Key Takeaways
- Samsung’s KODEX TDF2060 Active (IRP-qualified) was newly launched — portfolio holdings reviewed.
- Verdict: Stick with TIGER TDF2045.
- U.S. market exposure comparison (as of April 2026):
– TIGER TDF2045 → approx. 77.8% of total portfolio in U.S. markets
– KODEX TDF2060 Active → approx. 47.4% in U.S. markets (estimated)
Why I Looked at This
In a previous post, I sold my entire KODEX TDF2050 Active position and moved into TIGER TDF2045. The reason was simple: TIGER had a significantly higher allocation to U.S. markets.
This time, Samsung launched a new fund — KODEX TDF2060 Active (IRP-qualified). With a target retirement year of 2060, it sits 15 years further out than TIGER TDF2045. Since TDFs are designed to hold a higher equity weighting the further out the retirement date, I was curious whether this also translated to a heavier U.S. concentration. So I dug into the portfolio.
TIGER TDF2045 — Current Holdings (April 2026)
I first revisited the fund I’m currently invested in — roughly one year since it launched.
| # | Holding | Weight (%) | Market |
|---|---|---|---|
| 1 | SPDR MSCI ACWI ex-US ETF (CWI) | 15.98% | U.S.-listed |
| 2 | TIGER Short-Term Monetary Stabilization Bond | 7.57% | Korea |
| 3 | SPDR S&P 500 ETF Trust (SPY) | 7.20% | U.S. |
| 4 | TIGER Short-Term Bond Active | 5.94% | Korea |
| 5 | TIGER USD Short-Term Bond Active | 4.78% | Korea |
| 6 | NVIDIA Corp | 4.17% | U.S. |
| 7 | Apple Inc | 3.64% | U.S. |
| 8 | Microsoft Corp | 2.69% | U.S. |
| 9 | Amazon.com Inc | 1.98% | U.S. |
| 10 | Alphabet Inc | 1.67% | U.S. |
Below the top 10, the fund continues building S&P 500 exposure through individual U.S. stocks. Aggregating U.S.-market holdings comes out to approximately 77.8% — nearly identical to the ~79% figure at launch. Since the fund directly holds individual U.S. equities, the composition is structurally stable and unlikely to drift significantly.
KODEX TDF2060 Active — Holdings Breakdown
| # | Holding | Weight (%) | Market |
|---|---|---|---|
| 1 | Vanguard Total World Stock ETF (VT) | 24.33% | U.S.-listed |
| 2 | iShares MSCI ACWI ETF (ACWI) | 23.78% | U.S.-listed |
| 3 | KODEX Aggregate Bond (AA- or above) Active | 8.54% | Korea |
| 4 | SPDR Portfolio Global Market ETF (SPGM) | 6.26% | U.S.-listed |
| 5 | KODEX ESG Aggregate Bond (A- or above) Active | 6.10% | Korea |
| 6 | Invesco NASDAQ 100 ETF (QQQM) | 4.08% | U.S. |
| 7 | KODEX Short-Term Bond Plus | 3.39% | Korea |
| 8 | KODEX Korea 3Y Treasury | 3.20% | Korea |
| 9 | SPDR Portfolio S&P 500 ETF (SPYM) | 2.67% | U.S. |
| 10 | KODEX Renewable Energy Active | 2.40% | Korea |
| 11 | KODEX US AI Power Core Infrastructure | 2.40% | U.S. |
| 12 | KODEX Defense Top 10 | 2.19% | Korea |
| 13 | KODEX US Nuclear/SMR | 2.02% | U.S. |
| 14 | KODEX Secondary Battery Industry | 1.88% | Korea |
| 15 | KODEX Robotics Active | 1.85% | Korea |
| 16 | KODEX Semiconductor | 1.81% | Korea |
| 17 | KODEX AI Power Core Equipment | 1.73% | Korea |
| 18 | Vanguard S&P 500 ETF (VOO) | 1.38% | U.S. |
The first thing that jumps out is the #1 and #2 positions: VT and ACWI. Both are global market-cap-weighted ETFs. Combined, they account for over 48% of the portfolio.
VT, ACWI, and SPGM each allocate roughly 63–64% of their internal holdings to U.S. markets. Calculating KODEX TDF2060’s effective U.S. exposure:
| Holding | Fund Weight | Internal U.S. % | Effective U.S. Exposure |
|---|---|---|---|
| VT | 24.33% | 63.9% | ~15.5% |
| ACWI | 23.78% | 64.3% | ~15.3% |
| SPGM | 6.26% | 63.3% | ~4.0% |
| Direct U.S. (QQQM, SPYM, VOO, etc.) | 12.55% | 100% | ~12.6% |
| Total | ~47.4% |
That’s more than 30 percentage points lower than TIGER TDF2045’s 77.8%.
There’s one more thing worth noting: the presence of Korean thematic ETFs — Renewable Energy, Defense Top 10, Secondary Battery, Robotics, Semiconductor, AI Equipment. Thematic ETFs carry higher volatility than broad-market index funds. For a TDF sitting in the mandatory “safe asset” slot of an IRP account, this feels misaligned with the allocation’s purpose. If the sector bets play out, great — but if they don’t, you’re likely to underperform a simple index-based approach.
Final Verdict
I was expecting KODEX TDF2060’s longer time horizon to come with stronger U.S. market concentration. It didn’t. The fund delivers lower U.S. exposure than TIGER TDF2045, layers in Korean thematic ETFs that add idiosyncratic risk, and charges a higher expense ratio: 0.19% for TIGER vs. 0.30% for KODEX.
The conclusion is straightforward: Stay with TIGER TDF2045.
| TIGER TDF2045 | KODEX TDF2060 Active | |
|---|---|---|
| Asset Manager | Mirae Asset | Samsung Asset Management |
| Expense Ratio | 0.19% | 0.30% |
| U.S. Market Exposure | ~77.8% | ~47.4% |
| Portfolio Construction | Direct U.S. S&P 500 stocks | Global ETFs + Korean thematic ETFs |
My Portfolio Allocation Going Forward
| Account | KODEX S&P500 (379800) | KODEX NASDAQ 100 (379810) | TIGER TDF2045 (0025N0) | Total |
|---|---|---|---|---|
| Pension Savings | 50% | 50% | – | 100% |
| IRP | 70% | – | 30% | 100% |
| ISA | 50% | 50% | – | 100% |
*Disclaimer: This post reflects my personal investment decisions and is not financial advice. All investment decisions carry risk.
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