Korea Investment Adds $78 Million to BofA Stake Amid Rout
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Korea Investment Corp., the country’s sovereign wealth fund, said it added $78 million worth of Bank of America Corp. shares to its existing stake this year as the U.S. bank shed more than half its market value.
The fund added shares from January via seven separate purchases using a $145 million dividend it earlier received from Bank of America and called the Charlotte, North Carolina-based bank’s shares “undervalued,” in an e-mailed statement late yesterday.