Korea Investment & Securities Co. and Mirae Asset Securities released the first-quarter performance of IMA (integrated managed account) No. 1. Since the product launch, the cumulative return was 1.04% for Korea Investment & Securities Co. and 0.35% for Mirae Asset Securities. Investors' attention centered on the early race results and on IMA investment destinations.
Within Korea Investment & Securities Co.'s IMA, the largest allocation is to L's contingent convertible bond, with 250 billion won (22.17%) invested. It also invested 151.6 billion won (13.45%) in acquisition finance for J.
Investments related to overseas private credit, which recently faced redemption suspensions in the United States, also stand out. Korea Investment & Securities Co. invested 58.5 billion won each in Goldman Sachs, Blue Owl, and Apollo private credit last December, totaling 175.5 billion won. That amounts to about 15.57% of total assets under management. It also invested in overseas assets including the Ares Europe Strategic Income Fund (51.6 billion won).
Mirae Asset Securities invested about 19.9 billion won in LG Energy Solution bonds. Mirae Asset said, "It is composed of bonds, corporate loans, convertible bonds, and unlisted shares (RCPS), and the strategy aimed for a structure with a focus on interest-bearing assets capable of securing stable carry revenue in the course of management, alongside some mezzanine and unlisted alpha assets."
It invested about 5 billion won in RCPS issued by F, an AI Semiconductor corporation developing domestic artificial intelligence (AI) inference accelerators (NPU); about 6.8 billion won in accounts receivable asset-backed lending (ABL) for W, an Edtech corporation; about 10 billion won in a private bond from Yanolja; and about 9.8 billion won in mezzanine (CB) of J, a fabless KOSDAQ-listed company.