The Korea Fund, Inc. (KF) 2022年年度报告「NYSE」.pdf

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1、Annual ReportJune 30,2022This report contains the following two documents:Chairmans Letter to Stockholders Annual Report to StockholdersJune 30,2022The Korea Fund,Inc.Chairmans Letter to StockholdersDear Fellow StockholdersWe have much pleasure in providing the Annual Report of The Korea Fund,Inc.(t

2、he“Fund”)covering its full financial year,that is from July 1st2021 to June 30 2022,otherwise referred toherein as the“Period”.The Stock Market and Fund PerformanceFollowing the exceptional opportunities in the Korean stock market as I referred in myperiod-end letter to you last year,this Period has

3、 been less kind to investors with the Koreanequity market reflecting a gradual decline through each quarter of the past year.As the chairmanof your investment managers holding company recently and succinctly suggested geopoliticaltension,high inflation,waning consumer confidence,the uncertain direct

4、ion of interest rates,the never-before-seen quantitative tightening and their effects on global liquidity,combinedwith the war in Ukraine and its harmful effect on global energy and food prices are seriouslymarring the economic landscape.Further to this,and more noticeably in Asia,has been thenegati

5、ve effects of Omicron,the presently predominant variant of Covid,that has lingered moreheavily in Asia and particularly in China,possibly given that countrys less effective vaccine tomore recent variants and the cause of very serious lockdowns not only in the major cities ofBeijing and Shanghai but

6、also across virtually the entire country.In turn these closures have ledto serious supply side manufacturing and logistical bottlenecks spreading worldwide.Through the Period the Korean stock market,as reflected by your funds benchmark,the MSCIKorea 25/50 and which is measured in US dollars,declined