000660-KS-2

000660-KS-2

000660-KS-2

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q4	Feb 8, 2026	Fidelity Dividend Growth Fund	5.1%	22.5%	000660.KS, AAPL, ALSN, AMZN, BA, BN, EPD, GEV, GOOGL, LLY, META, MSFT, MU, NFLX, NVDA, ORCL, PAYC, TSLA, TSM, WDC	aerospace, AI, dividends, energy, large cap, semiconductors, technology	The fund remains optimistic about generative artificial intelligence prospects, believing current breakthroughs in large language models will have massive implications for developed economies. The impact is expected to be at least as significant as the transistor or World Wide Web development. The fund maintains significant exposure to semiconductor companies, particularly Taiwan Semiconductor Manufacturing and memory chip producers like SK Hynix. Strong demand for digital memory solutions has resulted in products being sold out through 2026. Commercial aviation represents a key theme as one of the few end markets not yet recovered to pre-pandemic production levels despite robust air travel recovery. Boeing remains the fund's largest overweight with improving fundamentals and strengthened balance sheet. The fund is positioned in companies benefiting from global electrification and decarbonization trends, including GE Vernova which makes gas turbines for electricity generation. The advent of generative AI is increasing global power needs. The fund's core investment philosophy centers on companies with favorable prospects to sustainably pay and grow dividends over time. Energy sector positioning is supported by corporate policies focused on returning capital through dividends and stock buybacks.	GEV AAPL PAYC 000660 KS GOOGL	View
2025 Q4	Feb 8, 2026	BlackRock Global Dividend Fund	2.2%	19.3%	000001.SZ, 000660.KS, AAPL, ALVY.DE, AVGO, AZN, BABA, CMS, GOOGL, KO, MSFT, REL.L, SONY, TSM	dividends, Europe, financials, global, healthcare, Quality, technology	AI infrastructure demand remains strong, supporting memory companies like SK Hynix. However, AI concerns are creating headwinds for some businesses like RELX, where sentiment remains cautious about AI's potential impact on parts of their operations. The fund focuses on carefully selected quality companies with strong dividend growth potential. The strategy aims to provide dividend growth and consistent returns with lower volatility over the long-term through high-quality, dividend-paying companies.	FBK IM	View
2025 Q4	Feb 6, 2026	Third Point Partners	1.9%	-	000660.KS, 034730.KS, BHC, CRS, CSGP, DSV.CO, ENR.DE, META, MIK, MSFT, PCG, PRMB, QBR.B.TO, SNBR, TPG, VST	AI, credit, defense, healthcare, Mortgage, semiconductors, Telecom, value	AI dominates market headlines and is forcing a re-think of established beliefs about capital-light business models like software. Many software companies now face increased investor skepticism about the sustainability of their moats and scrutiny of their high-margin structures. The AI theme seems less bulletproof with recent Oracle selloff. Ongoing rotation from software into semiconductors, memory, and semicap equipment. SK Hynix has solidified its leadership in high-bandwidth memory (HBM), emerging as the exclusive HBM supplier for Microsoft's in-house AI accelerator and securing roughly two-thirds of NVIDIA's anticipated HBM4 demand at meaningfully higher price points and margins. Continued strength in European defense equities as capital-intensive businesses like defense contractors are having their moment. Investors are waking up to their mission critical role in the rebuilding of supply chains and national security complexes. Both private credit and private equity will continue to struggle with monetization due to billions of dollars trapped in private equity that cannot be monetized at acceptable prices. The line between public and private is blurring with the more relevant distinction being traded and not yet traded. Expect more liability management exercises and in-court restructurings with almost 40% of restructurings being repeat offenders. Ratings downgrades and defaults continue to pressure stressed leveraged loans creating attractive entry points with elevated dispersion in the leveraged loan market. Residential mortgages remained resilient in 2025, particularly seasoned loans with lower balances. There is currently $35.8 trillion of home equity in US homeowners' balance sheet, creating large margin of credit protection and ability to expand investments in residential real estate into home affordability products.	SGI 402340 KS	View
2025 Q4	Feb 4, 2026	AMG Yacktman Fund	6.2%	19.8%	000660.KS, 005930.KS, 012330.KS, AAPL, CNQ, FOXA, GOOGL, MSFT, MU, NFLX, NVDA, PEP, PG, SCHW, UHAL, UMG.AS, VIV.PA, WBD	AI, Electric Vehicles, free cash flow, long-term, Media, semiconductors, South Korea, value	Yacktman builds the portfolio based on evaluating normalized free cash flow and business fundamentals, comparing price to arrive at forward rate of return based on current market valuation. The approach focuses on risk-adjusted returns and owner's mindset investing with long-term focus on underlying business performance. Samsung was late relative to competitors in HBM design wins with NVIDIA but was awarded HBM qualification with NVIDIA in 2025 and ramped production quickly. Memory chips are ubiquitous in AI data centers and broad array of IOT devices from cars to refrigerators to wearables. South Korea is launching broad value-up reforms modeled after Japan's program, shifting governance standards from company-centric to shareholder value creation focus. The country may eventually be re-rated by MSCI from Emerging Market to developed market, with investor access and index flows beginning to close the 30-year Korean discount. Samsung has three primary lines of business including memory, foundry, and phones. The company has long been a leader in memory including NAND, DRAM, and now HBM. Samsung has focus on U.S. foundry with massive fab outside Austin in Taylor, Texas. Hyundai Mobis benefitted from share gain and electrical vehicle penetration by Hyundai and Kia, continuing strong capital allocation discipline. The company is one of the top global auto parts suppliers. Warner Bros. Discovery has been a relatively small position along with other sizeable media holdings. After legacy Warner Bros. merged with Discovery, the company embarked on multi-year deleveraging process and management transition. Netflix and Paramount-Skydance bidding process has re-rated the company price.		View
