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From Precy Dumlao, Opalesque Asia:
The Thai Focused Equity Fund defied political turmoil in Thailand and returned 6.1% in February (0.4% YTD) as it outperformed the Stock Exchange of Thailand (SET) index which increased 3.9% during the same period.
Doug Barnett, fund manager of the Thai Focused Equity Fund Ltd., a single country open-ended offshore hedge fund with a strong long bias, said that the firm strongly feels that now is a good time to invest in the fund as the anticipated economic and political backlash in the Supreme Court ruling seizing the assets of deposed prime minister Thaksin Shinawatra did not materialize.
The Thai Focused Equity Fund is managed by Quest Management Inc. which is headquartered in Pakkred, Nonthabuti, Thailand. It was founded in 1994 and manages $242m.
The weighted average P/E on 2010 earnings for the portfolio is now only 7.3x with 47% profit growth. "This is a great place to hide from a deteriorating U.S. dollar or euro," Barnett explained.
The fund outperformed the SET index on a relative basis. The February fund report said: "Five out of our six heavily weighted sectors outperformed their respective benchmarks. The main contribution to the fund came from the petrochemical sector, specifically Indorama Polymers (renamed Indorama Ventures), which is now 26.1% of our portfolio. Even after it...................... To view our full article Click here
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