Recent shifts in regional markets have led to a temporary decline in BAEF performance. Click below to review our comprehensive fund commentary, key factor breakdown, and long-term positioning strategy.
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Our Partners| Fund | Price / Unit | Date | Nav Change (%) | Currency | Distributor |
|---|---|---|---|---|---|
| BAMC Asia Equity Fund (BAEF)BAEF | 122.23 | 22 October 2026 | ▼ 3.01% | US Dollar |  Banjaran Asset Management (Cambodia) Plc.  ACLEDA Securities Plc. |
| BAMC Asia Equity Fund (BAEF)BAEF | 126.02 | 21 October 2026 | ▲ 0.76% | US Dollar | Banjaran Asset Management (Cambodia) Plc. ACLEDA Securities Plc. |
| BAMC Asia Equity Fund (BAEF)BAEF | 125.07 | 20 October 2026 | ▼ 1.47% | US Dollar | Banjaran Asset Management (Cambodia) Plc. ACLEDA Securities Plc. |
| BAMC Asia Equity Fund (BAEF)BAEF | 126.93 | 19 October 2026 | ▲ 0.62% | US Dollar | Banjaran Asset Management (Cambodia) Plc. ACLEDA Securities Plc. |
| BAMC Asia Equity Fund (BAEF)BAEF | 126.15 | 16 October 2026 | ▼ 3.58% | US Dollar | Banjaran Asset Management (Cambodia) Plc. ACLEDA Securities Plc. |
Markets in October Since end September, global equities have faced pressure from higher borrowing costs and growing scrutiny of the returns from AI related spending. Stronger than expected US inflation reinforced expectations of further Federal Reserve tightening, weighing particularly on technology and semiconductor valuations. Elevated oil prices added further pressure on inflation concerns. Overall, technology-heavy Asian markets bore a greater share of the selling in October’s global tech weakness. Our exposure to Asian equities reflects our focus on the region’s long-term growth opportunities. Short-term volatility is an inherent risk of this approach, but our investment decisions remain anchored in companies’ fundamentals and their potential to generate sustainable returns over time. Portfolio underperformance Against this backdrop, BAEF’s main drag was its concentration in Korean and Taiwanese equities and semiconductor related holdings, which together accounted for 32.3% of the portfolio and approximately 4% of the calculated drag. The Korea ETF and Samsung alone contributed roughly 2%. Korea was particularly affected by the unwinding of AI-related positions. On 15 October, its benchmark equity index fell approximately 8%. Samsung’s weakness came despite guidance for a substantial increase in third-quarter operating profit, suggesting that concerns over valuations, financing conditions and competition outweighed the near-term earnings improvement. The drop was compounded by sharp falls in several Singapore small caps and financials. Addvalue fell 22.9%, UOB Kay-Hian 25.2%, OCBC 10.3%. OCBC faced a specific catalyst when Citi downgraded the stock from “neutral” to “sell”, citing risks to third-quarter earnings, pressure on net interest margins from higher deposit costs, and the potential normalisation of exceptionally strong first-half wealth-related income. Addvalue’s share price weakness is due to profit-taking after a strong run. Singapore’s semiconductor-related suppliers to chipmakers fell harder than the larger chipmakers; Frencken fell 14.9%, UMS 14.8% and AEM 9.9%. Together, these holdings constituted approximately 14% of the portfolio and implied another 2.3% of drag. Like the global technology sell-off, broader concerns over the AI investment cycle were weighing on sentiment beyond individual companies’ reported performance. There were few meaningful offsets in the portfolio as gains elsewhere were insufficient to counter the losses. Why we still hold these stocks Despite the recent weakness, we retain these holdings because the underlying earnings drivers remain relevant to our investment horizon. The sell-off has weakened share prices more than the underlying medium- to long-term investment case. In semiconductors, the correction has coincided with continued growth in demand for AI compute. TSMC’s latest results and guidance pointed to sustained demand for advanced chips, while Samsung’s earnings guidance reflected stronger memory sales and pricing. These developments support maintaining exposure to the sector, although we recognise that strong operating performance does not eliminate valuation risk or the possibility of further share price volatility. Our Singapore semiconductor holdings provide exposure to different parts of this investment cycle. UMS benefits from equipment demand and increasing exposure to advanced packaging, AEM offers participation in increasingly complex semiconductor testing, and Frencken provides a more diversified manufacturing exposure. The rationale for retaining these positions rests on their prospective earnings as customers invest in additional capacity and advanced chip architectures, rather than an expectation that all semiconductor-related stocks will recover together. For the financial holdings, recent operating results provide a basis for distinguishing share price weakness from deterioration in the businesses. OCBC’s wealth-management and other non-interest