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Investment Philosophy

Over the last two decades we devoted all our efforts to a path of value investing and long-term investing in Korea.
We believe the best way to achieve returns is to focus on company fundamentals and take a long-term view of the markets.
Our research-driven investment process aims to identify investment opportunities with the best underlying fundamentals.

Shinyoung Marathon Equity Fund

Life is a Marathon. That is specifically why this fund pursues long-term value investing. This is a fund that runs the full 42.195km with clients.

• · Shinyoung Marathon Equity Fund is Shinyoung’s core flagship with which our value investing philosophy originates.
  This fund represents Shinyoung’s years of investment record where we have experienced upturns and downturns
  of market, economic cycles and financial crises.
• · The fund aims to achieve consistent long term growth via investments in undervalued stocks in Korea.
  It pursues stable performance through a careful bottom up research and value investing strategy,
  focusing on hidden value of stocks.
• · The fund is not only one of the best performing value funds in Korea, but also boasts the longest track record.

> Fund Profile

Fund Profile

Portfolio Manager	Jooyoung Won	Inception Date	2002.04.25
NAV Per Unit (KRW)	1,108.33 ( ▲ 0.15)	Total AuM (KRW)	427,341,279,678
Adjusted Unit Price (KRW)	6,941.18 ( ▲ 0.94)	BM Adjusted Unit Price	2,725.06
Geographic Focus	Korea
Domicile	Korea
Base Currency	KRW	Benchmark	KOSPI 90% + CD 91 Days 10%
Front Load	None
*Total Annual Fee	1.49% ( Management : 0.46% / Distributor : 1.00% / Custodian : 0.025% / Administration : 0.005% )
Redemption Fee	None

* Class C

As of

> Cumulative Return (%)

Cumulative Return

Cumulative Return (%)
1M	6M	1Y	3Y	5Y	10Y	Since Inception
-5.14	-11.82	-0.23	-6.17	22.52	40.67	594.12

* Class C

As of

> Portfolio Holdings (%)

Portfolio Holdings

Size			Sector / Industry Exposure			Top 5 Position
	Fund	BM		Fund	BM		Fund	BM
Large	62.09	80.4	IT	37.96	43.95	Samsung Electronics	17.56	22.04
Medium	24.88	11.01	Consumer Discretionary	18.99	11.03	Samsung C&T	6.34	1.13
KOSDAQ	2.33	-	Industrials	13.42	11.90	Samsung Electronics Preferred Stock	4.73	2.41
Small	3.56	4.19	Materials	8.82	9.88	SK hynix	4.29	4.84
Preferred Shares	7.14	4.41	Energy	6.55	2.92	Hyundai Mobis	3.15	1.04

* * Size, Sector / Industry Exposure data as of 29/12/2023, Top 5 Positions as of 29/12/2023

> Volatility & Risk (1yr)

Volatility & Risk (1yr)

	Fund	Peer Average
Beta	0.90	1.00
Standard Deviation(%)	11.98	20.05
Sharpe Ratio	0.79	1.29
Alpha (%)	-1.56	0.93

* Data as of 02/01/2024, Class C

Some of the information contained herein including any expression of opinion or forecast has been obtained from or is based on sources believed by us to be reliable, but is not guaranteed and we do not warrant nor do we accept liability as to adequacy, accuracy, reliability or completeness of such information obtained from or based on external sources. The information is given on the understanding that any person who acts upon it or otherwise changes his or her position in reliance thereon does so entirely at his or her own risk without liability on our part. This is not an offer to buy or sell or a solicitation or incitement of offer to buy or sell any securities referred to herein. It should also be appreciated that under certain circumstances the redemption of units/shares may be suspended. Investment involves risk. Past performance is not indicative of future performance.

Shinyoung Value High Dividend Equity Fund

Shinyoung Asset Management has pioneered dividend investing in Korea from early 2000s when nobody was looking. It is this contrarian view that bears fruit in time.

• · Shinyoung Value High Dividend Equity Fund was launched a year after Marathon Strategy. We foresaw the low growth,
  low inflation and zero interest rate environment everywhere globally. The necessity for high dividend stocks was
  inevitable, and consequently the fund was able to meet the investors’ needs.
• · The fund aims to achieve consistent long term growth via investments in high dividend stocks. The fund invests in
  companies whose profits and dividends post stable growth.
• · The fund posts high dividend yield than that of the KOSPI’s. In 2020, the dividend yield of the fund posted 3.0%,
  which is higher than 1.5% of KOSPI listed companies’ average dividend yield, and also higher than the interest rate of 0.7%.

Source : Dataguide, KRX

> Fund Profile

Fund Profile

Portfolio Manager	Namkwon Huh	Inception Date	2003.05.26
NAV Per Unit (KRW)	1,196.36 ( ▲ 3.22)	Total AuM (KRW)	1,106,811,749,576
Adjusted Unit Price (KRW)	9,005.01 ( ▲ 24.23)	BM Adjusted Unit Price	3,544.51
Geographic Focus	Korea
Domicile	Korea
Base Currency	KRW	Benchmark	KOSPI 90% + CD 91 Days 10%
Front Load	None
*Total Annual Fee	1.35% ( Management : 0.39% / Distributor : 0.91% / Custodian : 0.03% / Administration : 0.02% )
Redemption Fee	None

* Class C

As of

> Cumulative Return (%)

Cumulative Return (%)

Cumulative Return (%)
1M	6M	1Y	3Y	5Y	10Y	Since Inception
-4.61	-8.58	4.86	6.06	35.50	48.61	800.51

* Class C

As of

> Portfolio Holdings (%)

Portfolio Holdings

Size			Sector / Industry Exposure			Top 5 Position
	Fund	Peer Average		Fund	BM	Top 5 Positions	Fund	BM
Large	45.41	80.4	IT	31.98	43.95	Samsung Electronics	16.45	22.04
Medium	25.10	11.01	Consumer Discretionary	12.68	11.03	Hyundai motor co pref	4.46	0.19
Preferred Shares	15.34	4.41	Financial Sectors	10.42	8.81	Samsung Electronics Preferred Stock	4.37	2.41
KOSDAQ	4.25	-	Industrials	10.03	11.90	KT&G	3.90	0.55
Small	9.90	4.19	Materials	9.66	9.88	HD Hyundai	2.53	0.24

* Size, Sector / Industry Exposure data as of 29/12/2023, Top 5 Positions as of 29/12/2023

> Volatility & Risk (1yr)

Volatility & Risk (1yr)

	Fund	Peer Average
Beta	0.74	1
Standard Deviation(%)	10.25	20.05
Sharpe Ratio	1.22	1.29
Alpha (%)	3.47	0.93

* Data as of 02/01/2024, Class C

Some of the information contained herein including any expression of opinion or forecast has been obtained from or is based on sources believed by us to be reliable, but is not guaranteed and we do not warrant nor do we accept liability as to adequacy, accuracy, reliability or completeness of such information obtained from or based on external sources. The information is given on the understanding that any person who acts upon it or otherwise changes his or her position in reliance thereon does so entirely at his or her own risk without liability on our part. This is not an offer to buy or sell or a solicitation or incitement of offer to buy or sell any securities referred to herein. It should also be appreciated that under certain circumstances the redemption of units/shares may be suspended. Investment involves risk. Past performance is not indicative of future performance.