The Portfolios of the Rich Have Changed... Financial Assets Over Real Estate? H2 Investment Strategy | Song Chiyol, Baek Changyu, Yo Doeun, Ho Jaemu [Morning N Investment]

The Portfolios of the Rich Have Changed…Financial Assets Over Real Estate? H2 Investment Strategy | Song Chiyol, Baek Changyu, Yo Doeun, Ho Jaemu [Morning N Investment]

Watch on YouTube ↗ | August 14, 2026 at 02:25 | 50:06 | 3PRO TV (삼프로TV)

Speakers

Song Chiyol — Department Head, NH Investment & Securities

Baek Chan-gyu — Center Head, NH Investment Securities

Summary

In this episode, NH Investment & Securities' Song Chiyol explains the IMA product, a principal-protected investment management account with an August 2025 sales window and a deposit-beating return structure. Baek Changyu then maps how wealthy Korean portfolios are shifting from real estate toward financial assets, and why he favors a gradual allocation to US equities, gold, Korean robotics, and low-PBR Korean large caps such as Samsung Electronics and SK hynix. He is cautious on Korean domestic-demand sectors due to demographics. The discussion is framed around long-term asset allocation and the structural bid for Korean equities.

Song Chiyol details IMA as principal-guaranteed if held to maturity with performance-based returns.
NH IMA 3호 opens August 18-24, 2025, raising KRW 110bn with a 4.5% performance-fee threshold.
Baek Changyu argues wealthy Korean households are reducing real estate and increasing financial assets.
He recommends gradually adding US equities for innovation and currency diversification.
He is constructive on gold due to scarcity and fiat debasement.
He sees Korean robotics as a beneficiary of long-term growth and US-China tech distrust.
He favors Samsung Electronics and SK hynix on low-PBR buyback math.
He advises avoiding Korean domestic demand stocks on structural demographic decline.

Ideas

Song Chiyol Department Head, NH Investment & Securities 2:06

Principal-protected IMA yields more than deposits.

IMA is an Investment Management Account that combines principal protection if held to maturity with performance-linked returns. It pools client money into corporate assets such as corporate loans and acquisition finance and passes most of the yield back to clients, unlike banks that keep the net interest margin. The upcoming NH IMA 3호 is sold August 18-24, 2025, targeting KRW 110bn, with a 4.5% performance-fee threshold; returns above 4.5% are shared after performance fees. NH has the highest credit rating among IMA sellers, top-tier ECM/DCM league table, and a bank affiliate, making it a stable way to earn more than deposits.

Baek Chan-gyu Center Head, NH Investment Securities 22:35

Korean robotics benefits from US-China tech decoupling.

Korean robotics stocks are participating in the market rotation despite lacking near-term earnings because investors are pricing long-term growth. Additionally, the US is unlikely to buy Chinese robots due to chip and data security risks, so even at higher prices Korea can supply automation and robotics. This makes Korean robotics a long-term structural beneficiary.

Baek Chan-gyu Center Head, NH Investment Securities 24:15

Add US equities as innovation, currency hedge.

The US is the leading capitalist economy with a stable or growing population and a technology innovation engine that creates new products and services. Additionally, the Korean won has been depreciating about 3% per year because Korea faces a shrinking population and lower potential growth. Baek argues investors should keep adding to US stocks gradually as both an innovation exposure and a currency/foreign-asset hedge.

Baek Chan-gyu Center Head, NH Investment Securities 30:00

Gold is scarce, fiat debasement supports gold.

Gold's finite supply and monetary debasement support its value: the amount of gold one could buy with USD 1 million collapsed from 128 1kg bars in 2000 to only 9 today, and total mined gold supply is roughly a 22m cube. As fiat currency loses purchasing power, investors are pushed into investment assets and gold remains scarce.

Baek Chan-gyu Center Head, NH Investment Securities 31:26

Sell Korean domestic demand on cyclical rebounds.

Korea's working-age population is projected to decline by about 13 million over the next 25 years, so domestic consumption will structurally shrink. Baek previously advised using cyclical rebounds to quickly sell domestic-demand-related sectors; he maintains that long-term domestic demand is a structural headwind.

Baek Chan-gyu Center Head, NH Investment Securities 37:53

Rich households shift to financial assets.

Korean household assets are still heavily concentrated in real estate, but wealthy households have already cut real estate from about 63% in 2021 to 52% by 2025 and increased financial assets. Advanced markets like the US and Japan have far higher financial and equity ownership. Government policy is deliberately steering household surplus away from real estate toward equities and financial assets, and structural flows such as the KRW 500tn retirement pension system and corporate buybacks are improving KOSPI/KOSDAQ supply. This supports a long-term shift from real estate toward Korean financial assets and equities.

Baek Chan-gyu Center Head, NH Investment Securities 44:07

Samsung, SK hynix buybacks imply high returns.

At their recent lows, Samsung Electronics and SK hynix traded around 3.6x and 3.4x P/B. If they buy back stock at those levels, the implied return on the buyback is about 26-29%, making it rational for companies to repurchase shares. This adds a corporate buyback bid to the Korean market and supports the low-PBR value case in Samsung Electronics and SK hynix.

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This 3PRO TV (삼프로TV) video, published August 14, 2026, features Song Chiyol, Baek Chan-gyu discussing NH Investment & Securities IMA, Korean robotics stocks, SPY, GLD, Korean domestic demand stocks, KOSDAQ, EWY, 005930.KS, 000660.KS. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Song Chiyol, Baek Chan-gyu · Tickers: NH Investment & Securities IMA, Korean robotics stocks, SPY, GLD, Korean domestic demand stocks, KOSDAQ, EWY, 005930.KS, 000660.KS