Global stock markets remain highly uncertain, particularly the US market which experiences alternating bullish and bearish phases. However, considering long-term growth, it remains an attractive market due to many strong companies, especially in the technology sector and large-cap stocks with promising growth prospects.
As an investor planning your portfolio during this period, how should you allocate your investments?
Pichet Sitthi-amnuai, Managing Director of Bualuang Securities Public Company Limited, said that given the global stocks have risen significantly, it is advisable to increase portfolio liquidity, for example, the proportion of fixed income instruments equivalent to cash should be 40% of the portfolio, up from the previous target of about 20%.
Therefore, in the past week, clients have been advised to take partial profits. Moving forward, it is recommended to sell about one-third of equities to await an opportunity to buy during a major market correction, initially expected in early July 2026, with signs of this already emerging.
The key point is that corporate earnings reports are still being released, and company executives are providing clearer business outlooks. It is considered safer to gradually reinvest the 30-40% cash reserve during that period, possibly starting mid-July 2026. However, the depth and speed of the correction remain uncertain, so monitoring which themes to invest in will be necessary. Tonight (24 June 2026), Micron's (MU) earnings will be announced, prompting a review of investment strategies.
Although investment themes may shift somewhat, the main trend remains in semiconductors, including Nvidia (NVDA), among others. We may also see additional stocks join the portfolio, similar to the previous cycle where MU was added and surged around +270% year-to-date.
, 53% of the portfolio (down from 69%) should be diversified more broadly. The main theme still focuses on US stocks in the Nasdaq index representing large technology companies, but there is an intention to diversify into other sectors.
, Gold allocation has been reduced to 5% of the portfolio from about 8% previously, as it is not yet considered a compelling uptrend. Silver allocation is now 2%, down from 3%.
Nevertheless, international investments have multiple options, including direct foreign stock purchases, foreign mutual funds, and Depositary Receipts (DRs). The company has summarized key differences in this infographic.
A key advantage of DRs is that investments are made in baht and are not subject to foreign investment taxes, which may be more convenient for retail investors. Currently, the total market capitalization of DRs on the Thai stock exchange is approximately 65 billion baht as of 11 June 2026, showing growth from 54 billion baht at the end of 2025 and 29 billion baht at the end of 2024.
Bualuang Securities will launch a Satellite DR Single Stock Model Portfolio. Currently, there is a DR Global Index portfolio (DR01) that automatically adjusts to diversify investment risk. Soon, a DR for SpaceX shares will be introduced; the company submitted a license application on 15 June 2026.
Recently, a gold DR named GOLDM01 was added, referencing an ETF investing in physical gold bars, with an annual management fee of 0.10%. This offers investors additional options for asset diversification.
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