income have helped offset pressure on lending margins, while its capital position continues to support business growth and distributions. UOB Kay Hian reported substantially higher first-half earnings, supported by stronger trading activity, commission income and interest income. We retain exposure to these earnings streams, while recognising that wealth related revenue and brokerage activity are market sensitive and that recent growth rates may not persist. We retain exposure to Addvalue to the long-term growth in satellite connectivity and space infrastructure. Recent share-price weakness appears to reflect, in part, profit-taking following a strong rally, while continued orders support the underlying growth outlook. In september, Addvalue announced US$15 million of new orders across its space connectivity and advanced digital radio business, bringing its order book to US$20.2 million. Converting these orders into earnings and cash flow remains central to our investment case. Overall, we remain selective and view the decline as a potential opportunity to top up positions rather as a reason to hold every position unchanged. Continued ownership must be supported by company fundamentals, an acceptable valuation, and grounded in earnings growth. Moving forward Looking ahead, we intend to increase exposure to quality large-cap and blue-chip companies to strengthen portfolio resilience amid continued volatility. We will prioritise businesses with sound balance sheets, sustainable earnings and cash flows, and durable competitive advantages. Further market weakness could provide opportunities to build positions at more attractive entry prices, while maintaining a disciplined approach to valuation. Disclaimer : This Document is issued for information and investor awareness purposes only to explain the factors contributing to the changes in BAEF’s NAV. It does not constitute investment advice, an investment recommendation, an offer, or a solicitation to buy, sell, or hold units of BAEF. The information provided herein should not be relied upon as the sole basis for any investment decision and does not guarantee future performance. Investors should refer to the Fund’s official offering documents and disclosures and carefully assess their own investment objectives and risk tolerance before making any investment decision.
Banjaran Asset Management (Cambodia) Plc., in collaboration with ACLEDA Securities Plc., successfully organized a workshop on “Golden Investment Opportunities in Securities Sector” for the Management team and staff of Forte General Insurance Plc., and Forte Life Assurance Plc., on 06 August 2026 at Forte Office, One Park Tower. The workshop provided participants with valuable insights into the BAMC Asia Equity Fund (BAEF), including its key features, investment strategy, and the opportunities available through investing in a professionally managed fund licensed by the Securities and Exchange Regulator of Cambodia (SERC). During the session, Mr. Sok Chantola, Deputy Sales & Marketing Manager of Banjaran Asset Management (Cambodia) Plc., delivered a presentation on “Investment Value and Benefits of the BAMC Asia Equity Fund (BAEF)”, sharing knowledge on investment opportunities and the benefits of BAEF as part of Cambodia’s growing securities sector. This workshop marks another important milestone under the Strategic Partnership between Banjaran Asset Management (Cambodia) Plc., ACLEDA Securities Plc., Forte General Insurance Plc., and Forte Life Assurance Plc., with the aim of enhancing investment awareness, strengthening collaboration, and creating opportunities for future business growth. #BanjaranAMC #BAEF #CIS #Investment #Strategic #Financial
Banjaran Asset Management (Cambodia) Plc. was honored to participate in the “Trust Forum 2026” under the theme “Trust in the Dynamics of Stakeholder System and Achievements over the Past Five Years,” organized by the Trust Regulator (TR) and presided over by H.E. Akka Pundit Sapheacha AUN Pornmoniroth, Deputy Prime Minister, Minister of Economy and Finance, and Chairman of the Non-Bank Financial Services Authority Council, on 4 August 2026 at Sokha Phnom Penh Hotel. The Forum brought together senior government officials, regulators, trust-sector operators, financial institutions, and industry experts to strengthen networks, exchange insights, and shape the future of Cambodia's trust sector. Delivering the welcome address, H.E. SOK Dara, Director General of the Trust Regulator, highlighted five years of remarkable growth in Cambodia's trust sector while reaffirming ongoing efforts to foster a transparent, resilient, and sustainable ecosystem. Representing Banjaran Asset Management (Cambodia) Plc., Mr. Eric Loo, CEO & Executive Director of Banjaran Asset Management (Cambodia) Plc., attended the landmark event. As a licensed fund management company in Cambodia, Banjaran AMC remains committed to working alongside and supporting our Trustee partners, driving collaboration, strengthening market confidence, and supporting the long-term growth of the financial and investment landscape.
