Bong Joon Ho poses with two Oscars, one for Best Director and one for Best International Feature Film for “Parasite” in the photo room during the 92nd Academy Awards in Hollywood, Los Angeles, California, February 9, 2020.
Lucas Jackson | Reuters
The South Korean film “Parasite” shocked Hollywood by taking home the best picture Oscar, and the history-making triumph also means a huge windfall for a tiny hedge fund in the country.
The Seoul-based Ryukyung PSG Asset Management’s hedge fund had invested around $500,000 in Bong Joon-ho’s dark comedy, and its Oscar win has pushed the fund’s return to 72% since its inception in 2018, according to Bloomberg News.
Ryukyung did not immediately respond to CNBC’s request for comment.
The fund, which has about $2.6 million in assets, invests only in movies distributed by Korea’s CJ Group, Bloomberg News reported.
“Parasite” is the first ever non-English language film to win the best picture, and it also won the award for best international feature, best director and best original screenplay.
The movie has raked in more than $165 million worldwide since its October release, and ticket sales are expected to get a bump from its Oscar awards.
“Parasite” was made with $11 million by Seoul-based Barunson Entertainment & Arts, whose stock has surged 90% since the Academy awards on Sunday. The stock is listed on Korean Securities Dealers Automated Quotations (KSDAQ).
— Click here to read the original Bloomberg story.