The Korea Fund, Inc. (KF) 2024年年度报告「NYSE」.pdf

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1、Annual ReportJune 30,2024This report contains the following two documents:Chairmans Letter to Stockholders Annual Report to StockholdersJune 30,2024The Korea Fund,Inc.Chairmans Letter to StockholdersDear fellow Stockholders:We have pleasure in providing the Annual Report for The Korea Fund(the“Fund”

2、)coveringits financial year 2023-2024,that is from July 1 2023 to June 30 2024 otherwise referred toherein as the“Period”.Through the Period and indeed the past 30-odd months since the start of 2022,Korean stockmarket indices have made little upward progress but rather have traded in a broad sideway

3、smovement.This relatively subdued performance of the Funds benchmark,the MSCI Korea25/50 Index(the“Index”),that has traded within the range of some 10,000 to 12,000,hasdisguised the higher level of volatility of certain individual stocks throughout this extendedperiod.Over the full Period the Fund i

4、ncreased in US dollars by 8.52%and through the second half ofits financial year by 1.48%:these figures compare with 9.08%for the benchmark over the fullperiod and 1.16%through the second half.That the Korean won weakened through the periodreflects a marginally lower return in its reporting currency,

5、the US dollar,than was achieved inKorean won.These performances over the full year 2023-2024 and through the second half are placed in thesecond quartile of a Korean oriented management group monitored independently by theFunds third-party consultant.The macro-economic outlook appears more buoyant w

6、ith GDP for the first quarter 2024 risingan unexpectedly 5.2%,fuelled both by domestic demand and private consumption,the latterrecording a 3.2%increase quarter on quarter.Exports have continued to grow with those forJune 2024 up 5.1%year on year reflecting the significant 51%increase in semiconduct