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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 19, 2026
Terton Capital delivered an 18.6% net return in Q3 2026, bringing net IRR since inception on May 6, 2026 to 13.5%, significantly outperforming the KOSPI and KOSDAQ benchmarks which fell 19.3% and 6.6% in Q3 respectively. The fund's concentrated equity approach generated substantial alpha during a period of acute local market distress. Portfolio turnover remained selective, anchored by targeted positioning in mispriced domestic franchises undergoing activist and governance transformations. The broader macro backdrop was shaped by extreme volatility across Korean equities, driven largely by global investor skepticism regarding artificial intelligence capital expenditure sustainability. With Samsung Electronics and SK Hynix representing over half of total KOSPI capitalization, tech weakness caused widespread domestic market dislocations. Terton capitalizes on these broader index declines as liquidity-driven mispricings, viewing regulatory modernization and corporate governance reforms across South Korea as secular drivers that can unlock substantial enterprise value. Portfolio activity was highlighted by the highly successful engagement in security provider S-1 Corp, where the fund built and added to its position alongside activist pressure from Flashlight Capital Partners. S-1 responded by announcing a major value-up package featuring the cancellation of all treasury shares, an accretive tender offer, and enhanced multi-year dividend payout targets. Additionally, Terton maintained its engagement in Golfzon Holdings and initiated private outreach to a new undisclosed portfolio target.
Investing alongside corporate governance reforms and activist forcing mechanisms in high-quality Korean businesses trading at deep discounts due to poor capital allocation.
Corporate governance reform in Korea is driving sustainable improvements in corporate profitability and capital allocation, expanding an investable opportunity set that currently exceeds the fund's capital base.
High Conviction Bullish
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