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Korea Value 10-Year Investment Fund (Equity)

54

2019-07-18 ~ 2019-10-17

CIO Quarterly Letter

Dear Investors, Wrapping up 3Q19 (July 18, 2019 through October 17, 2019), the Korea Value 10-Year Investment Fund (Equity)(the “Fund”) recorded a return of -7.13%, underperforming BM by as much as 8.55%p. Such a significant disparity in absolute performance between BM (positive) and the Fund (negative) indicates that it is time for KIVAM to have a deep thought about what went wrong and how to improve the Fund’s performance. As the Fund’s manager, we would like to express our sincere apology for the disappointing performance.
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53

2019-04-18 ~ 2019-07-17

CIO Quarterly Letter

Dear Investors, Having wrapped up the first half of 2019, we are sorry to inform you that the Korea Value 10-Year Investment Fund (Equity) (the “Fund”) delivered a disappointing return for 2Q19. Over the period from April 18, 2019 to July 17, 2019, the Fund generated a return of -6.95%, underperforming BM by 1.15%p.
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52

2019-01-18 ~ 2019-04-17

CIO Quarterly Letter

Dear Investors, We are very pleased to inform you that the Korea Value 10-Year Investment (Equity) (the “Fund”) generated sound returns in 1Q19. Over the past three months (from January 18, 2019 to April 17, 2019), the Fund posted a quarterly return of +10.78%, outperforming BM by 6.15%p. This strong result was mainly attributable to the KOSPI’s steady advance since January and the bullish performance of value stocks held in our Fund.
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51

2018-10-18 ~ 2019-01-17

CIO Quarterly Letter

Happy new year! In this first report for 2019, we would like to start by reporting to you that over the last quarter of October 18, 2018 through January 17, 2019, the Korea Value 10-Year Investment Fund (Equity) (hereinafter, the “Fund”) generated a return of -0.13%, outperforming BM by 2.42%. Thanks to the sound dividend income in December and the bullish performance of value stocks included in the Fund, the Fund’s return came in higher than BM’s.
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50

2018-07-18 ~ 2018-10-17

CIO Quarterly Letter

Dear investors, Remain focused on fundamentals Over July 18, 2018 through October 17, 2018, the Korea Value 10-Year Investment Fund generated a quarterly return of -6.69%, underperforming BM (which recorded a quarterly return of -5.06%). During the past quarter, the US-China trade war acted as a main culprit behind the fluctuating market. Indeed, the market rebounded on the emerging signs of an amicable conclusion for the G2 trade conflict, but slid again on the failed agreement between the two parties.
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49

2018-04-18 ~ 2018-07-17

CIO Quarterly Letter

Dear investors, From April 18, 2018 to July 17, 2018, the Korea Value 10-Year Investment Fund (Equity) generated a monthly return of -6.05%, underperforming BM. During the quarter, a series of political events (e.g. inter-Korean summit talks, the US-North Korea summit talks) boosted expectations for denuclearization and peace on the Korean peninsula.
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48

2018-01-18 ~ 2018-04-17

Letter from Fund Manager

For the past one year, the Korea Value 10-Year Investment Fund (Equity; Class C) recorded an annual return of +1.39%. Give that the figure was lower than market interest rates, and fell far short of the KOSPI's gains of 14.35% over the same period, the Fund's performance was disappointing.
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48

2018-01-18 ~ 2018-04-17

CIO Quarterly Letter

Dear investors, This year marks the 12th anniversary of the Korea Value 10-Year Investment Fund (Equity). More than years ago when we launched our long-term value fund, we confidently and ambitiously named the fund as the Korea Value 10-Year Investment Fund(Equity). To be honest, however, I was not quite sure whether the Fund could survive a decade-long period to befit its name.
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47

2017-10-18 ~ 2018-01-17

CIO Quarterly Letter

Dear investors, Looking back at 2017, the KOSPI gained 21.7% on an annual basis, breaking out of the doldrums that had continued for six years. Having been out of sync with the bullish global stock markets for a long time, the Korean stock market finally soared on the back of corporate Korea (led by the IT industry)’s exponential earnings growth.
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46

2017-07-18 ~ 2017-10-17

CIO Quarterly Letter

Dear investors, The Korean stock market has performed bullishly throughout 2017. After temporarily correcting in summer, the KOSPI quickly rebounded to sustain its strength, and hit KOSPI quickly rebounded to sustain its strength, and hit its all-time high in October. Unfortunately, however, we cannot proudly present our resluts to the investors, because the 10-Year Investment Fund (Equity)(the "Fund") underperformed the KOSPI from July 2017 to October 2017.
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