Title: Microsoft PowerPoint - WKOF Factsheet May 2025 - new v5 URL Source: https://is.gd/Qk1fD0 Published Time: Wed, 25 Jun 2025 10:25:25 GMT Markdown Content: > Past performance should not be seen as an indication of future performance. The information on this factsheet is as of > 30 April 2025 unless stated otherwise. The value of investments and any income may fluctuate and investors may not > get back the full amount invested. The views expressed are those of Weiss Asset Management LP at the time of > writing, are subject to change without notice and should not be interpreted as investment advice. This document is > provided for the purpose of information only. ## Fund Strategy ## Since Managed ## Wind-Down 5 ## WKOF Inception to ## Managed Wind-Down 4 ## 12 Month YTD Month Performance 6.4% 79.2% -15.6% 5.3% 6.7% Weiss Korea Opportunity Fund NAV 2,3 2.8% 41.4% -14.7% 3.0% 1.9% MSCI Korea 25/50 1,3 1.0% 34.3% -17.6% 2.3% 0.2% iShares MSCI Korea UCITS ETF (Dist) 1,3 > WEISS ASSET MANAGEMENT LP 222 BERKELEY STREET, 16 th FLOOR, BOSTON, MA 02116 PHONE: +1 (617) 778 7780 www.weissasset.com ## Portfolio Statistics ## Top 10 Holdings 14 17% Samsung Kodex 200 ETF. 10% LG Electronics Inc., Prf. 8% Hanwha Corporation 3rd Prf. 7% CJ CheilJedang Corp, Prf. 7% Doosan Corporation, 1st Prf. 6% Amorepacific Corp., Prf. 6% Mirae Asset Daewoo Co., Ltd., 2nd Prf. 5% LG Household & Health Care Ltd., Prf. 4% CJ Corporation, 1st Prf. 3% Kumho Petro Chemical Co., Ltd., Prf. 73% Top 10 Holdings 38.8% Portfolio Discount 9 5.3x Average Trailing 12-Month P/E Ratio of Preference Shares Held 10 2.7% Trailing Net Dividend Yield of Preference Shares Held 11 29 Number of Positions 12 74.2% Percentage of NAV Invested in Preference Shares 7.4% Net Cash Balance 13 # April 2025 Weiss Korea Opportunity Fund Following shareholder approval at an extraordinary general meeting on 14 April 2025, Weiss Korea Opportunity Fund (“WKOF”) is in a managed wind-down process. WKOF’s investment objective is now to realise all existing assets in its portfolio in an orderly manner. WKOF is pursuing this objective by effecting an orderly realisation of its assets in a manner that aims to achieve a balance between seeking to obtain the best achievable value and making timely returns of capital to shareholders. WKOF has ceased to make any new investments, other than investing realised cash in liquid cash-equivalent securities. Prior to entering wind-down, WKOF invested primarily in listed South Korean preference shares trading at a discount to common shares of the same issuers. South Korean preference shares are equity shares that are generally entitled to receive the same dividends as common shares, but typically receive an additional fixed payment, have limited voting rights and trade at a discount to the common shares. The ‘Portfolio Discount’ in the Portfolio Statistics table represents the discount of WKOF’s actual NAV to the value of what the NAV would be if WKOF held the respective common shares of issuers rather than preference shares on a one-to-one basis. WKOF Ticker (London) £102,068,877 Net Assets £1.47 NAV/Share 2 £1.28 Price/Share (13.14%) Premium/(Discount) 2 (1.95%) Median Premium/(Discount) 6 4.98% Dividend Yield 7 2.1% Expense Ratio 8 14 May 2013 Inception Endnotes 1. The MSCI Korea 25/50 Index (USD) (available on Bloomberg as “MSCI Korea 25/50 Net Total Return Index”) is reported in United States dollars. To calculate monthly returns in British pounds sterling, the monthly values provided by the index are converted into sterling at the exchange rate taken as of 4pm New York time on the last date of the prior month and on the last day of the applicable month, and accordingly, such returns may differ from indices using other conversion methodologies such as those that use the daily closing exchange rate on each trading day during a given month. Further information relating to the Index is set forth in the Admission Document, as the same may be amended or supplemented from time to time. The iShares MSCI Korea UCITS ETF USD (Dist) is reported in United States dollars. To calculate the monthly returns in British pounds sterling, the monthly values provided by the ETF are converted into sterling at the exchange rate taken as of 4pm London time on the last date of the prior month and on the last day of the applicable month. 2. On 04 April 2022, WKOF began reporting the NAV based on data as at the close of business in South Korea for all assets and FX rates. Dividends from WKOF’s underlying investments are accounted for in the NAV of WKOF on the relevant ex dates (or accrued on the ex date based on an estimated amount if the actual amount is unknown). Whilst the estimated dividends, and therefore the estimated NAV, are prepared in good faith, there can be no guarantee that they are accurate in all respects. 3. For WKOF, this return includes all dividends paid to WKOF’s Shareholders and assumes that these dividends were reinvested in WKOF’s Shares at the next date for which WKOF reports a NAV, at the NAV for that date. MSCI total return indices are calculated as if any dividends paid by constituents are reinvested at their respective closing prices on the ex date of the distribution. iShares MSCI Korea UCITS ETF USD (Dist) also assumes reinvestment of dividends. 