Banjaran Asset Management (Cambodia) Plc., in collaboration with ACLEDA Securities Plc., successfully organized the Workshop on "Golden Investment Opportunities in Securities" as part of the 3rd Round Roadshow at ACLEDA Bank Plc., Local Branch (Khan Tuol Kouk, Sangkat Boeng Kak Ti Muoy), on the morning of 01 August 2026. The workshop aimed to enhance public understanding of capital market investments and the BAMC Asia Equity Fund (BAEF), a Collective Investment Scheme (CIS). We sincerely appreciate the support of our partners and the active participation of all attendees. Special thanks to Mr. Sok Chantola, Deputy Sales & Marketing Manager of Banjaran Asset Management (Cambodia) Plc., on the topic “Investment Value and Benefits of the BAMC Asia Equity Fund (BAEF)”. We look forward to welcoming you to our upcoming events.
Banjaran Asset Management (Cambodia) Plc., in collaboration with ACLEDA Securities Plc., successfully organized the Workshop on "Golden Investment Opportunities in Securities" as part of the 3rd Round Roadshow at ACLEDA Bank Plc., Cheung Prey District, Soutib Commune, Kampong Cham Province, on the morning of 18 July 2026. The workshop aimed to enhance public understanding of capital market investments and the BAMC Asia Equity Fund (BAEF), a Collective Investment Scheme (CIS). We sincerely appreciate the support of our partners and the active participation of all attendees. Special thanks to Mr. Sok Chantola, Deputy Sales & Marketing Manager of Banjaran Asset Management (Cambodia) Plc., on the topic “Investment Value and Benefits of the BAMC Asia Equity Fund (BAEF)”. We look forward to welcoming you to our upcoming events.
Banjaran Asset Management (Cambodia) Plc., in collaboration with ACLEDA Securities Plc., successfully organized the Workshop on "Golden Investment Opportunities in Securities" as part of the 3rd Round Roadshow at ACLEDA Bank Plc., Local Branch (Khan Pur Senchey, Sangkat Chaom Chau 3), on the morning of 11 July 2026. The workshop aimed to enhance public understanding of capital market investments and the BAMC Asia Equity Fund (BAEF), a Collective Investment Scheme (CIS). We sincerely appreciate the support of our partners and the active participation of all attendees. Special thanks to Mr. Sok Chantola, Deputy Sales & Marketing Manager of Banjaran Asset Management (Cambodia) Plc., on the topic “Investment Value and Benefits of the BAMC Asia Equity Fund (BAEF)”. We look forward to welcoming you to our upcoming events.
The Fed maintained a restrictive, data-dependent stance through August and subsequently raised the federal funds target range by 25 basis points to 3.75-4.00% citing persistent inflationary pressures. Updated projections point to the possibility of one further increase in 2026. Elevated long-dated US Treasury yields continue to present a valuation risk particularly for growth, technology and AI-related companies, whose expected cash flows lie further in the future. At the same time, continued corporate earnings delivery and investments in strategic technologies along the tech supply chain have so far helped the global economy absorb tighter financial conditions. Strong earnings guidance from major global technology companies supports the view that investment in data centres, advanced chips and supporting infrastructure remains resilient.
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