{"id":178,"date":"2016-04-25T16:38:50","date_gmt":"2016-04-25T07:38:50","guid":{"rendered":"http:\/\/midasasset.com\/eng\/?page_id=178"},"modified":"2016-04-25T21:27:15","modified_gmt":"2016-04-25T12:27:15","slug":"equity-investment-process","status":"publish","type":"page","link":"https:\/\/midasasset.com\/eng\/midas-philosophy-2\/equity-investment-process\/","title":{"rendered":"Equity Investment Process"},"content":{"rendered":"

<\/p>\n

\n

MIDAS Equity Investment Process<\/strong><\/h1>\n<\/div>\n

<\/p>\n

\n
\n

Equity Management Style<\/h2>\n
\n
\n
\n\t\t\t\t\tBOTTOM-UP<\/span><\/p>\n
    \n
  • Bottom-up approach based on strong fundamental analy-sis<\/li>\n
  • Precise analysis on markets’ structural changes and trends<\/li>\n<\/ul><\/div>\n
    \n\t\t\t\t\tTOP-DOWN<\/span><\/p>\n
      \n
    • Top-down approach by actively searching investment opportunities accompanied with reasonable decisions<\/li>\n<\/ul><\/div>\n<\/p><\/div>\n
      \n\t\t\t\tResearch Based Model Portfolio<\/span><\/p>\n

      Comprehensive decisions based on each managers’ various perspectives &\u00a0Strong in-depth research<\/p>\n<\/p><\/div>\n

      \n\t\t\t\tOur goal is to deliver sustainable profit to our clients.\n\t\t\t<\/div>\n<\/p><\/div>\n
        \n
      • We manage our portfolio based on team work approach that brings together the bottom-up research and the market-focused top down approach.<\/li>\n
      • Our multiple team structure brings together specialized investment ideas with distinct style<\/li>\n
      • Our sector analysts’ strong research with acute decisions of Portfolio managers can<\/li>\n
      • Our goal is to make acute decisions based on diverse investment ideas<\/li>\n
      • Active risk management to avoid unintended risk by using derivatives<\/li>\n<\/ul>\n<\/section>\n
        \n

        Equity Investment Process<\/h2>\n
        \n

        Equity Investment Process<\/span><\/h3>\n
        \n
          \n
        • Investment Committee<\/span>\n
          \n
            \n
          • develops\u00a0investment strategy<\/li>\n
          • confirms the Investment Universe(IU) \/ Model Portfolio(MP)<\/li>\n<\/ul><\/div>\n
              \n
            • Risk & Compliance
              Management Committee<\/span>\n
              \n
                \n
              • checks compliance rules<\/li>\n
              • risk management<\/li>\n<\/ul><\/div>\n<\/li>\n
              • In-house Sector Manage<\/span>\n
                \n
                  \n
                • configure the Investment Universe(IU)<\/li>\n
                • build out Model Portfolio(MP)<\/li>\n<\/ul>\n
                  SETOR FUND<\/div>\n<\/p><\/div>\n<\/li>\n
                • MODEL PORTFOLIO<\/span>\n
                  \n
                    \n
                  • adjusts the weights of sectors<\/li>\n<\/ul><\/div>\n<\/li>\n
                  • Equity Management Part<\/span>\n
                    \n
                      \n
                    • manages the actual portfolio (AP) based in MP<\/li>\n<\/ul>\n
                      Manages a fund by its style<\/div>\n<\/p><\/div>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul><\/div>\n
                        \n
                      • The investment strategy committee develops one model-portfolio based on each managers’ sector portfolio.<\/li>\n
                      • Our managers build each portfolio based on one model-portfolio<\/li>\n
                      • The investment strategy committee determines the model portfolio, investment universe<\/li>\n<\/ul>\n<\/article>\n
                        \n

                        Decision making process<\/span><\/h3>\n
                          \n
                        1. \n\t\t\t\t\tScreen the Universe<\/strong><\/p>\n
                            \n
                          • Screen the investment universe(IU) with qualitative and quantitative analyzing.<\/li>\n<\/ul>\n<\/li>\n
                          • \n\t\t\t\t\tFundamental Stock Research & Valuation<\/strong><\/p>\n
                              \n
                            • Sector managers’ in-depth research to draw fair value.<\/li>\n<\/ul>\n<\/li>\n
                            • \n\t\t\t\t\tDetermine Stock Position<\/strong><\/p>\n
                                \n
                              • Our sector managers are responsible for composition of each sector portfolio<\/li>\n<\/ul>\n<\/li>\n
                              • \n\t\t\t\t\tDetermine Model Portfolio<\/strong><\/p>\n
                                  \n
                                • We try to minimize risks by\n
                                    \n
                                  • 1) periodic reviewing \/ stress testing of our portfolio.<\/li>\n
                                  • 2) applying sell discipline for every sector<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n
                                  • \n\t\t\t\t\tActual Portfolio<\/strong><\/p>\n
                                      \n
                                    • The portfolio managers are responsible for AP with full discretion.\u00a0<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<\/article>\n<\/section>\n
                                      \n

