The Korea Fund, Inc. (NYSE:KF – Get Free Report) shares dropped 1.9% on Tuesday. The stock traded as low as $53.55 and last traded at $54.7250. 23,430 shares changed hands during trading, an increase of 16% from the average daily volume of 20,166 shares. The stock had previously closed at $55.76.
The Korea Fund Trading Up 2.4%
The stock’s fifty day simple moving average is $63.97 and its 200-day simple moving average is $64.11.
Institutional Trading of The Korea Fund
Hedge funds have recently modified their holdings of the stock. Integrated Wealth Concepts LLC acquired a new position in The Korea Fund during the 2nd quarter worth $30,000. Corient Private Wealth LP acquired a new stake in The Korea Fund in the 2nd quarter valued at about $360,000. Hudson Portfolio Management LLC acquired a new stake in The Korea Fund in the 2nd quarter valued at about $209,000. NewEdge Advisors LLC raised its position in The Korea Fund by 122.1% in the 1st quarter. NewEdge Advisors LLC now owns 1,355 shares of the company’s stock valued at $61,000 after purchasing an additional 745 shares in the last quarter. Finally, Saba Capital Management L.P. boosted its stake in shares of The Korea Fund by 213.3% in the 1st quarter. Saba Capital Management L.P. now owns 218,139 shares of the company’s stock valued at $9,794,000 after buying an additional 148,522 shares during the period. 69.99% of the stock is currently owned by institutional investors and hedge funds.
The Korea Fund Company Profile
The Korea Fund, Inc (NYSE: KF) is a closed-end investment company that seeks long-term capital appreciation by investing primarily in equity securities of companies based in South Korea. Its portfolio may include shares of businesses across a range of industries and sectors within the Korean economy.
The fund provides investors with a publicly traded vehicle for gaining targeted exposure to South Korea’s equity market. Its investments are generally selected based on the investment manager’s assessment of individual companies, industries and broader economic conditions in Korea.
The Korea Fund was established in 1984 and is among the longest-running U.S.-listed country funds focused on South Korea.
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