2025 Q4	Feb 3, 2026	Van Der Mandele Arar Fund	11.7%	0.0%	000660.KS, BFIT.AS, GRVY, IMB.L, JXN, ONEW, STLA, XLY.TO	Cannabis, gaming, Gold Miners, semiconductors, tariffs, Trump, value	Gold miners comprise 21% of portfolio and appreciated 30% as gold rose 17%. Manager continues adding despite 50% gold price appreciation, citing strong production growth and attractive valuations relative to earnings potential. SK Hynix benefits from chip shortages in graphics processors, with 70-100% price hikes in a cyclical market. Company is one of three prominent producers of frontier chips alongside TSMC and Samsung. Gravity produces bestsellers in home markets and benefits from activist pressure on controlling shareholder GungHo Entertainment to increase dividends from Gravity's large cash reserves.	JXN GRVY 000660 KS XLY CN	View
2025 Q4	Jan 9, 2026	Moneta Group Investment Advisors, LLC	0.0%	0.0%	000660.KS, 005930.KS	diversification, Fed policy, fixed income, geopolitics, infrastructure, international, Precious Metals, small caps	Diversification proved its value across asset classes in 2025, with leadership rotating beyond U.S. large cap stocks. Non-U.S. equities outperformed, with developed international gaining over 30% and emerging markets rising more than 33%. Portfolios built for balance and resilience captured gains while mitigating volatility during periods of stress. Infrastructure delivered strong double-digit returns, supported by structural demand tied to data centers, energy transition, and modernization. The sector benefited from ongoing investment needs in critical infrastructure systems. Gold's safe haven status and central bank purchases provided a strong tailwind that was accelerated by retail purchases. Over the year, gold ETFs saw net flows exceed $40 billion, demonstrating continued investor appetite for the precious metal. Silver shone brightest over the quarter, reiterating its status as gold's riskier and perhaps undervalued counterpart by gaining more than 50% over the quarter and nearly 150% over the year. Small caps surged following the April selloff, gaining more than 40% from the lows. However, that rally was concentrated in lower-quality names, with the Russell 2000 significantly outpacing the higher-quality S&P 600.		View
2025 Q4	Jan 9, 2026	Vision Capital	-5.0%	9.8%	000660.KS, 005930.KS, AMZN, GOOGL, MELI, META, MSFT, MU, NOW, NVDA, ORCL, PME.AX, SE, SPOT, STX, TSM, TTD, WDC, WISE.L, ZS	AI, Asia, Cloud, E-Commerce, growth, long-term, semiconductors, technology	Manager expresses skepticism about LLMs as a path to AGI, viewing them as sophisticated pattern recognition systems that mimic understanding without genuine comprehension. LLMs face architectural limitations including quadratic computational costs, memory inefficiency, and persistent hallucinations. The manager believes a fundamental breakthrough in architecture is needed beyond current transformer models. Sea Limited represents the manager's conviction play on Southeast Asia's digital transformation through its dominant Shopee platform with 52% market share. The company has achieved an inflection point with rising take-rates and improving profitability across its integrated ecosystem of e-commerce, logistics, and financial services. Manager avoided memory semiconductor investments despite strong 2025 performance, citing historical cyclicality and commoditization concerns. While acknowledging industry consolidation into an oligopoly, the manager questions sustainability of current supernormal profits and prefers exposure through TSMC and NVIDIA rather than memory-specific players. Manager declined Oracle investment despite strong cloud growth due to concentration risk from OpenAI and high leverage. Also avoided neoclouds like CoreWeave and Nebius, viewing them as commoditized GPU providers vulnerable to demand fluctuations and lacking durable competitive advantages versus hyperscalers.	SE	View
2025 Q4	Jan 30, 2026	Optimum International Fund	3.3%	26.0%	000660.KS, 005930.KS	AI, Asia, banks, Europe, international, semiconductors, technology	South Korea's market surged nearly 20% on strong demand tied to artificial intelligence, benefiting companies such as Samsung Electronics and SK Hynix. The AI theme drove significant outperformance in Korean technology companies during the quarter. Semiconductor companies, particularly in South Korea, experienced strong performance driven by AI demand. Samsung Electronics and SK Hynix were specifically mentioned as beneficiaries of this trend.		View
2025 Q4	Jan 29, 2026	Aikya	0.0%	8.3%	000660.KS, 005930.KS, 1288.HK, 2330.TW, 2912.TW, 3690.HK, BBDO3.SA, CPI.JO, EPAM, HDB, KOF, NTCO3.SA, RDY, UL	AI, Brazil, emerging markets, Quality, semiconductors, valuation	The market's continued enthusiasm for AI potential led semiconductor stocks materially higher, with Taiwanese and Korean markets recording further highs. While Aikya believes in the long-term potential of AI, they maintain that both quality and valuation discipline remain paramount. Aikya's investment approach relies on two key pillars: Quality and Valuation. They invest exclusively in high-quality companies when available at sensible valuations, with the fund objective being to invest in high quality companies that make a positive contribution to sustainable development.		View
