The Korea Fund, Inc. (NYSE:KF) Short Interest Update

Key Points

• Short interest fell sharply: The Korea Fund’s short interest declined 52.7% to 3,757 shares as of July 15, representing about 0.2% of shares outstanding and 0.2 days of average trading volume.
• Institutional ownership remains substantial: Hedge funds and other institutional investors own 69.99% of the fund, with Saba Capital Management increasing its position by 213.3% during the first quarter.
• Shares traded lower: The fund fell 5.4% to $54.37 during Tuesday’s mid-day trading, while its 50-day and 200-day moving averages stood at $69.62 and $57.18, respectively.

The Korea Fund, Inc. (NYSE:KF - Get Free Report) saw a large decline in short interest in July. As of July 15th, there was short interest totaling 3,757 shares, a decline of 52.7% from the June 30th total of 7,937 shares. Approximately 0.2% of the shares of the stock are sold short. Based on an average daily volume of 19,597 shares, the short-interest ratio is currently 0.2 days.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Saba Capital Management L.P. increased its position in The Korea Fund by 213.3% during the first quarter. Saba Capital Management L.P. now owns 218,139 shares of the company's stock worth $9,794,000 after buying an additional 148,522 shares in the last quarter. Wolverine Asset Management LLC acquired a new stake in shares of The Korea Fund during the 4th quarter worth $439,000. NewEdge Advisors LLC boosted its holdings in The Korea Fund by 91.7% in the first quarter. NewEdge Advisors LLC now owns 1,275 shares of the company's stock valued at $25,000 after acquiring an additional 610 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of The Korea Fund by 1.5% during the 1st 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 period. Finally, Nations Financial Group Inc. IA ADV acquired a new stake in shares of The Korea Fund in the fourth quarter worth $225,000. 69.99% of the stock is owned by hedge funds and other institutional investors.

The Korea Fund Trading Down 5.4%

The Korea Fund stock traded down $3.08 during mid-day trading on Tuesday, reaching $54.37. The company had a trading volume of 30,128 shares, compared to its average volume of 23,757. The stock's 50-day simple moving average is $69.62 and its 200-day simple moving average is $57.18. The Korea Fund has a 1 year low of $26.66 and a 1 year 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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