Investment Principles
BNB's investment principles begin as four sentences, but they are completed in everyday decisions: think of the client first, work transparently, govern risk before it governs us, and pursue performance that time can prove. This page explains how those principles appear in actual portfolio management.
النسخة العربية من هذه الصفحة قيد الإعداد. يُعرض المحتوى بالإنجليزية إلى حين اكتمالها.
Rather than being swayed by market movements, we pursue long-term, sustainable performance grounded in a proven management process and disciplined principles.
Going forward, we will continue to build our clients' assets and life value together, founded on responsible risk management and trust.
01
Client Focus
Management begins with each client’s objectives and tolerance for risk. We adhere to the mandate set for every fund and contract, and explain the rationale and risks of our decisions in terms clients can readily follow.
02
Integrity
We base decisions on independent research and objective indicators, and keep a record of how each was reached. We meet every statutory disclosure obligation and carry out our fiduciary duties under the Stewardship Code.
03
Risk Discipline
Before asking what an investment might return, we ask how much risk it carries. Investment and compliance cross-check trading before and after execution, and our compliance officer, who also serves as chief risk officer, oversees risk independently of the investment team.
04
Long-term Value
We select investments on intrinsic value and growth potential rather than short-term price moves. By building decisions that still hold up over time, rather than chasing temporary gains, we pursue the long-term growth of client assets.
Core Value
Through long-term investment focused on the intrinsic value of companies, we pursue stable and sustainable performance rather than temporary gains.
Client-Centered
Management begins with each client’s objectives and tolerance for risk. We adhere to the mandate set for every fund and contract, and explain the rationale and risks of our decisions in terms clients can readily follow.
Transparency & Trust
We base decisions on independent research and objective indicators, and keep a record of how each was reached. We meet every statutory disclosure obligation and carry out our fiduciary duties under the Stewardship Code.
Rigorous Risk Management
Before asking what an investment might return, we ask how much risk it carries. Investment and compliance cross-check trading before and after execution, and our compliance officer, who also serves as chief risk officer, oversees risk independently of the investment team.
Long-term Value Focus
We select investments on intrinsic value and growth potential rather than short-term price moves. By building decisions that still hold up over time, rather than chasing temporary gains, we pursue the long-term growth of client assets.
Investment Philosophy
BNB does not see investment purely as a question of returns. Over time, investment is a decision that shapes the life choices and security of our clients. That is why, before asking how much can be earned, we first ask what risks are being taken.
An IPO is the moment a company first enters the market. Information is still limited, and prices swing widely between expectation and concern. In such a market, BNB believes that preparation, more than speed, decides the outcome. That is why we study companies before they list and continue to follow them by the same standards after listing.
Principles matter more when markets are difficult than when they are favorable. BNB keeps to its defined procedures and standards because they are the structure that protects our clients' assets.
Protect, Then Grow
The assets entrusted to BNB were built from someone's years of effort. So we think about protecting them before growing them, and look for opportunities to grow them on the foundation of how we protect them. What BNB promises is not a return, but the way we handle your assets.
Risk before return
When considering an investment, we first ask how much risk we can bear, before asking about expected return.
Across the IPO lifecycle
Pre-IPO investments, IPO shares, post-listing positions and mezzanine securities differ in the nature of their risks and the timing of exit. Even within the IPO field, we look at stages and instruments separately and combine them to suit the nature of each fund or mandate.
Liquidity and exit
At the decision stage, we take into account periods when sales are restricted by lock-up commitments and mandatory lock-ups, as well as assets that take time to sell, such as unlisted shares and privately placed mezzanine securities.
Patience over momentum
We value the quality of decisions that can be repeated over a single high return. After listing, too, we review the value of our holdings by the same standards and decide when to exit in light of company results, industry conditions and the macroeconomic environment.
Criteria Built Over 22 Years
The mood of the IPO market changes from year to year, but the questions a sound decision asks change little. Here, at the level of principle, are the criteria BNB returns to when examining companies and transactions. Specific limits and figures follow internal standards.
Intrinsic value
How, and from whom, does this company earn its revenue? We verify the business model, its position in the industry and the trend and quality of earnings through filings and IR materials, management meetings and company visits.
Price discipline
On what basis was the offer price set? We weigh the price level against comparable companies (peers) and the size of the offering, and judge fair value by combining quantitative valuation with a qualitative assessment of growth. We also test how much the value changes if our assumptions prove wrong.
Supply and lock-up
How many shares could come onto the market right after listing? We look together at the holdings of the largest shareholder and existing investors, when lock-up commitments and mandatory lock-ups end, and supply and demand in the IPO market.
Liquidity and exit
When, and by what means, can we exit? Together with the investment terms, we review the chance that the listing will be delayed, the periods during which sales are restricted, and how to recover the investment if the listing is abandoned.
Terms and credit
If it is mezzanine, can principal and interest be recovered as a bond? We examine the issuer's financial stability and repayment capacity, the conversion or exercise price and its adjustment terms, and the early redemption (put) terms.
Within limits
Does the transaction fit the fund's nature and limits, as well as laws and internal rules? Whether to invest, and how much, is decided after investment review and prior confirmation by the Compliance Team.
In Practice
The four principles are paired with the four pillars of the BNB brand: Partnership, Transparency, Discipline, and Depth. Below is how each principle translates into everyday management.
Client Focus · Partnership
Client focus begins with understanding the client's goals and the risks they can bear.
Integrity · Transparency
Transparency comes from structures that can be verified, more than from pledges.
Risk Discipline · Discipline
Risk management is not an after-the-fact response but a design made in advance.
Long-term Value · Depth
Sustainable performance begins with the intrinsic value of a company.
When Markets Run Hot
Good markets test principles. In Korea's 2025 IPO market, pricing within indicative ranges became the norm, but in the second half 97% of listed companies were priced at the top of their ranges, and the Financial Supervisory Service judged that the possibility of overheating remained. These are the things BNB holds to all the more at such times.
The fiercer the competition, the greater the temptation to bid higher. BNB takes price attractiveness relative to comparable companies and fair value as the starting point for deciding whether to participate.
A lock-up commitment can help in allocation, but the shares cannot be sold during the commitment period. We decide whether to commit by judging, in light of corporate value and our holding plan, whether the company is worth holding for that period.
Even when there are more opportunities to participate, we manage within each fund's nature and limits and within permitted risk limits. Limits are deliberated by the Risk Management Working Committee and checked through Pre-Compliance before trading.
We look at value after lock-ups end and first results are published rather than at the price right after listing. We act under the loss-cut principle before losses grow.
Restraint
Principles show as much in what we refrain from doing as in what we do.
Investment carries the possibility of loss of principal. BNB does not speak of guaranteed principal or fixed returns.
Important investment decisions are made not by a single fund manager but after review by the investment team and the risk management function.
Even when the IPO market is running hot, we follow the analysis and review procedures set in advance.
We do not seek gain from material non-public information about investee companies, and we comply with the Financial Investment Services and Capital Markets Act and other relevant laws.
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