The Korea Fund, Inc. (KF) 2021年年度报告「NYSE」.pdf

1、June 30,2021This report contains the following two documents:Chairmans Letter to Stockholders Annual Report to StockholdersJune 30,2021The Korea Fund,Inc.Chairmans Letter to StockholdersDear Fellow StockholdersWe have much pleasure in providing the Annual Report of The Korea Fund Inc.(the“Fund”)cove

2、ring its full fiscal year,that is from July 1st2020 to June 30th2021,otherwise referred toherein as the“Period”.The Stock Market and Fund PerformanceThis Period has provided investors in the South Korean equity markets exceptionalopportunities.As mentioned in my February Letter with the Half Year Re

3、port the Korean stockmarket came to life following the sharp global market falls on the back of the COVID-19 globalpandemic in 1Q20.Asian markets,particularly those of China and South Korea on the back ofeachs rapid response to the pandemic,showed greater resilience with lesser economicslowdowns to

4、their Western counterparts and rapidly assumed the leadership in the subsequenteconomic and market recoveries.In Korea this was provided as much through the countrysdevelopment of new economies,as well as a large government stimulus package.Further Ireferred at that time to the then-recent developme

5、nt of a Covid vaccine which has clearly donemuch to slow the problem,particularly in the more advanced economies.Translating this into stock market returns through the full fiscal Period,your Fund has providedstockholders an increase in Net Asset Value(“NAV”)of 76.9%broken between its first andsecon

6、d half-year periods by 53.2%and 15.5%respectively.This NAV return to stockholdersthrough its full fiscal year compares with a 66.5%increase in our benchmark,the MSCI 25/50,thereby providing stockholders an excess return or positive alpha of 10.4%.Further,throughthe Period the stock price increased 8