UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number |
811-06062 | |||||||
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THE THAI CAPITAL FUND, INC. | ||||||||
(Exact name of registrant as specified in charter) | ||||||||
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c/o Daiwa Securities Trust Company One Evertrust Plaza Jersey City, New Jersey |
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07302 | ||||||
(Address of principal executive offices) |
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(Zip code) | ||||||
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John J. OKeefe The Thai Capital Fund, Inc. c/o Daiwa Securities Trust Company One Evertrust Plaza Jersey City, New Jersey 07302 | ||||||||
(Name and address of agent for service) | ||||||||
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Registrants telephone number, including area code: |
(201) 915-3054 |
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Date of fiscal year end: |
December 31 |
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Date of reporting period: |
March 31, 2012 |
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Item 1. Schedule of Investments. The schedule of investments for the three-month period ended March 31, 2012 is filed herewith.
The Thai Capital Fund, Inc.
Consolidated Portfolio of Investments
March 31, 2012 (unaudited)
COMMON STOCKS96.23%
Shares |
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Value |
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Banks16.02% |
|
|
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280,300 |
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Bangkok Bank Public Co., Ltd. |
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1,683,959 |
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510,400 |
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Bank of Ayudhya Public Co., Ltd. |
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447,519 |
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348,800 |
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Kasikornbank Public Co., Ltd. |
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1,744,351 |
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2,948,800 |
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Krung Thai Bank Public Co., Ltd. |
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1,675,792 |
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1,012,800 |
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Tisco Financial Group Public Co., Ltd. |
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1,364,924 |
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|
|
|
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6,916,545 |
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Commerce10.25% |
|
|
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357,000 |
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Berli Jucker Public Co., Ltd. |
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478,221 |
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1,187,500 |
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CP ALL Public Co., Ltd. |
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2,525,874 |
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1,094,400 |
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Home Product Center Public Co., Ltd. |
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494,001 |
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216,200 |
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Robinson Department Store Public Co., Ltd. |
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359,821 |
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48,600 |
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Siam Makro Public Co., Ltd. |
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565,010 |
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|
|
|
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4,422,927 |
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Communication11.93% |
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|
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613,900 |
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Advanced Info Service Public Co., Ltd. |
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3,668,193 |
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954,400 |
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Thaicom Public Co., Ltd. * |
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483,495 |
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374,000 |
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Total Access Communication Public Co., Ltd. |
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995,915 |
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|
|
|
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5,147,603 |
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Construction6.77% |
|
|
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195,600 |
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Dynasty Ceramic Public Co., Ltd. |
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414,463 |
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217,500 |
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The Siam Cement Public Co., Ltd. |
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2,507,404 |
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|
|
|
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2,921,867 |
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Energy23.85% |
|
|
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75,500 |
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Banpu Public Co., Ltd. |
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1,490,690 |
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455,800 |
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PTT Exploration and Production Public Co., Ltd. |
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2,582,893 |
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406,700 |
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PTT Public Co., Ltd. |
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4,675,350 |
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656,400 |
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Thai Oil Public Co., Ltd. |
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1,545,408 |
|
|
|
|
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10,294,341 |
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Food & Beverage7.56% |
|
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2,124,400 |
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Charoen Pokphand Foods Public Co., Ltd. |
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2,569,800 |
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526,500 |
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Minor International Public Co., Ltd. |
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244,496 |
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196,200 |
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Thai Union Frozen Products Public Co., Ltd. |
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450,777 |
|
|
|
|
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3,265,073 |
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Health Care Services1.90% |
|
|
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148,300 |
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Bangkok Dusit Medical Services Public Co., Ltd. |
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417,780 |
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231,000 |
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Bumrungrad Hospital Public Co., Ltd. |
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401,331 |
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819,111 |
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Media & Publishing2.24% |
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585,300 |
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BEC World Public Co., Ltd. |
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969,361 |
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|
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Petrochemicals6.00% |
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856,700 |
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Indorama Ventures Public Co., Ltd. |
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1,050,225 |
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667,762 |
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PTT Global Chemical Public Co., Ltd. |
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1,539,631 |
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|
|
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2,589,856 |
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Property Development7.68% |
|
|
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820,000 |
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Amata Corp. Public Co., Ltd. |
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444,700 |
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1,103,000 |
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Asian Property Development Public Co., Ltd. |
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218,495 |
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See accompanying notes to consolidated financial statements.