2025 Q4	Jan 29, 2026	abrdn Emerging Markets Fund	4.6%	32.0%	000660.KS, 005930.KS, 028260.KS, 0700.HK, 267270.KS, ADIB.AD, ALDAR.AD, ASX.TW, BABA, BBNI.JK, GMEXICOB.MX, KAP.L, MULT3.SA, RIO, TLKM.JK, TSM	AI, China, Copper, emerging markets, Memory, semiconductors, technology, Trade Policy	AI-driven tech rally continued in Taiwan, lifting local tech stocks at the epicenter of US AI infrastructure buildout. Memory chip producers benefited from confirmed chip shortages and price increases for DRAM and HBM chips. AI delivery has become a critical component of the US economy, with Beijing expected to build a rival AI ecosystem. Technology stocks rallied driven by semiconductors, specifically memory stocks, as confirmed chip shortages resulted in noticeable price increases for DRAM and HBM chips. This proved particularly beneficial for South Korean heavyweights and leading memory chip producers like SK Hynix and Samsung Electronics. China and Hong Kong were detractors as markets sold off amid softer growth and underwhelming government response. Despite deflation concerns, southbound flows have accelerated in 2025, suggesting greater risk appetite among Chinese investors that could drive a wealth effect supporting consumption. Trump's tariffs suggest goals of shifting manufacturing and raising revenue for tax cuts are prime. Market consensus sees a move towards breakdown in China-US trade, though pace and extent of decoupling remain uncertain. Trump has extended tariff pressure to India and Brazil, but agreements to reduce tariffs are expected. Copper miner Grupo Mexico rallied on rising copper demand driven by electrification and data center growth. The miner, with access to low-cost reserves, remains a long-term beneficiary. Copper and other minerals have gained from AI infrastructure development and energy transition.		View
2025 Q4	Jan 27, 2026	Diamond Hill International	3.9%	28.4%	000660.KS, 005930.KS, BABA, EXO.MI, ICON, NWG.L	AI, Asia, Banking, defense, Europe, international, semiconductors, value	Strong performance driven by AI infrastructure demand, particularly in memory chips and foundry services. Taiwan's chip foundry and packaging industries saw robust growth with no signs of slowing in 2026. South Korean memory manufacturers benefited from capacity sold out through 2026 and increased demand for high-bandwidth memory used in data centers and AI applications. Military defense and adjacent firms performed well as governments moved toward greater strategic autonomy from the US, expanding confidence in the sectors' future growth prospects. European defense suppliers benefited from multi-year European rearmament trends. European banks were supported by cheap valuations, improved capital positions and a more normalized interest rate environment, helping drive strong stock performance for the year. UK banks like NatWest benefited from simplified operating models and strong capital return potential.	000660 KS	View
2025 Q4	Jan 27, 2026	Baron Emerging Markets Fund	-1.3%	30.1%	000660.KS, 005930.KS, 0700.HK, 1024.HK, 300750.SZ, BABA, BAJFINANCE.NS, BAP, BEL.NS, BHARTIARTL.NS, HDFCBANK.NS, NU, RELIANCE.NS, SQM, TSM, ZLAB	AI, Banking, China, emerging markets, geopolitics, India, semiconductors, technology	The fund maintains significant exposure to AI-related investments, particularly through semiconductor companies like TSMC and SK hynix that benefit from AI chip demand. The manager discusses the ongoing AI data center arms race with $550 billion expected to be spent in 2026, while noting some concerns about sustainability of competitive advantages and funding environment. Strong focus on semiconductor investments across Taiwan, Korea, and China, with holdings in TSMC, Samsung Electronics, and SK hynix. The manager believes in long-term growth driven by AI, 5G, automotive, and IoT applications, while noting recent volatility around China semiconductor trade policies. The fund maintains exposure to Chinese technology and e-commerce companies despite fourth quarter volatility. The manager expects improved US-China trade relations and technology flow resumption, believing global investors underestimate China's emerging AI and technology ecosystem capabilities. Large overweight position in India despite flat performance in 2025. The manager believes India is poised for an earnings upgrade cycle supported by infrastructure spending recovery, tax relief, and GST 2.0 implementation, positioning for catch-up with other EM markets. Added positions in South African banks (Absa Group, FirstRand) and Latin American digital banking (Nu Holdings) based on favorable banking cycles, improving loan growth, and digital disruption opportunities in underbanked markets. Investments in sustainability themes including Korean shipbuilding companies (HD Korea Shipbuilding, HD Hyundai Heavy Industries) and energy storage (Contemporary Amperex Technology) that benefit from global decarbonization trends.	NU FSR SJ ABG SJ BABA 005930 KS 000660 KS TSM	View
