The Korea Fund, Inc. (KF) 2020年年度报告「NYSE」.pdf

1、June 30,2020This report contains the following two documents:Chairmans Letter to Stockholders Annual Report to StockholdersJune 30,2020The Korea Fund,Inc.Chairmans Letter to StockholdersDear Fellow Stockholders:We have pleasure in providing the Annual Report for The Korea Fund,Inc.(the“Fund”)coverin

2、g its fiscal year from July 1,2019 to June 30,2020(the“Period”).The Korean stock market,as measured by the MSCI Korea 25/50 Index(Total Return)(the“benchmark”),has traded within the broad lateral trading range during the past decade.Throughthe Period the Korean stock market has continued within this

3、 lateral trend.Whilst rallying inthe July to November 2019 period,it thence declined sharply from December to March,andthen rallied equally sharply to close the Period very marginally lower than at its start.The virtual40%decline in the market between December and March,measured in US dollars,could

4、mainlybe attributed to the onset of the novel coronavirus(known as COVID-19)pandemic,thedamage from which has been witnessed throughout the world and more on which is containedwithin this report from the Funds investment team.Simultaneously through the Period theKorean Won remained mostly steady aga

5、inst the US dollar,ending the Period only marginallylower,having fallen approximately 11%against the dollar since the outset of the pandemic.For the Period your Funds performance declined 4.96%relative to a decline of 2.58%in itsbenchmark.Further to our report at the interim stage,the Funds performa

6、nce over the secondhalf of the Period declined 9.62%,which represented a 1.33%relative decline against thebenchmark in a period of serious COVID-19-related price volatility.Over the last quarter yourFund recovered 20.88%,which was marginally better than the benchmark.For the full Periodyour Fund ran