September Macro Uncertainty: What's the Investment Strategy?

Even amid this situation, funds continue to flow toward AI- and semiconductor-related stocks.

Among US-listed ETFs, energy and oil-related mining and refining ETFs rose, while software (IGV) was relatively weak.

Semiconductors held up firmly, but capital outflows were pronounced across the broader information technology sector. In the domestic market, funds concentrated in AI data center infrastructure-related stocks such as semiconductors, nuclear power, and construction.

In September, various macro indicators and events, including the FOMC rate decision and corporate earnings releases, are scheduled, so market volatility could increase further.

In such an uncertain period, rather than making hasty lump-sum investments, a strategy of securing liquidity and waiting in preparation for a rotation-driven market is important. Parking-type ETFs offer the advantage of easy conversion to cash, reducing opportunity costs and allowing immediate shifts into investments.

Amid the current dollar weakness, gradual staged buying is recommended if the exchange rate falls to the low 1,300 won range.

Combining dollar-based parking products with lower-volatility domestic rate-type products in a two-track strategy is effective. Dollar assets play an offensive role in the portfolio over the long term, while domestic rate-type products act as a defensive buffer.

At the current exchange rate range of 1,330 to 1,380 won, it is advisable to gradually buy US-based MMFs or short-term bonds.

If the exchange rate falls below 1,330 won, increase the share of dollar assets; if the dollar turns strong, realize some gains while maintaining a long-term holding approach.

Currently, Codex, Tiger, and Rise products account for large shares of the market. Tiger is evaluated as having the highest YTM yield, while Codex is rated highest for liquidity. Products with longer duration tend to show higher YTM performance, but since YTM fluctuates daily, continuous tracking is necessary.