2025 Q4	Jan 27, 2026	Fawkes Capital Management	5.4%	35.5%	000660.KS, 0300.HK, AMAT, AMD, INTC, LRCX, TSM	AI, Asia, Bubble, Equipment, infrastructure, semiconductors, technology	AI infrastructure investment could reach $400 billion in 2026, equivalent to 1.5% of US GDP, potentially doubling economic growth. Unlike the dotcom bubble, AI infrastructure must scale dynamically with usage as demand is real and immediate. However, AI remains largely uneconomic with only 5% of ChatGPT users paying for services. Global chip shortage driven by accelerating AI demand has caused memory chip prices to triple in 2025. Intel and AMD are flagging logic chip supply constraints while leading foundries like TSMC and SK Hynix announced double-digit capex increases, pointing to significant equipment demand.	8637 HK	View
2025 Q4	Jan 23, 2026	American Century Emerging Markets Fund	5.8%	35.3%	000660.KS, 005930.KS, 0700.HK, 0939.HK, 1810.HK, BABA, BHARTIARTL.NS, HDFCBANK.NS, NTES, RELIANCE.NS, SUNPHARMA.NS, TSM	AI, Asia, emerging markets, Energy Transition, semiconductors, technology, Trade Policy	Strong technology-related performance supported gains as semiconductor names and other technology-related stocks benefited from robust AI spending and demand. Rising AI workloads have boosted demand for rechargeable batteries, and the firm believes several EM firms possess manufacturing leadership in this sector. Taiwan and South Korea remain essential to global chipmaking. SK Hynix was a top contributor as demand for AI-related memory remained high amid the generative-AI boom and surging data center investment, with quarterly results overwhelmingly powered by surging demand for AI components, especially high bandwidth memory. Many EM offer lower-cost, more readily available power that supports rapid data center build-outs. Rising AI workloads have boosted demand for data center infrastructure, with companies like Zhongji Innolight benefiting from strong demand in cloud computing and 5G infrastructure. U.S. tariffs and trade policy have not been as challenging for EM as investors expected, in part because many markets have adapted well. Some have negotiated more manageable tariff structures with the U.S., while others have focused on non-U.S. relationships. The path of global trade and U.S. policy remains uncertain going forward. HD Hyundai Electric benefited from demand for power transformers, switchgear and smart grid solutions, with U.S. infrastructure investment plans around AI data centers and grid upgrades supporting the stock. The company has been well positioned for global trends around electrification and sustainability.		View
2025 Q4	Jan 22, 2026	WS Amati Global Innovation Fund	0.0%	0.0%	000660.KS, 005930.KS, 2327.TW, 4544.T, CGNX, CHG.L, FN, LITE, LLY, PTC	AI, defense, global, innovation, Pharmaceuticals, Photonics, semiconductors, technology	AI continued to dominate investor debate with impressive deals between OpenAI and semiconductor vendors, though circular nature of agreements reminiscent of dot com excesses gave some pause. Overall sentiment around AI capex cycle remained buoyant despite some financially fragile players seeing share price drops. Memory semiconductors emerged as key AI beneficiaries with Korean chipmakers Samsung Electronics and SK Hynix contributing strongly to performance. Samsung fixed technical challenges with high bandwidth memory products to fully participate in AI growth. Eli Lilly strengthened its position as leader in obesity and diabetes medication category with injectable GLP1 products outperforming Novo Nordisk clinically and commercially. Newly approved oral GLP1 promises to unlock large incremental market opportunity. Defense stocks experienced broad sell-off due to concerns about UK defense funding and potential Russia/Ukraine war resolution. Despite near-term headwinds, long-term growth opportunities remain for defense technology companies like Chemring in energetics and electronic warfare. Clinical practice in Alzheimer's diagnostics is moving to blood tests as cheaper, less intrusive but equally precise option. H.U. Group has strong first mover advantage in blood-based biomarkers for Alzheimer's disease testing with multi-fold growth in past year.	4544 JP FN LLY 000660 KS 005930 KS LITE PTC CHG LN CGNX	View
2025 Q4	Jan 22, 2026	Sands Capital Emerging Markets Growth Fund	0.1%	21.6%	000660.KS, 005930.KS, 0700.HK, 1211.HK, 122870.KS, 1299.HK, 1810.HK, 2269.HK, 2454.TW, 300750.SZ, 3690.HK, 4966.TW, 500570.BO, 532978.BO, APHS.NS, ASML, BABA, BBCA.JK, CPNG, DIDI, DNP.WA, FPT.VN, FTA, GLOB, GRAB, HDB, HDFCLIFE.NS, HTHT, ICT.PS, KSPI.L, MELI, NU, PHNX.NS, RADL3.SA, SE, TSM, WEGE3.SA, WMMVY	AI, China, E-Commerce, emerging markets, growth, Memory Chips, semiconductors, technology	AI is spreading across industries, reshaping business models and driving market leadership. The firm sees an ongoing AI boom rather than a full bubble, with meaningful exposure in semiconductors and digital advertising while maintaining valuation discipline. Memory chip cycle strengthening fueled by growing AI demand. SK hynix and Samsung are effectively sold out of memory inventory for 2026 with limited capacity in 2027. High-bandwidth memory remains essential for AI servers. Select ecommerce businesses underperformed despite strong fundamentals. Sea, MercadoLibre, and Coupang faced near-term headwinds from increased investment and competitive pressure, but maintain strong long-term positioning. Defense technology entering structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, and secure communications. AI advances pushing robotics forward with near-term opportunities in logistics and warehouse environments. Focus on companies that make robots reliable and economically compelling rather than headline-grabbing names. Energy transition blending with new power demand from data centers and AI, straining grids and forcing aggressive investment in power infrastructure. Multiyear investment cycle expected across entire power value chain.		View
