Short Interest in The Korea Fund, Inc. (NYSE:KF) Declines By 99.8%

Key Points

• Short interest plunged 99.8% — short interest in The Korea Fund (NYSE:KF) fell to just 16 shares as of March 13, leaving a short-interest ratio of 0.0 days and 0.0% of shares sold short.
• Shares traded down 3.3% — the fund hit $47.39 mid-day with volume of 14,369 versus an average of ~34,125, a 50-day moving average of $47.88, 200-day moving average of $39.01, and a 12-month range of $18.15–$58.59.
• High institutional ownership — institutions and hedge funds own 69.99% of the fund; City of London Investment Management increased its stake to 1,456,201 shares and Saba Capital grew its stake to 69,617 shares (up 117.9%).

The Korea Fund, Inc. (NYSE:KF - Get Free Report) was the recipient of a significant decline in short interest during the month of March. As of March 13th, there was short interest totaling 16 shares, a decline of 99.8% from the February 26th total of 10,374 shares. Based on an average trading volume of 41,429 shares, the short-interest ratio is currently 0.0 days. Currently, 0.0% of the shares of the stock are sold short. Currently, 0.0% of the shares of the stock are sold short. Based on an average trading volume of 41,429 shares, the short-interest ratio is currently 0.0 days.

The Korea Fund Stock Down 3.3%

NYSE KF traded down $1.61 during mid-day trading on Tuesday, hitting $47.39. The stock had a trading volume of 14,369 shares, compared to its average volume of 34,125. The firm's 50 day moving average is $47.88 and its 200 day moving average is $39.01. The Korea Fund has a twelve month low of $18.15 and a twelve month high of $58.59.

Institutional Investors Weigh In On The Korea Fund

A number of large investors have recently modified their holdings of the business. City of London Investment Management Co. Ltd. lifted its stake in shares of The Korea Fund by 10.1% in the third quarter. City of London Investment Management Co. Ltd. now owns 1,456,201 shares of the company's stock worth $44,538,000 after buying an additional 134,103 shares in the last quarter. Saba Capital Management L.P. grew its stake in The Korea Fund by 117.9% during the 4th quarter. Saba Capital Management L.P. now owns 69,617 shares of the company's stock valued at $2,528,000 after acquiring an additional 37,668 shares in the last quarter. Cornerstone Wealth Management LLC grew its stake 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 acquiring an additional 2,385 shares in the last quarter. Wolverine Asset Management LLC acquired a new stake in The Korea Fund in the 4th quarter valued at about $439,000. Finally, Shaker Financial Services LLC acquired a new stake in The Korea Fund in the 3rd quarter valued at about $242,000. Hedge funds and other institutional investors own 69.99% of the company's stock.

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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