volatility will not have a material adverse effect on the Group's financial condition and operating results. Global market uncertainty related to the COVID-19 pandemic, especially the Group's reduced capacity
/timeliness of the research • Evaluation of the objectivity and independence of the recommendations 10 MATERIALITY Governance Climate Change Location Company-specific Sector/Industry Investment Horizon CFA
have risen abruptly, especially the rapid evolution of digital technology, intensified effects of climate change, and regulatory changes in the financial business. To cope with these issues, most
satisfactory economic growth, many key nations such as Japan and China recorded a slowdown. The Eurozone was fragile while Russia faced economic problems and currency volatility from sharply declining crude oil
returns of DLC seem less complex 21 • In the case of options, part of its value is time dependent, the value change of the warrant is determined by the change in volatility. Source: SGX Specified Investment
20T H ANNIVERSARY 1 Securities and Exchange Commission, Thailand Annual Report 2012 SEC ANNUAL REPORT 20122 THE YEAR OF CHANGE The year 2012 was the time for change to become the visionary partner
small and mid-cap companies, which involve additional risks such as limited liquidity and greater volatility. The Fund invests in securities outside of the U.S. which involve greater volatility and
structural change in the business outlook of PET, and is an oppor- tunity for well-managed and committed PET producers like IVL to align supply reliability to customers. We benefitted from the instability
: Possibility of delisted and rehabilitation companies due to financial instability and going-concern issue. Horizontal Analysis 0 2 4 6 8 10 12 2012 2013 2014 2015 2016 BSIZE ACSIZE 0% 10% 20% 30% 40% 50% 2012