Key Investment Themes & Strategies of NH-Amundi asset Management: A Summary
This article details the investment strategy of NH-Amundi Asset Management,focusing on capitalizing on structural growth opportunities in Korea. Here’s a breakdown of the key takeaways:
1.Core Investment Themes (The “Big Transformations”):
* DX (digital Conversion): Focusing on AI semiconductors (specifically HBM, AI semiconductor packaging, and MLB for high-performance servers).
* CX (Capital Market Transformation): Benefiting from policies aimed at increasing corporate value, shareholder rights, and dividends – notably large conglomerate holding companies and affiliates.
* GX (Green Transformation): Investing in the entire energy value chain including nuclear power, new & renewable energy (solar), ESS (Energy Storage Systems), and related power infrastructure (transformers, circuit breakers, AI software platforms).
2. Other Key Growth Sectors:
* Defense Industry: Driven by increased global geopolitical risks and strong export contracts for Korean defense products (K9, K2, Redback).
* Shipbuilding: Benefiting from increased demand for LNG carriers, expanding maritime cargo, and warship construction. Korean shipbuilders are leaders in this space.
3. Investment Strategy: “Selection & Concentration”
* Not broad diversification: Rather of simply investing in growth industries, they focus on identifying and investing in the best companies within each industry.
* Competitive Landscape Analysis: This is achieved through close collaboration between management and research teams,employing a team-based active operation method.
* Global Competitiveness & Growth Potential: They prioritize companies with strong global competitiveness and future growth prospects.
4. Government Policies as a Catalyst:
* The new government’s deregulation and infrastructure expansion policies are seen as positive for Korean corporate growth and the global supply chain.
In essence, NH-Amundi Asset Management is taking a focused, bottom-up approach to investing in Korean industries poised for long-term growth, driven by global trends and supportive government policies. They are not just betting on the sectors but on the leading companies within those sectors.
