Mirae is hot, but others also sizzle
Indeed, the company did very well. The annual average return on Mirae’s funds reached nearly 50 percent; the three-year average return was 183 percent. Among the top 20 funds last year in terms of returns, five were from Mirae.
However, among 13 fund managers with net assets of over 1 trillion won ($1.1 billion), including Mirae, Korea Value Asset Management came in first with its average return exceeding 50 percent. For a three-year average, KTB Asset Management had a return of 200 percent, beating all competitors.
“We invested in undervalued shares and waited until they reclaimed their value, and our strategy has been successful,” said Lee Yong-jae, the CEO of KVAM.
Among six midsize asset managers with net assets between 500 billion won and 1 trillion won, Fidelity Investments Asset Management was ranked first with a 43.7 percent return. Among companies with net assets below 500 billion won, Dongbu Asset Management had the highest return, 52 percent.
“We are small and we use focused research rather than relying on fund managers,” said Han Dong-jik, the CEO of Dongbu.
The best stock fund last year was Mirae Asset’s China Solomon Stock I fund, which did so well Mirae had to stop selling it in November because it was oversubscribed. It had an annual return of 79.5 percent, outpacing the 62.2 percent of Mirae’s Discovery Stock Fund.
Among newcomers, Fidelity’s India Stock A fund distinguished itself with a return of 42 percent.
By Ko Ran JoongAng Ilbo [jbiz91@joongang.co.kr]
with the Korea JoongAng Daily
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