4. WKOF Inception to Managed Wind-Down is calculated from 14 May 2013 through 14 April 2025, and on the basis of the Initial Net Asset Value per Ordinary Share of WKOF. 5. Since Managed Wind-Down is calculated from 15 April 2025, when the managed wind-down began, through the last day of the applicable month. 6. The median premium or discount of WKOF’s price per share relative to WKOF’s NAV per share, for all published NAVs for the period since inception to the date of this factsheet. Data sourced from Bloomberg. 7. Calculated as the dividend per share over the last 12-months divided by the share price as of the date of this factsheet. 8. The annualised total expense ratio was 2.1% for the period ended 30 June 2024, as stated on the Unaudited Half-Yearly Financial Report. The annualised total expense ratio includes charges paid to the Investment Manager and other expenses divided by the average NAV for the period. 9. Represents the discount of WKOF’s actual NAV to the value of what the NAV would be if WKOF held the respective common shares of issuers rather than preference shares on a one-to-one basis. 10. The Average Trailing 12-Month P/E Ratio of Preference Shares Held is based on the consolidated diluted earnings per share over the trailing 12-month period as reported by Bloomberg, and is calculated as the total market value of WKOF’s preference share portfolio on the report date divided by the total earnings allocable to WKOF based on WKOF’s holdings on the report date. Investments with negative reported earnings are excluded. 11. Trailing Net Dividend Yield of Preference Shares Held represents the weighted average dividend yield of the preference shares owned by WKOF over the 12-month period ending on the report date as reported by Bloomberg, after accounting for Korean taxes applicable to WKOF, and weighted by the market value of each investment on the report date. This figure does not estimate or forecast future dividend payments on WKOF's investments. 12. Number of Positions does not include credit default swaps or options held by the portfolio for hedging purposes. 13. Net Cash Balance includes treasury bills, cash and cash equivalents, net of accruals, and does not include credit default swaps or options held by the portfolio for hedging purposes, which account for the remaining percentage of NAV. 14. Top 10 Holdings is calculated using the market value of all holdings including portfolio hedges. Weiss Asset Management (“WAM”) is an investment management firm headquartered in Boston, MA registered with the U.S. Securities and Exchange Commission as an investment adviser and with the Commodity Futures Trading Commission as a commodity pool operator. WAM manages multiple investment vehicles, including private hedge funds, a London listed closed-ended fund (WKOF), and an institutional separate account. The firm was founded by Dr. Andrew Weiss, an academic economist, who launched his first fund in 1991. WAM employs deep fundamental and statistical analysis to find undervalued securities globally, and seeks to maximize risk-adjusted returns for its investor base that includes charitable foundations, pension plans, endowments, hospitals, government entities and private investors. The firm has 120+ employees and assets under management of approximately ₤3.0 billion as of 31 March 2025. About Weiss Asset Management > Past performance should not be seen as an indication of future performance. The information on this factsheet is as of 30 April 2025 unless stated otherwise. The value of investments and any income may fluctuate and > investors may not get back the full amount invested. The views expressed are those of Weiss Asset Management LP at the time of writing, are subject to change without notice and should not be interpreted as > investment advice. This document is provided for the purpose of information only. # April 2025 Weiss Korea Opportunity Fund Fund Information AIM Exchange GG00B933LL68 ISIN B933LL6 SEDOL Weiss Asset Management LP Investment Manager Singer Capital Markets Broker & NOMAD KPMG Channel Islands Limited Auditor Northern Trust International Fund Administration Services (Guernsey) Limited Administrator www.weisskoreaopportunityfund.com Website WEISS ASSET MANAGEMENT LP 222 BERKELEY STREET, 16 th FLOOR, BOSTON, MA 02116 PHONE: +1 (617) 778 7780 www.weissasset.com All investments involve risks, including possible loss of principal. Investing in international and emerging markets may involve additional risks, such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. In addition, single- country and sector funds may be subject to a higher degree of market risk than diversified funds because of concentration in a specific industry, sector or geographic region. Please see WKOF’s Admission Document for a more complete discussion of the investment objective, strategy and risks associated with WKOF. Net