ONEAM backs ONE-USAV to navigate AI volatility and focus on real earnings

• ONE Asset Management sees the US equity market entering a “Growth to Value Rotation”, with investors rebalancing portfolios away from heavy concentration in technology and artificial intelligence stocks towards companies with real earnings, supporting cash flows and reasonable valuations.
• The ONE USA Value Fund (ONE-USAV) is being offered from October 19-28, 2026, investing through the globally managed FTGF Putnam US Large Cap Value Fund, which actively invests in large-cap US value stocks.
• The portfolio is diversified across major sectors including financials and health care, alongside fundamentally strong technology stocks, helping strengthen portfolio resilience.

Pote Harinasuta, Chief Executive Officer of ONE Asset Management Limited (ONEAM), said the US equity market was undergoing an important structural shift, with signs of investment rotation away from high-growth stocks and the artificial intelligence theme towards value stocks.

He said the market was increasingly returning its attention to “real earnings”, cash flow and reasonable valuations amid rising capital costs.

“Growth stocks and the AI theme have been major drivers of the US equity market. However, the enormous increase in AI capital expenditure, combined with government bond yields remaining at high levels, oil-price volatility, geopolitical issues and policy uncertainty surrounding the US midterm elections, are putting pressure on operating costs and technology-stock valuations.

“The market is therefore beginning to reassess investment value and increasingly look for companies with strong business fundamentals, supporting cash flows and a consistent record of paying dividends or buying back shares,” Pote said.

He added that the rotation towards value stocks did not mean rejecting the long-term potential of the AI theme or growth stocks.

However, for investors whose portfolios are heavily concentrated in technology shares, increasing exposure to value stocks could be an important strategy for diversifying sources of return, improving portfolio balance and preparing for market volatility.

To give Thai investors access to leading US value stocks, ONE Asset Management is offering the ONE USA Value Fund (ONE-USAV) for its initial public offering from October 19-28, 2026.

The fund is structured as a feeder fund and will invest an average of at least 80% of its net asset value (NAV) during each accounting year in units of a single master fund, the FTGF Putnam US Large Cap Value Fund.

“The key strength of the FTGF Putnam US Large Cap Value Fund is its active management approach, using fundamental analysis and quantitative tools to select liquid US large-cap value stocks with business fundamentals that can withstand uncertain conditions,” Pote said.

He noted that an important feature of the portfolio was its diversification.

As of August 31, 2026, the master fund allocated approximately 18.50% to financials and 14.58% to health care, together accounting for about one-third of the portfolio.

At the same time, it maintained selective exposure to information technology stocks, which accounted for 20.67%, reducing excessive reliance on any single industry.

The master fund’s five largest equity holdings as of August 31, 2026, according to the release, were:

• Microsoft Corporation – 7.23%
• Apple Inc. – 6.49%
• Amazon.com, Inc. – 3.29%
• Citigroup Inc. – 3.25%
• ExxonMobil Holdings Corporation – 2.78%

The holdings reflect a mix of technology companies with strong cash flows, financial institutions and energy stocks.

The ONE-USAV fund is aimed at investors seeking to diversify risk away from existing growth-stock portfolios and position themselves for a market environment placing greater emphasis on earnings quality and reasonable valuations.

The minimum initial investment is THB1.

Investors seeking further information or a prospectus can contact ONE Asset Management on 02-659-8888, press 1, or authorised distributors nationwide, including Pine Wealth Solutions Securities Co., Ltd.

Further information is also available at http://www.one-asset.com