KOREA FUND $24.05 (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 7.3%; Posco (steel), 7.0%; Hyundai Heavy Industries (shipbuilding), 6.6%; Shinhan Financial, 4.3%; GS Engineering and Construction, 3.4%; Shinsegae Co. Ltd. (investment and credit research), 3.3%; NHN Corporation (online media & web sites), 3.1%; Daewoo Shipbuilding & Marine, 3.1%; KT&G Corporation (cigarette maker), 3.0%; and LG Corporation (conglomerate), 2.9%.
The industry exposure of the 38 stocks in the fund’s $832 million portfolio is as follows: Industrials, 37%; Financials, 16%; Information technology, 14%; Materials, 10%; Consumer staples, 6%; and Consumer discretionary, 5%.
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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