With the market performing fantastically on a YTD basis and not to badly on a 12 month basis either versus the rest of the region. Now this article from Bloomberg explains quite clearly why market declines in the SET have recovered quickly, local institutions have cash, lots of it, not just the SSO but every Asset Management firm in Thailand has too much cash and the majority are underperforming the market.

The nation’s Social Security Office, which invests pension contributions from local workers, is holding cash in anticipation of a market decline, Win Phromphaet, the SSO’s head of investments, said at a conference in Bangkok yesterday. Investors are too sanguine about the prospects for economic growth after the army seized control of the government on May 22, according to Prasert Khanobthamchai, the chief investment officer at Kasikorn Asset Management Co.

…

“We’re waiting for an opportunity for share prices to make another correction so we can buy at a cheaper level,” Win said. Most share prices already reflect a positive outlook for the economy and corporate earnings, he said.

Source: Bloomberg