SET Award of Honor Excellence in REIT Performance (2023–2025) Land and Houses Asset Management Co., Ltd.

Land and Houses Fund Management Company Limited (LH Fund) LH Shopping Center Leasehold Investment Trust (LHSC) wins the highest honor award. SET Award of Honor: Excellence in REIT Performance for 3 consecutive years (2023-2025) Amidst the challenges of the economic environment and volatile interest rate trends, this reflects the company's standards of operational excellence and its commitment to consistently generating stable cash flow for investors.

Monrat Phadungsit, Managing Director, Land and Houses Fund Management Co., Ltd. Regarding the award, I feel honored and proud, as this prestigious award reflects our ability to consistently maintain operational excellence for three years or more. It also reflects outstanding performance coupled with good corporate governance and strict compliance with the regulations of the Stock Exchange of Thailand and related agencies.

Reinforcing LHSC's leadership in managing trust funds. 
Received the SET Award of Honor for the third consecutive year. 

Monrat revealed that LHFund has been operating as a trust manager since 2014. Currently, LHFund manages a total of five trusts, following the conversion of three existing real estate investment trusts into trusts in 2024. The trusts invest in a diverse range of assets located in prime business and tourist locations, with total assets under management (AUM) of approximately 55,316 million baht (as of September 30, 2025).

LHSC is the first trust fund in Thailand to focus on investing in unique "shopping street" themed shopping malls. Its core asset is Terminal 21 Asoke, and it has expanded its investment to Terminal 21 Pattaya. The fund emphasizes investing in high-potential assets with strong rental income, proactive management, and efficient asset maintenance. Furthermore, it prioritizes social responsibility, environmental protection, and service quality, adapting its operations to meet consumer needs and being prepared to adapt to global challenges, particularly in the tourism and retail sectors.

LHSC has a policy of paying returns regularly every two months. Following the capital increase, the cumulative operating results for 10 months (January-October 2025) result in the trust having a return rate of approximately 7.83% at a price of 12 baht as of October 31, 2025.

“Under the professional management of LHFund as the trust manager, even though LHSC faces challenges from the ever-changing economic and business environment, it remains committed to maintaining high standards of trust management, focusing on generating long-term returns through sustainable growth. This has made LHSC one of the trustworthy trusts among investors seeking investments that provide consistent cash flow and long-term stability.”

Monrat further stated that LHSC's success reflects LHFund's capability in managing highly complex assets under a strict regulatory framework and a focus on generating sustainable returns for investors. However, LH Fund's expertise is not limited to managing real estate investment trusts, but is part of a larger picture of a comprehensive asset management business that systematically integrates investment discipline, risk management, and in-depth understanding of various economic and industrial structures.

Adopting an "Active & Dynamic" strategy.
More than just management, it's about risk prevention. 

Monrat revealed the key philosophy that sets LH Fund apart: active management under the concept that "preserving principal is just as important as generating returns." The company has a clear risk management framework, including Stop Gain and Stop Loss strategies to control downside risk and maintain investment discipline in all market conditions. LH Fund's active management relies on three main factors to generate additional returns (Alpha):

1. 1. Stock Selection Rigorous individual stock selection.
   2. Market Timings Timing the market involves adjusting portfolios based on macroeconomic conditions, such as increasing cash flow during periods of market risk or increasing weight in industries with growth potential.
   3. Risk Management Systemic risk management to help mitigate the impact during market downturns.

"Based on this approach, LH Fund can differentiate itself from passive funds that automatically track the market, and help create long-term stability for investment portfolios."

From Private Fund to Retail
See the “Big Picture” before the market. 

Monrat further stated that another key feature that clearly reflects LH Fund's DNA is the fund development process stemming from a bottom-up investment approach. LH Fund has the advantage of starting by managing personal funds for investors with a high risk appetite, which allows the investment team to delve deep into individual stocks.
Furthermore, the emergence of new industries and experience from direct investment at the private fund level allow the team to foresee the big picture trends in the investment world before they are reflected in the wider market.

This successful model was then further developed into the establishment of Foreign Investment Funds (FIFs) for retail investors, selecting only themes that the company considers to have a long investment lifespan (Last Long) and structural growth potential, not just short-term trends.

“LH Fund believes that research and development (R&D) investment should not be limited to screen analysis. Therefore, the team prioritizes company visits and meetings with executives of leading companies in the world's innovation hubs, including Silicon Valley, Asia, and Europe, to gain a deep understanding of technology, business models, and industry trends.”

This concept is clearly reflected in LH Fund's Thematic funds, such as LHSPACE, LHNUKZ, LHQTUM, LHAI, and LHGDEFENSE, which cover a range of sectors from the space economy and nuclear technology to quantum computing, artificial intelligence, and the defense industry. LHSPACE, in particular, is Thailand's first Space Tech fund and looks towards the Space Economy over the next 5-10 years (with a 1-year historical return of 66%).
(As of January 29, 2569)

On the provident fund side, LH Fund grew from managing funds for its subsidiaries as a base before expanding to large corporate clients in both the private and public sectors, such as the Thai Red Cross Society and the Saha Group. The company continues to manage a small number of PVDs to ensure comprehensive portfolio management and member support. In addition to investment management, LH Fund emphasizes financial and investment education for fund members to foster understanding, saving discipline, and long-term financial security.

“Amidst a rapidly changing investment world driven by technology, geopolitics, and new economic structures, LH Fund remains committed to an investment approach that combines deep expertise, disciplined risk management, and a long-term vision. This not only generates returns but also builds lasting confidence for all investor groups.”

Warning

• Understand the product characteristics, terms, returns, and risks before making an investment decision.
• Because the fund hedges against exchange rate fluctuations at the discretion of the fund manager, and may not fully hedge against exchange rate risk, investors may experience losses or gains from exchange rate fluctuations, or receive a return lower than their initial investment.
• Past performance/comparative performance related to capital market products is not a guarantee of future performance.

Follow and read other columns in the February 2569 Bank Finance Journal, Issue 526, in digital format: https://goo.gl/U6OnIi

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