KF - Korea Fund

What this means for you

Saba has told the regulator it may push for changes at this fund. That usually means asking the fund to buy back shares at close to the full value of its holdings, to change who runs it, or to close down and pay holders out.

Nothing is required of you now. If the fund itself announces a buy-back or a vote, it appears in the box above with the date by which you would need to act.

Large investors can also sell down and walk away. We show every notice they file, the day it is filed.

Email me if this changes

What happened, and when

1. May 15, 2026

   Lazard Asset Management LLC cut its stake to 9.1% (from 13.3%), as a passive investor.

   Original document →

2. March 4, 2026

   Saba now owns 5.1%. It has said it may push for changes.

   Original document →

3. Feb 17, 2026

   Lazard Asset Management LLC cut its stake to 13.3% (from 14.3%), as a passive investor.

   Original document →

4. Feb 13, 2026

   City of London raised its stake to 38.6% (from 35%), as a passive investor.

   Original document →

5. Jan 7, 2026

   Public Employees Retirement System of Ohio sold down below 5% and stopped reporting.

   Original document →

About this fund

• Run by JPMorgan Asset Management (Asia Pacific) Limited. As of June 30, 2026, from the fund's yearly report. Original document →
• Size: about $365 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund does not borrow. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.7% a year in management fees; 1.2% a year in total, including interest on borrowed money. Fiscal year ended June 30, 2026. As of June 30, 2026, from the fund's yearly report. Original document →
  Among the 13 funds we follow that invest outside the U.S., 2 charge a lower management fee and none charges less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended June 30, 2026) the fund paid $1.38 a share, all of it income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of June 30, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (June 30, 2026): $87.88. The shares traded at $75.21, about 14.4% below that. As of June 30, 2026, from the fund's yearly report. Original document →
• How the holdings did: up 71.3% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1994.

How this has changed

• Payouts per share: $1.38 in the fiscal year ended June 30, 2026; $0.45 in the year ended June 30, 2025; nothing in the year ended June 30, 2024.As of June 30, 2026, from the fund's annual report. Original document →
• None of those payouts was your own money back; all of it was income or gains.As of June 30, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 1.21% a year in the fiscal year ended June 30, 2026; 1.75% a year in the year ended June 30, 2025; 1.44% a year in the year ended June 30, 2024.As of June 30, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $365 million at June 30, 2026; $128 million at June 30, 2025; $139 million at June 30, 2024. From the fund's quarterly holdings reports. Original documents: June 30, 2026 →, June 30, 2025 →, June 30, 2024 →.
• Borrowing: none at June 30, 2026; none at June 30, 2025; none at June 30, 2024. From the fund's quarterly holdings reports. Original documents: June 30, 2026 →, June 30, 2025 →, June 30, 2024 →.
• The fund had about 4.16 million shares at June 30, 2026, down 14% from June 30, 2024.As of June 30, 2026, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended June 30, 2026: the shares returned +190.2%, counting payouts; the holdings +194.6%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of June 30, 2026, from the fund's annual report. Original document →
• The year ended June 30, 2025: the shares returned +14.3%, counting payouts; the holdings +9.5%. As of June 30, 2025, from the fund's annual report. Original document →
• The year ended June 30, 2024: the shares returned +4.3%, counting payouts; the holdings +8.5%. As of June 30, 2024, from the fund's annual report. Original document →
• The year ended June 30, 2023: the shares returned +8.6%, counting payouts; the holdings +5.3%. As of June 30, 2023, from the fund's annual report. Original document →
• The year ended June 30, 2022: the shares returned -33.6%, counting payouts; the holdings -35.4%. As of June 30, 2022, from the fund's annual report. Original document →
• Those five years together: the shares returned +149.6%. $10,000 of shares bought at the start (July 1, 2021) would have become about $25,000 by June 30, 2026, with every payout counted, before tax. As of June 30, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +195.8%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 8 funds that invest in outside the U.S. with a fiscal year ending within six months of this one, 0 reported a higher share return for that year and 7 a lower one. As of June 30, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

All shares (100%). About 1% issued in the U.S.

1. SK hynix, Inc. - 27.5%
2. Samsung Electronics Co. Ltd. - 22.8%
3. SK Square Co. Ltd. - 4.4%
4. Samsung Electro-Mechanics Co. Ltd. - 4.3%
5. KB Financial Group, Inc. - 2.4%
6. SK, Inc. - 2.2%
7. Shinhan Financial Group Co. Ltd. - 1.9%
8. Samsung C&T Corp. - 1.9%
9. Hyundai Motor Co. - 1.7%
10. Kia Corp. - 1.7%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →