The Korea Fund, Inc. (NYSE:KF) Short Interest Update
by Doug Wharley · The Cerbat GemThe Korea Fund, Inc. (NYSE:KF – Get Free Report) was the recipient of a large increase in short interest in March. As of March 31st, there was short interest totaling 5,745 shares, an increase of 35,806.3% from the March 15th total of 16 shares. Based on an average trading volume of 23,737 shares, the days-to-cover ratio is presently 0.2 days. Approximately 0.3% of the company’s stock are short sold.
The Korea Fund Stock Performance
Shares of NYSE KF traded down $0.04 during trading on Friday, hitting $50.17. The stock had a trading volume of 13,795 shares, compared to its average volume of 23,768. The Korea Fund has a 12 month low of $19.00 and a 12 month high of $58.59. The firm has a fifty day moving average of $48.52 and a two-hundred day moving average of $40.24.
Hedge Funds Weigh In On The Korea Fund
Institutional investors have recently added to or reduced their stakes in the stock. City of London Investment Management Co. Ltd. lifted its holdings in The Korea Fund by 10.1% during the third quarter. City of London Investment Management Co. Ltd. now owns 1,456,201 shares of the company’s stock valued at $44,538,000 after purchasing an additional 134,103 shares during the last quarter. Cornerstone Wealth Management LLC increased its position in shares of The Korea Fund by 155.1% in the third quarter. Cornerstone Wealth Management LLC now owns 25,485 shares of the company’s stock worth $779,000 after purchasing an additional 15,495 shares during the last quarter. Shaker Financial Services LLC bought a new position in The Korea Fund during the third quarter valued at approximately $242,000. Saba Capital Management L.P. grew its position in The Korea Fund by 117.9% during the fourth quarter. Saba Capital Management L.P. now owns 69,617 shares of the company’s stock valued at $2,528,000 after acquiring an additional 37,668 shares during the last quarter. Finally, NewEdge Advisors LLC grew its holdings in shares of The Korea Fund by 91.7% in the first quarter. NewEdge Advisors LLC now owns 1,275 shares of the company’s stock worth $25,000 after purchasing an additional 610 shares during the last quarter. Institutional investors own 69.99% of the company’s stock.
The Korea Fund Company Profile
The Korea Fund, Inc (NYSE: KF) is a closed-end management investment company that provides U.S. investors with focused exposure to the South Korean equity market. Established in 1953, it is one of the oldest U.S. funds dedicated to investing in Korean securities. The Fund is domiciled in Delaware and trades on the New York Stock Exchange, offering investors access to a broad range of companies operating in one of Asia’s leading economies.
The Fund’s primary business activity is the acquisition of common stocks and American depositary receipts issued by companies that are either domiciled in South Korea or derive a significant portion of their revenues from Korean operations.