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Baht/$ 34.05/10 (Bid/Ask)
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13,350
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INVESTING
NUNTAWUN POLKUAMDEE
President Phuemphol Prasertlum says the PrimaVest-Allianz GI Choice Equity Fund should be a stable performer with low currency volatility. |
PrimaVest Asset Management next month will launch the PrimaVest Allianz GI Choice Equity Fund, a new foreign investment fund aimed at offering stable returns regardless of the direction of the market.
The fund is a feeder fund for the Allianz GI Choice Equity Fund managed by Oppenheimer Capital, an asset management company under the Allianz Group.
Phuemphol Prasertlum, managing director for Primavest, said the master fund's main strategy was to pair long and short positions on US stocks with swap contracts to minimise potential risk.
''Over the past year, global equity markets have been very volatile, and most equity funds cannot provide efficient profits for investors,'' Mr Phuemphol said.
''But with this strategy, you can profit whether the market is on the upside or downside with low risk.''
Registered in Singapore, the Allianz GI Choice Equity Fund now has a size of S$22 billion. The Primavest FIF will invest at least 80% of funds in the Allianz GI fund, with the rest held in bonds or cash.
''The Singapore dollar has been less volatile compared with the US dollar. Funds there have volatility risk similar to the baht,'' Mr Phuemphol.
Siriporn Suwannagarn, a first vice-president at PrimaVest, said the master fund in Singapore had returned 3.6% since its inception in the first quarter, outpacing Singaporean money market fund benchmarks which returned 0.7% over the same period.
The S&P index has since February been down 8%, while the Dow Jones industrial index 10%.
''The PrimaVest Allianz GI Choice Equity Fund basically invests in swap contracts. Returns are based on the contract position, but long and short positions will be taken simultaneously to reduce risk,'' Mrs Siriporn said.
''The Thai market is much smaller and does not have swap contracts that can pair with stocks to offset positions.''
The PrimaVest fund will hold its initial public offering from Sept 8 to 17. The minimum investment is 10,000 baht.
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