2025 Q4	Jan 21, 2026	Platinum Asia Fund	5.0%	24.0%	000338.SZ, 000660.KS, 005930.KS, 0700.HK, 1024.HK, 1109.HK, 3968.HK, 601318.SS, ASII.JK, BABA, BILI, IGOA.NS, JD, JFC.PS, MWG.HM, PONY, TCOM, TSM, VEI, ZTO	AI, Asia, China, Electric Vehicles, financials, semiconductors, technology	Asian markets driven by unflagging enthusiasm for AI businesses, with tech-heavy South Korea and Taiwan leading. Core semiconductor holdings SK hynix, Samsung Electronics and TSMC were major contributors. AI trade reaching unexpected corners of old economy, with companies like Weichai Power benefiting as inadvertent AI beneficiaries through industrial power generation for datacenters. Chinese financial holdings bounced back as fears of forced property sector support eased. Ping An Insurance and China Merchants Bank performed strongly after Shenzhen government indicated it wouldn't indefinitely bail out developers. This signals financial companies prioritizing their own balance sheets over socializing property sector losses, leading to re-rating of Chinese financials. Introduced position in Chinese autonomous vehicle company Pony AI. Autonomous vehicles are scaling rapidly with improving unit economics - fleet grew from 250 to 1,159 vehicles in 2025. Technology robustness has stepped up, with vehicles now working 24/7 in chaotic Beijing and Shanghai traffic. Fully equipped vehicle costs now under $50,000 with further 40% cost reduction targeted.	PONY 3968 HK 2318 HK 005930 KS 000660 KS TSM	View
2025 Q4	Jan 20, 2026	Polaris Global Equity	7.0%	26.8%	000270.KS, 000660.KS, 005930.KS, 1299.HK, 2318.HK, 5871.TW, 6758.T, 8001.T, 8002.T, 8591.T, 8729.T, ALSN, ARW, BABA, BARRY.SW, CAP.PA, CG, COF, DHL.DE, IAG.L, INGR, JAZZ, LIN, LNTH, LTM, LUN.TO, MG.TO, MKSI, ML.PA, MPC, NVS, NXT.L, SBH, SMWRQ, TSN, UTHR, VIPS, YAR.OL	AI, diversification, global, international, Outperformance, semiconductors, technology, value	AI demand drove performance across semiconductor and technology sectors, with memory chip suppliers benefiting from supply-demand constraints and expected price increases in 2026. Companies like SK Hynix, Samsung Electronics, and MKS Inc. delivered strong results driven by accelerating AI demand across semiconductor and advanced electronics end markets. Memory manufacturers in Korea were top contributors as supply-demand constraints benefit memory chip suppliers. The market expects memory price increases in 2026, further supporting performance of Samsung and SK Hynix. AI-driven demand across semiconductor end markets accelerated growth. The investment approach remains disciplined and focused on strong cash flows from quality companies selling essential products and services with good management teams creating shareholder value. The manager seeks situations where attractive valuations meet genuine business momentum, avoiding trends and distant promises. International equities outperformed after a decade of American dominance, driven by weaker U.S. dollar, more attractive valuations abroad, and slowing momentum in U.S. tech. This country and sector rotation validated the need for diversification instead of home bias, with attractive opportunities in targeted developed and emerging markets. Yara International benefited from partnerships for low-carbon ammonia projects in the U.S. and Middle East, positioning the company toward becoming an energy-transition and low-carbon fertilizer company while securing long-dated contracts. HD Hyundai Electric capitalized on increased demand to expand power infrastructure.	267260 KS UTHR JAZZ CAP FP MKSI 000660 KS	View
2025 Q4	Jan 20, 2026	Polaris International Equity	8.7%	35.4%	000270.KS, 000660.KS, 005930.KS, 1299.HK, 2318.HK, 267270.KS, 5871.TW, 6758.T, 8001.T, 8002.T, 8591.T, 8729.T, BABA, BARN.SW, CAP.PA, DHL.DE, IAG.L, JAZZ, LIN, LTM, LUN.TO, MG.TO, ML.PA, NVS, NXT.L, VIPS, YAR.OL	Asia, diversification, Europe, industrials, international, Outperformance, technology, value	Memory chip suppliers SK Hynix and Samsung Electronics were top contributors as supply-demand constraints benefit memory manufacturers. The market expects memory price increases in 2026, further supporting performance of these Korean memory giants. AI demand drove strong performance in technology companies including Capgemini Group which benefited from cloud, data and AI demand. However, Alibaba faced profitability pressure due to significant AI spending despite revenue growth in its cloud division. HD Hyundai Electric capitalized on increased demand to expand and upgrade power infrastructure, completing construction of a new Korean power distribution equipment plant. European fiscal stimulus focused on defense and infrastructure spending supported regional performance. Yara International partnered with Air Products for low-carbon ammonia projects in the U.S. and Middle East, positioning toward becoming an energy-transition and low-carbon fertilizer company while securing long-dated contracts. Chinese e-commerce companies showed mixed results with Alibaba reporting impressive quarterly revenues and growth in cloud division and one-hour delivery business, while facing profitability pressure from aggressive discounting in instant retail space. Lundin Mining announced record third-quarter revenues, profiting from higher realized copper prices in an advantageous supply-demand environment. The Canadian miner also struck a strategic deal involving Eagle Mine and Humboldt Mill.	JAZZ 7267 JP CAP FP 005930 KS 000660 KS	View
