Kb star 2019.03 factsheet

1. Key Information | 31 March 2019
KB Star Funds – KB Value Focus Korea Equity Fund Reporting Currency: USD
Share Class: X ACC USD
Fund Summary
Investment Philosophy
% 1M 3M 6M YTD 1Y 2Y Incep
1.87 8.57 0.43 8.57 -6.49 6.73 4.87
-3.39 3.10 -10.72 3.10 -17.81 -1.19 3.66
5.26 5.48 11.15 5.48 11.32 7.92 1.21
Source: Morningstar, Data as of 31 March 2019
Fund Facts Cumulative Growth Since Inception
ISIN/BB ticker LU1361298729
Primary Benchmark KOSPI
Domicile Luxembourg
Base Currency USD
Fund Legal Structure UCITS SICAV
Fund Size USD 59.87 mil
Inception Date
Manager Name Woongpil Choi
Portfolio Statistics
Portfolio PER 10.90
Portfolio PBR 1.16
Turnover Ratio (1Y) 54.03
Standard Deviation (%) 10.10 * KB Value Focus Korea Equity Fund has been managed by the same manager since inception
Beta (1Y) 0.81 Source: Morningstar, Data as of 31 March 2019
Sharpe Ratio (1Y) -0.36
Information Ratio (1Y) 1.10
Source: KB StarM, Statpro Data as of
31 March 2019
*Uses Trailing Basis
• Focusing on stock selection, not on
forecasting market outlook
Fund Performance over Benchmark
KB Star Fund is managed with the
identical investment strategy and the
portfolio manager as South Korea-
domiciled KB Value Focus Fund
• Focusing mainly on value stocks,
emphasizing earnings value as well
• While maintaining a long-term
perspective, engaging in active trading
upon significant price changes
• Investing in stocks with upside
potential rather than blindly following
the benchmark index
Morningstar Category EAA OE Korea Equity
2016-06-21
Name
Cumulative
Return (%)
※ Performance data quoted represents past performance and is no guarantee of future results.
Current performance may differ from figures shown.
The fund offers other share classes subject to different fees and expenses, which will affect their
performance; thus, actual returns may differ.
Initial Ending Value
KB STAR 14.10 4.87 10,000.00 11,410.16
Annualized
Return (%)
KOSPI 10.50 3.66 10,000.00 11,050.00
KB Star
KOSPI
Diff
5.26 5.48
11.15
5.48
11.32
7.92
1.21
-20 %
-15 %
-10 %
-5 %
0 %
5 %
10 %
15 %
1M 3M 6M YTD 1Y 2Y Inception
KB Star KOSPI USD Diff
-20 %
-10 %
0 %
10 %
20 %
30 %
40 %
50 %
2016-06
2016-07
2016-08
2016-09
2016-10
2016-11
2016-12
2017-01
2017-02
2017-03
2017-04
2017-05
2017-06
2017-07
2017-08
2017-09
2017-10
2017-11
2017-12
2018-01
2018-02
2018-03
2018-04
2018-05
2018-06
2018-07
2018-08
2018-09
2018-10
2018-11
2018-12
2019-01
2019-02
2019-03
KB STAR KOSPI
INTERNAL USE ONLY

2. Key Information | 31 March 2019
Breakdown by Cap Size Bottom-up Performance Attribution Decomposition
Source: KB StarM, Data as of 28 February 2019
Top 10 Holdings %
Portfolio BM Source: Statpro, 01 March 2018 ~ 28 February 2019
HANSOL CHEMICAL CO. LTD. 6.81 0.06 Bottom-up Stock Picking Effect Decomposition
KOREA ZINC 6.64 0.55
SK HOLDINGS CO. LTD 6.55 1.32
Y G 1 COMPANY 6.45 0.00
FILA KOREA LTD 6.19 0.16
SOUTH KOREAN WON 5.41 0.00
COM2US CORPORATION 4.57 0.00
MERITZ FIRE & MARINE INS CO 2.99 0.16
DOOSAN BOBCAT INC 2.95 0.23
DONG - A PHARMTECH CO LTD 2.43 0.00
Sector Allocation % Source: Statpro, 01 March 2018 ~ 28 February 2019
Portfolio BM Fund Contribution by Sector
Materials 25.24 9.10
Industrials 18.51 13.95
Consumer Discretionary 15.25 11.70
Consumer Staples 9.28 11.74
Health Care 8.95 0.00
Financials 6.16 6.97
Information Technology 5.41 6.07
Telecommunication Services 4.36 27.96
Utilities 3.65 7.84
Real Estate 3.20 0.18
Cash 0.00 1.92
Unclassified 0.00 0.13
Source: KB StarM, Data as of 28 February 2019
Source: Statpro, 01 March 2018 ~ 28 February 2019
Important Information
22.43
Weight (%) KOSPI KOSDAQ
Large Cap 25.45 0.00
※ Prior to investing in the Fund, an investor should read and understand the prospectus in full. The past performance of the
collective investment scheme does not guarantee a return on investment for the future. Changes in the rates of exchange
between currencies may cause the value of investment to fluctuate or result in loss of principal. There is a risk of loss of the
invested principal in the collective investment scheme depending upon the result of its management and that such loss shall be
imputed to investors. The portfolio information is shown for illustrative purposes only. The inclusion of the securities mentioned
above is not to be interpreted as solicitations or recommendations to buy or sell. It is subject to be changed without notice.
Stock
GICS Sector
Middle Cap 27.34 9.72
Small Cap 15.07 Stock Timing and Trading Effect
Stock Picking Effect
0.60 %
-0.40 %
9.90 %
0.45 %
-2 % 0 % 2 % 4 % 6 % 8 % 10 % 12 %
Stock Exclusion Effect
Underweight Stock Effect
Overweight Stock Effect
Stock Addition Effect
10.55 %
-0.39 %
10.94 %
-2 % 0 % 2 % 4 % 6 % 8 % 10 % 12 %
Stock Picking Effect
Stock Timing and Trading Effect
Stock Allocation Effect
5.16 %
0.16 %
0.00 %
0.00 %
0.00 %
-0.11 %
-0.12 %
-0.13 %
-0.40 %
-0.73 %
-2.03 %
-7.94 %
-15 % -5 % 5 % 15 %
Consumer Discretionary
Information Technology
Unclassified
Utilities
Cash
Energy
Financials
Real Estate
Consumer Staples
Materials
Telecommunication Services
Industrials
KBVF
Benchmark