586,400 |
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Central Pattana Public Co., Ltd. |
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875,969 |
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4,854,000 |
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Hemaraj Land & Development Public Co., Ltd. |
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444,514 |
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435,000 |
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L.P.N. Development Public Co., Ltd. |
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218,956 |
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921,400 |
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Land and Houses Public Co., Ltd. |
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206,459 |
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1,504,800 |
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SinoThai Engineering & Construction Public Co., Ltd. |
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689,024 |
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426,700 |
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Supalai Public Co., Ltd. |
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216,164 |
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3,314,281 |
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Transportation2.03% |
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463,000 |
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Airports of Thailand Public Co., Ltd. |
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875,818 |
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Total Common Stocks (Cost$37,830,916) |
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41,536,783 |
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SHORT-TERM INVESTMENTS4.78%
Principal |
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Amount |
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(000) |
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Value |
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THAI BAHT SAVINGS ACCOUNT3.65% |
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|
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48,486 |
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Bangkok Bank Savings Account, 0.625%, due 4/2/12 |
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1,574,535 |
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U.S. DOLLAR TIME DEPOSIT1.13% |
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|
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486 |
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JPMorgan Chase Bank, 0.05%, due 4/2/12 |
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485,872 |
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Total Short-Term Investments (Cost$2,060,402) |
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2,060,407 |
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Total Investments101.01% |
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43,597,190 |
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Liabilities in excess of other assets(1.01%) |
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(434,583 |
) | ||||||
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NET ASSETS |
(Applicable to 3,564,814 shares of capital stock outstanding; equivalent to $12.11 per share) |
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100.00 |
% |
$ |
43,162,607 |
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* Non-income producing securities.
See accompanying notes to consolidated financial statements.
Fair Value Measurements - In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (level 3 measurements). The guidance establishes three levels of fair value hierarchy as follows:
Level 1 Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date;
Level 2 Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active;
Level 3 Inputs that are unobservable.
A financial instruments level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes observable requires significant judgment by the Funds manager. The Funds manager considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.
The following is a summary of the inputs used as of March 31, 2012 in valuing the Funds investments carried at value:
Valuation Inputs |
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Investments in Securities |
| |
Level 1 Quoted Prices |
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$ |
43,597,190 |
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Level 2 Other Significant Observable Inputs |
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Level 3 Significant Unobservable Inputs |
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|
| |
|
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Total |
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$ |
43,597,190 |
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As all assets of the Fund are classified as Level 1, no reconciliation of Level 3 assets as of March 31, 2012 is presented.
All portfolio holdings designated as Level 1 are disclosed individually in the Portfolio of Investments (POI). Please refer to the POI for industry specifics of the portfolio holdings.
For federal income tax purposes, the cost of securities owned at March 31, 2012 was $37,841,133, excluding short-term interest-bearing investments. At March 31, 2012, the net unrealized appreciation on investments, excluding short-term securities, of $3,695,650 was composed of gross appreciation of $4,450,057 for those investments having an excess of value over cost, and gross depreciation of $754,407 for those investments having an excess of cost over value.
Item 2. Controls and Procedures.
a) The Registrants Principal Executive Officer and Principal Financial Officer concluded that the Registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) were effective as of a date within 90 days prior to the filing date of this report (the Evaluation Date), based on their evaluation of the effectiveness of the Registrants disclosure controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)), as of the Evaluation Date.
b) There were no changes in the Registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d))) that occurred during the Registrants last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrants internal control over financial reporting.
Item 3. Exhibits.
(a) Certification of Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as Exhibit 99.302CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
The Thai Capital Fund, Inc. |
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By |
\s\ John J. OKeefe |
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John J. OKeefe, Principal Financial Officer |
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Date: April 11, 2012 |
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By |
\s\ John J. OKeefe |
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Date: April 11, 2012 |
John J. OKeefe, Principal Financial Officer |
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By |
\s\ Anthony Cambria |
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Date: April 11, 2012 |
Anthony Cambria, Principal Executive Officer |
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