KOREA FUND $31.74 (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, it is entirely invested in South Korean stocks. RCM Asia Pacific manages the fund.
Korea Fund’s top holdings are Samsung Electronics at 14.1%; Posco (steel), 5.7%; LG Electronics, 5.1%; LG Corp. (conglomerate), 4.8%; Hyundai Engineering & Construction, 3.5%; Daewoo International (conglomerate), 3.2%; Shinhan Financial, 3.2%; LG Display Company (LCD screens), 3.1%; KB Financial Group, 3.1%; and NCsoft (online computer games), 3.0%.
The stocks in the Korea Fund’s $307.2-million portfolio are in the following industries: information technology (24%), industrials (24%), financial services (14%), consumer discretionary (14%), materials (8%), consumer staples (6%), telecommunications services (4%), health care (1%), and energy (1%).
Korea Fund is up 93% from its March 2009 low of $16.44. Interest-rate cuts and government stimulus spending are boosting the South Korean economy. As well, rising exports to China are helping offset lower exports to the U.S. 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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