Important

✅ This track record is evidenced by Kiwoom Securities' official transaction statements.

이 실적은 키움증권 공식 증명서(종합거래내역)에 의해 증명됩니다. Every trade, dividend, withdrawal and balance in this report reconciles to the won against the broker-issued documents in statements/ (Korean originals) · English translations in statements (EN)/.

PERSONAL ACCOUNT · LONG-ONLY KOREAN EQUITIES · KIWOOM SECURITIES · KRW · OCT 2021 → OCT 2026 · AUDITABLE: BROKER STATEMENTS ATTACHED

Track Record — Performance Tearsheet

₩65.9M ($49.3K) of starting capital compounded at 34.3% a year time-weighted (31.1% in USD) — 19.2 percentage points a year ahead of the KOSPI and 19.6 ahead of the S&P 500 — creating ₩241.9M ($181.1K) of total value, a 3.67× multiple on invested capital, of which ₩85.0M ($63.6K) has already been withdrawn. Every KRW figure below reconciles to the won against the broker's own statements in statements/; USD figures are translated at ₩1,335.85 / $1 (USD/KRW close, 2026-10-12).

I. Key Figures

Capital		Returns
Initial capital · 14 Oct 2021	₩65.9M	Total P&L	₩176.0M
Distributions (withdrawals)	₩85.0M	Time-weighted CAGR	34.3%
NAV · 12-OCT-2026	₩156.9M	Money-weighted IRR	32.1%
↳ cash / equities	₩61.9M / ₩95.0M	KOSPI CAGR (same window)	15.1%
Total value (NAV + distributions)	₩241.9M	MOIC · DPI	3.67x · 1.29x

USD view — translated at ₩1,335.85 / $1, the USD/KRW close on 2026-10-12 (Yahoo Finance KRW=X).

Capital (USD)		Returns (USD)
Initial capital · 14 Oct 2021	$49.3K	Total P&L	$131.7K
Distributions (withdrawals)	$63.6K	USD time-weighted CAGR ¹	31.1%
NAV · 12-OCT-2026	$117.4K	USD cumulative TWR ¹	+286%
↳ cash / equities	$46.3K / $71.1K	KRW move vs USD, same window	-13.0%
Total value (NAV + distributions)	$181.1K	MOIC (FX-neutral)	3.67x

_{¹ USD returns re-price each month at that month's USD/KRW close (₩1,182.13 on 14 Oct 2021 → ₩1,335.85 on 2026-10-12), so they include the currency effect. At the 2021 rate the initial capital was $55.7K. The single-rate table above is a translation only and does not include FX effects.}

II. Risk & Return Statistics

┌─ PERFORMANCE ──────────────────────────────┬─ RISK ─────────────────────────────────────┐
│ Time-weighted return (CAGR)          34.3% │ Annualized volatility                33.5% │
│ Money-weighted return (IRR)          32.1% │ Sharpe ratio (rf 3%)                  0.94 │
│ Cumulative TWR                       +336% │ Sortino ratio                         2.20 │
│ KOSPI cumulative, same window        +102% │ Max drawdown                        -32.0% │
│ Multiple on invested capital         3.67x │ Calmar ratio                          1.07 │
│ Jensen's alpha vs KOSPI             +22.4% │ Beta / correlation to KOSPI    0.73 / 0.69 │
│ Positive months                    36 / 61 │ Average equity exposure                74% │
└────────────────────────────────────────────┴────────────────────────────────────────────┘

┌─ DISTRIBUTION ─────────────────────────────┬─ BENCHMARK-RELATIVE ───────────────────────┐
│ Mean monthly return                 +2.87% │ Tracking error                       25.6% │
│ Monthly volatility                   9.66% │ Information ratio                     0.75 │
│ Skewness                             +1.03 │ Upside capture                         72% │
│ Excess kurtosis                      +0.96 │ Downside capture                       26% │
│ VaR 95% (1M, historical)            -10.4% │ R-squared                             0.48 │
│ CVaR 95% (1M, historical)           -11.6% │ Treynor ratio                         0.43 │
│ Positive rolling-12M windows           70% │ Months beating KOSPI               33 / 61 │
└────────────────────────────────────────────┴────────────────────────────────────────────┘

Largest drawdowns (time-weighted, month-end)

#	Peak	Trough	Recovered	Depth	Months to trough	Peak → recovery
1	2022-08	2023-10	2024-07	-32.0%	14	23 mo
2	2026-05	2026-10	open	-23.7%	5	ongoing
3	2026-02	2026-03	2026-05	-10.4%	1	3 mo
4	2025-10	2025-11	2026-01	-8.7%	1	3 mo
5	2022-05	2022-06	2022-08	-6.7%	1	3 mo

_{Monthly Modified-Dietz returns on month-end NAV (cash + positions at Yahoo Finance closes), geometrically linked. Risk-free rate 3% p.a. Max drawdown trough: 2023-10. Best month 2026-02 (+33.3%), worst 2023-10 (-13.2%).}

III. Benchmark Comparison

KRW basis — what a Korean investor earned holding each index unhedged (US indices converted at monthly USD/KRW closes).

