00:027 out of 10 active ETFs in Korea are trailing their benchmarks this month.
00:10Semiconductor equipment plays are up as much as 29%.
00:13The pension retail investors who chased CHIP ETFs in May and June, they're sitting on losses past 20%.
00:22And JP Morgan's strategist just named the one risk he's watching above everything else heading into year-end.
00:28It's Monday, July 20th. Here's what investors are watching in Korea today.
00:35Korea's semiconductor sector saw sharp rotational moves in July,
00:39with Samsung Electronics and SK Hynix pulling back from recent highs
00:44and redirecting capital into upstream equipment and materials names.
00:49Retail and pension investors who entered semiconductor ETFs in May and June
00:54are facing significant unrealized losses as major benchmark products have declined steeply from their March peaks.
01:02Against this backdrop, active ETF managers have broadly failed to cushion the drawdown.
01:09Seven of 10 products are underperforming their respective benchmarks this month.
01:13Here's what the numbers show.
01:16Hanado Semiconductor Core Process ETF gained 27.3% in July, leading a cohort of equipment and materials ETFs,
01:25posting gains of 24% to 29% as institutional flows rotated away from large-cap CHIP names.
01:34S.O.L. Semiconductor Top 10 Plus fell 26% from its March peak.
01:41Tiger Semiconductor Top 10 dropped 23.7% and Codex Semiconductor declined 7.1% over the same period.
01:51Seven of 10 domestic active ETFs underperformed benchmarks in July.
01:58Trustin, shareholder value active, returned negative 12.5%, trailing Kospi 200 by 8.7 percentage points.
02:08Midas, small and mid-cap fell 12.9% this month, dragged down by concentrated positions in Samsung Electronics and
02:17SK Hynix.
02:18The top-performing active fund cut its Samsung weighting from 19.4% to 18.0% and reduced SK
02:27Hynix from 15.2% to 13.0%,
02:32rotating into financial sector names, outperforming Kospi by 8.8 percentage points.
02:39J.P. Morgan strategist David Leibovitz named re-inflation as the single biggest market risk through year-end,
02:47calling for multi-asset portfolio construction as volatility is expected to persist.
02:53So, what does this mean for investors watching the Korean market?
02:57Earlier, we said 7 out of 10 active ETFs are underperforming.
03:03Here's what that actually means for you.
03:05In this environment, factor exposure is driving returns, not manager skill.
03:11The rotation from large-cap chips into equipment and materials names is institutional money repositioning within the semiconductor cycle, not
03:21an exit from the sector.
03:23Watch three things this week.
03:25Samsung Electronics and SK Hynix price direction, July active ETF performance rankings from domestic brokerages, and U.S. and Korean
03:36inflation data in late July, the precise re-inflation signal J.P. Morgan flagged as the top trigger.
03:43That's today's AI Prism Securities Daily.
03:48This episode was produced with AI assistance based on sole economic daily reporting and reviewed by a human editor.
03:56AI Prism is a Juan Ifra award-winning series.
04:00We'll be back tomorrow.
04:01We'll be back tomorrow.
04:04We'll be back tomorrow.
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