{"id":25,"date":"2016-04-18T17:33:49","date_gmt":"2016-04-18T08:33:49","guid":{"rendered":"http:\/\/midasasset.com\/eng\/?page_id=25"},"modified":"2016-04-25T21:26:46","modified_gmt":"2016-04-25T12:26:46","slug":"equity-invaestment-process","status":"publish","type":"page","link":"https:\/\/midasasset.com\/eng\/midas-philosophy\/equity-invaestment-process\/","title":{"rendered":"Equity Investment Process"},"content":{"rendered":"
\n

MIDAS ASSET<\/p>\n

Equity Investment Process<\/p>\n<\/h1>\n<\/div>\n

\n

Equity Investment Style<\/h3>\n
\n\t\t\"[Bottom-Up] \uc548\uc815\uc801 \ucd08\uacfc\uc218\uc775 \ucd94\uad6c (\ub9ac\uc2a4\ud06c \uad00\ub9ac\ub97c \ud1b5\ud55c \uc801\uc815\uc218\uc775\ub960 \ucc3d\ucd9c)” \/><\/p>\n
\n\t\t\t[Bottom-Up] : Bottom-up approach based on strong fundamental\u00a0analysis, Precise analysis on markets’ structural changes and trends
\n\t\t\t[Top-Down] : – Top-down approach by actively searching investment opportunities accompanied with reasonable decisions
\n\t\t\t[Research Based Model Portfolio] : Comprehensive decisions based on each managers’ various perspectives &\u00a0Strong in-depth research\u00a0Our goal is to deliver sustainable profit to our clients.
\n\t\t\t=> \uc548\uc815\uc801 \ucd08\uacfc\uc218\uc775 \ucd94\uad6c (\ub9ac\uc2a4\ud06c \uad00\ub9ac\ub97c \ud1b5\ud55c \uc801\uc815\uc218\uc775\ub960 \ucc3d\ucd9c)\n\t\t<\/div>\n<\/p><\/div>\n
\n
\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.\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><\/div>\n<\/p><\/div>\n
    \n

    Equity Investment Process<\/h3>\n

    Equity Investment Process<\/em><\/span><\/h4>\n
    \n\t\t\t\"[Investment Manages a fund by its style” \/><\/p>\n
    \n\t\t\t\t[Investment Committee] : develops\u00a0investment strategy, confirms the Investment Universe(IU) \/ Model Portfolio(MP)
    \n\t\t\t\t[Risk&Compliance Management Committee] : checks Compliance rules, Risk management
    \n\t\t\t\t[In-house Sector Managers] : configure the Investment Universe(IU), build out Model Portfolio(MP) => SECTOR FUND
    \n\t\t\t\t[MODEL PORTFOLIO] : adjusts the weights of sectors
    \n\t\t\t\t[Equity Management Part] : manages the actual portfolio(AP) based in MP => Manages a fund by its style\n\t\t\t<\/div>\n<\/p><\/div>\n
    \n
    \n
      \n
    • The investment strategy committee develops one model-portfolio based on each managers’ sector portfolio.\u00a0<\/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><\/div>\n<\/p><\/div>\n

      Decision making process<\/em><\/span><\/h4>\n
      \n
      \n
      \n
      \n

      Screen
      the Universe<\/span><\/p>\n<\/dt>\n

      \n
        \n
      • Screen the investment universe(IU) with qualitative and quantitative analyzing.<\/li>\n<\/ul>\n<\/dd>\n<\/dl>\n
        \n
        \n

        Fundamental
        Stock Research
        & Valuation<\/span><\/p>\n<\/dt>\n

        \n
          \n
        • Sector managers’ in-depth research to draw fair value.<\/li>\n<\/ul>\n<\/dd>\n<\/dl>\n
          \n
          \n

          Determine Stock
          Position<\/span><\/p>\n<\/dt>\n

          \n
            \n
          • Our sector managers are responsible for composition of each sector portfolio<\/li>\n<\/ul>\n<\/dd>\n<\/dl>\n
            \n
            \n

            Determine
            Model Portfolio (MP)<\/span><\/p>\n<\/dt>\n

            \n
              \n
            • we try to minimize risks by
              \n\t\t\t\t\t\t\t1. periodic reviewing \/ stress testing of our portfolio.
              \n\t\t\t\t\t\t\t2. applying sell discipline for every sector<\/li>\n<\/ul>\n<\/dd>\n<\/dl>\n
              \n
              \n

