Thailand’s mutual fund market has witnessed a remarkable growth in recent months, with gold and semiconductor funds dominating the top performer rankings. The latest three-month performance data reveals a clear investor preference for assets that balance safety with growth potential in an increasingly uncertain global economy.
According to data from Morningstar as of December 9, 2025, leading the pack is the KTAM World Gold and Precious Equity Fund, delivering an impressive 28.76% return over three months and 47.59% over six months. Close behind, the DAOL Gold and Silver Equity Fund posted similar gains of 25.79% and 51.47% respectively, while the TISCO New Energy Fund achieved 26.18% in three months. These stellar performances reflect gold’s remarkable rally of nearly 50% in 2025, driven by heightened geopolitical uncertainty, central bank demand, and a weaker US dollar.
Technology-focused funds, particularly those concentrating on semiconductors, captured the other half of the top ten. The SCB Semiconductor funds across various channels posted consistent returns between 26.57% and 27.32% over three months, with six-month gains exceeding 40%. This performance aligns with the semiconductor industry’s robust momentum.
| Name | Total Return (%) (1 Month) |
Total Return (%) (3 Month) |
Total Return (%) (6 Month) |
| LH Fund Thai Private Equity 1 Not for retail investor |
−0.09 | 33.78 | 42.81 |
| KTAM World Gold and Precious Equity Fund |
17.64 | 28.76 | 47.59 |
| TALIS SEMICONDUCTOR-UNHEDGE | −0.28 | 27.50 | |
| TALIS SEMICONDUCTOR-HEDGE | 0.74 | 27.32 | |
| SCB Semiconductor (Super Savings Fund E-CHANNEL) |
0.53 | 27.03 | 42.08 |
| SCB Semiconductor (E-channel) |
0.43 | 26.91 | 41.93 |
| SCB Semiconductor (Super Savings Fund) |
0.44 | 26.70 | 41.32 |
| SCB Semiconductor (Accumulation) |
0.35 | 26.57 | 41.17 |
| TISCO New Energy Fund | 3.03 | 26.18 | 67.92 |
| DAOL GOLD AND SILVER EQUITY FUND |
16.92 | 25.79 | 51.47 |
Outlook for 2026: Dual Engines of Growth
Looking ahead to 2026, both sectors present compelling investment cases, albeit for different reasons. Morgan Stanley Research has revised its 2026 gold forecast upward to $4,400 per ounce. The rise is supported by continued central bank buying projected at around 900 tonnes. The fundamental drivers remain intact: ongoing geopolitical tensions, potential Federal Reserve rate cuts under new leadership, and sustained diversification away from US dollar reserves by central banks worldwide.
The semiconductor sector faces equally promising prospects. The World Semiconductor Trade Statistics projects the global market will surge more than 25% to reach $975 billion in 2026, following 22% growth to $772 billion in 2025. This explosive expansion is primarily driven by AI-related applications and surging demand in computing and data center infrastructure.
