AEF - abrdn Emerging Markets ex-China Fund
A closed-end fund run by abrdn. Invests outside the U.S. Listed on the New York Stock Exchange.
Is anyone targeting this fund?
Yes - one large investor holds a stake, but it has not asked for changes.
- City of London owns 25.8% as a passive investor. On file since Feb 9, 2024.
Is the fund doing anything you need to act on?
Nothing right now.
What this means for you
One or more large investors own more than 5% of this fund but have told the regulator they are not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.
Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.
What happened, and when
-
July 24, 2026
City of London cut its stake to 25.8% (from 28%), as a passive investor.
Original document → -
April 7, 2026
A large investor started a fight over the shareholder vote. The meeting is on May 27, 2026.
Original document → -
Feb 13, 2026
City of London cut its stake to 28% (from 30%), as a passive investor.
Original document → -
Aug 8, 2025
City of London cut its stake to 30% (from 31.6%), as a passive investor.
Original document → -
May 15, 2025
1607 Capital sold down below 5% and stopped reporting.
Original document →
Show all 13 events
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April 14, 2025
A large investor started a fight over the shareholder vote. The meeting is on May 28, 2025.
Original document → -
March 7, 2025
City of London cut its stake to 31.6% (from 39.7%), as a passive investor.
Original document → -
Feb 26, 2025
The buy-back ended; the fund paid $6.07 a share.
Original document → -
Feb 21, 2025
The buy-back ended; an early count says holders offered 72.4% of all shares.
Original document → -
Jan 21, 2025
The fund offered to buy back 20% of its shares at 98% of value, until Feb 20, 2025.
Original document → -
Nov 14, 2024
City of London raised its stake to 39.7% (from 37.8%), as a passive investor.
Original document → -
Feb 9, 2024
City of London now owns 37.8%, as a passive investor.
Original document → -
Feb 8, 2024
1607 Capital now owns 7.3%, as a passive investor.
Original document →
About this fund
- Run by abrdn Investments Limited. As of Dec 31, 2025, from the fund's yearly report. Original document →
- Size: about $433 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
- Borrowing: the fund borrows about 6% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
- Costs: 0.9% a year in management fees; 1.9% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
- Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $0.65 a share. $0.05 of that was income; $0.60 was your own money back, not income. As of Dec 31, 2025, from the fund's annual report. Original document →
- Value of holdings per share at the last fiscal year end (Dec 31, 2025): $7.63. The shares traded at $7.00, about 8.3% below that.
As of Dec 31, 2025, from the fund's yearly report. Original document →
Over the last two years the gap ranged from 16% below to 7% below. As of Dec 31, 2022, from the fund's annual report. Original document → - How the holdings did: up 34.9% over the last three months we have (April-June 2026), before the share price is taken into account. