Korea Investment Value Asset Management

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Korea Value 10-Year Investment Fund (Equity)

58

2020-07-18 ~ 2020-10-17

CEO Quarterly Letter

Dear Investors, At present, market volatility shows no signs of abating, even though the persistent COVID-19 shock seems to have started weakening. For the past three months (July 18, 2020 through October 17, 2020, or 3Q20), the Korea Value 10-Year Investment Equity Fund (the “Fund”) posted a quarterly return of -1.47%, considerably underperforming BM (BM return: +6.29%).
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57

2020-04-18 ~ 2020-07-17

CEO Quarterly Letter

Dear Investors, Throughout the second quarter, we witnessed the market display extreme volatility amid a persistent COVID-19 pandemic. Over the period from April 18 through July 17, the Korea Value 10-Year Investment Fund (Equity)(the “Fund”) delivered a quarterly return of +10.93%, slightly underperforming BM (quarterly return: +12.91%).
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56

2020-01-18 ~ 2020-04-17

CEO Quarterly Letter

Dear Investors, Hit hard by the Covid-19 outbreak, the stock market displayed extreme fluctuations in 1Q20. Over the period from January 18, 2020 to April 17, 2020, the Korea Value 10-Year Investment Fund (Equity) (the “Fund”) generated a negative return of -14.47%, coming in line with BM (return: -14.22%).
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55

2019-10-18 ~ 2020-01-17

CIO Quarterly Letter

Dear Investors, We are very sorry to get back to you with lower-than-expected investment returns. Looking back at 4Q19 (October 18, 2019~January 17, 2020), to our disappointment, the Korea Value 10-Year Investment Fund (Equity) generated a quarterly return of -0.65%, underperforming BM by as much as 9.72%p. The fact that the Fund posted an absolute negative return—in contrast to BM’s absolute positive return—requires us to have a deep thought over how we could have done better in 4Q19.
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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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