The Korea Fund, Inc.
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2022 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS99.2% |
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Air Freight & Logistics0.4% |
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Hyundai Glovis Co. Ltd. |
4,500 | 506,467 | ||||||
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Auto Components4.8% |
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Hankook Tire & Technology Co. Ltd. |
63,800 | 1,557,260 | ||||||
Hyundai Mobis Co. Ltd. |
30,000 | 3,960,106 | ||||||
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5,517,366 | ||||||||
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Automobiles5.7% |
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Hyundai Motor Co. (Preference) |
55,000 | 3,197,654 | ||||||
Kia Corp. |
66,600 | 3,314,815 | ||||||
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6,512,469 | ||||||||
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Banks5.9% |
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Hana Financial Group, Inc. |
152,700 | 3,749,547 | ||||||
KakaoBank Corp.* |
20,600 | 285,366 | ||||||
KB Financial Group, Inc. |
90,900 | 2,745,047 | ||||||
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6,779,960 | ||||||||
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Biotechnology1.5% |
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Hugel, Inc.* |
24,906 | 1,761,225 | ||||||
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Capital Markets1.4% |
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Korea Investment Holdings Co. Ltd. |
47,300 | 1,554,186 | ||||||
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Chemicals8.5% |
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Dongjin Semichem Co. Ltd. |
36,522 | 665,442 | ||||||
LG Chem Ltd. |
16,340 | 6,033,305 | ||||||
SK IE Technology Co. Ltd.*(a) |
26,600 | 960,872 | ||||||
SKC Co. Ltd. |
37,000 | 2,137,427 | ||||||
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9,797,046 | ||||||||
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Construction & Engineering3.6% |
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DL E&C Co. Ltd. |
56,300 | 1,334,698 | ||||||
DL Holdings Co. Ltd. |
25,900 | 1,029,489 | ||||||
Samsung Engineering Co. Ltd.* |
111,300 | 1,752,065 | ||||||
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4,116,252 | ||||||||
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Electronic Equipment, Instruments & Components1.5% |
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Samsung Electro-Mechanics Co. Ltd. |
23,000 | 1,774,552 | ||||||
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Entertainment2.1% |
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JYP Entertainment Corp. |
13,500 | 548,468 | ||||||
NCSoft Corp. |
7,750 | 1,853,771 | ||||||
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2,402,239 | ||||||||
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Food & Staples Retailing1.1% |
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BGF retail Co. Ltd. |
10,600 | 1,219,660 | ||||||
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Food Products1.2% |
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CJ CheilJedang Corp. |
4,900 | 1,397,955 | ||||||
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Health Care Equipment & Supplies0.5% |
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Suheung Co. Ltd. |
26,700 | 593,366 | ||||||
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Hotels, Restaurants & Leisure1.7% |
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Kangwon Land, Inc.* |
120,250 | 1,963,263 | ||||||
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Household Durables2.2% |
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Coway Co. Ltd. |
33,800 | 1,263,999 | ||||||
Zinus, Inc. |
50,700 | 1,221,457 | ||||||
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2,485,456 | ||||||||
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Industrial Conglomerates1.7% |
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SK, Inc. |
15,000 | 1,991,583 | ||||||
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Insurance2.8% |
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Samsung Fire & Marine Insurance Co. Ltd. |
18,300 | 2,340,541 | ||||||
Samsung Life Insurance Co. Ltd. |
20,100 | 870,621 | ||||||
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3,211,162 | ||||||||
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Interactive Media & Services6.5% |
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AfreecaTV Co. Ltd. |
17,200 | 751,761 | ||||||
Kakao Corp. |
49,500 | 1,947,798 | ||||||
NAVER Corp. |
36,000 | 4,795,784 | ||||||
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7,495,343 | ||||||||
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IT Services0.8% |
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Kakaopay Corp.* |
27,700 | 936,311 | ||||||
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Life Sciences Tools & Services2.9% |
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Samsung Biologics Co. Ltd.*(a) |
5,960 | 3,336,230 | ||||||
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Marine0.5% |
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Pan Ocean Co. Ltd. |
184,289 | 574,349 | ||||||
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Media0.8% |
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Innocean Worldwide, Inc. |
32,200 | 929,271 | ||||||
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Metals & Mining3.1% |
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Korea Zinc Co. Ltd. |
