Finding undiscovered growth

e-fundresearch.com: Mr. HyungJin Lee you are the fund manager of the Baring Korea Trust (ISIN: GB0000840719). When did you take over the responsibility of managing this fund?

HyungJin Lee: I joined Baring Asset Management as an Investment Manager in late 2004 to take over the responsibility of managing Baring Korea Trust.

e-fundresearch.com: What is the current size of the fund?

HyungJin Lee: € 221.077.853 (as per 28.02.2013)

e-fundresearch.com: Do you also manage other funds or mandates?

HyungJin Lee: I am also in charge of various Asian regional funds mutual funds as well as some institutional accounts.

e-fundresearch.com: What is the total amount of assets you manage currently?

HyungJin Lee: I directly manage about USD500mn in AUM and actively participate in the management of other AUM as well.

e-fundresearch.com: How long have you been in the business as a fund manager?

HyungJin Lee: Total experience on the buyside is about 10 years.

e-fundresearch.com: What are the main steps in your investment process and in which area is your competitive edge to add value to investors? HyungJin Lee: We are highly research driven based on a GARP philosophy of finding undiscovered growth and/valuation.  We do extensive bottom up research coupled with top down overlay incorporating quant analysis from Baring Asset Management’s own quant team.  We look for long-term growth dynamics in sectors and stocks and attempt early and meaningful entry.

e-fundresearch.com: Which benchmark is most relevant and how should investors compare the fund vs. benchmarks or peer groups?

HyungJin Lee: KOSPI is the most relevant benchmark against Baring Korea Trust. Investors should compare the fund against KOSPI as well as other Korea-designated country funds as our main peer group.

e-fundresearch.com: Which performance did you achieve for the fund YTD and over the past five calendar years in absolute terms and relative to relevant benchmark or other reference indices?

HyungJin Lee: YTD, Baring Korea Trust has underperformed benchmark by about up 7.2% vs. benchmark which gained 8.0 % as of Mar 11 in GBP terms
Please see below for the fund performance in the last 5 calendar years.  The Fund is consistently ranked at the top of the Korea fund peer group in terms.

e-fundresearch.com: What motivates you in your job?

HyungJin Lee:

•    Financial markets are in a way a front row seat to changing times and history.The connections between economic/political change and corporate/stock prices are also the same things that drive the times.
•    Working with smart people on difficult and complex questions.

e-fundresearch.com: Which other profession would you have considered apart from becoming a fund manager?

HyungJin Lee: Journalist, political/economic associate professor, cultural blogger, Plutonian despot(?)

e-fundresearch.com: Many Thanks!

3-year development vs. benchmark