Global markets are volatile due to the direction of US interest rates and currency exchange rates at the end of the year.

Treasurist All Fund Index: Overview of the Treasurist Fund Index Series' movement as of December 19, 2568, compared to November 21, 2568. The overall fund performance shows an increase of +1.57%.

The top 3 fund indices with the highest positive changes are:

• The technology equity fund index showed the largest increase at +5.21%.
• The precious metals commodity fund index increased by +5.12%.
• The European equity fund index increased by +4.16% respectively.

The top 3 fund indices with the highest negative changes are:

• The Vietnam equity mutual fund index experienced the largest decline at -2.50%.
• The Indian equity fund index decreased by -1.93%.
• The index of fixed-income mutual funds with maturities longer than 3 years changed by +0.02%, respectively.

Author's view

Data from November 21st to December 19th, 2568: During the late November to December 2568 period, global financial markets experienced increased volatility due to the direction of US monetary policy following better-than-expected economic data, particularly employment figures. Initially, investors worried that the Fed might cut interest rates later than previously estimated.

Meanwhile, the yield on 10-year US Treasury bonds fell in early December before fluctuating within a range of approximately 4.00-4.20%.

The Thai baht strengthened continuously throughout December, following the weakening of the US dollar and the return of capital flows into Asian markets. The baht reached approximately 31.56 baht per US dollar, its strongest level in several years.

The Federal Open Market Committee (FOMC) of the U.S. Federal Reserve lowered the Fed Funds Rate as expected, leading to a widespread recovery in U.S. tech stock indices. The dot plot confirmed the view that another rate cut is likely in 2026, causing U.S. Treasury yields to rise 5 basis points from 4.14% to 4.19%. This coincided with the USD Index weakening throughout the week, from 98.99 to 98.39. Interestingly, the USD Index is inversely correlated with gold; when the USD falls, gold tends to rise, and gold has already surpassed 4,330 USD/Oz.

Treasurer has recommended reinstating foreign exchange risk hedging from December 8, 2568, to preserve portfolio returns and mitigate volatility from currency movements during that period.

Based on the fund index change data, Treasureist presents examples of funds with higher NAV changes than the group index over the same period as follows:

Technology equity mutual funds: Invest in or hold equity instruments of the technology industry. Examples of funds include:

• Eastspring Autonomous Technology and Robotics Open-Ended Fund (ES-AUTOMATION)
• SCB Autonomous Technology and Robotics Fund (Accumulated Value) (SCBAUTO(A))
• MFC Next Generation Technology Open-Ended Fund (MGTECH) 

Precious Metals Commodity Fund: Invest in gold or other precious metals that are traded on the global market.

Examples of funds include:

• Eastspring Gold Bullion Open-Ended Fund-H (ES-GOLDBULLION-H)
• SCB Gold THB Hedge Fund (Accumulated) (SCBGOLDH)
• UOB Smart Gold Fund – H (UOBSG – H)

European equity mutual funds: Investing in or holding equity instruments of European countries. Examples of funds include:

• MFC Continental European Equity Fund (MEURO-G) - Open-ended fund for general investors
• Krungsri Europe Equity Hedge Fund - Accumulation (KF-HEUROPE-A)
• Asset Plus Europe Growth Fund (ASP-EUG)

Data from the overall Treasury Index Funds helps investors see the changing investment market conditions and, importantly, can identify outstanding and underperforming fund groups at different times, allowing them to select funds that outperform the index (Outperforming funds in top fund categories). This should be useful for investment decisions at a practical level.