Must Asset Management 13F annual report

Must Asset Management is an investment fund managing more than $36.3 billion ran by Sangeun Park. There are currently 23 companies in Park’s portfolio. The largest investments include Sea Ltd and Inmode Ltd, together worth $17.4 billion.

$36.3 billion Assets Under Management (AUM)

As of 2nd August 2023, Must Asset Management’s top holding is 209,163 shares of Sea Ltd currently worth over $11.9 billion and making up 32.8% of the portfolio value. Relative to the number of outstanding shares of Sea Ltd, Must Asset Management owns more than approximately 0.1% of the company. In addition, the fund holds 149,163 shares of Inmode Ltd worth $5.48 billion, whose value grew 22.1% in the past six months. The third-largest holding is Noble Corp Plc worth $3.99 billion and the next is Eneti Inc worth $3.2 billion, with 264,437 shares owned.

Currently, Must Asset Management's portfolio is worth at least $36.3 billion. The total portfolio value may be much higher due to cash assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents.

Careers at Must Asset Management

The Must Asset Management office and employees reside in Seoul, Korea, Republic Of. According to the last 13-F report filed with the SEC, Sangeun Park serves as the Head of Invesment Operations at Must Asset Management.

Recent trades

In the most recent 13F filing, Must Asset Management revealed that it had opened a new position in Inmode Ltd and bought 149,163 shares worth $5.48 billion. This means they effectively own approximately 0.1% of the company. Inmode Ltd makes up 79.5% of the fund's Health Care sector allocation and has grown its share price by 22.1% in the past year.

The investment fund also strengthened its position in Eneti Inc by buying 6,809 additional shares. This makes their stake in Eneti Inc total 264,437 shares worth $3.2 billion.

On the other hand, there are companies that Must Asset Management is getting rid of from its portfolio. Must Asset Management closed its position in ONE Hospitality Inc on 9th August 2023. It sold the previously owned 127,137 shares for $1.02 billion. Sangeun Park also disclosed a decreased stake in Sea Ltd by approximately 0.1%. This leaves the value of the investment at $11.9 billion and 209,163 shares.

One of the smallest hedge funds

The two most similar investment funds to Must Asset Management are Longitude (cayman) and Lockerman Financial Group, Inc. They manage $36 billion and $36 billion respectively.

Sangeun Park investment strategy

Must Asset Management’s portfolio is diversified across 8 sectors. Currently, their heaviest sector is Communication Services — making up 35.4% of the total portfolio value. The fund focuses on investments in the Singapore as 4.3% of the portfolio companies are based in the Singapore.

The majority of the companies in the fund’s portfolio are large-cap stocks. Stocks with a size of more than $10 billion in market cap make up 22% of the total holdings value. On the other hand, small-cap stocks make up only 4.3% of the portfolio. The average market cap of the portfolio companies is close to $127 billion.

The complete list of Must Asset Management trades based on 13F SEC filings

These positions were updated on August 9th based on the fund’s latest 13F filing. Quickly find out what the most recently closed or increased positions are.

Security	Shares Owned	Value	Allocation
Sea Ltd	0.83% 209,163	$11,897,191,000	32.81%
Inmode Ltd	Opened 149,163	$5,483,231,000	15.12%
Noble Corp Plc	Opened 102,002	$3,987,258,000	11.00%
Eneti Inc	2.64% 264,437	$3,199,687,000	8.82%
SoFi Technologies, Inc.	11.38% 254,306	$2,215,005,000	6.11%
Frontline Plc	Opened 75,364	$1,049,066,000	2.89%
ONE Group Hospitality Inc	Closed 127,137	$1,017,096,000
Progyny Inc	89.42% 25,429	$991,476,000	2.73%
Microsoft Corporation	41.52% 2,454	$822,212,000	2.27%
IDT Corp.	Closed 23,963	$814,262,000
Euronav NV	Opened 53,154	$795,715,000	2.19%
Carvana Co.	Opened 25,590	$658,686,000	1.82%
Activision Blizzard Inc	71.06% 6,882	$571,756,000	1.58%
Better Choice Co Inc	8.32% 2,613,879	$564,859,000	1.56%
Golden Ocean Group Ltd	Opened 75,488	$556,346,000	1.53%
Novo-nordisk A S	Opened 3,318	$521,025,000	1.44%
Ozon Hldgs Plc	No change 43,177	$500,853,000	1.38%
General Electric Co.	7.02% 4,103	$442,057,000	1.22%
A K A Brands Hldg Corp	Closed 747,534	$417,348,000
Farfetch Ltd	Opened 65,219	$396,531,000	1.09%
Transocean Ltd	Opened 61,735	$396,338,000	1.09%
Gravity Co Ltd	Opened 5,344	$384,393,000	1.06%
Broadwind Inc	48.21% 82,800	$306,360,000	0.84%
Halozyme Therapeutics Inc.	47.45% 6,198	$214,884,000	0.59%
Moderna Inc	Opened 1,715	$209,418,000	0.58%
D Market Electr Svcs & Tradi	96.59% 57,225	$97,854,000	0.27%
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