2025 Q4	Jan 20, 2026	Harding Loevner Emerging Markets Equity	3.7%	29.1%	000660.KS, 005930.KS, 2330.TW, 700.HK, ASIANPAINT.NS, BABA, EPAM, GLOB, HDFCBANK.NS, ICICIBC.NS, ITUB, MARUTI.NS, MELI, MMYT, PING, SE, TCOM, TCS, TSM, WALMEX.MX	AI, emerging markets, energy, Memory, nuclear, semiconductors, technology	AI-related stocks sustained the relentless rise of the EM index, with seven of the 10 largest contributors being AI-related and accounting for more than 40% of the index's 34% return. The surge reflects sharply accelerating capital investment into AI physical infrastructure, with hyperscalers repeatedly increasing capex plans. EMs are standout beneficiaries because significant portions of AI physical infrastructure are sourced from EM companies, especially Asia-based enterprises like TSMC. The AI boom is engendering structural changes in the memory market that should support higher and more consistent profitability. Three key developments are changing industry dynamics: growing demand for customized, high-value memory products like HBM; the need to surmount the memory wall for AI workloads; and increasing constraints on memory manufacturing capacity as more capacity is allocated to HBM production. The energy demands of AI data centers are staggering, with AI-specific servers using 53-76 terawatt-hours in 2024. This puts renewed attention on nuclear power advantages, which is both scalable enough to meet huge AI data center power requirements and carbon-emission free. Meta, Amazon, and Alphabet have announced plans to invest in nuclear energy, driving demand for uranium.	688188 CH KAP LI 000660 KS 005930 KS	View
2025 Q4	Jan 19, 2026	Hosking Partners	7.2%	33.5%	000660.KS, 005930.KS, 055550.KS, AA, AAPL, BARC.L, C, FCX, HCC, IMPUY, MSFT, MU, SBSW, STX, SYF, TIGO	AI, contrarian, emerging markets, Japan, Mining, Platinum, technology, value	The strategy maintains a contrarian value approach, betting on mean reversion after a decade of growth dominance. Valuation spreads have reached extreme levels with enterprise value to sales ratios spanning 100-fold, creating opportunities in undervalued sectors. The AI capital paradox is creating opportunities as technology leaders face increasing capital intensity. McKinsey estimates $5.2 trillion in physical asset investments by previously asset-light firms, likely compressing returns on assets and valuations. South African platinum group metals were major contributors with Impala Platinum up 243%, Sibanye Stillwater up 360%, and Northam Platinum up 298%. The metals and mining sector weighting of 12% versus 2% index exposure drove significant outperformance. The strategy maintains triple-weight exposure to Japan at 14% versus 5% index weight, betting on corporate restructuring and activist investor pressure. Over 50 holdings target companies with depressed ROA ratios capable of dramatic improvement.		View
2025 Q4	Jan 18, 2026	Distillate Capital Large Cap Value	0.0%	8.6%	000660.KS, 005930.KS, BMY, CAH, CSCO, ELV, FFIV, FI, HCA, JBHT, JNJ, LOW, MO, MPC, MRK, REGN, TEL, TMUS, UBER, VST	FCF, fundamentals, international, Quality, rebalancing, small caps, valuation, value	U.S. equities are historically expensive by any measure and at levels typically associated with subdued future returns. The S&P 500 is trading near record multiples with just 20 stocks accounting for over 50% of the market at a 120% premium to the rest. Historical analysis shows that rich starting valuations correlate with lower longer-term returns. Despite rich overall market valuations, many high quality stocks remain attractively valued. The firm's large cap strategy trades at a free cash flow yield more than double the S&P 500 and 60% above Russell 1000 Value. Value stocks significantly outperformed after the 2000 tech bubble when similar valuation disparities existed. Significant opportunities exist in smaller stocks where avoiding high debt levels and money-losing businesses has historically been smart but was an enormous drag on returns in 2025. Negative free cash flow stocks comprised 35% of Russell 2000 and rose 67% on average, demonstrating unusual market conditions.		View
2025 Q4	Jan 18, 2026	Ariel Global Fund	2.9%	23.3%	000660.KS, 1024.HK, 4751.T, 6367.T, 6460.T, 6762.T, 6856.T, 7832.T, BIRG.L, BMPS.MI, BMY, FME.DE, FORTUM.HE, FSLR, HPE, LREN3.SA, SAN, T, WBS, WCH.DE	AI, Banking, Data centers, Energy Transition, global, international, semiconductors, value	The fund sees strong opportunities in semiconductor equipment and memory companies. Lasertec is positioned for growth as it transitions toward high-volume manufacturing with its new APMI tool for EUV processes. SK Hynix benefits from accelerating AI inference demand for high-bandwidth memory and NAND solutions, maintaining a commanding lead with Nvidia. European banking presents compelling opportunities through consolidation and operational improvements. BMPS transformed into Italy's third-largest bank through Mediobanca acquisition, while Santander offers efficiency gains and stronger profitability through streamlined operations. Bank of Ireland provides upside through cost restructuring and strategic decisions. Solar and renewable energy infrastructure offer attractive growth prospects. First Solar's new U.S. facility aims to reduce tariff costs and capture domestic tax incentives in an increasingly tight utility-scale solar market. Fortum provides exposure to data center power demand through above-market purchase agreements in the Nordic region. Artificial intelligence drives demand across multiple sectors from memory semiconductors to content platforms. SK Hynix benefits from AI inference workloads requiring high-bandwidth memory, while Kuaishou leverages AI-driven video tools to enhance content recommendation and advertising targeting capabilities. Growing data center demand creates opportunities in power and infrastructure. Fortum is positioned for upward earnings revisions through power purchase agreements with data center operators in the Nordic region, benefiting from low-cost power and favorable climate conditions.	ES WBS WCH GR 1024 HK 6367 JP 4751 JP BMY T 000660 KS 6920 JP FSLR	View
