· 个股论点
涉及标的： $EWY
一个鲜为人知的事实是，$EWY 的主要持仓是 SK 海力士(SK Hynix)和三星。我发布了一篇关于传导结构(pass through structures)的文章。其中 SK Square（权重最大）约 90% 的净资产价值(NAV)来自 SK 海力士。其他三星公司大多是三星电子(Samsung Electronics)的控股公司。未将作为独立权重计算的另一只三星电子上市股票计入。因此，集中度远高于任何人预期。此外，许多成本也得到补贴，除非局势变得过于严峻，所以我认为许多担忧被夸大了。
Fun fact that most people don’t know is $EWY is majority SK Hynix/Samsung. I published a piece about the pass through structures. Where SK Square (largest weights) ~90% NAV was SK Hynix. Other Samsung companies are largely holding companies of Samsung Electronics. Not including the other Samsung Electronics listing that’s counted as an independent weight. So concentration is much higher than anyone expects. A lot of costs are subsidized too, unless the situation gets too severe, so I do think a lot of fears are overblown