundHedge Fund .

Aggressive Growth

Hedge Fund

P/E

(short)

Hedge Fund

Distress Securities

Hedge Fund

Investment Grade Hedge Fund

Market Neutral Strategy

Emerging Market

Short selling (

) Hedge Fund


57/88

12

(TSI) 572

Fund of Hedge Fund

Hedge Fund

Hedge Fund Asset class

(volatility)

Asset class

Multi Strategy

Arbitrage Strategies

(market inefficiency) Hedge Fund

2 Hedge Fund

Even-Driven Strategies Hedge Fund

(merging) (takeover) (restructuring) (spin-off)

Directional or Tactical Strategies

Margin (short sale)

12.6.4 Hedge Fund

1.

(margin account)

2. (liquidity risk)


58/88

12

(TSI) 573

(mark to market)

(conservative)

(mark price)

3. (counterparty risk)

(default risks)

4. (settlement risk)

(settlement) Hedge Fund

(global macro strategy) Hedge Fund

12.7 (Exchange - Traded Fund : ETF)

ETF (exchange traded fund) (Index fund)

ETF (real time pricing)

NAV ETF


59/88

12

(TSI) 574

ETF ETF (margin account) (credit

balance) ETF

ETF

(portfolio) ETF SET50

SET50 ETF ETF

. ETF

(organized market)

ETF ETF

ETF

(spread)

ETF ETF

ETF

ETF

ETF

12.7.1 ETFETF

ETF

3

1. (Open-end mutual fund)

ETF

2. (Unit investment trust or UIT)

ETF ETF

(trustee) ETF

3. (grantor trust)


60/88

12

(TSI) 575

ETF

(depository receipt) ETF

SET50

6 ETF ETF

ETF

12 7 ETF

(capital gain tax)

ETF ETF ETF

12.7.2 ETFETF 2 ETF ETF

ETF

ETF 4

4

ETF

1.

2.

3.

4.

5.


61/88

12

(TSI) 576

ETF

SET50 Index

ETF

1.

ETF

2. . / /

NAV ETF

3.

. ETF

ETF

. ETF

4.

Real time

ETF / / ETF

5. .

... Participating dealer

. ETF (create) (redeem)

ETF ETF NAV

12- 5 ETF

. Create ETFs Units

3

Stock

ETFs Unit

Fundadvisor

Trustee

Support

Monitor


62/88


63/88


64/88

12

(TSI) 579

2.

3.

4.

12.8.2 1.

(total returns) (realized returns) (unrealized returns) ()

()

= +

= (

) /

2. (accrual basis)

3.


65/88

12

(TSI) 580

4.

Time Weighted Returns

12 10

1 (12 10)/10 = 0.20 20%

5. Geometric Linked

4 1 12-5

12-5Geometric Mean

12-7 1

1 10.00 11.00 10.00%

2 11.00 10.50 -4.55%

3 10.50 12.00 14.29%

4 12.00 13.00 8.33%

(1+Rm) = (1+R

1)(1+R

2)(1+R

3)(1+R

4) (12.2)

Rm = 1

Ri = , i = 1,2,3,4

(1+Rm) = (1+10.00%)(1-4.55%)(1+14.29%)(1+8.33%)

= (1+0.10)(1-0.0455)(1+0.1429)(1+0.0833)

= (1.10)(0.9545)(1.1429)(1.0833)


66/88

12

(TSI) 581

= 1.2999

(1+Rm) 1 = 1.2999-1

= (0.2999)1/4

= 0.74

6.

12-6 2547 30 2547

12 2

30 10

ABC 12 ABC ABC

12

ABC

12.8.3 1.

2.

12-8

12-8

SET50

TBDC

Government Bond Total Return Index 1


67/88

12

(TSI) 582

TBDC Government

Bond Total Return Index

1

( 50)

TBDC Government Bond Total Return Index (

25) 1

(25)

3

3.

3 6 12

4. 3 3

5.

90

6.

7.

8.

12.8.4 Risk-adjusted Return

Sharpes Ratio, Treynors Ratio Jensen


68/88

12

(TSI) 583

Sharpe

Sharpes Ratio = (Rp R

f)/

p(12.3)

Rp

Rf

91

p

Sharpe Ratio 1

12-7. 20 ABC

25 . 10 ABC

15 91 1.5

Sharpes Ratio . = (20% - 1.5%) /10% = 1.85

Sharpes Ratio ABC = (25% - 1.5%) / 15% = 1.57

ABC

Sharpe Ratio .

1 . ABC

Treynor

Treynors Ratio = ( Rp- R

f) /

p (12.4)

Rp R

f


69/88

12

(TSI) 584

91

p

Treynors Ratio 1

12-8 24 40 1.2

2.5 91 1.5

Treynors Ratio = (24% -1.5%) /1.2 = 18.75 %

Treynors Ratio = (40% -1.5%) /2.5 = 15.4%

40 24 Treynors

Ratio 1

18.75

15.4

Jensen

p = R

p [ R

f+ ( R

m R

f)

p] (12.5)

Rp

Rf

91

Rm

p

p Jensen Jensen

p

() p

() p

()


70/88


71/88

12

(TSI) 586

1: (24 - 10) / 9 = 1.6

2: (20 10) / 2 = 5.0

3: (15 - 20) / 3 = -1.6

4: (-10 - 5) / 15 = -1.0

5: (5 - 5) / 0 = 0.0

5

5

2

12.9

12.9.1

GDP


72/88

12

(TSI) 587

(money

market fund)

...

