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Summary of Seminar Key Takeaways "A Different Path to Global Equity Winners"

At the seminar “A Different Path to Global Equity Winners", Krungsri Asset Management Company Limited (KSAM), together with Invesco, one of the world’s leading global investment managers, shared experts’ positive perspectives through in-depth analysis of global economic trends and the evolving equity investment landscape amid market uncertainty and geopolitical tensions. The event also marked the launch of a new fund, Krungsri Global Equity Income Fund (KF-GEI), which invests in the master fund, Invesco Global Equity Income Fund that have delivered a strong performance track record. KSAM believes that KF-GEI can serve as a core portfolio for investors, aiming to generate both income and capital growth while helping reduce volatility in a changing economic environment in 2026.

Deep Dive into Experts Insights

Mr. Kiattisak Preecha-anusorn, KSAM's Chief Alternative Investment Officer, Alternative Investment Department
Mr. Ken Lin, Managing Director, Head of Hong Kong and Southeast Asia Intermediary Business, Invesco Hong Kong Ltd.

Insights from KSAM

While market noise is inevitable, the global stock investment remains upward, supported by helpful government policies including the US tax cut, Japan’s stimulus packages, Germany’s defense spending, and the massive wave of AI investment. Economic data remains strong, with the MSCI AC World index expected to see 14% profit growth in 2026, backed by a steady 3.3% global GDP growth forecast from the IMF*. As inflation continues to cool, the environment for risk assets becomes increasingly favorable. However, high valuations could lead to occasional market corrections, though he maintained that such dips represent strategic buying opportunities. (*Source: IMF, World Economic Outlook, Krungsri Research (January 2026)).

Talking about geopolitical tensions, given the unless a conflict reaches the level of the Gulf War that historically caused 20% market drops, modern geopolitical incidents typically result in impacts of roughly 6 - 7%, followed by swift recoveries. (Source: Deutsche Bank Asset Allocation, 13 Jun 2025)
A major shift for 2026 is the sector rotation now underway. Since October 2025, the technology sector that dominated the gains of 2024 and 2025, has become a laggard. Investors are now witnessing a transition toward the materials and energy sector as interest rates stabilize and tech valuations appear overextended. This shift signifies that the winners of the previous cycle are giving way to a broader, more diversified range of global leaders.

Insights from Invesco

In response to these shifts, KF-GEI invests in the Invesco Global Equity Income Fund as its master fund, which demonstrates an outstanding, consistent track record with 1_st quartile rankings over the past 3, 5, and 10 years. Mr. Lin from Invesco further explained that the fund’s winning strategy stems from taking a different approach. Rather than chasing technology stocks, the management team focuses on three core selection criteria: identifying high-quality industry leaders, prioritizing robust free cash flow, and maintaining strict valuation discipline.

Sources: Invesco as of 31 Dec 2025 | *Returns for periods longer than one year are annualised. | Peer group data is based on Morningstar’s EAA Fund Global Equity Income category | Returns shown are net of management and transaction fees and are presented in USD | Performance shown is based on the Z Share Class, which is offered only to qualified investors in approved jurisdictions, while KF-GEI invests in the C (Acc) Share Class. Both share classes follow the same investment strategy | Returns shown are net of management fees with dividends reinvested | Performance shown represents the performance of the master fund and is not calculated in accordance with the performance measurement standards of AIMC.

This vision is reflected in a portfolio built for stability and growth, categorized into three distinct buckets:
- 70 – 100% Dividend Compounders: High-quality companies that grow their payouts year after year
- 0 – 20% Fast Growth: Companies with lower current yields but faster growth potential
- 0 – 10% Dividend Restoration: Famous brands currently facing temporary crises but showing a clear path to recovery and a return to paying dividends.

This focus has led to a portfolio of 40 - 50 high-quality stocks and exceptional results from non-tech names. Notable examples include 3i Group, a private equity and infrastructure investment firm and owner of Action, Europe’s fastest-growing non-food discount retailer; Rolls-Royce, which achieved a 1,200% return driven by essential aerospace engine contracts; and Viking, the leader in luxury cruises. These examples prove that investors do not need to rely solely on tech giants for superior performance. The portfolio currently maintains an overweight position in industrials and financials while remaining underweight in information technology relative to the MSCI World Index. As the market rotates to non-US regions, the fund has also increased its international exposure, including a 10% allocation to emerging markets to diversify risk.

Source: Invesco as of 31 Dec 2025. For illustrative purposes only. Not a recommendation to buy or sell securities. | Investment framework and allocations may change at the fund manager’s discretion. | Industry diversification is based on the Global Industry Classification Standard (GICS), which was developed and is owned by MSCI, Inc. and Standard & Poor’s.

Source: Morningstar Direct as of 16 January 2026. Performance shown represents the master fund’s performance and is not calculated in accordance with the performance measurement standards of AIMC.

Conclusion from KSAM

For those interested, you can choose to invest in either accumulation or redemption share classes, KF-GEI-A and KF-GEI-R, respectively, through all channels, both online (Access Mobile or @ccess Online) and on-ground (Krungsri Asset Management, Bank of Ayudhya branches, and Krungsri Securities), with the minimum purchase at only 500 Baht.

For more information about the Funds, click here

For more information or to obtain the prospectus, please contact Krungsri Asset Management Company Limited at 0-2657-5757 press 2, or Bank of Ayudhya Public Company Limited/ Krungsri Securities Public Company Limited.

This document is prepared by sources believed to be reliable at the time of publication; however, the Company does not guarantee the accuracy or completeness of such information.
KF-GEI may hedge foreign exchange risk at the fund manager’s discretion and therefore remain exposed to FX risk, which may result in gains or losses from exchange rate movements and returns lower than the initial investment.
Investors should carefully study product features, conditions, returns and risks before making an investment decision. Past performance is not indicative of future results.