The Korea Fund, Inc. Reports Results for the Fiscal Quarter Ended December 31, 2020

Rhea-AI Summary

The Korea Fund (NYSE: KF) reported net assets of $236.39 million as of December 31, 2020, an increase from $174.44 million in 2019. The Fund's net asset value (NAV) per share rose to $47.09, compared to $34.40 last year. Market price per share also increased to $40.35 from $29.83. However, the discount to NAV was 14.31%, a slight decline from 13.28%. Net investment income for Q4 2020 was $1.29 million, down from $1.53 million year-on-year. The Fund repurchased approximately 9,730 shares during the quarter. These results reflect continued progress amid market fluctuations.

Positive

• Net assets increased to $236.39 million from $174.44 million year-over-year.
• NAV per share rose to $47.09 from $34.40 in 2019.
• Market price per share increased to $40.35 from $29.83.

Negative

• Net investment income decreased from $1.53 million in Q4 2019 to $1.29 million in Q4 2020.
• Discount to NAV increased to 14.31% from 13.28%.

The Korea Fund, Inc. (the "Fund") (NYSE: KF), a non-diversified, closed-end investment company, which seeks long-term capital appreciation through investment in securities, primarily equity securities of Korean companies, today announced its results for the fiscal quarter ended December 31, 2020.

				At December 31.
				2020			2019
Net Assets				$236,390,356			$174,443,680
Shares Outstanding				5,019,976	(a)		5,071,095
Net Asset Value ("NAV")				$47.09			$34.40
Market Price				$40.35			$29.83
Discount to NAV				(14.31)%			(13.28)%
				Quarter ended December 31,
				2020			2019
Net Investment Income				$1,290,837			$1,525,772
Per Share (b)				$0.25			$0.30
Net Realized and Change in Unrealized Gain/Loss				$60,863,157			$14,561,838
Per Share				$12.13			$2.85
				Six Months ended December 31,
				2020			2019
Net Investment Income				$925,293			$1,282,284
Per Share (b)				$0.18			$0.25
Net Realized and Change in Unrealized Gain/Loss				$82,065,673			$7,018,369
Per Share				$16.33			$1.39

(a)	Under its share repurchase program, the Fund repurchased 9,730 shares and 20,973 shares for the fiscal quarter and six months ended December 31, 2020.
(b)	Calculated on average common shares outstanding during the year.
	JPMorgan Asset Management (Asia Pacific) Ltd is the Fund's Investment Adviser. Investment in closed-end funds involves risks. Additional risks are associated with international investing, such as currency fluctuation, government regulations, economic changes and differences in liquidity, which may increase the volatility of an investment in the Fund. Foreign securities markets generally exhibit greater price volatility and are less liquid than the U.S. market. Additionally, this Fund focuses its investments in certain geographical regions, thereby increasing its vulnerability to developments in that region. All of these factors potentially subject the Fund's shares to greater price volatility. The NAV of the Fund will fluctuate with the value of the underlying securities. Closed-end funds trade on their market value, not NAV, and closed-end funds often trade at a discount to their NAV.
	The Fund’s daily New York Stock Exchange closing market price and NAV, as well as other information, including updated portfolio statistics and performance are available at www.thekoreafund.com or by calling the Fund’s stockholder servicing agent at (866) 706 0510.
	The financial information contained herein is solely based upon the data available at the time of publication of this press release, and there is no assurance that any future results will be the same or similar to what is reported herein. Information that was obtained from third party sources we believe to be reliable is not guaranteed as to its accuracy or completeness. This press release contains no recommendations to buy or sell any specific securities and should not be considered investment advice of any kind. Past performance is no guarantee of future results and the investment returns generated by the Fund will fluctuate. There can be no assurance the Fund will meet its stated objective. There is no assurance that the market price of the Fund’s shares, either absolutely or relative to NAV, will increase as a result of any share repurchases. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20210302006087/en/

FAQ

What were the net assets of The Korea Fund as of December 31, 2020?

The net assets were $236.39 million.

How did the net investment income for The Korea Fund change in Q4 2020?

Net investment income decreased to $1.29 million from $1.53 million in Q4 2019.

What is the current market price per share of The Korea Fund (KF)?

The market price per share is $40.35.

What was the net asset value per share for The Korea Fund at the end of 2020?

The net asset value per share was $47.09.

Did The Korea Fund undertake any share repurchase in the last quarter?

Yes, the Fund repurchased approximately 9,730 shares.