Korean Hedge Fund Avoids Share Drop by Ignoring Macro Noise
- Must Asset Management funds posted about 22% as of end-Aug
- Strategy involves seeking out unloved, unfollowed stocks
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Kim Doo-yong is a fund manager who doesn’t care much about the trade war or turmoil in emerging markets, or even the slump in Korean shares this year. He just focuses on picking unloved stocks -- and his hedge fund is making double-digit returns for a second year.
The chief executive officer of Must Asset Management, a $400 million investment firm in Seoul, is emerging as a top performing fund manager in the country with a long-only equity strategy that purposely avoids high-profile stocks and sectors and eschews global economic analysis.