The Korea Fund, Inc. (NYSE:KF – Get Free Report)’s stock price passed below its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $63.40 and traded as low as $63.07. The Korea Fund shares last traded at $64.57, with a volume of 36,618 shares traded.
The Korea Fund Stock Up 3.7%
The stock’s fifty day simple moving average is $63.29 and its 200-day simple moving average is $60.59.
Hedge Funds Weigh In On The Korea Fund
Several hedge funds have recently made changes to their positions in the company. Saba Capital Management L.P. grew its stake in The Korea Fund by 213.3% during the 1st quarter. Saba Capital Management L.P. now owns 218,139 shares of the company’s stock valued at $9,794,000 after purchasing an additional 148,522 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of The Korea Fund by 1.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 98,822 shares of the company’s stock worth $4,437,000 after purchasing an additional 1,433 shares during the last quarter. Cornerstone Wealth Management LLC raised its stake in shares of The Korea Fund by 9.4% in the fourth quarter. Cornerstone Wealth Management LLC now owns 27,870 shares of the company’s stock worth $1,012,000 after purchasing an additional 2,385 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of The Korea Fund by 37.5% during the fourth quarter. Bank of America Corp DE now owns 4,953 shares of the company’s stock worth $91,000 after purchasing an additional 1,350 shares during the period. Finally, NewEdge Advisors LLC lifted its holdings in shares of The Korea Fund by 122.1% during the first quarter. NewEdge Advisors LLC now owns 1,355 shares of the company’s stock worth $61,000 after purchasing an additional 745 shares during the period. 69.99% of the stock is owned by institutional investors and hedge funds.
About The Korea Fund
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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