Mirae Asset Securities' comprehensive investment account (IMA) Product No.1, launched late last year, recorded an 11.85% return as of the end of Q2. The performance reflects a 30% fee on returns exceeding the 4% benchmark, with the pre-fee return since inception reaching 16.09%. The product's portfolio allocates approximately 70% to corporate finance assets and bonds yielding between 3% and 6%+, approximately 10% to semiconductor-related convertible bonds, and 8.5% to unlisted AI semiconductor companies' redeemable convertible preferred shares (RCPS), combining stable interest income with growth opportunities. IMA products are performance-based investment vehicles where securities firms directly manage client funds and distribute returns based on results, with principal repayment obligations backed by the firm's credit.
Mirae Asset IMA No.1 Records 11.85% Q2 Return After Performance Fees
According to Mirae Asset on the 6th, Mirae Asset IMA No.1 achieved an 11.85% return as of the end of Q2. Recent performance shows 1.27% over one month and 11.48% over three months, with a cumulative return since inception of 11.88%. These figures reflect a 30% performance fee charged on returns exceeding the 4% benchmark. The pre-fee operational return since inception stands at 16.09%.
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Mirae Asset Securities [Provided by Mirae Asset Securities. Resale and DB prohibited]
Portfolio Allocates 70% to Corporate Finance Assets and Bonds
Mirae Asset IMA No.1 invests approximately 70% of total assets in corporate finance assets—including corporate loans and acquisition financing—and bonds. The embedded asset yields range from the high 3% to mid-6% range, creating a structure where interest income flows in at a consistent level regardless of market rate fluctuations.
The remaining assets pursue additional alpha. A representative investment destination is semiconductor-related convertible bonds (CB), accounting for approximately 10% of total assets in mezzanine investments. The structure is designed to generate valuation gains as investee company stock prices rise.
The product also executed preemptive investments in unlisted innovative companies. It allocated 5% and 3.5% of total assets respectively to RCPS of two domestic AI semiconductor design companies developing neural processing units (NPU). Current returns do not yet reflect the increased corporate value of these companies, with additional returns possible during future investment recovery processes.
Mirae Asset Maintains Fund Size at Approximately 100 Billion Won Per募集
Mirae Asset maintains募集 size at approximately 100 billion won each time it募集s IMA products—a relatively small scale for a major securities firm's investment product. The firm views that when managed assets exceed a certain level, the range of investable assets becomes limited and problems arise from having to include large-scale transactions with lower profitability.
This approach maintains the principle of operating IMA not as a simple fundraising vehicle but as an investment product centered on customer returns.
Park Nam-young, head of Mirae Asset's IMA division, stated: "Securing stable interest income through corporate finance assets and bonds while discovering additional return opportunities through mezzanine and unlisted AI semiconductor innovative company investments led to results. Going forward, we will not unreasonably increase operational scale, and will operate with customer returns as the top priority based on thorough risk management and selective investment principles."
Mirae Asset launched IMA No.1 in December last year, followed by No.2 early this year and No.3 in May.
FAQ
What return did Mirae Asset IMA No.1 achieve as of Q2-end?
Mirae Asset IMA No.1 recorded an 11.85% return as of the end of Q2, after applying a 30% performance fee on returns exceeding the 4% benchmark. The pre-fee operational return since inception reached 16.09%.
How does Mirae Asset IMA No.1 allocate its portfolio?
The product invests approximately 70% of total assets in corporate finance assets and bonds with yields ranging from the high 3% to mid-6% range. Approximately 10% is allocated to semiconductor-related convertible bonds, and 8.5% to RCPS of two unlisted AI semiconductor design companies developing neural processing units.
