Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>ETF rebalancing's key, but still too early to front-run — both use FnGuide screens based on FY1 DPS and prices from 20 days before November-end.</li>
<li>Beyond the rebalance noise, ADR-local spreads have been widening — KB hit +6%, Shinhan’s also drifting. Likely tied to the recent liquidity surge in dividend names.</li>
<li>ADR arb’s more doable with NXT tightening slippage. With proper FX hedging, it’s a clean side play riding the policy-driven liquidity wave.</li>
</ul>


ETF rebalancing's key, but still too early to front-run — both use FnGuide screens based on FY1 DPS and prices from 20 days before November-end.
Beyond the rebalance noise, ADR-local spreads have been widening — KB hit +6%, Shinhan’s also drifting. Likely tied to the recent liquidity surge in dividend names.
ADR arb’s more doable with NXT tightening slippage. With proper FX hedging, it’s a clean side play riding the policy-driven liquidity wave.


ADR Arb on Korean Divvy Names: A Side Play Riding the Policy-Driven Liquidity Wave

KB Financial

ADR Arb on Korean Divvy Names: A Side Play Riding the Policy-Driven Liquidity Wave