	CAGR	Cumulative	Volatility	Sharpe	Max DD	Account excess p.a.	Account β	Account α	Months beaten
Account	34.3%	+336%	33.5%	0.94	-32.0%	—	—	—	—
KOSPI ^KS11	15.1%	+102%	31.8%	0.38	-30.6%	+19.2%	0.73	+22.4%	33 / 61
KOSDAQ ^KQ11	-3.4%	-16%	28.9%	-0.22	-39.7%	+37.7%	0.42	+34.0%	33 / 61
S&P 500 ^GSPC	14.8%	+99%	13.9%	0.84	-14.7%	+19.6%	0.67	+23.4%	30 / 61
Nasdaq-100 ^NDX	18.2%	+130%	19.3%	0.79	-29.0%	+16.1%	0.46	+24.3%	29 / 61
Dow Jones ^DJI	10.9%	+68%	13.6%	0.58	-14.7%	+23.4%	0.65	+26.2%	32 / 61

USD basis — the account translated into dollars each month against each index in dollars.

	CAGR	Cumulative	Volatility	Sharpe	Max DD	Account excess p.a.	Account β	Account α	Months beaten
Account	31.1%	+286%	35.0%	0.80	-35.9%	—	—	—	—
KOSPI ^KS11	12.4%	+79%	35.1%	0.27	-40.9%	+18.7%	0.73	+21.2%	33 / 61
KOSDAQ ^KQ11	-5.8%	-26%	33.4%	-0.26	-46.8%	+36.8%	0.49	+32.3%	33 / 61
S&P 500 ^GSPC	12.0%	+76%	15.3%	0.59	-24.8%	+19.1%	0.88	+20.1%	30 / 61
Nasdaq-100 ^NDX	15.3%	+104%	20.5%	0.60	-33.0%	+15.7%	0.60	+20.7%	29 / 61
Dow Jones ^DJI	8.2%	+49%	14.7%	0.36	-20.9%	+22.8%	0.90	+23.3%	32 / 61

_{Price indices (no dividends) from Yahoo Finance over the account's monthly window. Excess = account CAGR − index CAGR; β, Jensen's α (rf 3%) and months beaten come from the account's monthly returns against each index.}

IV. Calendar-Year Performance

Year	Account (TWR)	KOSPI	Active return	Realized P&L	Dividends + interest	Turnover
2021	-2.5%	-1.2%	-1.3%	₩0.0M	₩0.0M	₩22.1M
2022	+2.5%	-24.9%	+27.4%	₩0.0M	₩0.8M	₩18.2M
2023	-11.7%	+18.7%	-30.4%	-₩4.3M	₩1.8M	₩59.2M
2024	+74.3%	-9.6%	+83.9%	₩22.8M	₩0.5M	₩94.6M
2025	+82.7%	+75.6%	+7.1%	₩7.6M	₩1.5M	₩90.8M
2026 YTD	+55.2%	+44.6%	+10.7%	₩122.6M	₩0.8M	₩435.0M

V. P&L Attribution by Position

Position	Ticker	Realized	Dividends	Unrealized	Total P&L	Share of P&L
Samsung Electronics	005930 KS	₩82.1M	₩1.5M	₩22.0M	₩105.5M	60.1%
HD Hyundai Heavy Industries	329180 KS	₩61.0M	₩0.6M	₩0.0M	₩61.6M	35.1%
Korea Zinc	010130 KS	₩2.7M	₩2.9M	₩0.0M	₩5.6M	3.2%
Daehan Shipbuilding	439260 KS	₩2.8M	₩0.0M	₩0.0M	₩2.8M	1.6%
Nota	486990 KQ	₩0.1M	₩0.0M	₩0.0M	₩0.1M	0.0%
Total		₩148.7M	₩4.9M	₩22.0M	₩175.6M	100%

_{Plus ₩0.4M of interest on idle cash. Realized P&L uses average cost, net of commissions and transaction tax.}

