Business & Finance
Wed, June 2, 2010Tue, June 1, 2010Mon, May 31, 2010Fri, May 28, 2010Thu, May 27, 2010Wed, May 26, 2010Tue, May 25, 2010The Korea Fund, Inc. Reports Results for the Fiscal Quarter and Nine Months Ended March 31, 2010
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Published in Business and Finance on Friday, May 28th 2010 at 13:10 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
NEW YORK--([ BUSINESS WIRE ])--The Korea Fund, Inc. (the "Fund") (NYSE: KF), a non-diversified, closed-end investment company, which seeks long-term capital appreciation through investing primarily in equity securities trading on the Korean stock exchanges, today announced its results for the fiscal quarter and nine months ended March 31, 2010.
At March 31, | |||||||||||
2010 | 2009 | ||||||||||
| Net Assets | $424,590,454 | $258,031,544 | |||||||||
| Shares Outstanding | 10,432,841 | 10,446,041 | |||||||||
| Net Asset Value ("NAV") | $40.70 | $24.70 | |||||||||
| Market Price | $36.70 | $22.84 | |||||||||
| Discount to NAV | (9.83)% | (7.53 | )% | ||||||||
Quarter ended March 31, | |||||||||||
2010 | 2009 | ||||||||||
| Net Investment Income | $705,629 | $(1,458,799 | ) | ||||||||
| Per Share (b) | $0.07 | $(0.15 | ) | (a) | |||||||
| Net Realized and Change in Unrealized Gain (Loss) | $11,932,124 | $(23,543,979 | ) | ||||||||
| Per Share | $1.15 | $(2.26 | ) | (a) | |||||||
Nine months ended March 31, | |||||||||||
2010 | 2009 | ||||||||||
| Net Investment Income | $1,111,548 | $1,762,273 | |||||||||
| Per Share (b) | $0.11 | $0.16 | (a) | ||||||||
| Net Realized and Change in Unrealized Gain (Loss) | $116,734,040 | $(253,441,193 | ) | ||||||||
| Per Share | $11.18 | $(24.27 | ) | (a) | |||||||
| (a) Adjusted for the 1-for-10 reverse stock split which occurred on December 22, 2008 and Fund shares issued on January 29, 2009. | |||||||||||
| (b) Calculated on average shares outstanding. | |||||||||||
RCM Capital Management LLC and RCM Asia Pacific Limited are the Fund's investment manager and sub-adviser, respectively.
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 security 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 net asset value of the Fund will fluctuate with the value of the underlying securities. Closed-end funds trade on their market value, not net asset value, and closed-end funds often trade at a discount to their net asset value.
The Funda™s daily New York Stock Exchange closing price and net asset value per share, as well as other information, including updated portfolio statistics and performance are available at [ www.thekoreafund.com ] or by calling the Funda™s shareholder servicing agent at (800) 254-5197.
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. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.
