The Korea Fund (NYSE:KF) Stock Falls 1.9% – Here’s Why

The Korea Fund, Inc. (NYSE:KF) shares dropped 1.9% during mid-day trading on Tuesday. The stock traded as low as $53.55 and last traded at $54.7250. 23,430 shares were traded during mid-day trading, an increase of 16% from the average session volume of 20,166 shares. The stock had previously closed at $55.76.

The Korea Fund Price Performance

The stock’s 50 day moving average is $64.11 and its 200-day moving average is $64.03.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Saba Capital Management L.P. increased its position in shares of The Korea Fund by 213.3% during the first quarter. Saba Capital Management L.P. now owns 218,139 shares of the company’s stock valued at $9,794,000 after acquiring an additional 148,522 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in The Korea Fund by 1.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 98,822 shares of the company’s stock worth $4,437,000 after acquiring an additional 1,433 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new position in The Korea Fund in the 2nd quarter worth approximately $30,000. Corient Private Wealth LP purchased a new position in The Korea Fund in the 2nd quarter worth approximately $360,000. Finally, Hudson Portfolio Management LLC bought a new position in The Korea Fund in the 2nd quarter valued at approximately $209,000. 69.99% of the stock is owned by hedge funds and other institutional investors.

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.