VI. Trading & Execution

┌─ TRADING ──────────────────────────────────┬─ EXECUTION ────────────────────────────────┐
│ Closed sell orders                      23 │ Gross turnover                     ₩719.9M │
│ Winners / losers                    20 / 3 │ Commissions                       ₩105,810 │
│ Hit rate                               87% │ Securities transaction tax        ₩760,074 │
│ Profit factor                        12.6x │ All-in cost / turnover             12.0 bp │
│ Average winner                       ₩8.1M │ Dividend withholding              ₩791,490 │
│ Average loser                       -₩4.3M │ Buy orders / sell fills            13 / 28 │
└────────────────────────────────────────────┴────────────────────────────────────────────┘

Notable trades	Date	Position	P&L	Return on cost
Largest gain	2026-01-26	HD Hyundai Heavy Industries	₩23.5M	+337%
Largest loss	2026-06-05	Daehan Shipbuilding	-₩8.4M	-18%

The defining trade. 310 shares of HD Hyundai Heavy Industries bought at ₩139,800 in July 2023 and scaled out in eight tranches between ₩208,000 and ₩655,000 — ₩61.0M realized on a ₩43.3M position.

VII. Current Exposure · 12-OCT-2026

Position	Ticker	Shares	Avg cost	Last	Market value	% of NAV	Unrealized
Samsung Electronics	005930 KS	400	₩182,496	₩237,500	₩95.0M	61%	₩22.0M (+30.1%)
Cash (KRW)					₩61.9M	39%

VIII. Data Room

File	Description
statements/	Kiwoom Securities 종합거래내역 — five annual statements (Korean originals), Oct 2021 → Oct 2026
statements (EN)/	English translations of the same statements — identical pages and figures, labels translated in place
data/Kiwoom_Transactions.xlsx	Workbook · Summary · By Year · By Stock · Trades with cost basis · Holdings · Cash Flows · Monthly NAV · All Transactions
data/transactions.csv	All 82 statement lines, machine-readable
data/monthly_nav.csv	Month-end cash, positions, NAV, flows, TWR and KOSPI series

IX. Methodology & Disclosures

• Reconciliation. All 82 broker lines were parsed; the running cash balance matches the statement on every line.
• NAV. Month-end cash plus positions marked at Yahoo Finance closing prices (fills reconcile to closes within ±5%).
• Returns. TWR links monthly Modified-Dietz returns, neutralizing withdrawals; IRR is money-weighted with each withdrawal dated. MOIC = (NAV + distributions) / initial capital; DPI = distributions / initial capital.
• Benchmark. KOSPI price index (^KS11), not total return. Alpha is Jensen's alpha from monthly returns.
• Currency. USD figures use USD/KRW closes from Yahoo Finance (KRW=X); see the note under the USD table.

Formulas

$$r_t=\frac{V_t-V_{t-1}-F_t}{V_{t-1}+w_tF_t},\qquad \text{TWR}=\prod_{t=1}^{T}(1+r_t)-1,\qquad \text{CAGR}=(1+\text{TWR})^{1/Y}-1$$

$$\sum_{k}\frac{CF_k}{(1+\text{IRR})^{\tau_k}}=0,\qquad \text{MOIC}=\frac{\text{NAV}_T+\sum \text{Dist}}{C_0},\qquad \text{DPI}=\frac{\sum \text{Dist}}{C_0}$$

$$\text{Sharpe}=\frac{\text{CAGR}-r_f}{\sigma\sqrt{12}},\qquad \alpha_J=\text{CAGR}-\big[r_f+\beta(\text{CAGR}_{\text{KOSPI}}-r_f)\big],\qquad \text{IR}=\frac{\text{CAGR}-\text{CAGR}_{\text{KOSPI}}}{\sigma(r-r_{\text{KOSPI}})\sqrt{12}}$$

_{V = month-end NAV, F = net external flow (withdrawals negative) weighted by w, the share of the month remaining after the flow; Y = years; σ = monthly standard deviation.}

Reproduce

import pandas as pd
nav = pd.read_csv("data/monthly_nav.csv", parse_dates=["month_end"])
r, b = nav["twr_month"], nav["kospi_month"]
years = (nav["month_end"].iloc[-1] - pd.Timestamp("2021-10-14")).days / 365.25
cagr = (1 + r).prod() ** (1 / years) - 1                      # ≈ 34.3%
sharpe = (cagr - 0.03) / (r.std() * 12 ** 0.5)                # ≈ 0.94
beta = r.cov(b) / b.var()                                    # ≈ 0.73
max_dd = (nav["twr_index"] / nav["twr_index"].cummax() - 1).min()  # ≈ -32.0%

• Scope. One cash account; long-only KRW listed equities; no leverage, shorting or derivatives. The account held no positions at the first statement date.

Note

Personal-account results, shown for transparency. Past performance does not guarantee future returns, and nothing here is investment advice.

_{Hyeonbin Jung · hyeonbin.dev · GitHub}