The Korea Fund, Inc. (NYSE:KF) Sees Large Drop in Short Interest

The Korea Fund, Inc. (NYSE:KF) was the recipient of a significant drop in short interest during the month of August. As of August 31st, there was short interest totalling 1,800 shares, a drop of 18.2% from the August 15th total of 2,200 shares. Based on an average trading volume of 6,400 shares, the days-to-cover ratio is presently 0.3 days.

The Korea Fund Price Performance

KF stock opened at $22.28 on Tuesday. The stock has a 50-day moving average price of $22.66 and a two-hundred day moving average price of $22.40. The Korea Fund has a 12-month low of $19.19 and a 12-month high of $25.16.

Hedge Funds Weigh In On The Korea Fund

Hedge funds and other institutional investors have recently modified their holdings of the company. City of London Investment Management Co. Ltd. raised its holdings in The Korea Fund by 7.6% in the fourth quarter. City of London Investment Management Co. Ltd. now owns 1,729,497 shares of the company’s stock valued at $36,025,000 after buying an additional 122,298 shares during the period. Allspring Global Investments Holdings LLC raised its stake in shares of The Korea Fund by 13.5% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 453,678 shares of the company’s stock valued at $10,498,000 after acquiring an additional 54,032 shares during the period. Morgan Stanley boosted its position in The Korea Fund by 3,005.6% during the 4th quarter. Morgan Stanley now owns 32,174 shares of the company’s stock worth $670,000 after purchasing an additional 31,138 shares during the period. Wolverine Asset Management LLC acquired a new stake in The Korea Fund in the 1st quarter valued at $68,000. Finally, Bank of America Corp DE increased its holdings in The Korea Fund by 10.4% in the 1st quarter. Bank of America Corp DE now owns 27,142 shares of the company’s stock valued at $817,000 after purchasing an additional 2,563 shares in the last quarter. 54.75% of the stock is owned by institutional investors and hedge funds.

About The Korea Fund

The Korea Fund, Inc is a closed-ended equity mutual fund launched and managed by Allianz Global Investors U.S. LLC. The fund invests in the public equity markets of Korea. It seeks to invest in stocks of companies operating across diversified sectors. The fund primarily invests in growth stocks of companies.