South Korea: From neglect to respect

Presented by

Jacob Mitchell, Chief Investment Officer, Antipodes Partners

About this talk

The Korean market appears cheap with leading franchises such as Samsung Electronics, Hyundai Motor and KB Financial trading at significant discounts to global peers. The narrative is highly reminiscent of Japan during the period of persistent Yen strength from 2010-12 where “macro” generalisations such as government policy stasis and poor corporate governance, etc., drowned out the stock specific discussion. With corporate governance improving and evidence of government engaging with reforms, we believe the market is highly prospective for absolute returns.

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Antipodes Partners is a pragmatic value manager of global and Asian equities (long only and long-short). We aspire to grow client wealth ahead of the broad market over the investment cycle without subjecting capital to undue levels of risk. We take advantage of the market’s tendency for irrational extrapolation around changes in the operating environment, identify great businesses that are not valued as such and build high conviction portfolios.