MS-ASIAN SM has grown to above THB 4 billion, marking Thailand’s largest Asian equity FIF

MS-ASIAN SM has grown to above THB 4 billion,

marking Thailand’s largest Asian equity FIF

นายต่อ อินทวิวัฒน์

Bangkok – 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 nearly doubled in assets under management in the first five months of 2014 to THB 4.198 billion, compared to THB 2.353 billion at the end of 20131. As Thailand’s largest FIF (foreight investment fund) investing in Asian equities, the MS-ASIAN SM is a feeder fund that invests in a ‘master fund’, the Manulife Global Fund – Asian Small Cap Equity Fund.

Mr Tor Indhavivadhana, 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 the broader markets across market cycles. Despite periods of significant market volatility, the Fund has delivered outperformance versus the benchmark index since its launch. Over one-year, the Fund delivered a net return of 14.00% compared with the benchmark MSCI AC Asia Pacific ex Japan Small Cap Index return of 10.64% in the same period.”2

Since its inception, the Fund has delivered a net return of 70.55%, outperforming its benchmark index by 51.51% percentage points.2

Tor added “The MS-ASIAN SM’s past performance underlines Manulife Asset Mangement’s capabilities in stock selection and efficient portfolio management. A variety of quantitative and qualitative filters are applied to narrow down the field of investable companies. The investment team undertakes a rigorous bottom-up analysis of the individual companies to identify those with the potential to outperform regardless of the marketcycle and macro trends. This consists of identifying those with sustainable growth potential, ample cash flow, trustworthy management teams and defensible competitive advantages.

“Once they believe they have identified a high-potential investment target, they will watch and wait for the right moment to add the stock to the portfolio. Ideally this would be when valuations are attractive due to a short-term company specific factor, an unrelated macro event or simply because other market participants do not yet recognise the growth potential of that particular stock. The objective is seeking to invest in securities with high profitability potential that are selling at relatively low valuations.”

The master fund is managed by Linda Csellak, Head of Asia Pacific Equities at Manulife Asset Management’s Hong Kong office, who has been named “Long-Only Equity Fund Manager of the Year – Small Cap” again earlier this month.3

Commenting on the outlook for Asian small caps, Linda Csellak said “An extended period of market volatility during 2013 left many Asian large cap stocks in select markets trading at significant discounts to small caps and these relatively attractive valuations drew some investors back into the large-cap space in the first quarter of 2014. This created some downward pressure on small caps, particularly in China and Korea, and represented a buying opportunity. We believe our positioning will be rewarded as we expect these companies to report strong earnings in the coming quarters. This trend should be supported by generally robust economic conditions in their home markets, which should be supportive of domestic consumption and investment – in fact, Asia as a whole is forecast to continue to show GDP growth well in excess of that being recorded in developed western markets. This domestic demand should be further supported by the fact that many economies in the region, particularly those in North Asia, are exposed to exports and are well positioned to benefit from continued global economic growth.”

“Apart from North Asia, we have been positive on Indian small cap equities since the fourth quarter of 2013 on the back of low valuations and positive earnings revisions. We remain optimistic and feel the strong election showing by the pro-reform Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) under Narendra Modi will unlock further opportunities in domestic cyclical stocks,” added Csellak.

Tor concluded “The MS-ASIAN SM’s exposure to multiple Asian markets makes it an effective diversification tool in the face of current volatility in the Thai market and remains a potentially valuable part of an investment portfolio that investor should actively consider to include.“

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 (Thailand), 30 May 2014.
  2. Manulife Asset Management (Thailand), Bloomberg, as at 30 May 2014.
  3. Awarded by The Asset’s Triple A Investor and Fund Management Awards 2014.

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MS-ASIAN SM net performance as at 30 May2014 (in THB Term)

MS-ASIAN SM net performance as at 30 May 2014 (in THB Term) Eng

Note: The MXAPJSC Index represents the MSCI AC Asia Pacific ex Japan Small Cap Index in THB terms. The inception date for the Fund is
31 January 2012.

Source: Manulife Asset Management (Thailand), Bloomberg, as at 30 May 2014.

About Manulife Asset Management Thailand            
Manulife Asset Management (Thailand) Co., Ltd. (Manulife AM (Thailand)) is a subsidiary of Manulife Financial, a leading Canada-based financial services group with operations in Asia, Canada and the United States. As a part of a global investment organization with more than 300 fund analysts and investment professionals around the world and in 10 countries and territories throughout Asia, the company is fully supported by and interconnected with Manulife Asset Management’s global team. Manulife AM (Thailand) is one of only a few asset management companies in Thailand that has expertise in offshore fund management, which is a core strength.

About Manulife Asset Management

Manulife Asset Management is the global asset management arm of Manulife Financial, providing comprehensive asset management solutions for institutional investors and investment funds in key markets around the world. This investment expertise extends across a broad range of public, private, and alternative asset classes, as well as asset allocation solutions. As at 31 March 2014, assets under management for Manulife Asset Management were US$269 billion.

Manulife Asset Management’s public markets units have investment expertise across a broad range of asset classes including public equity and fixed income, and asset allocation strategies. Offices with full investment capabilities are located in the United States, Canada, the United Kingdom, Japan, Hong Kong, Singapore, Taiwan, Indonesia, Thailand, Vietnam, Malaysia, and the Philippines. In addition, Manulife Asset Management has a joint venture asset management business in China, Manulife TEDA. The public markets units of Manulife Asset Management also provide investment management services to affiliates’ retail clients through product offerings of Manulife and John Hancock. John Hancock Asset Management and Declaration Management and Research are units of Manulife Asset Management.

Additional information about Manulife Asset Management may be found at

About Manulife Financial

Manulife Financial is a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. Clients look to Manulife for strong, reliable, trustworthy and forward-thinking solutions for their most significant financial decisions. Our international network of employees, agents and distribution partners offers financial protection and wealth management products and services to millions of clients. We also provide asset management services to institutional customers. Funds under management by Manulife Financial and its subsidiaries were US$574 billion as at 31 March 2014. The Company operates as Manulife Financial in Canada and Asia and primarily as John Hancock in the United States.

Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘945’ on the SEHK. Manulife Financial can be found on the Internet at

For inquiries:

Manulife Asset Management (Thailand)

6th Floor Manulife Place  364/30 Sri Ayudhaya Road, Thanon Phayathai, Rajthevi, Bangkok 10400

Website: Tel: 02-246-7650 #2   Fax: 02-642-6341

 Media contacts:

Chutchada Ekahitanonda

Manulife Asset Management (Thailand)

02 246 7650 (ext 8615)    662 354 1006 (direct)


Wattanapong Ranron

Manulife Asset Management (Thailand)

02 246 7650 (ext 8640)                                 


Panwadee Pintuyothin

Manulife Asset Management (Thailand)

02 246 7650 (ext 8608)