Korea Investment CORP recently filed their 13F report for the fourth quarter of 2022, which ended on 2022-12-31.
The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.
Korea Investment Corp is a sovereign wealth fund of the government of Korea. The corporation was formed out of the KID Act and was launched with a “view to enhance sovereign wealth and contribute to the development of the domestic financial industry,” managing assets of the government and Bank of Korea as well as other public funds defined by the National Finance Act. The corporation would begin launching a variety of investment strategies beginning in 2006 and would separate its strategies into alpha and beta classes by 2009. As Korea Investment Corp grew, it would also add functionality, forming a special investment team in 2010 and beginning its international expansion in 2010 with an office in New York and, subsequently, an office in London in 2011. The company would also launch its global equity investment, in house global fixed income investment, and alternative investment teams during this time. By 2013, the company would surpass $70 billion in total assets under management. The company currently holds over $85 billion in assets under management. Korea Investment Corp originally focused on traditional asset classes, but broadened its investments as it grew to include inflation linked bonds, commodities, hedge funds, special investments, real estate, and emerging markets. Its strategic asset allocations are deliberated by the Steering Committee, and Korea Investment Corp pursues benchmark returns by diversifying investments in various currencies and countries and pursues excess returns through advice management with appropriate levels of risk, respectively beta and alpha. For its traditional assets, Korea Investment Corp rebalances its portfolio at set times to maintain policy weightings and utilize the ex-ante tracking error from active investing compared to the benchmark, adjusting accordingly so that exposures will fall within the set ranges. The company invests most heavily in the financial sector, which alone makes up over a third of its holdings on the NYSE, and also invests in the technology, services, and health care sectors, among others to a lesser degree.
As of the latest 13F report, the guru’s equity portfolio contained 751 stocks valued at a total of $31.83Bil. The top holdings were AAPL(5.55%), MSFT(4.82%), and AMZN(2.10%).
According to GuruFocus data, these were Korea Investment CORP’s top five trades of the quarter.
Apple Inc
Korea Investment CORP reduced their investment in NAS:AAPL by 1,468,594 shares. The trade had a 0.63% impact on the equity portfolio. During the quarter, the stock traded for an average price of $142.91.
On 02/15/2023, Apple Inc traded for a price of $153.2 per share and a market cap of $2,423.92Bil. The stock has returned -8.74% over the past year.
GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 10 out of 10.
In terms of valuation, Apple Inc has a price-earnings ratio of 26.01, a price-book ratio of 42.79, a price-earnings-to-growth (PEG) ratio of 1.49, a EV-to-Ebitda ratio of 19.48 and a price-sales ratio of 6.35.
The price-to-GF Value ratio is 0.90, earning the stock a GF Value rank of 7.
Microsoft Corp
Korea Investment CORP reduced their investment in NAS:MSFT by 660,440 shares. The trade had a 0.47% impact on the equity portfolio. During the quarter, the stock traded for an average price of $239.99.
On 02/15/2023, Microsoft Corp traded for a price of $272.17 per share and a market cap of $2,025.98Bil. The stock has returned -6.88% over the past year.
GuruFocus gives the company a financial strength rating of 8 out of 10 and a profitability rating of 10 out of 10.
In terms of valuation, Microsoft Corp has a price-earnings ratio of 30.24, a price-book ratio of 11.07, a price-earnings-to-growth (PEG) ratio of 1.47, a EV-to-Ebitda ratio of 20.05 and a price-sales ratio of 10.00.
The price-to-GF Value ratio is 0.87, earning the stock a GF Value rank of 9.
IHS Holding Ltd
The guru established a new position worth 21,666,802 shares in NYSE:IHS, giving the stock a 0.42% weight in the equity portfolio. Shares traded for an average price of $6.23 during the quarter.
On 02/15/2023, IHS Holding Ltd traded for a price of $7.46 per share and a market cap of $2.47Bil. The stock has returned -38.85% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 4 out of 10.
In terms of valuation, IHS Holding Ltd has a price-book ratio of 1.94, a EV-to-Ebitda ratio of 14.52 and a price-sales ratio of 1.32.
Amazon.com Inc
Korea Investment CORP reduced their investment in NAS:AMZN by 1,116,717 shares. The trade had a 0.39% impact on the equity portfolio. During the quarter, the stock traded for an average price of $98.78.
On 02/15/2023, Amazon.com Inc traded for a price of $99.7 per share and a market cap of $1,021.65Bil. The stock has returned -35.75% over the past year.
GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Amazon.com Inc has a price-book ratio of 6.96, a EV-to-Ebitda ratio of 28.42 and a price-sales ratio of 1.93.
The price-to-GF Value ratio is 0.50, earning the stock a GF Value rank of 4.
The Walt Disney Co
Korea Investment CORP reduced their investment in NYSE:DIS by 816,508 shares. The trade had a 0.23% impact on the equity portfolio. During the quarter, the stock traded for an average price of $95.65000000000001.
On 02/15/2023, The Walt Disney Co traded for a price of $107.66 per share and a market cap of $196.67Bil. The stock has returned -28.63% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, The Walt Disney Co has a price-earnings ratio of 59.15, a price-book ratio of 1.99, a EV-to-Ebitda ratio of 19.36 and a price-sales ratio of 2.36.
The price-to-GF Value ratio is 0.69, earning the stock a GF Value rank of 10.
Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.
When GuruFocus covers insider information, we only track open market or the private purchase and sale of common stock with the transaction code of P or S. Therefore, all the transactions mentioned in this article are only the ones with transaction code of P or S.
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