미래에셋증권, 주식·펀드가 이끈 운용 실적…실제 회수력 '관전 포인트'

Miraeasset Securities posted strong Q1 operating gains largely from unrealized valuation gains in equities and funds, but actual cash realization remains uncertain. With heavy reliance on asset price appreciation and derivative hedging strategies, the firm faces significant earnings volatility if market conditions deteriorate. The critical challenge ahead is converting these paper gains into actual returns while maintaining portfolio balance and managing hedging costs.