In plain terms — Korea Fund
Shares currently cost about 21.6% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 13.8% discount, so today's level is somewhat wide for this fund (Z-score -1.6). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 2.5% a year of the share price (1.9% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.28 of assets — a ReinvestCapture™ rate of 3.1%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 108.3% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -15.86% | 1.19% | -0.88 | 64 |
| 6 months | -14.84% | 1.81% | -1.15 | 125 |
| 1 year | -13.83% | 1.92% | -1.61 | 249 |
| 3 years | -14.53% | — | — | — |
| 5 years | -14.68% | — | — | — |
Current contemporaneous premium/discount -16.91% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -18.92% to -6.40%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -9.39% | -11.25% | +58.95% | +85.69% | +41.02% | +7.78% |
| Market price total return | -9.39% | -11.25% | +58.95% | +92.93% | +43.98% | +17.82% |
| NAV return | -5.48% | -4.53% | +69.39% | +101.24% | +41.94% | +8.49% |
| NAV total return | -5.48% | -4.53% | +69.39% | +108.26% | +44.55% | +16.43% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The Korea Fund, Inc. operates as a closed-end investment vehicle, managed by Allianz Global Investors U.S. LLC. Its primary objective is to allocate capital to publicly traded companies within the dynamic equity markets of Korea. The fund strategically diversifies its holdings across various sectors, with a particular emphasis on identifying growth-oriented companies. Its investment approach hinges on rigorous fundamental analysis, employing a bottom-up stock selection methodology. This involves meticulously scrutinizing factors such as price-to-earnings ratios, dividend yields, and earnings-per-share growth to construct its portfolio. Performance is evaluated relative to the MSCI Korea 25/50 Index. Furthermore, it incorporates insights from 'Grassroots Research' to inform its investment decisions. Established on August 29, 1984, The Korea Fund, Inc. maintains its domicile in the United States.
CEF Explorer research page for Korea Fund Inc. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.