Dear Investors,
During my recent visit to South Korea, not only did I experience extremely cold weather conditions, but I also witnessed the nation navigate through significant political turmoil following the impeachment of President Yoon Suk Yeol over his declaration of martial law on 3 December 2024. The Constitutional Court concluded its final hearing on 25 February 2025, and a verdict is anticipated in mid-March. Concurrently, President Yoon faces a criminal trial on insurrection charges, which commenced on 20 February 2025. The main opposition Democratic Party is led by Lee Jae-myung, who narrowly lost the 2022 presidential election to Yoon and is now a prominent figure in the political landscape.
Despite the political uncertainty, the situation on the streets remained calm. I witnessed protests that were peaceful, well-organised, and did not create any fear or disruption to daily life.
During my stay, I visited over 30 companies across the consumer, healthcare, semiconductor, and technology sectors, including our portfolio companies, where we had excellent interactions and came away with a positive outlook for 2025, as well as exploring new investment ideas.
-Maximilian Sporer, MCP Analyst
February 2025
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