Public Employees Retirement System of Ohio Decreases Holdings in The Korea Fund, Inc. $KF

Key Points

• Public Employees Retirement System of Ohio cut its Korea Fund stake by 63.1% in the first quarter, selling 152,130 shares and retaining 89,061 shares worth approximately $3.999 million.
• Other institutional investors adjusted their positions, with NewEdge Advisors and Bank of America increasing holdings while Nations Financial Group and Wolverine Asset Management initiated new stakes. Institutional investors collectively own about 69.99% of KF.
• KF shares opened at $56.80, compared with a 52-week range of $26.66 to $81.94. The Korea Fund is a closed-end fund providing U.S. investors with exposure to South Korean equities.

Public Employees Retirement System of Ohio reduced its stake in shares of The Korea Fund, Inc. (NYSE:KF - Free Report) by 63.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 89,061 shares of the company's stock after selling 152,130 shares during the quarter. Public Employees Retirement System of Ohio owned about 2.14% of The Korea Fund worth $3,999,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of KF. NewEdge Advisors LLC raised its holdings in The Korea Fund by 91.7% during the 1st quarter. NewEdge Advisors LLC now owns 1,275 shares of the company's stock valued at $25,000 after buying an additional 610 shares during the period. Bank of America Corp DE raised its stake in shares of The Korea Fund by 37.5% in the fourth quarter. Bank of America Corp DE now owns 4,953 shares of the company's stock valued at $91,000 after acquiring an additional 1,350 shares during the period. Nations Financial Group Inc. IA ADV bought a new stake in shares of The Korea Fund in the 4th quarter worth about $225,000. Wolverine Asset Management LLC purchased a new position in shares of The Korea Fund during the 4th quarter worth about $439,000. Finally, Cornerstone Wealth Management LLC grew its holdings in The Korea Fund by 9.4% during the 4th quarter. Cornerstone Wealth Management LLC now owns 27,870 shares of the company's stock valued at $1,012,000 after purchasing an additional 2,385 shares during the last quarter. Hedge funds and other institutional investors own 69.99% of the company's stock.

The Korea Fund Price Performance

Shares of NYSE KF opened at $56.80 on Friday. The Korea Fund, Inc. has a 1 year low of $26.66 and a 1 year high of $81.94. The firm has a 50-day simple moving average of $68.96 and a two-hundred day simple moving average of $57.49.

The Korea Fund Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source