We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.
| Etf Name | Etf Symbol | Market | Stock Type |
|---|---|---|---|
| Ishr Msci Kor-i | IKOR | London | Exchange Traded Fund |
| Price Change | Price Change % | Etf Price | Last Trade
|
|
|---|---|---|---|---|
| 48.25 | 1.64% | 2,998.25 | 12:26:52 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 2,996.50 | 2,995.625 | 3,005.00 | 2,950.00 |
| Top Posts |
|---|
Posted at 05/9/2014 09:53 by davebowler Westhouse;Weiss Korea Opportunity Fund (WKOF.L, discount to NAV 4.5%, Buy) has released its interim results for the six months to end-June 2014. These provided shareholders with a strong absolute return of 23.2%. The fund also significantly outperformed its index, the MSCI Korea 25/50 Capped Index (which rose by just 0.75% in Sterling terms), though WKOF’s specialised remit and resultant marked differentiation from this index make comparisons somewhat irrelevant. Despite such a robust performance over the last yea r, we have seen the company’s rating drift from an often elevated premium to a no table discount. It is therefore pleasing that yesterday’s results provide a reinfor cement from the Board of its willingness and desire to minimise the discount thr ough an active share buy-back policy. However, given the strength in performance and the relatively low correlation of the WKOF NAV with other asset classes, it is somewhat s urprising that demand has not been sufficient to maintain a stronger rating than has been the case. The board has stated that it has granted its broker authority to buy back shares during close periods, when it is unable to issue instructions on buy-back s. It has also restated that it has the authority to repurchase up to 40% of the shares of the company. Perhaps one point of concern for investors is the s uccess rate of the fund to date and the degree of narrowing of the discount of Korean p referred shares to their ordinary counterparts that has already occurred. The latter is partly reflected in the results statement, with the average weighted discount of WK OF’s preferred share portfolio has narrowed from 49.5% at end-December 2013, to 39.8% on 30 June 2014. Nonetheless, the absolute level of discount remains high. Furthe rmore, prospects for enhanced legislative reform in Korea (particularly in relati on to elevated dividend payments by companies), if these were to occur, could provide f urther support to recent discount compression trends if they were to be implemented. So the risk to investors is that the narrowing on p referred share pricing seen thus far peters out or is reversed. This could then merely elevate risks associated with a single country fund, many of which in the emerging market space continue to attract double-digit discounts. However, it is also worth recognising that many Asi a ex-Japan funds have a Korean weighting in excess of 20%. And we would argue that by utilis ing a fund such as WKOF at its current level of discount (both headline and see through), provides investors with a positive point of complementary exposure to other funds. Some investors may also be deterred by the evident concentration risk within the portfolio. At end-June this included a weighty 12.37% of the f und exposed to the Samsung Electronics Preferred Share and just over 26% in multiple share types of the Hyundai Motor Company. However, while recognising this risk, we believe th at the active management of the portfolio, the reduced correlation with other asset classes an d prospects for further discount compression at the portfolio level warrant inclusio n of WKOF in a diversified pool of funds. Buy |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
