Korea Fund mails semi-annual report; NAV rose 34.24% in six months to Dec. 31, 2009
The Korea Fund mailed its semi-annual report for the period ending December 31, 2009, with a Chairman's letter dated January 28, 2010, furnished as Exhibit 99.1. The letter says the Fund's net asset value rose 34.24% from July 1 to December 31, 2009, slightly ahead of the KOSPI's 32.44% gain in US dollar terms, while the board described the Fund's 2009 underperformance as disappointing.
- NAV rose 34.24% net of expenses in the July 1 to December 31, 2009 period; KOSPI gained 32.44% in US dollar terms
- Share price rose 29.6% in the period and closed December 31, 2009 at $35.55, a 9.95% discount to NAV
- Board said 2009 investment performance was disappointing, citing a January 2009 capital gains distribution and the market's first-stage recovery
- Chairman Julian Reid signed the letter; the Fund will post quarterly updates to its website with a possible 30-day delay