Each dot: a currency at its realized 2-year annual return and volatility vs. KRW, carry included. KRW, the base currency, sits at the origin. ◆ legacy mix → ● allocation policy: the coordinate moves up within the same risk.
Current position · Aug 31, 2026
Currency
Holdings
Weight
Policy
USD
₩23,540,000,000
45%
45%
JPY
₩11,510,000,000
22%
21%
EUR
₩9,410,000,000
18%
22%
KRW
₩7,840,000,000
15%
12%
Settlement floors and the 45% per-currency cap are satisfied · within the ±1.5%p band
All client names, positions and P&L in this report are samples. Figures are backtested on measured history and do not guarantee future performance. Decisions and execution stay with the client.KFI-FX-2026-08-031 · 1 / 7
KustodyFi
CODE THE LAW. MOVE THE MONEY.
SAMPLE FX position diagnostic · monthly As of Aug 31, 2026 · KFI-FX-2026-08-031
Position measurement · coordinates by currency
Currency
Weight
Annual return
Annual vol
Carry vs KRW
USD
45%
5.9%
11.2%
4.3%
JPY
22%
2.8%
10.1%
0.3%
EUR
18%
4.1%
9.0%
2.9%
KRW
15%
0.0%
0.0%
0.0%
◆ Legacy mix
100%
4.8%
9.6%
● Allocation policy
100%
5.4%
7.9%
Annual return = FX move + deposit carry over KRW, realized over 2 years. KRW is the base currency: zero return, zero volatility, at the origin.
Weights · legacy vs. allocation policy
Legacy average mix
USD 62%JPY 18%EUR 12%KRW 8%
Current allocation policy
USD 45%JPY 22%EUR 18%KRW 15%
Proposed at next review (Wed, Sep 3)
USD 45%JPY 21%EUR 22% ▲4%pKRW 12% ▼3%p
01EUR settlement demand is rising. Q4 EUR payment schedules raised the settlement floor from 15% to 19%, moving the computed weight from 18% to 22%.
02Idle KRW can come down. The liquidity gap check puts required KRW near 10%. About 3%p can move to currencies with higher computed carry.
If rebalanced to this proposal · backtested on 2 years of data+₩310M / year
The proposal is computed within your constraints. It is not a market view. Whether and how to execute stays with you.
All client names, positions and P&L in this report are samples. Figures are backtested on measured history and do not guarantee future performance. Decisions and execution stay with the client.KFI-FX-2026-08-031 · 2 / 7
KustodyFi
CODE THE LAW. MOVE THE MONEY.
SAMPLE FX position diagnostic · monthly As of Aug 31, 2026 · KFI-FX-2026-08-031
Backtest · keep legacy mix vs. allocation policy (24 months)
Same net assets, same window. The policy curve is net of execution costs.
Defense through the July 2026 move
JUL 2026
USD/KRW fell 1,552 to 1,421, an 8.4% won rally in one month. Twelve days moved more than 40bp, the fastest decline in two years. This is the measured, after-the-fact record.
If legacy mix (USD 62%)−₩1.55B
Policy mix (45% cap)−₩0.98B
Defended this month+₩570M
Nobody predicted the drop. The structure had already trimmed the concentration. We do not predict the next one either. We prepare with weights and limits.
All client names, positions and P&L in this report are samples. Figures are backtested on measured history and do not guarantee future performance. Decisions and execution stay with the client.KFI-FX-2026-08-031 · 3 / 7
KustodyFi
CODE THE LAW. MOVE THE MONEY.
SAMPLE FX position diagnostic · monthly As of Aug 31, 2026 · KFI-FX-2026-08-031
Rebalancing record · executions
Weeks with executions13of 26 reviews, only past the band
Total turnover (sell side)₩9,640,000,00018.4% of net assets
Total execution cost₩28,900,000already deducted from gains
Computed at the Wednesday 14:00 review, latest 6 shown. All 13 are provided in the appendix. Whether and how to execute stays with you.
If you had skipped · last 6 months
Of the 13 rebalances in the last 6 months, here is what skipping each of the last three would have cost.
Scenario
6-month gain
vs. running all
Ran every rebalance (13)
+₩1.05B
-
Skipped the last one (Aug 12)
+₩930M
−₩120M
Skipped the last two (from Jul 29)
+₩740M
−₩310M
Skipped the last three (from Jul 15)
+₩590M
−₩460M
The gain comes from repetition, not one big call. Next review: Wed, Sep 3, 14:00.
All client names, positions and P&L in this report are samples. Figures are backtested on measured history and do not guarantee future performance. Decisions and execution stay with the client.KFI-FX-2026-08-031 · 4 / 7
KustodyFi
CODE THE LAW. MOVE THE MONEY.
SAMPLE FX position diagnostic · monthly As of Aug 31, 2026 · KFI-FX-2026-08-031
Daily performance · last 60 trading days
Aug 31 gain+₩21Mprior day −₩8M
Days ahead70%42 of the last 60 trading days
P&L volatility9.4% → 7.9% (16% lower)
The daily difference between what the legacy mix would have made and what the policy made. One bar, one day.
Monthly gains · last 6 months
Month
Gain
Cumulative
Mar 2026
+₩110M
+₩110M
Apr 2026
+₩90M
+₩200M
May 2026
+₩40M
+₩240M
Jun 2026
+₩120M
+₩360M
Jul 2026
+₩570M
+₩930M
Aug 2026
+₩120M
+₩1.05B
The July move produced more than half of the 6-month gain. Sharp moves arrive unannounced. That is why the review never stops.
