Korea Value 10-Year Investment Fund (Equity)
-
- 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.
PDF Download
-
- 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.
PDF Download
-
- 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.
PDF Download
-
- 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.
PDF Download
-
- 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.
PDF Download
-
- 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.
PDF Download
-
- 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.
PDF Download
-
- 45
- 2017-04-18 ~ 2017-07-17
- CIO Quarterly Letter
Dear investors,
For the past eight months since December 2016, the KOSPI has sustained a robust rally, continuing to set a new record high. With the market remaining bullish, concerns are now being raised as to if the KOSPI may soon peak out. In response to such concerns, we note that the level of the stock market index alone is not sufficient to confirm whether the shares have become overvalued or undervalued.
PDF Download
-
- 44
- 2017-01-18 ~ 2017-04-17
- CIO Quarterly Letter
Dear investors,
This year marks the 11th anniversary for the Korea Value 10-Year Investment Fund (Equity)(the “Fund”). After reaching its first 10-year milestone in April 2016, the Fund had another one year marking the start of the next decade.
PDF Download
-
- 43
- 2016-10-18 ~ 2017-01-17
- CIO Quarterly Letter
Dear investors,
As you are well aware, a number of events took the market by surprise throughout 2016. Among them, we draw particular attention to the following three events that will give you the most intense flashback to last year’s market landscape: (1) the UK’s vote for Brexit; (2) Donald Trump’s victory in the US presidential election; and (3) the Korean National Assembly’s approval on the impeachment motion against President GH Park.
PDF Download
