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Strategies & Market Trends : Thai Funds
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To: peter michaelson who wrote (49)1/13/1998 10:29:00 PM
From: Polartee  Read Replies (1) of 107
 
If you've got the money you could buy the Thai Fund's holdings directly on the SET but you've probably thought of that. I think it is expensive in commissions and currency spreads but with a large enough short position in TTF it would certainly be worthwhile. The SET website is:

set.or.th

It's ok but a bit slow. There are a large number of listings on the exchange. You can get company profiles besides twice daily quotations.

TTF surged a buck today with the reversal of sentiment in Asia. The premium must have gone up along with the NAV though. If I had a long position in TEF/ SSG I'd be inclined to hold onto it since you're transactions cost is a sunk cost anyway. The premium will have to correct eventually, maybe after the Thai market rises 100% or so (I'll get out before that happens if I don't have a hedge). The disadvantage of TEF is that it's 40% in cash according to Trustnet and SSG carries a lot of cash too.

Right now I'm inclined to wait for the Thai WEBS to be issued and buy that as a hedge but I may have to close out this position before long since the Thai market may have bottomed and the TTF premium shows no slacking. I can do well enough with hedged positions in Malaysia Fund anyway. No need to get greedy given the profit I've made so far from shorting TTF at over $12.

Regards,
John
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