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[Alpha Biz=(Chicago) Reporter Paul Lee] The National Pension Service reduced its stake in beneficiaries of the opening and betting on defense and semiconductors
As the National Pension Service's "reopening" effect fell short of expectations since COVID-19 in the second quarter, it reduced stakes in related beneficiaries such as hotels, casinos and cosmetics, and significantly increased investment in defense stocks, which are expected to improve their performance due to the war in Ukraine.
It has also been confirmed that global companies have expanded their investment in semiconductor-related stocks as they seek Korean companies to secure semiconductors due to continued conflicts between the U.S. and China.
According to the Financial Supervisory Service (FSS) on the 5th, the National Pension Service adjusted a total of 110 investments out of listed companies' investments in the second quarter (April-June) alone. The change in the portion of the National Pension Service's stock investment is the result of the index's follow-up strategy to contain or reduce more stocks depending on the judgment of individual stocks and the total market capitalization.
In the second quarter, the National Pension Service lowered its stakes in Hotel Shilla (10.67% → 9.42%), Lotte Tourism Development (032350) (6.07% → 5.03%), and Kangwon Land (7.06% → 6.06%) by more than 1%.
The stakes of AmorePacific (7.39% → 6.35%) and LG Household & Health Care (8.03% → 6.99%), the nation's leading cosmetics brand companies, have also been reduced.
Amid the continued worsening economic outlook, the portion of investment in stocks that are expected to see their earnings decline has also been lowered. The National Pension Service lowered its stake in Shinsegae International (031430), an imported fashion and cosmetics distributor, by 2.15 percentage points from 9.23 percent to 7.08 percent. Shinsegae International's operating profit in the first quarter of this year was 10.3 billion won, down 69% from a year ago.
AlphaBIZ 폴 리(hoondork1977@alphabiz.co.kr)
