KOREA FUND $50.80 (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 manager is RCM Asia Pacific.
The fund’s top holdings are Samsung Electronics at 10.1%; Posco (steel), 7.8%; Hyundai Heavy Industries (shipbuilding), 6.3%; Daewoo Shipbuilding, 5.4%; Samsung Fire & Marine (insurance), 5.2%; GS Engineering and Construction, 5%; Shinhan Financial, 4.2%; Kookmin Bank, 3.8%; Samsung Heavy Industries (shipbuilding), 3.8%; and Shinsegae Co. Ltd. (investment and credit research), 3.2%.
The industry exposure of the 39 stocks in the fund’s $1.1 billion portfolio is as follows: Industrials, 35%; Information technology, 18%; Financials, 16%; Materials, 11%; Consumer discretionary, 9%; Consumer staples, 5%; Telecom, 4%; and Healthcare, 1%.
Korea Fund sells for a 7% discount from the current value of its assets.
The Korea Fund is a buy for more aggressive investors.
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