                                      Research Process<\/h2>\n
                                      \n

                                      Sector manager system<\/span><\/h3>\n

                                      Our researchers are called “sector managers” Our responsible investment system is backed by strong research skills of each sector manager. Sector managers build the model portfolio that can be a key foundation for actual portfolio.\u00a0<\/p>\n

                                        \n
                                      1. \n\t\t\t\t\tSectors<\/strong><\/p>\n
                                          \n
                                        • Distributed by market weight<\/li>\n<\/ul>\n<\/li>\n
                                        • \n\t\t\t\t\tSector Managers<\/strong><\/p>\n
                                            \n
                                          • Develop investment ideas by checking the recent issues and financial result, and process it under research process.<\/li>\n<\/ul>\n<\/li>\n
                                          • \n\t\t\t\t\tBottom-up Approach<\/strong><\/p>\n
                                              \n
                                            • Managers can adjust weighting of small sector in order to follow market changes<\/li>\n
                                            • And all Sector managers are evaluated by sectors’ index.<\/li>\n<\/ul>\n<\/li>\n
                                            • \n\t\t\t\t\tModel Portfolio<\/strong><\/p>\n
                                                \n
                                              • Adjusting weights between each sector.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<\/article>\n
                                                \n

                                                Developing Model Portfolio<\/span><\/h3>\n

                                                Our Sector managers are responsible for building IU and the sector portfolio
                                                We only invest in stocks that are listed on our IU in order to avoid unintended high risks.<\/p>\n

                                                \n
                                                \n
                                                First Selection<\/dt>\n
                                                \n
                                                  \n
                                                • Only the stocks that are not under capital encroachment reporting more than 3 years of continuous loss\u00a0getting\u00a0disqualified opinion by auditors<\/li>\n
                                                • Can be included in IU Research team is responsible for IU creation; Key considerations -Financial risks & liquidity risks<\/li>\n<\/ul>\n\n\n\n
                                                  KOSPI<\/td>\nKOSDAQ<\/td>\n<\/tr>\n
                                                  MIDAS Stock Universe<\/td>\n<\/tr>\n<\/table>\n<\/dd>\n<\/dl>\n
                                                  \n
                                                  Sector Fund<\/dt>\n
                                                  \n
                                                    \n
                                                  • We compare our sector manager’s portfolio with sector’s benchmark portfolio in order to minimize risks.<\/li>\n<\/ul>\n\n\n\n
                                                    KOSPI<\/td>\nKOSDAQ<\/td>\n<\/tr>\n
                                                    MIDAS Sector Universe<\/td>\nMIDAS Sector Fund<\/td>\n<\/tr>\n<\/table>\n<\/dd>\n<\/dl>\n
                                                    \n
                                                    Model portfolio<\/dt>\n
                                                    \n
                                                      \n
                                                    • We build our model portfolio based on each sector managers’ portfolio<\/li>\n
                                                    • And actual portfolios have to meet certain percentage of copy rate.<\/li>\n
                                                    • All of the stocks that constitute Midas’ portfolio have to be included in our universe.<\/li>\n<\/ul>\n\n\n\n
                                                      Model Porfolio<\/td>\n<\/tr>\n
                                                      MIDAS Porfolio<\/td>\n<\/tr>\n<\/table>\n<\/dd>\n<\/dl><\/div>\n<\/article>\n<\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

                                                      MIDAS Equity Investment Process Equity Management Style BOTTOM-UP Bottom-up approach based on strong fundamental analy-sis Precise analysis on markets’ structural changes and trends TOP-DOWN Top-down approach by actively searching investment opportunities accompanied with reasonable decisions Research Based Model Portfolio Comprehensive decisions based on each managers’ various perspectives &\u00a0Strong in-depth research Our goal is to deliver […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":158,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"_links":{"self":[{"href":"https:\/\/midasasset.com\/eng\/wp-json\/wp\/v2\/pages\/178"}],"collection":[{"href":"https:\/\/midasasset.com\/eng\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/midasasset.com\/eng\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/midasasset.com\/eng\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/midasasset.com\/eng\/wp-json\/wp\/v2\/comments?post=178"}],"version-history":[{"count":5,"href":"https:\/\/midasasset.com\/eng\/wp-json\/wp\/v2\/pages\/178\/revisions"}],"predecessor-version":[{"id":217,"href":"https:\/\/midasasset.com\/eng\/wp-json\/wp\/v2\/pages\/178\/revisions\/217"}],"up":[{"embeddable":true,"href":"https:\/\/midasasset.com\/eng\/wp-json\/wp\/v2\/pages\/158"}],"wp:attachment":[{"href":"https:\/\/midasasset.com\/eng\/wp-json\/wp\/v2\/media?parent=178"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}