Korea Investment Value Asset Management

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Korea Value 10-Year Investment Fund (Equity)

63

2021-10-18 ~ 2022-01-17

Fund Manager Quarterly Letter

In 4Q21 (from October 18, 2021 to January 17, 2022), the Korea Value 10-Year Investment Fund (Equity; Class C)(the “Fund”) posted a quarterly return of +0.99%, outperforming BM by 3.08%p (BM return: -2.09%).
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62

2021-07-18 ~ 2021-10-17

Fund Manager Quarterly Letter

In the third quarter (July 18, 2021 through October 17, 2021), the Korea Value 10-Year Investment Fund (Equity; Class C)(the “Fund”) posted a quarterly return of -2.08%, outperforming BM by 6.99% (BM return: -8.62%).
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61

2021-04-18 ~ 2021-07-17

Fund Manager Quarterly Letter

We are pleased to report that in 2Q21, or over the period from April 18, 2020 to July 17, 2021, the Korea Value 10-Year Investment Fund (Class C) (the “Fund”) posted a quarterly return of +4.86%, outperforming BM by 0.53%p.
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60

2021-01-18 ~ 2021-04-17

Fund Manager Quarterly Letter

In the first quarter from January 18, 2021 to April 17, 2022, the Korea Value 10-Year Investment Fund (Equity; Class C)(the “Fund”) generated a quarterly return of +14.26%, outperforming BM by 11.62% (BM return: 2.64%).
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59

2020-10-18 ~ 2021-01-17

Fund Manager Quarterly Letter

Dear Investors, Over the past three months (October 18, 2020 through January 17, 2021), the Korea Value 10-Year Investment Equity Fund Class C (the “Fund”) generated a quarterly return of +23.19%, underperforming BM (BM return: +30.95%).
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58

2020-07-18 ~ 2020-10-17

CEO Quarterly Letter

Dear Investors, At present, market volatility shows no signs of abating, even though the persistent COVID-19 shock seems to have started weakening. For the past three months (July 18, 2020 through October 17, 2020, or 3Q20), the Korea Value 10-Year Investment Equity Fund (the “Fund”) posted a quarterly return of -1.47%, considerably underperforming BM (BM return: +6.29%).
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57

2020-04-18 ~ 2020-07-17

CEO Quarterly Letter

Dear Investors, Throughout the second quarter, we witnessed the market display extreme volatility amid a persistent COVID-19 pandemic. Over the period from April 18 through July 17, the Korea Value 10-Year Investment Fund (Equity)(the “Fund”) delivered a quarterly return of +10.93%, slightly underperforming BM (quarterly return: +12.91%).
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56

2020-01-18 ~ 2020-04-17

CEO Quarterly Letter

Dear Investors, Hit hard by the Covid-19 outbreak, the stock market displayed extreme fluctuations in 1Q20. Over the period from January 18, 2020 to April 17, 2020, the Korea Value 10-Year Investment Fund (Equity) (the “Fund”) generated a negative return of -14.47%, coming in line with BM (return: -14.22%).
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55

2019-10-18 ~ 2020-01-17

CIO Quarterly Letter

Dear Investors, We are very sorry to get back to you with lower-than-expected investment returns. Looking back at 4Q19 (October 18, 2019~January 17, 2020), to our disappointment, the Korea Value 10-Year Investment Fund (Equity) generated a quarterly return of -0.65%, underperforming BM by as much as 9.72%p. The fact that the Fund posted an absolute negative return—in contrast to BM’s absolute positive return—requires us to have a deep thought over how we could have done better in 4Q19.
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54

2019-07-18 ~ 2019-10-17

CIO Quarterly Letter

Dear Investors, Wrapping up 3Q19 (July 18, 2019 through October 17, 2019), the Korea Value 10-Year Investment Fund (Equity)(the “Fund”) recorded a return of -7.13%, underperforming BM by as much as 8.55%p. Such a significant disparity in absolute performance between BM (positive) and the Fund (negative) indicates that it is time for KIVAM to have a deep thought about what went wrong and how to improve the Fund’s performance. As the Fund’s manager, we would like to express our sincere apology for the disappointing performance.
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Korea Value 10-Year Investment Fund (Equity)

In 4Q21 (from October 18, 2021 to January 17, 2022), the Korea Value 10-Year Investment Fund (Equity; Class C)(the “Fund”) posted a quarterly return of +0.99%, outperforming BM by 3.08%p (BM return: -2.09%).

In the third quarter (July 18, 2021 through October 17, 2021), the Korea Value 10-Year Investment Fund (Equity; Class C)(the “Fund”) posted a quarterly return of -2.08%, outperforming BM by 6.99% (BM return: -8.62%).

We are pleased to report that in 2Q21, or over the period from April 18, 2020 to July 17, 2021, the Korea Value 10-Year Investment Fund (Class C) (the “Fund”) posted a quarterly return of +4.86%, outperforming BM by 0.53%p.

In the first quarter from January 18, 2021 to April 17, 2022, the Korea Value 10-Year Investment Fund (Equity; Class C)(the “Fund”) generated a quarterly return of +14.26%, outperforming BM by 11.62% (BM return: 2.64%).

Dear Investors, Over the past three months (October 18, 2020 through January 17, 2021), the Korea Value 10-Year Investment Equity Fund Class C (the “Fund”) generated a quarterly return of +23.19%, underperforming BM (BM return: +30.95%).