/

...

.

.

-

(hedging)

-

15 Web site

-

(leverage)

-

- /

(style of fund manager)


73/88

12

(TSI) 588

Value Style

Value Style (

)

Value style (P/E

) ()

Value Company (hidden or undervalue

asset )

Value style

(dividend)

Growth Style

(growth company)

(innovations)

Growth Style

(capital gain)

Market Capitalization

Portfolio Market Capitalization

Market Capitalization (asset class) Portfolio


XYZ Market Capitalization 3 XYZ


74/88

12

(TSI) 589

Small Capitalization

Small Capitalization Large Capitalization


() 2

1.

2.

1. (key feature)

2. "

"(

)"

"

3.

(credit risk) (market risk)

(liquidity risk)

1.

2.


75/88

12

(TSI) 590

3.

2

.

(NAV)

(front end fee)

(back end fee)

(switching fee)

(expense ratio)

Expense Ratio

Expense Ratio

Expense Ratio

Expense Ratio


76/88


77/88

12

(TSI) 592

Expense Ratio

5

Expense Ratio

(index fund) (passive strategy) (active

strategy)

(economy of scale)

.

.


78/88

12

(TSI) 593

(life Style)

(investment by objective)

(risk tolerance)

25


79/88

12

(TSI) 594

25 30

30 45

45 60

60

.

12.9.2

1.

2. ()3. ()

1.

2.

1. 2. ()


80/88

12

(TSI) 595

3.

4.

2

1. (IPO)

2. (IPO)

Broker Market Maker Broker Market Maker

Internet User Password

.

(Bid/Offer price)


81/88

12

(TSI) 596

Website

. .

31 2550

:

17.0860 17.0861 17.0860 83,689,388,673.30

6.2797 6.2798 6.2797 989,398,008.80

/ 16.2928 16.2929 16.2928 865,998,271.36

Website

Real time

(NAV )

Dealer

Dealer Dealer

(matching order)

Dealer

. .


82/88

12

(TSI) 597

12.9.3

Dollar Cost Averaging

Dollar

Cost Average

(crash)

(low downside risk) Dollar Cost Average

Dollar Cost Average

Share Cost Averaging

( ) 100 10 12

1,000 1,200 Share Cost

Averaging

Dollar Cost Averaging

Market Timing

Market Timing

10% 5%

.

Penalty


83/88

12

(TSI) 598

12.9.4

(Fund Fact Sheet)

10 (portfolio)

(Lipper)

(fund features)

...

Fit & Proper

LIPPER

LIPPER 3

5 10

3 (1)

(risk-adjusted performance) (2) (consistent return) (3)

(preservation of capital)

3 Lipper Awards 18


84/88

12

(TSI) 599

(retirement mutual fund) RMF

5 55 RMF

RMF 3% 5,000

(long term equity fund) LTF

()

LTF 5 LTF

15% 300,000

(provident fund)

2-15

15


85/88

12

(TSI) 600

(private fund)

...

ETF Hedge Fund

(benchmark)

Dollar Cost Average Share Cost Average


86/88

12

(TSI) 601

. 2543. . 3. . .

. 2544. . 12. . .

. 2544.

. . .

. 2545.

. 4. . .

. 2546.

. . .

. 2548. .

. .

. 2548. . . .

. 2546.

. 2. . .


87/88

12

(TSI) 602

.. 2496 (1) (2)

1 2545

()

(% )

(%

)

(%

)

Ordinary

Account (%)

Special

Account (%)

Medisave

Account (%)

< 35 16 20 36 26 4 6

35 45 16 20 36 23 6 7

46 55 16 20 36 22 6 8

56 60 6 12.50 18.50 10.50 0 8

61 65 3.50 7.50 11 2.50 0 8.50

> 65 3.50 5 8.50 0 0 8.50:

1. S$ 6,000

2. S$ 2,400 Medisave Account 6-8%

3. 4

3.1 Ordinary Account

Retirement 3.2 Medisave Account

3.3 Special Account

3.4 Retirement Account 55

S$ 75,000 62

12 2.5% 55


88/88

12

Ordinary Special S$ 75,000 Retirement

62

Retirement

:

1. Ordinary Account

() Public Housing Scheme Housing & Development Board (HDB)

() Residential Properties Scheme

() () Ordinary Account

2

() Home Protection Scheme

() Dependant's Protection Scheme (DPS) 60

Education Scheme

1

12

2. Medisave Account

Medisave

Medishield

Medishield Plus

3. Special Account

Documents

TSI Fund Prospectus