Abrdn Japan Equity Fund, INC.: directors' dealings · United States · SEC (Form 4)

About Abrdn Japan Equity Fund, INC.

ABRDN JAPAN EQUITY FUND, INC. (NYSE: JEQ) is a U.S.-domiciled closed-end fund incorporated in Maryland and managed by abrdn / Aberdeen Investments. Its operating base is in Philadelphia, Pennsylvania, United States, while its shares are listed and traded on the NYSE. For international equity investors, JEQ is best understood not as an operating company, but as a listed investment vehicle offering pooled exposure to Japanese equities through a publicly traded closed-end structure. The fund’s stated objective is to outperform the Tokyo Stock Price Index (TOPIX) over the long term on a total return basis. In practical terms, that means the portfolio is built through active security selection rather than simple index replication. Recent portfolio disclosures show a diversified allocation across Japanese Industrials, Financials, Consumer Discretionary and Information Technology, with meaningful holdings in established domestic franchises such as Mitsubishi UFJ Financial Group, Tokio Marine, NEC, Hitachi, Sony Group and Pan Pacific International Holdings. This indicates a classic active Japan strategy focused on large, liquid companies with durable competitive positions and a mix of cyclical and structural growth exposure. From a competitive standpoint, JEQ sits within abrdn’s broader suite of closed-end funds. Its differentiation comes from being a NYSE-listed vehicle that gives investors direct access to Japanese equities while allowing the market price to trade at a premium or discount to net asset value. That closed-end fund structure is important for investors because it adds another layer of analysis beyond portfolio performance: market sentiment, distribution policy and discount/premium dynamics can materially affect shareholder returns. Recent developments are especially important. In 2025, the fund launched a cash tender offer for up to roughly 50% of its outstanding shares at 98% of NAV, underscoring a significant capital-management event. SEC filings also show that the fund was reorganized into ABRDN Global Infrastructure Income Fund effective October 10, 2025. That corporate action is highly material for anyone tracking JEQ’s latest SEC Form 4 insider transactions, because transactions around that date reflect the reorganization rather than ordinary operating-company insider behavior. For French-, Belgian- and Swiss-based investors, the key takeaway is that JEQ is a U.S. NYSE-listed closed-end fund with Japanese equity exposure, managed from Philadelphia, Pennsylvania, United States, and currently defined by a major structural transition rather than ongoing operating business expansion. As such, analysis should focus on the portfolio mandate, NAV dynamics, tender activity and reorganization consequences rather than conventional company fundamentals.