              Actual Portfolio (AP)<\/span><\/p>\n<\/dt>\n

              \n
                \n
              • The portfolio managers are responsible for AP with full discretion.\u00a0<\/li>\n<\/ul>\n<\/dd>\n<\/dl><\/div>\n<\/p><\/div>\n<\/p><\/div>\n

                Research Process<\/h3>\n

                Sector manager system<\/em><\/span><\/h4>\n
                Our researchers are called “sector managers” Our responsible investment system is backed by strong research skills
                \nof each sector manager. Sector managers build the model portfolio that can be a key foundation for actual portfolio.<\/div>\n
                \n
                \n
                \n
                \n

                Sectors<\/span><\/p>\n<\/dt>\n

                \n
                  \n
                • Distributed by market weight<\/li>\n<\/ul>\n<\/dd>\n<\/dl>\n
                  \n
                  \n

                  Sector Managers<\/span><\/p>\n<\/dt>\n

                  \n
                    \n
                  • Develop investment ideas by checking the recent issues and financial result, and process it under research process.<\/li>\n<\/ul>\n<\/dd>\n<\/dl>\n
                    \n
                    \n

                    Bottom-up approach
                    Bottom-Up Play<\/span><\/p>\n<\/dt>\n

                    \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<\/dd>\n<\/dl>\n
                      \n
                      \n

                      Model Portfolio<\/span><\/p>\n<\/dt>\n

                      \n
                        \n
                      • Adjusting weights between each sector.<\/li>\n<\/ul>\n<\/dd>\n<\/dl><\/div>\n<\/p><\/div>\n

                        Developing Model Portfolio<\/em><\/span><\/h4>\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.<\/div>\n
                        \n
                        \n
                        \n
                        \n

                        First Selection<\/p>\n

                          \n
                        • Only the stocks that are not (under capital encroachment, reporting more than 3 years of continuous loss, getting\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<\/dt>\n
                          \n\n\n\n\n\t\t\t\t\t\t<\/colgroup>\n\n\n
                          Developing Model Portfolio First Selection<\/caption>\n
                          KOSPI<\/td>\nKOSDAQ<\/td>\n<\/tr>\n
                          MIDAS Stock Universe<\/td>\n<\/tr>\n<\/table>\n<\/dd>\n<\/dl>\n
                          \n
                          \n

                          Sector Fund<\/p>\n

                            \n
                          • We compare our sector manager’s portfolio with sector’s benchmark portfolio in order to minimize risks.<\/li>\n<\/ul>\n<\/dt>\n
                            \n\n\n\n\n\t\t\t\t\t\t<\/colgroup>\n\n\n
                            Developing Model Portfolio Sector Fund<\/caption>\n
                            Sector<\/td>\nFund<\/td>\n<\/tr>\n
                            MIDAS Sector
                            Universe<\/td>\n                            		MIDAS Sector
                            Fund<\/td>\n<\/tr>\n<\/table>\n<\/dd>\n<\/dl>\n
                            \n
                            \n

                            Model portfolio<\/p>\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<\/dt>\n
                              \n\n\n\n
                              Developing Model Portfolio<\/caption>\n
                              Model Portfolio<\/td>\n<\/tr>\n
                              MIDAS Portfolio<\/td>\n<\/tr>\n<\/table>\n<\/dd>\n<\/dl><\/div>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

                              MIDAS ASSET Equity Investment Process Equity Investment Style Manages a fund by its style” \/> [Investment Committee] : develops\u00a0investment strategy, confirms the Investment Universe(IU) \/ Model Portfolio(MP) [Risk&Compliance Management Committee] : checks Compliance rules, Risk management [In-house Sector Managers] : configure the Investment Universe(IU), build out Model Portfolio(MP) => SECTOR FUND [MODEL PORTFOLIO] : adjusts […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":7,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"_links":{"self":[{"href":"https:\/\/midasasset.com\/eng\/wp-json\/wp\/v2\/pages\/25"}],"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=25"}],"version-history":[{"count":15,"href":"https:\/\/midasasset.com\/eng\/wp-json\/wp\/v2\/pages\/25\/revisions"}],"predecessor-version":[{"id":216,"href":"https:\/\/midasasset.com\/eng\/wp-json\/wp\/v2\/pages\/25\/revisions\/216"}],"up":[{"embeddable":true,"href":"https:\/\/midasasset.com\/eng\/wp-json\/wp\/v2\/pages\/7"}],"wp:attachment":[{"href":"https:\/\/midasasset.com\/eng\/wp-json\/wp\/v2\/media?parent=25"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}