The Korea Fund, Inc. $KF Shares Sold by Lazard Asset Management LLC

Key Points

• Lazard Asset Management cut its Korea Fund holdings by 31.7% in the first quarter, selling 174,833 shares and retaining 377,351 shares worth approximately $16.9 million, or 9.07% of the fund.
• Other institutional investors took mixed positions: Saba Capital Management and Bank of America increased their stakes, while Wolverine Asset Management and Nations Financial Group initiated new positions. Institutional investors collectively own about 69.99% of The Korea Fund.
• KF shares opened at $52.13 after declining 3.9%, trading below their 50-day moving average of $69.17 but above their 52-week low of $26.66. The closed-end fund provides U.S. investors with focused exposure to South Korean equities.

Lazard Asset Management LLC decreased its holdings in The Korea Fund, Inc. (NYSE:KF - Free Report) by 31.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 377,351 shares of the company's stock after selling 174,833 shares during the quarter. Lazard Asset Management LLC owned approximately 9.07% of The Korea Fund worth $16,943,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Wolverine Asset Management LLC acquired a new stake in shares of The Korea Fund in the fourth quarter worth approximately $439,000. Nations Financial Group Inc. IA ADV purchased a new stake in The Korea Fund in the fourth quarter valued at approximately $225,000. Saba Capital Management L.P. increased its position in The Korea Fund by 117.9% during the fourth quarter. Saba Capital Management L.P. now owns 69,617 shares of the company's stock worth $2,528,000 after purchasing an additional 37,668 shares during the last quarter. Bank of America Corp DE increased its position in 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 last quarter. Finally, NewEdge Advisors LLC raised its stake in The Korea Fund by 91.7% during the first quarter. NewEdge Advisors LLC now owns 1,275 shares of the company's stock worth $25,000 after purchasing an additional 610 shares during the period. Institutional investors and hedge funds own 69.99% of the company's stock.

The Korea Fund Trading Down 3.9%

Shares of KF opened at $52.13 on Thursday. The company's fifty day moving average is $69.17 and its two-hundred day moving average is $57.37. The Korea Fund, Inc. has a fifty-two week low of $26.66 and a fifty-two week high of $81.94.

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.

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