Mutual Funds - Ratanabanchuen & Saengchote © Four Stylized Facts about Open-Ended Equity Mutual Funds in Thailand 1. Most funds do not beat the market, whether it is raw or risk-adjusted returns. 2. Most

and raw material importation by hedging forward contract from several financial institutions. Industry Overview In 2019, Thailand’s chicken meat export was about 954,010 tons, 6.93% up from 2018 and

through economies of scale. GFPT Group has policy to mitigate risks from foreign exchange rate volatility, which occurred from export sale and raw material importation by hedging forward contract from

increase in product sales volume of 8.15 percent and increase in raw material cost, salary and benefits of the employees, gas expenses and repair and maintenance expenses. Cost of services was Baht 216.88

parallel with crude palm oil price. Gross profit from biodiesel business was higher from the growth in sales volume, as well as the capability to procure raw material and manage inventory better than last

Company also bring the investor’s knowledge experiences in the manufacturing and trading Palm Oil as the raw material in the food industry, pet food industry, soap, and biodiesel to support the business

edible oil. Therefore, apart from the benefit from the source of fund of investor, the Company also bring the investor’s knowledge experiences in the Palm Oil business as the raw material in the food

income 21 7 3 (88%) (63%) 34 20 (41%) Total revenue 4,477 4,064 3,489 (22%) (14%) 12,010 12,156 1% Cost of raw materials - Natural gas1 748 548 534 (29%) (3%) 2,708 2,269 (16%) - Coal 1,688 1,590 1,318 (22

not conduct tests of controls in the production system; an auditor simply performed the test of controls upon raw materials received and the inventory cut off system without implementing an overall

are tax-privileged, we document several interesting facts. 2 First, most open-ended equity mutual funds in Thailand do not beat the market, whether it is raw or risk-adjusted returns. Second, while 94