Asset Value (NAV) performance is not linked to share price performance, and shareholders may realise individual returns that are lower or higher than the performance of NAV. The annual investment management charge and other charges are deducted from capital. WKOF performance and NAV data used in this factsheet for the 2024 and 2025 financial year periods are estimates, based on unaudited valuations. Final performance and NAV based on audited data may differ materially from that presented herein. While the information contained herein has been prepared in good faith from sources believed to be reliable, no representations, warranties or undertakings (express or implied) are given as to, or in relation to, the accuracy, reliability or completeness of the information contained herein, and all liability therefore is expressly disclaimed. Given the continuing political tensions in Asia, the Manager, after consulting with the Board of Directors, caused WKOF to implement a general hedging strategy with the goal of reducing overall market risk in the portfolio. This strategy has generally included the purchase of credit default swaps on the sovereign debt of South Korea and/or put options on the iShares MSCI South Korea ETF, but the composition of the hedges and the notional value of protection held by WKOF has changed and will continue to change over time. Moreover, there is no requirement or representation that WKOF will be hedged at all times or adequately hedged at any particular time. The composition of hedges held by WKOF as of the dates of the financial statements will be disclosed in the semi-annual and annual financial reports. The information contained in this document is strictly private and confidential and may not be reproduced or redistributed in whole or in part to any other person. By proceeding to access this document, users are deemed to be representing, warranting, acknowledging and agreeing that the applicable laws and regulations of their relevant jurisdiction allow them to do so and that users have read, agreed to and will comply with the terms and conditions set out in this notice. No information contained in this document should be taken as constituting an offer or invitation to subscribe or purchase to buy, sell or hold any securities of WKOF or any entity. The information contained herein is subject to updating, amendment and verification. It should not be relied upon by any persons for any purpose. Nothing in this document constitutes or is intended to constitute financial or other advice and you should not act upon any information contained in this document without first consulting a financial or other professional adviser. This Document has not been approved by an authorised person in accordance with section 21 of the Financial Services and Markets Act 2000. Accordingly, in the United Kingdom this Document is being made only to and directed only at persons reasonably believed to be of a kind to whom the communication of an invitation or inducement to engage in investment activity may be made pursuant to an exemption under the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), including: (i) persons who have professional experience in matters relating to investments, being "investment professionals" within the meaning of Article 19(5) of the Order, (ii) high net-worth companies, unincorporated associations and other bodies within the meaning of Article 49(2) of the Order, and (iii) persons to whom it is otherwise lawful to send the Document pursuant to an applicable exemption under the FPO (all such persons described above together being referred to as the "Relevant Persons"). This Document is not to be disclosed to any other person or used for any other purpose. The investment or investment activity to which this Document relates is available only to the Relevant Persons and will be engaged in only with such persons. Any person(s) in the United Kingdom who fall outside of categories (i) and (ii) above must check that they fall within category (iii). Any other person (other than the Relevant Persons) who receives this Document should not rely or act upon it and should return it to the Investment Manager immediately. By accepting this Document and not immediately returning it, the recipient represents and warrants that they fall within the definition of the Relevant Persons and are entitled to receive the Document. Important Disclosures > Past performance should not be seen as an indication of future performance. The information on this factsheet is as of 30 April 2025 unless stated otherwise. The value of investments and any income may fluctuate and > investors may not get back the full amount invested. The views expressed are those of Weiss Asset Management LP at the time of writing, are subject to change without notice and should not be interpreted as > investment advice. This document is provided for the purpose of information only. # April 2025 Weiss Korea Opportunity Fund WEISS ASSET MANAGEMENT LP 222 BERKELEY STREET, 16 th FLOOR, BOSTON, MA 02116 PHONE: +1 (617) 778 7780 www.weissasset.com