Petra Asset Management disclosed on the 2nd that it holds 5.09% equity in the private equity fund (PEF) manager STIC Investments.
Having held shares from before, it surpassed the 5% equity threshold through on-exchange purchases on the 29th of last month, triggering a reporting obligation. It specified the purpose of the holding as "simple investment." On the day, STIC Investments closed at 10,500 won, down 1.50% from the previous session.
STIC Investments is a PEF manager listed on the Korea Exchange's main board. Including founder Chair Do Yong-hwan (13.46%), the largest shareholders' equity stake is 19.04%. Treasury shares account for 13.52%.
Recently, institutional investors have judged STIC Investments' share price to be undervalued and have continued to buy equity. U.S.-based fund Millie Capital increased its stake to 13.32%, and Korea-based activist fund Align Partners also secured 6.64% equity in March.
Founded in 2009, Petra Asset Management's main strategy is value investing based on corporate fundamentals and financial analysis. As of June this year, assets under management (AUM) were reported at about $747.6 million (1.01 trillion won).