Retirement Mutual Fund - Equity
Krung Thai High Dividend Equity RMF
Krungthai Asset Management PLC
- What factors do you think contributed to the fund’s achievement of Best Retirement Mutual Fund – Equity for the third consecutive year?
Krung Thai High Dividend Equity RMF Fund (KT-HiDiv RMF) remains Best Retirement Mutual Fund – Equity for the third consecutive year, thanks to active fund management emphasizing in-depth company analysis (Bottom-up Approach). The fund manager selects stocks with high earning quality, prioritizing those with good dividend yield. We consistently pick undervalued stocks, priced lower than their intrinsic value and reasonable growth potential, while avoiding speculative stocks with highly inflated expectations.
At the same time, the fund manager closely monitors market conditions and all relevant factors, adjusting the portfolio whenever there are significant changes in the situation or in the fundamentals of individual securities. Krung Thai Asset Management (KTAM) operates through a systematic collaboration among portfolio managers, the research team, and the investment committee, supported by consistent internal communication. This disciplined investment process and management approach enables the fund to consistently deliver strong performance over time.
- How was the portfolio positioned to navigate market volatility in 2025?
In a highly volatile stock market environment, stock selection becomes a critical priority. Our fund manager employed fundamental analysis, closely monitoring and utilizing both qualitative and quantitative data from diverse sources to assess stock valuations and identify securities whose market prices remain below their intrinsic value. Therefore, this approach enhanced the fund’s potential to outperform the market. Moreover, in-depth analysis helped avoid investments in companies that were at risk of missing earnings expectations. Additionally, ongoing evaluation of changing market conditions, together with continuous portfolio reviews, enabled timely adjustments to the investment portfolio and helped mitigate risks while maintaining consistent performance.
We also prioritized stocks where core revenue is generated domestically instead of those heavily dependent on overseas markets - which rendered them more vulnerable to currency volatility and trade barriers— this strategy also helped strengthen portfolio resilience against market volatility in 2025.
- What income opportunities do you see in the market for 2026?
Even though the Thai stock market in 2026 continues to face volatility stemming from geopolitical conflicts, global economic slowdown, and pressure from U.S. trade policies, several supportive factors are converging to create a more positive market environment. These include Thailand’s policy interest rate being lowered to relatively accommodative levels which will enhance market liquidity, as well as reduced political uncertainty following the election. In addition, many Thai stocks are trading at attractive valuations relative to their fundamentals, while a significant number of listed companies continue to offer high dividend yields. Together, these factors will make the Thai equity market a compelling source of income opportunities for investors this year.
As a result, we think that income opportunities in 2026 will come primarily from companies with strong fundamentals, stable cash flows, and deliver consistent dividends. High dividend stocks therefore remain an appealing investment category, and we’re thinking of the banking, energy, and information and communications technology sectors, as well as value stocks where prices have yet to reflect their intrinsic value. Not only do these groups exhibit resilient operating performance, they also provide steady income streams for investment funds, while offering potential upside as market prices move toward their fair value over time.
Retirement Mutual Fund - Fixed-Income
Eastspring Aggregate Bond RMF
Eastspring Asset Management (Thailand) Company Limited
- What do you think contributed to the fund’s strong peer-relative performance in 2025?
Key drivers contributing to the fund’s strong showing could be attributed to interest cuts which boosted bond prices globally, alongside strong inflows into Asian bonds. Interest rate differential for hedged return in THB also contributed to total fund return. At the same time, our credit selection also improved our return with lower volatility.
- What are the strengths of your investment team that have contributed to this fund’s success?
We have a strong and dedicated team that analyzes company financials and credit ratings while keeping a lookout for early warning signs. The most important things are our trading and execution teams that specializes in investment grade corporate bonds. This helps us to get better prices and manage liquidity to avoid market volatility. In addition, strong collaboration with Eastspring investment teams across Asia, together with a disciplined investment process enhances our access to offshore bonds and allows us to consistently deliver strong returns.
- What advice would you give to investors who are interested in short-term bond funds for retirement investing?
These funds are typically low risk and tax-efficient but they still require the investor to set the right expectations and be savvy with selection. Investors should look at credit quality by checking the average credit rating and corporate bond exposure, as well as reviewing return consistency instead of focusing on just absolute returns. For short-term bond funds, return consistency matters more than a high absolute return. Finally, investors should also consider factoring in the interest rate cycle as short-term bonds perform differently depending on the interest rate cycle.
