BANK OF KOREA

BANK OF KOREA is a wealth-management firm allocating client money, running a $4.13B US long book across 3 positions.

The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: VANGUARD S&P 500 ETF, ISHARES CORE S&P 500 ETF, ISHARES CORE MSCI DEV MKTS.

Over the last 5 quarters its long book ran on average 2.1pp per quarter behind the S&P 500, beating the index in 2 of 5 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.