In today’s briefing:
- NPS Announces New Local SMID Fund Managers: Could Impact March KOSPI Size Index Migration Event
- Block Deal Sale of 1.7 Trillion Won Worth of Samsung Electronics
NPS Announces New Local SMID Fund Managers: Could Impact March KOSPI Size Index Migration Event
- NPS’s new SMID mandates use a benchmark, an 80/20 mix of the KOSPI Mid+Small Cap (Size Index) and KOSDAQ150, with ~₩500bn total, implying roughly a 20% step-up in mid/small-cap exposure.
- March KOSPI large→mid-cap migration could trigger significant passive flows, unlike last September when policy rallies and APR index noise distorted flow–price impact correlation.
- NPS compressed its SMID trading window near the effective date, hinting at tighter rebalancing; with ~20% mid-cap exposure bump in March, this could create a notable price impact trade.
Block Deal Sale of 1.7 Trillion Won Worth of Samsung Electronics
- It was reported that Hong Ra-hee, Lee Boo-jin, and Lee Seo-hyun will be selling a combined 1.7 trillion won worth of Samsung Electronics to pay for inheritance taxes.
- This stake sale by the Lee family will represent 0.3% of Samsung Electronics outstanding shares.
- Samsung Electronics still trade at low multiples and its valuations remain attractive. Its recent strategic partnership with OpenAI regarding the Stargate project also remain a major positive catalyst.
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