◆Aju Economy Major News
▷High-risk funds outperform low-risk counterparts in long-term returns
- Funds with higher risk levels yielded greater long-term returns, with a five-year return of 141.78% for those rated 'very high,' nearly ten times that of 'low' rated funds at 14.81%.
- The five-year returns were 141.78% for 'very high,' 133.90% for 'high,' and 61.16% for 'somewhat high,' indicating that higher risk generally correlates with better performance.
- In three-year returns, 'very high' rated funds achieved 185.94%, while 'high' rated funds reached 151.05%, significantly outperforming low-risk funds.
- However, short-term returns showed considerable volatility. The 'very high' category had a one-month return of 21.16%, but a sharp decline of -21.31% over three months.
- Conversely, 'low' rated funds exhibited smaller fluctuations in short-term returns, suggesting that investors seeking higher returns must also accept the potential for significant losses, necessitating careful consideration of investment duration and risk tolerance.
◆Major Reports
▷知 - How to Respond to the Strengthening Won [Yuanta Securities]
- From September 4 to 10, the KOSPI and KOSDAQ rose by 6.9% and 5.9%, respectively, driven by renewed expectations for AI demand, particularly in the semiconductor sector, which led to upward revisions in KOSPI earnings estimates.
- Despite concerns over the impact of the recent sharp drop in the won-dollar exchange rate on export companies' performance, historical instances of a strong won have generally seen improvements in KOSPI and 12-month forward EPS, indicating that economic conditions and supply-demand dynamics are more critical to stock prices than the exchange rate itself.
- However, unlike past periods of a strong won, foreign investors have sold off more than 17 trillion won since July, and domestic institutions and individuals have not sufficiently absorbed this selling pressure, leading to weaker supply-demand conditions.
- Therefore, rather than solely attributing potential profit losses for export companies to a strong won, it is essential to monitor changes in export volumes, sales prices, and earnings estimates, particularly as rising memory prices and increased AI demand in the semiconductor sector may offset exchange rate pressures.
- Strategically, a favorable outlook on semiconductors and large-cap KOSPI stocks is maintained, while short-term market volatility is expected to hinge on next week's FOMC meeting and whether U.S. 10-year Treasury yields surpass 5%.
◆Key Corporate Announcements After Market Close (September 10)
▷Samsung E&C signs a single sales and supply contract
▷Doosan Tesna designated as a short-selling overheated stock (short-selling ban applied)
▷TCK designated as a short-selling overheated stock (short-selling ban applied)
▷Rino Industrial designated as a short-selling overheated stock (short-selling ban applied)
▷ISC designated as a short-selling overheated stock (short-selling ban applied)
◆Fund Trends (as of September 9, excluding ETFs)
▷Domestic equity funds: -156.7 billion won
▷Overseas equity funds: +288.2 billion won
◆Key Schedule for Today (September 11)
▷United Kingdom: Industrial Production (July)
▷United States: Consumer Price Index (August), Consumer Sentiment Index (September)
* This article has been translated by AI.
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