Equity fund supporting local parts makers raises W100b

A local equity fund in which President Moon Jae-in invested has amassed more than 100 billion won ($85 million), fund operator NH-Amundi Asset Management said Sunday.

Since its launch in August this year, the NH-Amundi Victorious Korea Equity Fund has logged 6.98 percent in return rate as of Friday.

The fund was designed to invest in local firms that manufacture industrial equipment, components and materials impacted by Japan’s export curbs. Its popularity has grown about two weeks after President Moon invested 50 million won into the fund, showing his support for domestic firms. 

As of end-October, the fund has invested in a total of 61 listed firms, including large-cap stocks -- Samsung Electronics, LG Chem, SK hynix, Hyundai Motor and Samsung SDI -- as well as 43 materials and smaller parts maker stocks, such as Dongjin Semichem.

To further support domestic firms and a higher return rate, it will continue adding firms related to materials, parts and equipment to its list of investments, officials said.

“While considering companies’ competitiveness both at home and abroad, we’ll also reflect their performance and stock prices,” said Bae Young-hoon, CEO of NH-Amundi Asset Management.

NH NongHyup Financial Group Chairman Kim Kwang-soo also vowed efforts to increase the total value of customers’ assets with a stable rate of return.

By Jie Ye-eun (yeeun@heraldcorp.com)