The Korea Fund (NYSE:KF) Trading Down 3.3% – Here’s Why
by Jessica Moore · The Cerbat GemThe Korea Fund, Inc. (NYSE:KF – Get Free Report) shares were down 3.3% during mid-day trading on Tuesday . The stock traded as low as $73.55 and last traded at $74.9550. Approximately 8,787 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 21,417 shares. The stock had previously closed at $77.54.
The Korea Fund Price Performance
The company has a 50-day simple moving average of $63.61 and a 200-day simple moving average of $50.55.
Institutional Investors Weigh In On The Korea Fund
A number of institutional investors and hedge funds have recently made changes to their positions in KF. Saba Capital Management L.P. grew its stake in shares of The Korea Fund by 213.3% during the first quarter. Saba Capital Management L.P. now owns 218,139 shares of the company’s stock worth $9,794,000 after purchasing an additional 148,522 shares during the period. City of London Investment Management Co. Ltd. grew its stake in shares of 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 worth $44,538,000 after purchasing an additional 134,103 shares during the period. Wolverine Asset Management LLC acquired a new stake in shares of The Korea Fund during the fourth quarter worth $439,000. Nations Financial Group Inc. IA ADV acquired a new stake in shares of The Korea Fund during the fourth quarter worth $225,000. Finally, Cornerstone Wealth Management LLC grew its stake in shares of The Korea Fund by 9.4% during the fourth quarter. Cornerstone Wealth Management LLC now owns 27,870 shares of the company’s stock worth $1,012,000 after purchasing an additional 2,385 shares during the period. Institutional investors own 69.99% of the company’s stock.
About The Korea Fund
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.