aia short term fixed income (aia-st)
TRANSCRIPT
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30 2564
.
AIA Short Term Fixed Income (AIA-ST)
. ( )
: -
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AIA-ST 1
•
-
- T+1
-
-
-
-
(Active Management)
-
?
1. /
/ /
(Investment Grade)
80
(Unrated)
(Issue/Issuer) (Non-investment grade)
(Non-investment grade)
(Investment Grade) 79
(portfolio duration) 1
•
2.
/ (Hedging)
(Foreign Exchange Rate Risk) 90
3. 100
. . . (Circle Investment)
(Cascade Investment)
AIA-ST 2
•
AA, A BBB BBB unrated
AA, A BBB BBB unrated
:
(credit rating) 20% NAV
?
-
- (Derivatives) 90
- 2 3
- 1 3
1. (Credit Risk)
Credit rating
National Credit Rating Gov.Bond/AAA
Credit rating
International Credit Rating Gov.Bond/AAA
AIA-ST 3
30 2564
3 3 1 1 3 3 5 5
(SD) <5% 5-10% 10-15% 15-25% 0.25
4. (High Issuer Concentration Risk)
≤10% 10-20% 20-50% 50-80% >80%
5. (High Sector Concentration Risk)
≤20% 20-50% 50-80% >80%
6. (High Country Concentration Risk)
≤20% 20-50% 50-80% >80%
/
3. (Exchange Rate Risk)
2. (Market Risk)
0.15
AIA-ST 4
%NAV
: 30 2564
www.aiaim.co.th
* 100% (Settlement)
5
* (Settlement)
33/91/64
( ) ( ) 1/2564
17.30%
10.44%
9.64%
8.19%
8.02%
% NAV
32/90/64
( ) 14
1/2564 1
National Rating International Rating
23.57%
73.37%
0% 20% 40% 60% 80% 100%
Unrate
BBB
BBB
A
AA
GOV,AAA
5.52%
0% 10% 20%
Unrate
BBB
BBB
A
AA
GOV,AAA
AIA-ST 5
*
*
**
:
-
3 www.aiaim.co.th
-
( ) ( )
- ( )
- **
*
(% NAV)
(% )
- *
0.05350.0214
0.05350.1284
0.6925
0.05350.1338
1.07 1.0403
0.0000
0.2000
0.4000
0.6000
0.8000
1.0000
1.2000
(%NA
V)
AIA-ST 6
*
2.
*
3. 5 0.00%
* 5
4. (standard deviation) 0.02%
* 5
5. (Tracking Error: TE): N/A
6. Short Term General Bond
* www.aiaim.co.th
1. (Benchmark) :
(3) 50
(1) 60
(3) US Generic Government 3 Month Yield 10
(4) 1 5 3
20
(2) (ThaiBMA Commercial Paper Index) A-
10
: 22 . . 2564 22 . . 2654
22 . . 2564
(1) 60
(1) A 1 25
(4) 1 5 3
10
(2) (ThaiBMA Commercial Paper Index) A-
10
(3) US Generic Government 3 Month Yield 20
: 12 . . 2563 12 . . 2563
12 . . 2563
(2) FTSE 1-Month US Dollar Eurodeposit USD
25
0.14%
0.31%
0.00%
0.05%
0.10%
0.15%
0.20%
0.25%
0.30%
0.35%
2563
%
AIA-ST 7
*
YTD 1 3 Percentile 6 Percentile 1 Percentile 3 Percentile 5 Percentile 10 Percentile
0.29% 0.03% 0.10% 50th 0.20% 75th 0.38% 75th n/a n/a n/a n/a n/a n/a 0.37%
0.29% 0.03% 0.11% 50th 0.20% 75th 0.49% 75th n/a n/a n/a n/a n/a n/a 0.53%
0.02% 0.01% 0.01% 25th 0.02% 5th 0.02% 5th n/a n/a n/a n/a n/a n/a 0.02%
0.03% 0.02% 0.03% 25th 0.03% 25th 0.04% 50th n/a n/a n/a n/a n/a n/a 0.04%
www.aiaim.co.th
: 1 % * 30 2564
Short Term General Bond 30 2564
Peer Percentile(%)
3 6 1 3 5 10
1.47 2.21
25th Percentile 0.15 0.38 0.9 1.3 1.32 1.96
5th Percentile 0.2 0.53 1.29 1.48
7.
1.11 1.75
75th Percentile 0.06 0.15 0.35 0.87 0.94 1.57
50th Percentile 0.08 0.23 0.6 1.05
0.39 1.01
Peer Percentile(%)
3 6 1 3 5 10
95th Percentile 0 0.04 0.14 -0.05
0.12 0.22
25th Percentile 0.03 0.03 0.03 0.17 0.14 0.25
5th Percentile 0.01 0.02 0.02 0.15
0.21 0.3
75th Percentile 0.07 0.07 0.09 0.38 0.33 0.49
50th Percentile 0.04 0.05 0.06 0.22
1.36 1.2995th Percentile 0.11 0.1 0.19 1.6
AIA-ST 8
14 2563
. .
:
15.30 .
10,000
10,000
:
15.30 .
100
1 (T+1)
www.aiaim.co.th
-
1 2563
1 2563
5 2564
( )
181/19 2 11 10500
www.aiaim.co.th
2,491
10.0423 / ( 30 2564)
(Portfolio Turnover Ratio)
1 154.73%
1
/
.
AIA-ST 9
5th Percentile 5 (Top 5% performance)
25th Percentile 25 (Top 25% performance)
50th Percentile 50 (Median performance)
75th Percentile 75 (Bottom 25% performance)
95th Percentile 95 (Bottom 5% performance)
4.
-
- . . .
30 2564
- (Unit-Linked)
5 NAV
- . . .
- 1)
2)
1.
2. www.aiaim.co.th
3.
(Percentile)
AIA-ST 10
1
(Credit Risk)
(Credit Risk)
(Credit Rating)
credit
rating
(credit rating) 20% NAV
2
(Market Risk)
AIA-ST 11
3
(Currency Risk)
4
(High issuer concentration risk)
Drawndown(t) = (t) - *
*
Maximum Drawdown = min (Drawdown(t))
6
(Standard Deviation : SD)
5 ( 5 )
5 5
(Maximum Drawdown)
(Currency Risk)
- :
- :
- :
- :
(Standard Deviation of Fund)
SD 5
%
: * (t)
10% NAV
1.
2.
3.
AIA-ST 12
7
(Tracking Error: TE)
PTR = Min ( , )
Avg. NAV
8
(Portfolio Turnover Ratio : PTR)
Tracking Error (TE)
TE
TE
benchmark
passive fund/Index tracking
1
AIA-ST 13