3. Key Information | 31 March 2019
BEST Additions BEST Exclusions
BEST Overweighed Securities WORST Overweighed Securities
Source: Statpro, 01 March 2018 ~ 28 February 2019
Monthly Fund Commentary Contact Information
KB Asset Management
Global Investment Division
Global Business Team
kbgm@kbfg.com
Jaesub, Lee
E-Mail:
jaesub.lee@kbfg.com
Tel: +82-2-2167-8736
Seunghwan, Lim
E-mail:
seunghwan.lim@kbfg.com
Tel: +82-2-2167-8204
Outlook
The global economy cannot continue its rebound as it did last year, as it was a reference to the reversal of the long-term interest
rate. The U.S., which has been leading the global economy, has also seen some fallout from the prolonged U.S.-China trade
dispute, which has led to a series of premature predictions about the market, as concerns over a possible recession spread and
expectations of a rate cut. In fact, despite growing expectations for liquidity supply, it is not expected to repeat the upward trend
in market capitalization. Rather, it is expected that as 1Q earnings is announced, companies that post steady corporate profits
even during the unsteady global economic situation will show significant performance deviations from those that do not.
As global economic conditions do not seem to be able to rebound rapidly in the short term, we plan to evaluate corporate values
under more conservative assumptions and build and operate the portfolio by focusing on stocks with large gaps in corporate value
and stock price. In addition, we will actively consider expanding the weight of the stocks related to the stewardship code and
shareholder return.
Companies' annual reports for 2018 were released, resulting in large gaps in
earnings among stocks. In addition, while Samsung Electronics has expressed
concerns about its performance with a rare public disclosure, the market shock of
the semiconductor sector has been reflected as its profit estimate has been
lowered. On top of that, global markets have seen both economic recession
concerns and another liquidity supply expectation as a result of the U.S. mention
of a possible reversal of its short- and long-term interest rate schedule. Also,
companies` shareholders` meeting highlighted the importance of the stewardship
code, with Chairman Cho Yang-ho stepping down as chairman of Korean Air.
The fund rose 1.87% over the month and out formed KOSPI by 5.26% as KOSPI
fell -3.39%. Fila Korea, which recorded positive performance, contributed greatly
to the increase, and Meritz Financial Group and Meritz Fire & Marine Insurance
contributed to the increase. On the other hand, Com2us and Hansol Chemical
contributed to the decline.
41F, Three IFC 10,
Gukjegeumyung-ro,
Yeongdeungpo-Gu, Seoul 07326,
Korea
2.07 %
1.32 %
0.74 %
0.23 %
0.16 %
0 0.5 1 1.5 2 2.5
DONG - A PHARMTECH CO LTD
SBI FINTECH SOLUTIONS CO.…
SEOUL AUCTION CO LTD
DAIBECK ADVANCED MATERIALS
HAANSOFT INC.
0.84 %
0.35 %
0.34 %
0.26 %
0.25 %
0 0.2 0.4 0.6 0.8 1
ORCHEM CO LTD
KB FINANCIAL GROUP INC.
POSCO
SAMSUNG LIFE INSURANCE CO
HYUNDAI MOTOR CO
5.54 %
2.05 %
0.62 %
0.57 %
0.55 %
-2 0 2 4 6
FILA KOREA LTD
HANSOL CHEMICAL CO. LTD.
SK HOLDINGS CO. LTD
DOOSAN BOBCAT INC
MERITZ FIRE & MARINE INS… -1.88 %
-0.71 %
-0.44 %
-0.42 %
-0.40 %
-2 -1.5 -1 -0.5 0
HYOSUNG CORP
WOONGJIN THINKBIG CO LTD (NEW)
HANKOOK TIRE CO LTD (NEW)
HYOSUNG ADVANCED MATERIALS…
HYUNDAI DEVELOPMENT COMPANY
% %
% %