Korea Fund Inc SEC Filings

Saba Capital Management and affiliated entities have disclosed a new activist stake in The Korea Fund, Inc. (KF) through a Schedule 13D filing. They report beneficial ownership of 213,139 common shares, representing 5.13% of the fund’s outstanding 4,158,348 shares as of 12/31/25.

The filing states that approximately $8,011,052 was paid to acquire these shares, using investor subscription proceeds, capital appreciation and ordinary-course margin borrowings. Saba and its founder Boaz Weinstein say they acquired the position for investment purposes and believe the shares are undervalued and offer an attractive opportunity.

The investors indicate they may engage with management, the board and other shareholders on issues such as fund performance, governance, capitalization, trading at a discount to net asset value, the open- or closed-end structure, and the timing of any potential liquidation. They reserve the right to propose board nominees, submit shareholder proposals, solicit proxies, buy more shares, sell shares, or use hedging and short-selling strategies, while noting they currently have no agreements with third parties to act together regarding these shares.

Lazard Asset Management LLC filed a Schedule 13G reporting a significant ownership stake in The Korea Fund Inc. (KF). As of 12/31/2025, Lazard beneficially owned 552,184 shares, representing 13.3% of the fund’s equity. Lazard has sole voting and dispositive power over all reported shares and no shared authority. The filing states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the fund.

City of London Investment Management Company Limited filed an amended Schedule 13G reporting beneficial ownership of Korea Fund Inc common stock. It reports beneficial ownership of 1,605,335 shares, representing 38.6% of the class as of 12/31/2025, with sole voting and dispositive power over these shares.

The shares are held across various City of London funds and segregated accounts for which it acts as investment adviser. City of London certifies the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Korea Fund Inc.

The Korea Fund Inc. insider filing shows that Co Portfolio Manager Wong Chun Yu currently reports no beneficial ownership of the fund’s securities. The Form 3 indicates there are no non-derivative or derivative securities beneficially owned, as explicitly stated in the explanation of responses.

Public Employees Retirement System of Ohio (OPERS) filed an amended beneficial ownership report on Korea Fund Inc. The filing shows OPERS beneficially owns 168,834 shares of Korea Fund, representing 4.06% of the outstanding shares, held for investment purposes.

All shares were bought or sold in the open market using client assets under management. OPERS states it may buy more shares or sell shares over time, but currently has no plans or intentions related to major corporate actions such as mergers, control changes, or other strategic transactions affecting Korea Fund.

City of London Investment Management Company Limited filed Amendment No. 12 to Schedule 13G reporting beneficial ownership in Korea Fund Inc (KF). CLIM reports 1,456,201 shares of common stock, representing 35.0% of the class, with sole voting and dispositive power over all reported shares.

The filing identifies CLIM as an investment adviser and states the shares are held across City of London Funds and segregated accounts for which CLIM exercises discretionary authority. The event date triggering the filing is September 30, 2025. CLIM certifies the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.

1607 Capital Partners, LLC filed Amendment No. 15 to Schedule 13G on The Korea Fund, Inc. (KF), updating its beneficial ownership. The firm reported beneficial ownership of 196,850 shares of common stock, representing 4.73% of the class as of September 30, 2025. It held sole voting power over 196,850 shares and sole dispositive power over 196,850 shares.

The filer is identified as an investment adviser and certified the holdings were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control.

Public Employees Retirement System of Ohio (OPERS) filed Amendment No. 2 to Schedule 13D for The Korea Fund Inc. (KF), reporting beneficial ownership of 241,191 shares, or 5.8% of the class. The filing lists sole voting power and sole dispositive power over 241,191 shares, with the date of event on 10/28/2025.

OPERS states the position is held for investment purposes. Shares were purchased or sold in the open market using client assets under management. OPERS may buy or sell additional shares over time and indicates no present plans related to the actions described in Item 4(b)-(j). The filing also notes no contracts or arrangements regarding the securities.

The definitive proxy for Korea Fund, Inc. (KF) presents director nominees, governance procedures, ownership concentrations and fees in clear terms. The Board describes voting rules where election of a director requires a majority of shares present or by proxy and notes that abstentions and broker non-votes effectively count against proposals. Director biographies list roles, committee memberships and year first became a director, and disclose dollar ranges of their Fund equity holdings. Beneficial ownership highlights include City of London Investment Group PLC at 31.8% and Lazard Ltd at 13.8%. Audit and non-audit fees paid to the auditor are disclosed, with total non-audit fees combined with other billed amounts summing to $11,763,270 in one column and $11,763,350 in another. The Board outlines pre-approval policies for audit and permitted non-audit services and delegates day-to-day valuation to the Manager under approved Valuation Procedures.