2025 Q4	Jan 15, 2026	Contrarius Global Equity Fund	6.5%	54.4%	000660.KS, BIDU, COIN, DELL, DEO, FOXA, GOOGL, KER.PA, LULU, MDLZ, MU, NVDA, ORCL, PARA, RI.PA, SATS, TSLA, TSM, UHR.SW	AI, contrarian, disruption, global, Satellites, Space, technology, value	The fund views AI disruption as creating three investment buckets: AI winners (data centers, semiconductors, blockchain companies), AI-proof companies (luxury brands, spirits, entertainment), and AI-threatened businesses to avoid. This technological singularity is expected to cause dramatic changes beyond typical generational disruptions. The fund focuses on identifying companies with sustainable competitive advantages in this transformative environment. SpaceX has revolutionized space travel with reusable rockets and dominates launch services, carrying over 500,000kg of spacecraft mass in Q3 2025 alone. The company is uniquely positioned for emerging opportunities in interplanetary logistics, in-orbit data centers, and asteroid mining. EchoStar provides indirect exposure to SpaceX through strategic transactions at attractive valuations. Starlink has achieved significant scale with millions of active customers and is expanding into direct-to-cell services for smartphones. The satellite internet constellation aims to deliver high-speed, low-latency broadband globally, particularly to underserved areas. This represents a major growth opportunity in telecommunications infrastructure. EchoStar's transformation involved monetizing valuable spectrum licenses worth billions, resolving regulatory issues with the FCC. The company sold spectrum to AT&T and SpaceX for over $40 billion combined, demonstrating the significant value of these invisible wireless highways. Remaining spectrum assets provide additional monetization opportunities. The fund holds luxury brands like Kering, Swatch Group, and spirits companies as AI-proof investments. These companies with strong brand moats and pricing power are expected to endure and potentially thrive despite AI disruption. Their business models are considered resilient to technological changes affecting other industries.	SATS	View
2025 Q4	Jan 15, 2026	East Capital	0.0%	0.0%	000660.KS, 005930.KS, 8306.T, NVDA	AI, China, emerging markets, frontier markets, Korea, Memory, Outperformance, Valuations	China's Deep Seek moment demonstrated competitive AI capabilities potentially more cost-efficient than US hyperscalers. Chinese technological prowess remains underappreciated in AI, driving memory demand from data centers that vastly outstrips supply. This theme expected to be primary catalyst for Chinese and emerging market returns for many years. Memory stocks Samsung and SK Hynix returned 130% and 278% respectively, driven by AI data center demand vastly outstripping supply. SK Hynix expected to increase server DRAM prices 60-70% quarter-on-quarter in Q1 2026, driving earnings upgrades while stocks remain attractively valued at 8.4x P/E versus Nvidia's 21.4x. Emerging markets returned 34% for 2025, outperforming S&P 500 by 16.5% - strongest relative performance since 2008. Driven by weakening USD, concerns about US over-concentration, and strong country-specific drivers. Markets offer higher earnings growth and lower valuations with 18% EPS growth and 0.8x PEG ratio versus S&P 500's 16% and 1.5x. Frontier markets returned 47% in 2025, delivering attractive risk-adjusted returns supported by low correlations across diverse universe of 20 markets. Expected 4-4.5% structural growth supported by large young populations and reform momentum, with easing monetary conditions supporting domestic investment and consumption.	000660 KS	View
2025 Q4	Jan 15, 2026	M&G Investment	0.0%	0.0%	000660.KS, 005930.KS, 0700.HK, 2308.TW, 2317.TW, BABA, BE, EXPN.L, GOOGL, LITE, LSEG.L, NVDA, REL.L, STX, TSM, WDC	AI, geopolitics, Polarisation, Quality, semiconductors, technology, value	AI remains a dominant theme with opportunities broadening beyond enablers to beneficiaries and providers. The team expects AI-related investment opportunities to encompass an increasing number of companies that stand to benefit from capital-fuelled AI advancements, while being selective about frothy valuations. Quality stocks suffered their worst relative decline in developed markets in more than two decades in 2025. The team is taking advantage of the market shunning quality stocks, finding opportunities in companies with high return on capital and good long-term defensive characteristics that have been unfairly de-rated. US Growth versus Value shows the widest valuation gap in decades, while Value has performed better in other regional markets, notably Europe and the UK. The team sees opportunities for Value catch-up as AI moves from builders to users across traditional sectors. Semiconductor cycle remains strong with companies like SK Hynix and Samsung Electronics delivering substantial earnings upgrades. However, there are risks that higher prices could lead to demand destruction as customers baulk at paying elevated prices for electronics.		View
