Thai market. Buy Sell Low momentum High momentum Based on last month return (2) If high returns attract fund flow, then funds may be tempted to increase risk to compete. Equity Mutual Funds

12 Jan 13 Jul 13 Jan 14 Jul 14 Jan 15 Jul 15 N = 235 Source: Morningstar Direct complied by Research Department of Thai SEC Sample: TH Equity Trigger funds Tempted by past success, investors are more