Global Asset Allocation Funds: Strategies and Market Volatility

Yoo Dong-won's Global Asset Allocation funds aim for low-volatility profits using strategic asset allocation strategies amid current market volatility.

### Yoo Dong-won's Global Asset Allocation Funds
Yoo Dong-won's department offers three global asset allocation funds using different investment strategies. The funds aim for low volatility profit, active profit generation, and diversification of inherent risks in each asset class. The U.S. stock market is currently experiencing significant volatility, leading to fear of a recession, and the fluctuation is attributed to concerns about interest rate changes and the possibility of an economic downturn.

### Concerns Arise Over Potential Economic Downturn
The ISM Manufacturing Index dropped to 46.8, below the expected 48.8, with a continuous fluctuation below 50, raising concerns about a forthcoming economic downturn. Similar patterns are emerging to those seen during the 2000-2002 financial crisis, with the Services PMI index also dropping below 50. The increase in the number of unemployment benefit claimants and the decrease in wage growth rate are further fueling worries about a recession, leading to a rapid flow of funds into safe assets like bonds and gold.

### The Impact of AI on the U.S. Economy
The increasing productivity due to the AI cycle is having a significant impact on the U.S. economy, with a sharp growth rate of 2.7% in the first quarter. The high productivity growth is leading to a potential increase in the GDP and is reflected in the performance of tech stocks like Microsoft and Meta Platforms. Despite some fluctuations, the AI cycle is showing similarities to the internet cycle of 1995-2000, presenting itself as a promising investment opportunity.

### Microsoft's AI Expansion and M7 Corporation's Performance
- M7 Corporation has significantly increased its capital expenditures and R&D spending, holding a large share within the S&P 500, while Microsoft's Azure revenue disappointed, showing a negative growth rate in the Intelligent Cloud division.
- Despite the decline in Azure's growth rate, Microsoft is expanding its investments in AI-related services, with GitHub Copilot and Power Platform contributing to the company's revenue growth.
- M7 Corporation's strong performance in AI-related factors is driving profitability in the AI ecosystem, with the company expected to focus on numerical and ecological improvements through the strengthening of hardware and software.

### Azure AI Growth and Future Projections
Azure AI experienced a 45% growth compared to the previous year, with over 60,000 expanded customers and increasing average revenue per customer. The demand for AI services continues to exceed capacity, with plans for significant expansion. Meta Platforms also saw a 22% increase in revenue, with a surge in the average revenue per user to $11.89, and strong demand for their Reality Labs products.

### Positive Projections for Company Growth and Expansion
The company is experiencing a significant increase in profitability and active users, as well as addressing concerns about AI development. They are forecasting a growth rate of around 20% for the upcoming third quarter, with expectations of a competitive global advertising market. The company is also planning significant investment expansion, including the launch of Lama 4 and the monetization of AI for increased profitability and user engagement.

### Global Asset Allocation Strategies Amid Market Volatility
* 🌏 Yuanta Securities offers three global asset allocation funds managed by Yoo Dong-won, focusing on **low volatility**, **active profit generation**, and **strategic asset allocation**.
* 📉 The US stock market is experiencing significant volatility, with the S&P 500 **dropping 4.9%** and concerns about a **potential recession**.
* 📊 Economic indicators like the ISM Manufacturing Index and employment data are fueling recession fears, leading to a **flight to safe assets like bonds and gold**.
* 💼 Yoo Dong-won's analysis suggests **no imminent recession**, with **high productivity growth** offsetting other economic concerns.
* 💻 Tech stocks like Microsoft and Meta Platforms are closely linked to the AI cycle and continue to **invest in AI-related services and products**.
* 💰 Microsoft's Azure revenue growth slowed in Q4, but the company is **expanding AI-related services and infrastructure** to meet growing demand.
* 🕶 Meta Platforms reported **strong Q2 earnings**, alleviating concerns about **AI Capex peak-out** and maintaining a **positive outlook for the future**.
* 📈 Both companies are slightly overvalued compared to historical P/E ratios, but their **long-term growth potential remains strong**.

경기침체 두려움 극대화, 미증시 급락 지속! (MSFT, META)

유동원 유안타증권 상무

2019~현재) 유안타증권 글로벌자산배분본부 본부장/상무
2013~2019) 우리환화투자자문 북경리서치 센터장
2008~2011) 우리WAP헤지펀드 펀드매니저/리서치헤드
2001~2006) 솔로몬스미스바니/시티그룹 증권 상무/리서치센터장
2000~2001) 모건스탠리 증권 이사/금융업종 담당 센터장
1998~2000) CLSA 애널리스트 부장
1993~1998) 동방 페레그린 애널리스트 부장 
1993) 펜실베이니아대학 와튼스쿨 경영/재무/경제 학사 
