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Strategies & Market Trends : Thai Funds
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To: Roland Kahn who wrote (44)1/7/1998 9:38:00 PM
From: Polartee  Read Replies (2) of 107
 
Actually, I read it in a news item somewhere on the net that John Templeton was buying the closed end funds as well as the only US open end Korea fund. I'd be surprised if a value investor like Templeton is still buying the NYSE closed ends (KF, KEF, KIF, FAK) since they now trade at around a 50% premium to NAV. He's got the dough to purchase the contents directly in Korea but is probably just buying the open end fund right now.

I entered a hedged short position on the Korea Fund (KF) at 7.0625 on Monday (the only one I was able to get shares to short) which is trading at about a 57% premium to NAV and simultaneously bought the AIM Korea Fund (our only open end Korean fund in Canada). The AIM Fund can be bought and sold at NAV since it is an open end fund and should track the Korea Fund's NAV reasonably closely, if not outperform it. As long as the premium to NAV on the Korea Fund returns to more normal and rational levels like zero percent or a discount to NAV I will make money on the shrinking premium.

Regards,
John
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