KOREA FUND $18.27 (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, all of its assets are in South Korean stocks. RCM Asia Pacific manages the fund.
Korea Fund’s top holdings are Samsung Electronics at 9.9%; KT&G Corporation (a cigarette maker), 4.7%; KT Corporation (telecommunications), 4.2%; Samsung Fire & Marine (insurance), 4.1%; LG Electronics, 4.0%; Posco (steel), 3.9%; SK Telecom (wireless telecom), 3.9%; Yuhan Corp. (pharmaceuticals), 3.8%; Hyundai Engineering & Construction, 3.8%; and LG Corp. (conglomerate), 3.7%.
The industry exposure of the 36 stocks in the Korea Fund’s $244-million portfolio is as follows: Industrials, 25%; Information technology, 19%; Financial services, 15%; Telecommunications services, 12%; Consumer staples, 10%; Consumer discretionary, 9%, Materials, 7%; and Health care, 3%.
Falling exports and lower domestic growth have slowed South Korea’s economy. The government is now cutting interest rates and injecting funds into the economy to push up growth. Korea Fund sells for a 6% discount to the current value of its assets.
The Korea Fund is a buy for more aggressive investors.
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