What is happening in the South Korean equity market? Korean equity funds attracted a record +$5.2 billion in inflows last week. This follows +$3.5 billion the week before and +$1.7 billion 2 weeks prior. As a result, the 4-week moving average of inflows jumped to a record +$3.1 billion, 3 TIMES higher than every other peak seen since 2017. Furthermore, the MSCI South Korea ETF, EWY, attracted +$281 million in inflows on Wednesday, the largest daily intake in its 25-year history. As a result, the Kospi index is up +30% year-to-date, making it the best-performing major equity index in the world. Since the start of 2025, the benchmark is up +130%. Investors are piling into Korean equities at an unprecedented pace.(The Kobeissi Letter)