The Korea Fund, Inc. (KF) 2019年年度报告「NYSE」.pdf

1、June 30,2019This report contains the following two documents:Chairmans Letter to Stockholders Annual Report to StockholdersJune 30,2019The Korea Fund,Inc.Chairmans Letter to StockholdersDear Fellow Stockholders:I have pleasure in providing the Annual Report for The Korea Fund,Inc.(the“Fund”)covering

2、its fiscal year from July 1,2018 to June 30,2019(the“Period”).The South Korean stock market at its present level,as measured by the MSCI Korea 25/50Index(the“benchmark”),is below the index levels first reached in 2007 ahead of the 2008market collapse,and which was then surpassed in 2011,2014 and aga

3、in in end 2017.Since itsmost recent peak at the start of 2018 through to the end of this reporting period the index levelhas declined gradually over the past seventeen months by some 23%.Indeed,relative to theGlobal Emerging Market Index,as well as the respective US dollar denominated indices ofemer

4、ging markets in China,Taiwan,Malaysia,Philippines,Singapore,Thailand,Indonesia,Vietnam,India and Latin America,the South Korean market has provided a weakerinvestment return over the past 12 months-plus.Negative perceptions of a global slowdown in world trade brought on by a combination of theongoin

5、g trade dispute between the US and China,the unease over the nuclear ambitions ofNorth Korea and the slowdown in global consumption particularly affecting South Koreas hi-tech industries,along with the ongoing socialist policies of the South Korean governmentunder President Moon have each added to t

6、he markets worries.Your Investment Managersreport is contained hereto,which sets out his views as well as the opportunities and concerns ingreater detail.For the 6-month period your Fund gained 1.24%,and over its fiscal year declined 9.92%,whichcompares with its benchmark,gaining 2.21%for the 6-mont