Bloomberg South Korean hedge fund Billionfold Asset Management Inc. said this week it started buying Samsung Electronics Co. on the view that the stock's plunge of almost 40% from a record high is coming to an end.
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An Hyungjin, the chief executive of the 170 billion won $130 million fund, said in an interview in Seoul on Wednesday that excessive selling has made Samsung shares attractive. An said that we are nearing the bottom.
Billionfold also added NCSoft Corp. this week on expectation that its four new titles in the pipeline for next year will improve the company's outlook, according to An. The game developer is down 65% from its 2021 peak after the flop of a new title spurred earnings concerns.
The fund posted a loss of 1% during the first six months of the year, outperforming Kospi's 22% slide and Kosdaq's 27% slump.
In the first half of the year, heavy selling by foreign investors caused the Kospi rout, during which their holdings of Samsung Electronics dropped to a six-year low.
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