2025 Q4	Jan 15, 2026	Baillie Gifford -Emerging Markets	5.7%	40.7%	000333.SZ, 000660.KS, 005380.KS, 005930.KS, 0700.HK, 2318.HK, 2454.TW, 2939.TW, 300750.SZ, AXSB.NS, B3SA3.SA, BABA, FM.TO, IMP.JO, KMB.NS, MELI, NPN.JO, RELIANCE.NS, SE, SQM, TSM	AI, China, commodities, emerging markets, growth, semiconductors, South Korea, technology	China's high-level economic policy framework places significant emphasis on artificial intelligence, computing infrastructure, semiconductors, and smart manufacturing. The continued evolution of the AI investment cycle drove positive momentum, with notable strength in Korea. Memory semiconductor companies like Samsung and SK Hynix benefited from soaring demand for high-performance AI memory. Strong operational performance at Samsung Electronics and SK Hynix contributed to fund returns. Samsung is projected to regain the number one position in the global DRAM market, driven by soaring demand for high-performance AI memory and sharp rise in conventional DRAM prices. SK Hynix reported 62% year-over-year growth in profits and all capacity is fully booked for 2026. China offers the clearest example of how policy direction, innovation capacity and sheer scale can combine to reshape global industries. The 15th Five-Year Plan emphasizes AI, computing infrastructure, semiconductors, and smart manufacturing. Despite tariffs and trade tensions, the combination of high-quality businesses and compelling valuations remains hard to ignore. The commodities sector has been in focus with combination of US easing cycle and political will for a weaker dollar being very positive for gold and broader precious metals complex. Lithium saw easing upstream cost pressures and robust downstream battery-storage demand supporting sharp price recovery. Copper market shows structurally tight supply with planned supply expected to meet only 70% of projected 2035 demand. Latin American e-commerce and fintech platform MercadoLibre detracted from performance for the second quarter in a row, though the manager maintains a differentiated view based on long-term investment horizons. The company recorded its 27th straight quarter of 30% or higher revenue growth. Korean e-commerce leader Coupang faced challenges from a major data breach despite continuing strong growth. South Korea was one of the world's best-performing markets this year, buoyed by regulatory and governance reforms raising hopes for improved shareholder returns through the 'Value Up' program. Memory semiconductor space showed strong operational performance with significant upgrades to earnings forecasts, making valuations still attractive in global context despite rapid share price appreciation.		View
2025 Q4	Jan 13, 2026	Mawer International Equity Fund	-1.8%	18.4%	000660.KS, 0700.HK, AJG, APH, ATR, BA.L, BNS.TO, COR, CSU.TO, DHR, FTT.TO, GOOGL, MFC.TO, MMC, MSFT, PNG.V, RY.TO, TD.TO, TOI.TO, WAT	AI, defense, equities, global, gold, Quality, semiconductors, Valuations	AI remained the dominant market narrative, yet the year's shift from a focus on computing power to concerns about data centre profitability and power supply raised bubble concerns. The combination of industrial-scale spending, still-unproven economics, and higher valuations increases the risk that expectations get ahead of reality. Amphenol benefited from robust demand for AI-related interconnect products, which now account for over a third of its revenue. Gold remained well supported against the backdrop of easier global policy and unresolved geopolitical and trade risks. The firm narrowed their long-standing underweight to gold stocks in a measured way as geopolitical uncertainty, de-dollarization, fiscal indiscipline, central bank gold purchases, and falling interest rates created a more supportive backdrop. They focused on gold-related companies with differentiated, relatively lower-risk business models. Defense contractors such as the UK's BAE, Italy's Leonardo, and France's Thales experienced pullbacks in the fourth quarter on the possibility of a diplomatic breakthrough in the Russia-Ukraine war. However, geopolitical events early in the year helped defense company shares more-than-offset the declines seen in the fourth quarter. Kraken Robotics also benefited from increased government defence spending. High-bandwidth memory leader SK Hynix nearly doubled in the quarter thanks to explosive demand for its products. Other AI-linked semiconductor companies were rewarded for continued fundamental strength, such as TSMC and Kokusai Electric. European equities were supported by semiconductor stocks among other factors.		View
2025 Q4	Jan 13, 2026	AVI Global Trust	0.0%	-0.9%	000660.KS, 004800.KS, 005930.KS, 028260.KS, 207940.KS, 4527.T, 6727.T, 9531.T, AVGO, CHRY.L, FRAS.L, J36.SI, NVDA, NWSA, VIV.PA	Biotechnology, Discounts, Holding Companies, Korea, NAV, semiconductors, technology, value	Samsung Electronics has made material progress in improving HBM competitiveness, with latest HBM4 chips achieving top performance scores in Nvidia and Broadcom testing. The company is positioned to capture 30%+ global HBM market share in 2026 versus mid-teens in 2025. Global supply shortage for both HBM and traditional memory chips is creating strong pricing power. Samsung Biologics manufactures antibodies on behalf of global pharmaceutical companies, generating 90% of revenues from large-scale antibody production. The company generates EBIT margins of 50% versus peers at 20-25% and operates one of the world's largest biomanufacturing facilities. Biologics is positioned to compound earnings at mid-teens rates through to 2032. Starling Bank's banking-as-a-service platform Engine won a deal with Scotiabank's digital bank, marking Engine's first North American client. The deal is viewed as transformational in the context of the business's existing revenues. Management painted an optimistic picture for Engine's sales pipeline at a recent fintech conference.	028260 KS CHRY LN	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Oct 24, 2025	Value Investors Club	jon64	SK Hynix	Information Technology	Semiconductors	Bull	Korea Exchange	AI chips, DRAM cycle, HBM, memory semiconductors, Nvidia supply chain, South Korea	View Pitch

BSD Shareholders of 000660-KS-2

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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