Thu, Jun 21, 2018
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Mirae Asset Korea Equity Fund awarded 'AA' rating by Standard & Poor’s

Monday, February 28, 2011
Opalesque Industry Update - Mirae Asset Global Investments Group, one of Asia’s leading asset-management companies, today announces that its Korea Equity Fund has been awarded ‘AA’ status by rating agency Standard & Poor’s.

The Mirae Asset Korea Equity Fund aims to achieve long-term capital growth by investing mainly in equities and equity-related securities of companies domiciled in or exercising a large portion of their economic activity in Korea. The Fund has been run by Sung Woo Kim on the back of a team approach. Mirae Asset Global Investments has a 15-strong Korean research team and an investment strategy committee (ISC) comprised of nine senior investment professionals, including Kim, with an average of 16 years' experience.

The Fund is top-decile in its peer group and has generated a 94.3% return since its inception in September 2008. By comparison, its benchmark, the KOSPI index has returned 48.4% over the same period. It has USD 171.9 million dollars in assets under management.

S&P explains the Fund’s upgrade, “Success has been founded on good security selection within the model portfolio but Kim has shown his ability to add value above that. The disciplined process and well-resourced and experienced team have produced a strong track record.”

The Fund’s portfolio contains mainly mid and large-cap growth stocks and currently has 29 holdings. The investment approach is bottom-up, focusing on the sustainable competitiveness and attractive risk/reward ratios of companies, but recognises that top-down views can play an important role at times. The top three sector holdings are currently materials, information technology and industrials (as of 31st December 2010). On a company basis, the Fund favours LG Chem, Samsung Electronics and Samsung Techwin.

Elliot Berman, Mirae Asset’s head of sales for EMEA comments: “We are delighted that the the Fund’s outstanding performance has been officially recognised by S&P with this rating upgrade. The Fund has outperformed convincingly, in both rising and falling markets and in spite of volatile conditions, and Sung Woo Kim and his team have consistently delivered added value to our investors.”

Commenting on the outlook for Korea, Sung Woo Kim, manager of the Mirae Asset Korea Equity Fund said: “Recently, Korea and other emerging markets have experienced a correction due to worries about inflation and temporary capital outflows from emerging markets. However, we believe that as time goes by investors will start to focus again on the underlying strength and solid growth potential of emerging market economies.. This will eventually lead to further growth of the Korean equity market. We also maintain our bullish view on the Korean equity market from a long term perspective due to our strong confidence in the increased competitiveness of Korean companies.”

About Mirae Asset Global Investments (UK)

Mirae Asset Global Investments (UK) is a wholly-owned subsidiary of the Mirae Asset Financial Group, and is authorised and regulated by the Financial Services Authority.

Since 1997, Mirae Asset Global Investments has become one of Asia's largest independent asset managers and the world’s largest active investor in Emerging Market equities. Globally, the firm recorded in excess of USD53 billion of assets under management as of December 2010.

Headquartered in Korea, the Mirae Asset Global Investments Group has a presence in Seoul, Hong Kong, Mumbai, Vietnam, Shanghai, London, New York and Sao Paulo. The Mirae Asset team includes 170 investment professionals (as of Oct 2010) dedicated to asset management in Asia and other emerging markets. Corporate website: www.miraeasset.co.uk

- FG

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. North America - US fundraising for special purpose acquisition vehicles hits record this year[more]

    From AFR.com: Special purpose acquisition vehicles (spacs) are hitting the US market at the fastest rate on record, attracting the likes of Goldman Sachs and hedge fund investor Daniel Loeb for the two largest such deals in 2018. Spacs have raised $US4.5bn so far in 2018, the largest amount fo

  2. Investing - Man Group and AQR try to take aim at private equity industry, Hedge funds poised to be winners in AT&T-Time Warner deal[more]

    Man Group and AQR try to take aim at private equity industry From FT.com: The popularity of private equity investments has prompted asset managers such as Man Group and AQR to devise strategies that aim to replicate PE returns but at a much lower cost to investors. Both companies a

  3. News Briefs: David Stemerman's hedge fund holdings shrank before his run for governor, nvestment manager TSW triggers succession plan, Alan Howard joins Peter Thiel investing in Cologne-based fintech startup[more]

    David Stemerman's hedge fund holdings shrank before his run for governor But the U.S. holdings of Stemerman's Greenwich hedge fund, Conatus Capital, shrank from $2.6 billion at the apex to just over $1 billion before he announced his move into politics. (Hartford Courant) Inv

  4. British Empire: Pershing's 23% discount 'unsustainable'[more]

    From Citywire: The wide discount on Pershing Square Holdings (PSH) is 'unsustainable' and puts star hedge fund manager Bill Ackman under pressure, says British Empire (BTEM). Pershing is the third largest holding in the £850 million British Empire trust, managed by Joe Bauernfreund, which sp

  5. CalPERS defines new private equity policy with more direct investments[more]

    Dr. Ashby Monk, the executive director of the Stanford Global Projects Center and one of the world's leading experts on design and governance for institutional investors, told the CalPERS Investment Committee: "Private equity is a tough business for funds - in large part because you need it