KOREA FUND $15.09 (New York symbol KF; CWA Fund Rating: Speculative) is a closed-end fund that invests at least 80% of its assets in Korean equities. Currently, 99% of its assets are in South Korean stocks. The fund’s manager is RCM Asia Pacific.
The fund’s top holdings are Samsung Electronics at 9.1%; Posco (steel), 6.5%; KT&G Corporation (cigarette maker), 4.3%; Shinhan Financial, 3.7%; Daewoo International (computers & peripherals), 3.4%; KT Corporation (telecommunications), 3.3%; Dongkuk Steel Mill, 3.3%; Hyundai Engineering & Construction, 3.1%; Samsung C&T Corporation (engineering & construction), 3.1%; and Hynix Semiconductor (computer chips, formerly Hyundai Electronics), 3.0%.
The industry exposure of the 38 stocks in the Korea Fund’s $467.3 million portfolio is as follows: Industrials, 25%; Information technology, 17%; Financial services, 15%; Materials, 11%; Consumer staples, 11%; Telecommunications services, 8%; Health care, 3%; Consumer discretionary, 3% and Energy, 1%.
Korea Fund sells for a 12% discount from the current value of its assets.
The Korea Fund is a buy for more aggressive investors.
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