All client names, positions and P&L in this report are samples. Figures are backtested on measured history and do not guarantee future performance. Decisions and execution stay with the client.KFI-FX-2026-08-031 · 5 / 7
KustodyFi
CODE THE LAW. MOVE THE MONEY.
SAMPLE FX position diagnostic · monthly As of Aug 31, 2026 · KFI-FX-2026-08-031
FX cash flow this month · line by line · Aug 2026
Date
Account
Description
FX amount
Rate applied
Basis
KRW equivalent
USD
Aug 05
Shinhan FX 501-***
Export receipt 1
+USD 1,000,000.00
1,428.00
dealt rate
+₩1,428,000,000
Aug 19
Shinhan FX 501-***
Export receipt 2
+USD 800,000.00
1,412.50
dealt rate
+₩1,130,000,000
Aug 12
Shinhan FX 501-***
Raw materials
−USD 900,000.00
1,419.00
dealt rate
−₩1,277,100,000
Aug 26
Woori FX 1005-***
Raw materials
−USD 550,000.00
1,425.27
MAR
−₩783,900,000
USD Inflow subtotal
+USD 1,800,000.00
1,421.11
avg. rate
+₩2,558,000,000
USD Outflow subtotal
−USD 1,450,000.00
1,421.38
avg. rate
−₩2,061,000,000
EUR
Aug 14
Hana FX 189-***
European sales
+EUR 420,000.00
1,535.71
dealt rate
+₩645,000,000
EUR Inflow subtotal
+EUR 420,000.00
1,535.71
avg. rate
+₩645,000,000
JPY
Aug 21
Shinhan FX 501-***
Components
−JPY 85,000,000
930.59
MAR
−₩791,000,000
JPY Outflow subtotal
−JPY 85,000,000
930.59
avg. rate
−₩791,000,000
Rate basis: trades involving conversion use the dealt rate; transfers without conversion use that day's market average rate (MAR). JPY rates are per 100 yen.
Reconciliation by account · totals tie out
Account
Ccy
Inflows
Outflows
Net
Shinhan FX 501-***
USD
+₩2,558,000,000
−₩1,277,100,000
+₩1,280,900,000
Woori FX 1005-***
USD
-
−₩783,900,000
−₩783,900,000
Hana FX 189-***
EUR
+₩645,000,000
-
+₩645,000,000
Shinhan FX 501-***
JPY
-
−₩791,000,000
−₩791,000,000
Total
+₩3,203,000,000
−₩2,852,000,000
+₩351,000,000
Account totals tie out with the line-by-line currency detail above.
All client names, positions and P&L in this report are samples. Figures are measured history and do not guarantee future performance. Decisions and execution stay with the client.KFI-FX-2026-08-031 · 6 / 7
KustodyFi
CODE THE LAW. MOVE THE MONEY.
SAMPLE FX position diagnostic · monthly As of Aug 31, 2026 · KFI-FX-2026-08-031
FX-RELATED P&L BREAKDOWN · AUG 2026 (THIS MONTH)
Line
Gains
Losses
This month
YTD 2026
Realized FX gains and losses · locked at settlement
+₩62M
−₩14M
+₩48M
+₩430M
Unrealized translation · period-end valuation
+₩45M
−₩19M
+₩26M
−₩80M
Forward valuation · short USD 800,000.00
+₩19M
-
+₩19M
+₩110M
Total FX-related P&L
+₩93M
+₩460M
Gains outweigh losses on every line this month. The −₩80M cumulative unrealized balance is what remains of the July won-rally markdown; the August rebound and +₩110M of forward gains offset most of it. Read the totals, not the lines. The page-3 backtest curve is a same-net-assets simulation; this table is measured accounting.
FINANCIAL VS. MANAGEMENT ACCOUNTING · SAME MONTH, DIFFERENT NUMBERS
Financial accounting · period-end MAR 1,421.16+₩93M
The internal budget rate (1,450.00) sits 28.84 won above the period-end market rate, so the same trades book smaller in management accounting. This is why business units and the financial statements disagree, and a reason to review the budget-rate refresh cycle.
THIS MONTH IN REVIEW · AUG 2026
Aug 5Export receipt USD 1,000,000.00 converted at the dealt rate 1,428.00, which is 6.89 won above the August average buy rate of 1,421.11 (line detail, p6).
Aug 12Wednesday review breached the band. Sold USD 900,000.00 @1,420.00, redeployed to EUR and KRW (execution record, p4).
Aug 19Export receipt USD 800,000.00 converted @1,412.50.
Aug 26Wednesday review. Sold USD 1,100,000.00 @1,426.00, bought EUR (execution record, p4).
August resultFX-related P&L +₩93M · allocation policy gain +₩120M (p5)
OBSERVED THIS MONTH · ALLOCATIONS THAT WOULD HAVE DONE BETTER
Had the 19% EUR settlement floor been in place from Aug 1
+₩15M
Had idle KRW been trimmed to 10%
+₩11M
Total
+₩26M for the month · +₩310M annualized
These are after-the-fact measurements, not market views. Both items are already reflected in the Sep 3 review proposal (p2). Whether and how to execute stays with you.
All client names, positions and P&L in this report are samples. Figures are backtested on measured history and do not guarantee future performance. Decisions and execution stay with the client.KFI-FX-2026-08-031 · 7 / 7