Thailand is one of Southeast Asia’s key wealth management markets, and its mutual fund industry has grown to a meaningful scale. Fixed income has long been the dominant asset class and forms the core of local investors’ portfolios. In terms of strategy, however, Thai fixed income funds have historically been concentrated in government, financial-institution and corporate bonds, both domestic and overseas. This has led to a high degree of strategy overlap across the segment. As interest rate volatility rises, overall portfolio risk exposures have become relatively concentrated.
On the equity side, actively managed public and private vehicles dedicated to China A-shares remain relatively limited. Local investors have had few transparent, cost-efficient mutual fund options for building systematic exposure to the A-share market.
Against this backdrop, First Plus Asset Management (Thailand) Co., Ltd. (“First Plus Thailand”) launched two actively managed strategies this year: one in Asia-Pacific fixed income and one in China A-share equities. Together they broaden the investment opportunity set available to investors in the region.
FP IGFIXED: Thailand’s first fund focused on Asia-Pacific investment-grade asset-backed securities
In September 2026, First Plus Thailand launched the First Plus Investment Grade Fixed Income Fund (FP IGFIXED). First Plus Asset Management Pte. Ltd. (“First Plus Singapore”) is the appointed outsourced fund manager. FP IGFIXED is the first fixed income fund in Thailand whose core holdings are Asia-Pacific asset-backed securities (ABS) with international investment-grade ratings. The underlying collateral is diversified across residential mortgages, auto loans and credit card receivables. The fund focuses on developed Asia-Pacific markets such as Australia and Singapore.
For Thai investors, Asia-Pacific investment-grade ABS represent an alternative segment within the broader fixed income market. Unlike conventional government and corporate bonds, ABS are backed by pools of underlying financial assets. As a result, their cash-flow characteristics and credit risk drivers differ from those of conventional bonds, providing an additional source of diversification alongside traditional fixed income holdings. Depending on market conditions, selected investment-grade ABS may offer attractive spread opportunities relative to conventional fixed income instruments of comparable credit quality.
FP QUANT: Thailand’s first quantamental mutual fund focused on China A-shares
In May 2026, First Plus Thailand launched the First Plus China Equity Quantamental Alpha Fund (FP QUANT). It is the first actively managed quantamental mutual fund in Thailand dedicated to China A-shares. The factor framework is driven primarily by fundamental factors, supplemented by price-volume and alternative data factors. Portfolio turnover is low to moderate, and stock selection favours high-quality companies trading at reasonable valuations.
Since inception, the fund has demonstrated resilience despite headwinds in its benchmark. Over the past three months, it has outperformed the average of its China equity peer group, while keeping volatility and drawdowns well contained. Its risk-adjusted returns reflect the effectiveness of its active management approach. Past performance is not indicative of future results.
From strategy to execution: dual licensing and Singapore–Thailand collaboration
Since launch, both strategies have gained traction in the Thai market, with interest from established players such as Krungsri Securities (KSS) and Dime!, the digital wealth platform of KKP Financial Group.
This execution capability rests on First Plus Thailand’s dual licensing, which is rare in the Thai market. The company holds a Type C securities business licence granted by Thailand’s Ministry of Finance, covering mutual fund, private fund and provident fund management. It is one of only 24 mutual fund management licence holders in Thailand. The company also holds a Qualified Foreign Institutional Investor (QFII) licence from the China Securities Regulatory Commission (CSRC), held by only 11 institutions in Thailand. Together, these give it both domestic mutual fund capabilities and cross-border investment access.
As financial market connectivity between China and Thailand deepens, and as the global macroeconomic environment grows more complex, demand among local investors for cross-regional, diversified investment solutions is expected to continue to rise. Going forward, First Plus Singapore and First Plus Thailand will continue to work together, bringing the Group’s investment capabilities to Thailand’s mutual fund market and offering local investors a broader range of investment choices.
Important Information
This material is provided for general information purposes only and does not constitute investment advice, an offer, solicitation or recommendation to buy or sell any securities or investment products in any jurisdiction where such offer or solicitation is not authorised.
FP IGFIXED and FP QUANT are Thai mutual funds managed by First Plus Asset Management (Thailand) Co., Ltd. and are not offered to investors in Singapore.
All investments involve risks, including the possible loss of principal. Investments in overseas assets may be subject to foreign exchange risk. Asset-backed securities may be exposed to credit, liquidity, prepayment and structural risks. Investments in China A-shares may be subject to regulatory, liquidity, currency conversion and market access risks, including those associated with the QFII framework. Equity investments are subject to market volatility and the risk of capital loss.
Past performance is not indicative of future results. Investors should carefully review the relevant prospectus, fund factsheet and risk disclosures before making any investment decisions.