1,810 | 748,373 | ||||||
POSCO Holdings, Inc. |
19,600 | 2,859,007 | ||||||
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3,607,380 | ||||||||
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Oil, Gas & Consumable Fuels2.5% |
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SK Innovation Co. Ltd.* |
17,800 | 1,763,939 | ||||||
S-Oil Corp. |
19,400 | 1,097,394 | ||||||
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2,861,333 | ||||||||
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Personal Products1.5% |
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LG H&H Co. Ltd. |
3,890 | 1,705,061 | ||||||
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Pharmaceuticals1.2% |
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Yuhan Corp. |
37,900 | 1,429,278 | ||||||
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Professional Services0.8% |
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NICE Information Service Co. Ltd. |
79,000 | 733,503 | ||||||
Wantedlab, Inc.* |
18,493 | 198,989 | ||||||
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932,492 | ||||||||
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Semiconductors & Semiconductor Equipment8.2% |
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ISC Co. Ltd. |
37,200 | 825,332 | ||||||
SK Hynix, Inc. |
149,500 | 8,551,433 | ||||||
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9,376,765 | ||||||||
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Specialty Retail1.1% |
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K Car Co. Ltd. |
128,100 | 1,212,291 | ||||||
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Technology Hardware, Storage & Peripherals22.0% |
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Samsung Electronics Co. Ltd. |
690,400 | 25,350,972 | ||||||
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Textiles, Apparel & Luxury Goods0.4% |
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Hwaseung Enterprise Co. Ltd. |
57,371 | 424,619 | ||||||
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Wireless Telecommunication Services0.3% |
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SK Telecom Co. Ltd. |
11,300 | 398,931 | ||||||
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TOTAL COMMON STOCKS |
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114,154,833 | ||||||
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SHORT-TERM INVESTMENTS0.3% |
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INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED0.3% |
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Goldman Sachs Financial Square Government Fund 3.66%(c)(Cost $358,300) |
358,300 | 358,300 | ||||||
Total Investments99.5% (Cost $135,864,654) |
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114,513,133 | ||||||
Other Assets Less Liabilities0.5% |
527,650 | |||||||
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Net Assets100.0% |
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115,040,783 | ||||||
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Percentages indicated are based on net assets.
The Korea Fund, Inc.
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2022 (Unaudited) (continued)
Abbreviations | ||
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
(a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
(b) | The security or a portion of this security is on loan at September 30, 2022. The total value of securities on loan at September 30, 2022 is $341,233. | |
(c) | The rate shown is the current yield as of September 30, 2022. | |
* | Non-income producing security. |
The Korea Fund, Inc.
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2022 (Unaudited) (continued)
A. Valuation of Investments Investments are valued in accordance with U.S. generally accepted accounting principles (GAAP) and the Funds valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the Board), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
J.P. Morgan Investment Management Inc. (the Administrator) has established the J.P. Morgan Asset Management Americas Valuation Committee (AVC) to assist the Board with the oversight and monitoring of the valuation of the Funds investments. The Administrator implements the valuation policies of the Funds investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (NAV) of the Fund are calculated on a valuation date.
Certain foreign equity instruments are valued by applying international fair value factors provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Funds investments are summarized into the three broad levels listed below.
| Level 1 Unadjusted inputs using quoted prices in active markets for identical investments. |
| Level 2 Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs. |
| Level 3 Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds assumptions in determining the fair value of investments). |
A financial instruments level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments (SOI):
Level 1 Quoted prices |
Level 2 Other significant observable inputs |
Level 3 Significant unobservable inputs |
Total | |||||||||||||
Investments in Securities |
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Common Stocks |
$ | | $ | 114,154,833 | $ | | $ | 114,154,833 | ||||||||
Short-Term Investments |
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Investment of Cash Collateral from Securities Loaned |
358,300 | | | 358,300 | ||||||||||||
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Total Investments in Securities |
$ | 358,300 | $ | 114,154,833 | $ | | $ | 114,513,133 | ||||||||
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