Vayupak portfolio adjustment
Following the fluctuations in the bond and equity markets, the Vayupak Fund is to adjust its investment portfolio, MFC Asset Management president Pichit Akrathit said yesterday.
MFC, which manages the Vayupak Fund, plans to change from its current bonds of less than one year's maturity to those with three to five year terms. In addition, it plans to sell some overvalued stocks in its portfolio and reallocate its investment in securities. Currently, MFC manages Bt36 billion of assets for the fund, in which Bt6 billion was newly generated from the paper gains from Thai Petrochemical Industry (TPI) stock. Vayupak - along with PTT, the Government Pension Fund and the Government Savings Bank - bought 17.55 billion new and existing TPI shares at Bt3.30 apiece. Vayupak holds 10 per cent of TPI, whose shares were traded at Bt7.40 yesterday. The fund holds TPI shares and Bangchak Petroleum shares worth a combined Bt14 billion-Bt15 billion, and has a further Bt5 billion-Bt6 billion invested in debt instruments and cash. Its remaining Bt15 billion, which at first was thought to be invested in state-enterprise stocks, is invested in other securities. MFC is launching its fifth Foreign Investment Fund this month. The MFC International Spot Fund (I-SPOT) will invest in global stocks, based on weighting from its research house's study. Initially, most of the investment will focus on the Asian market. The Bt800-million closed-end target fund will allow investors to redeem their investment either when the fund's performance achieves a 25-per-cent return or when it reaches three-year maturity. The subscription runs between June 19 and 29 and requires a minimum investment of Bt10,000. - Piyarat Setthasiriphaiboon The Nation
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