The Korea Fund, Inc. (NYSE:KF – Get Free Report)’s stock price dropped 3.3% during mid-day trading on Tuesday . The company traded as low as $73.55 and last traded at $74.9550. 8,787 shares changed hands during mid-day trading, a decline of 59% from the average daily volume of 21,417 shares. The stock had previously closed at $77.54.
The Korea Fund Stock Up 6.8%
The firm has a fifty day simple moving average of $64.20 and a 200 day simple moving average of $50.83.
Hedge Funds Weigh In On The Korea Fund
Several institutional investors and hedge funds have recently bought and sold shares of the stock. City of London Investment Management Co. Ltd. boosted its holdings in shares of The Korea Fund by 10.1% in the 3rd quarter. City of London Investment Management Co. Ltd. now owns 1,456,201 shares of the company’s stock valued at $44,538,000 after purchasing an additional 134,103 shares during the last quarter. Wolverine Asset Management LLC acquired a new stake in The Korea Fund during the fourth quarter worth about $439,000. Nations Financial Group Inc. IA ADV purchased a new position in shares of The Korea Fund in the 4th quarter worth about $225,000. Saba Capital Management L.P. raised its holdings in shares of The Korea Fund by 117.9% in the 4th quarter. Saba Capital Management L.P. now owns 69,617 shares of the company’s stock worth $2,528,000 after purchasing an additional 37,668 shares during the period. Finally, Bank of America Corp DE lifted its stake in shares of The Korea Fund by 37.5% in the 4th quarter. Bank of America Corp DE now owns 4,953 shares of the company’s stock valued at $91,000 after purchasing an additional 1,350 shares in the last quarter. Institutional investors and hedge funds own 69.99% of the company’s stock.
The Korea Fund Company Profile
The Korea Fund, Inc (NYSE: KF) is a closed-end management investment company that provides U.S. investors with focused exposure to the South Korean equity market. Established in 1953, it is one of the oldest U.S. funds dedicated to investing in Korean securities. The Fund is domiciled in Delaware and trades on the New York Stock Exchange, offering investors access to a broad range of companies operating in one of Asia’s leading economies.
The Fund’s primary business activity is the acquisition of common stocks and American depositary receipts issued by companies that are either domiciled in South Korea or derive a significant portion of their revenues from Korean operations.
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