NPORT-EX 2 KoreaFundV2.htm HTML

The Korea Fund, Inc.

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited)

 

Investments

    Shares      Value ($)  
               

COMMON STOCKS—98.6%

 

Aerospace & Defense—2.5%

 

Hanwha Aerospace Co. Ltd.

      2,450        1,052,727  

Korea Aerospace Industries Ltd.

      26,500        1,361,191  
     

 

 

  
        2,413,918  
     

 

 

  

Automobile Components—1.7%

 

Hyundai Mobis Co. Ltd.

      9,400        1,672,773  
     

 

 

  

Automobiles—5.7%

 

Hyundai Motor Co.

      6,570        887,410  

Hyundai Motor Co. (Preference)

      20,700        2,099,959  

Kia Corp.

      40,900        2,586,870  
     

 

 

  
        5,574,239  
     

 

 

  

Banks—9.8%

 

BNK Financial Group, Inc.

      130,000        911,858  

KakaoBank Corp.

      43,000        649,363  

KB Financial Group, Inc.

      70,500        3,821,362  

Shinhan Financial Group Co. Ltd.

      134,200        4,294,783  
     

 

 

  
        9,677,366  
     

 

 

  

Biotechnology—1.2%

 

APRILBIO Co. Ltd.*

      29,446        275,709  

Hugel, Inc.*

      4,100        935,565  
     

 

 

  
        1,211,274  
     

 

 

  

Building Products—0.7%

 

Sung Kwang Bend Co. Ltd.

      42,855        717,194  
     

 

 

  

Capital Markets—2.1%

 

Korea Investment Holdings Co. Ltd.

      21,960        1,098,124  

Samsung Securities Co. Ltd.

      32,300        1,000,077  
     

 

 

  
        2,098,201  
     

 

 

  

Chemicals—6.0%

 

Hansol Chemical Co. Ltd.

      10,000        812,536  

Kumho Petrochemical Co. Ltd.

      19,300        1,593,729  

LG Chem Ltd.

      17,350        2,917,652  

Soulbrain Co. Ltd.

      4,320        559,819  
     

 

 

  
        5,883,736  
     

 

 

  

Construction & Engineering—0.9%

 

HDC Hyundai Development Co-Engineering & Construction

      65,527        894,136  
     

 

 

  

Consumer Staples Distribution & Retail—0.8%

 

BGF retail Co. Ltd.

      11,200        833,771  
     

 

 

  

Electrical Equipment—2.0%

 

Doosan Enerbility Co. Ltd.*

      82,400        1,323,020  

Sung Woo Co. Ltd.

      14,300        153,946  

Vitzrocell Co. Ltd.

      31,800        510,537  
     

 

 

  
        1,987,503  
     

 

 

  

Electronic Equipment, Instruments & Components—4.0%

 

Samsung Electro-Mechanics Co. Ltd.

      18,000        1,594,333  

Samsung SDI Co. Ltd.

      13,900        1,796,339  

SOLUM Co. Ltd.*

      44,268        503,870  
     

 

 

  
        3,894,542  
     

 

 

  

Entertainment—1.7%

 

SHIFT UP Corp.*

      19,300        734,470  

SM Entertainment Co. Ltd.

      12,300        901,007  
     

 

 

  
        1,635,477  
     

 

 

  

Financial Services—0.3%

 

NHN KCP Corp.

      63,700        324,076  
     

 

 

  

Food Products—0.8%

 

CJ CheilJedang Corp.

      4,400        739,249  
     

 

 

  

Health Care Equipment & Supplies—0.6%

 

Nextbiomedical Co. Ltd.*

      23,166        640,666  
     

 

 

  

Health Care Technology—0.4%

 

Lunit, Inc.*

      12,500        424,263  
     

 

 

  

Household Durables—0.9%

 

Coway Co. Ltd.

      15,950        878,660  
     

 

 

  

Industrial Conglomerates—1.0%

 

SK, Inc.

      11,300        1,000,240  
     

 

 

  

Insurance—1.0%

 

DB Insurance Co. Ltd.

      15,800        954,441  
     

 

 

  

Interactive Media & Services—4.8%

 

NAVER Corp.

      33,050        4,319,098  

SOOP Co. Ltd.

      7,700        428,102  
     

 

 

  
        4,747,200  
     

 

 

  

Life Sciences Tools & Services—4.0%

 

LigaChem Biosciences, Inc.*

      15,900        1,035,940  

Samsung Biologics Co. Ltd.*(a)

      4,230        2,935,666  
     

 

 

  
        3,971,606  
     

 

 

  

Machinery—2.8%

 

HD Hyundai Marine Solution Co. Ltd.

      12,400        1,140,376  

Samsung Heavy Industries Co. Ltd.*

      172,000        1,586,595  
     

 

 

  
        2,726,971  
     

 

 

  

Metals & Mining—1.1%

 

Hyundai Steel Co.

      62,100        1,060,019  
     

 

 

  

Oil, Gas & Consumable Fuels—1.8%

 

S-Oil Corp.

      45,944        1,754,311  
     

 

 

  

Passenger Airlines—1.1%

 

Korean Air Lines Co. Ltd.

      77,000        1,120,961  
     

 

 

  

Personal Care Products—1.0%

 

Cosmax, Inc.

      8,400        942,396  
     

 

 

  

Pharmaceuticals—1.5%

 

Hanmi Pharm Co. Ltd.

      6,800        1,048,253  

HK inno N Corp.*

      17,700        420,310  
     

 

 

  
        1,468,563  
     

 

 

  

Semiconductors & Semiconductor Equipment—12.3%

 

Eugene Technology Co. Ltd.

      33,390        882,092  

HAESUNG DS Co. Ltd.

      29,700        535,384  

SK Hynix, Inc.

      75,900        10,117,928  

YC Corp.*

      70,655        532,108  
     

 

 

  
        12,067,512  
     

 

 

  

Specialty Retail—0.6%

 

K Car Co. Ltd.

      65,000        571,979  
     

 

 

  

Technology Hardware, Storage & Peripherals—23.5%

 

Samsung Electronics Co. Ltd.

      547,400        21,701,932  

Samsung Electronics Co. Ltd. (Preference)

      44,500        1,440,349  
     

 

 

  
        23,142,281  
     

 

 

  

TOTAL COMMON STOCKS
(COST $87,785,045)

 

      97,029,524  
  

 

 

  

Total Investments—98.6% (Cost $87,785,045)

 

      97,029,524  

Other Assets Less Liabilities—1.4%

 

      1,424,604  
  

 

 

  

Net Assets—100.0%

 

      98,454,128  
  

 

 

  
 

Percentages indicated are based on net assets.

The Korea Fund, Inc.

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

 

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.
*    Non-income producing security.

The Korea Fund, Inc.

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2025 (Unaudited) (continued)

 

A. Valuation of Investments – Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund’s 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.

Under Section 2(a)(41) of the Investment Company Act of 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations. This oversight by the AVC 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 Fund’s 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 Fund’s assumptions in determining the fair value of investments).

A financial instrument’s 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:

 

     Level 1
Quoted prices		      Level 2
Other significant
observable
inputs		      Level 3
Significant
unobservable
inputs		      Total  

Total Investments in Securities(a)

    $ —      $ 97,029,524      $ —      $ 97,029,524  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

Please refer to the schedule of portfolio investments for specifics of portfolio holdings.