(2008), ESMA (2016), Cremers (2017) Holding-based Performance-based Holding-basedActive share Active share Tracking error Pure Indexing Concentrated Stock Picks Diversified Stock Picks Closet Indexing

. Revenues from residential management program. 1 2 3 4 The company has reaped the benefits from well diversified business policy, which able to generate revenue from the property development business and

planning. Although they know they should hold diversified portfolios, many chase past performance and end up buying and selling funds at the wrong times. A fund’s published total return reflects a buy and

a world-class sustainable chemical company and a global integrated leader in PET and fibers serving major customers in diversified end-use markets. In following our core strategies, we develop

diversified into recurring business which could provide steady income in the long-term. During the past two years, the Company invested in the projects that generated revenue from rent and service which were (1

rating to be enhanced from its stand-alone rating. On a stand-alone basis, TRIS’s view remains unchanged. The Company’s business performance has been relatively strong and stable from its well-diversified

the second phase where the Company aims to grow impressively, anticipating that sales growth will come from all areas following the Company's risk diversification strategy including: 1) Diversified

mobile top-up decreasing from 95% to 90%. As a result, the revenue structure of the Company is more diversified. The growth of other services such as money transfer has been growing very well. In 2Q17, the

top-up decreasing from 95% to 90%. As a result, the revenue structure of the Company is more diversified. The growth of other services such as money transfer has been growing very well. In 3Q17, the

amount, resulting the usage amount of mobile top-up decreasing from 95% to 90%. As a result, the revenue structure of the Company is more diversified. The growth of other services such as money transfer