Fri, Dec 19, 2014
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. Investing - Big hedge funds win again on PetSmart, Riverbed, RBS sells real estate loans to hedge fund Cerberus, Talisman energy speculation: Which hedge funds could benefit?[more]

    Big hedge funds win again on PetSmart, Riverbed From CNBC.com: Another week, another set of wins for activist investors. On Sunday, pet supply retailer PetSmart agreed to the largest leveraged buyout of the year at $8.7 billion. Hedge fund firm JANA Partners had been pushing for a sale a

  2. Outlook - Hedge fund manager who remembers 1998 rout says prepare for pain, Bond guru Bill Gross predicts U.S. economic growth to dip to 2%[more]

    Hedge fund manager who remembers 1998 rout says prepare for pain From Bloomberg.com: Stephen Jen landed in Hong Kong in early January 1997 as Morgan Stanley’s newly minted exchange-rate strategist for Asia. He was soon working around the clock when investors began targeting the region’s

  3. Opalesque Exclusive: U.S. legal receivables fund launched in August[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Investing in asset-backed receivables is a strategy that has been an integral part of the alternative investment space within the overall fixed income asset c

  4. Comment - High fees and low performance hit hedge funds[more]

    From FT.com: Disenchantment over high fees and lackluster performance may finally be turning the tide against hedge funds, fresh data suggest. Despite generally weak returns since the global financial crisis, hedge funds have enjoyed positive net inflows every year since 2010. This helped assets und

  5. Performance - Lansdowne, Man Group, other hedge funds profit from shorts in oil, Turmoil boosts hedge funds that bet against Russia, oil, CTAs post strongest returns since December 2010[more]

    Lansdowne, Man Group, other hedge funds profit from shorts in oil From Valuewalk.com: The rising short interest in oil companies implies that the worst for oil is yet to come. Data from Markit shows that short exposure in energy sector of S&P 500 is still looming close to the highest mar