7th Sep 2016 09:09
LONDON (Alliance News) - Weiss Korea Opportunity Fund Ltd on Wednesday reported growth in net asset value per share in the first half of 2016, although it underperformed its benchmark.
The fund, which invests in the listed preferred shares of South Korean companies, said its NAV per share increased by 11% in the six months ended June 30, missing its benchmark the MSCI Korea 25/50 Capped Index, which rose by 15%.
Noting the UK's decision to leave the European Union, Weiss Korea said investors should be reminded that "'unexpected' events occur much more frequently than many investors seem to anticipate", highlighting the importance of portfolio diversification.
It added that UK investors in Weiss Korea benefited from sterling weakness following the Brexit vote as the company does not hedge its Korean currency exposure.
"The long-term ramifications for the United Kingdom and Europe are currently unclear," Weiss Korea said referring to Brexit.
Shares in Weiss Korea were untraded on Wednesday, last quoted at 145.80 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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