The Korea Fund, Inc. (KF) 2023年年度报告「NYSE」.pdf

1、 Annual Report June 30,2023 This report contains the following two documents:Chairmans Letter to Stockholders Annual Report to StockholdersJune 30,2023 The Korea Fund,Inc.Chairmans Letter to Stockholders Dear Fellow Stockholders We have pleasure in providing the Annual Report for The Korea Fund,Inc.

2、(the“Fund”)covering its financial year 2022-2023,that is from July 1 2022 to June 30 2023 otherwise referred to herein as the“Period”.In terms of broad market direction through the Period,the initial four months witnessed a continuation of the stock market decline,that commenced at the outset of cal

3、endar year 2021,and which has been followed,from mid-September,by a rebound.This improvement,on the back of a recovery from the Covid pandemic that lingered for longer and with a greater detrimental effect in Asia relative to Europe and the Americas,remains in place at time of writing.Numerically,as

4、 reflected by your Funds benchmark the MSCI Korea 25/50 Index as quoted in US dollars,the Period has reflected in a net gain of 11.2%for the full 12 months Period made up of a decline of-0.8%followed by a gain of 12.0%.Since September through to the time of writing,the Korean market has continued it

5、s rebound although its leadership has become increasingly focussed on a fewer number of stocks,and particularly those higher-valued counters in the IT sector which have been in demand on the back of demand for AI hardware.That the market leadership has increasingly narrowed and reaching to some extr

6、aordinarily high-value for a restricted number of counters,is making management more difficult for a portfolio manager pursuing a bottom-up approach,over a long-term time horizon,whilst simultaneously demonstrating sensitivity to valuations,growth prospects and quality.Through the Period your Funds