The Korea Fund, Inc.
KF
New York Stock Exchange34.37
USD
-0.99
(-2.81%)
The Korea Fund, Inc.
KF
(New York Stock Exchange)
Recent
price
34.37
P/E
ratio
14.26
div
yld
- -
ROIC.AI
Capital Structure
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- Business
- The Korea Fund, Inc. (KF) is a closed-end, non-diversified management investment company that seeks long-term capital appreciation through investments primarily in equity securities of Korean companies listed on the Korea Stock Exchange; it focuses on large- and mid-cap stocks exhibiting solid long-term growth characteristics, attractive quality, and valuation prospects, employing fundamental analysis with a bottom-up stock-picking approach augmented by grassroots research; the portfolio spans diversified sectors including technology hardware, storage and peripherals (such as Samsung Electronics), semiconductors and equipment (such as SK Hynix), banks and financials (such as Shinhan Financial Group and Hana Financial Group), automobiles and components (such as Hyundai Motor, Kia, and Hyundai Mobis), chemicals (such as LG Chem), interactive media and services (such as NAVER), and others like biotechnology, machinery, and insurance; it benchmarks performance against the MSCI Korea 25/50 Index. Founded in 1984 and headquartered at 1633 Broadway, 43rd Floor, New York, New York, the Fund is managed by JPMorgan Asset Management (Asia Pacific) Limited and trades on the New York Stock Exchange under the ticker KF. Geographically, it targets the South Korean equity market exclusively, serving U.S.-based investors seeking exposure to Korean growth opportunities. Recent developments include a tender offer authorized in 2024 to purchase up to 12.5% of outstanding shares at 98.5% of net asset value due to slight underperformance against the MSCI Korea 25/50 Index over the April 1, 2021, to June 30, 2024, measurement period (-19.62% Fund NAV total return versus -19.30% Index); the offer, which expired September 16, 2024, was oversubscribed with 604,144 shares repurchased for $15.96 million on a pro-rata basis; a cash dividend distribution of $0.454161 per share declared in December 2024, payable January 6, 2025, to shareholders of record December 27, 2024, as a 2024 spillback under Section 855 of the Internal Revenue Code; temporary suspension of the share repurchase program during the tender offer period; and ongoing implementation of a Tender Offer Policy requiring potential offers every three years if performance lags the benchmark, with the next period ending June 30, 2027; as of June 30, 2024, net assets stood at $139.1 million with a net asset value per share of $28.78, a 16.16% discount to market price, and top holdings led by Samsung Electronics (19.2%) and SK Hynix (13.1%).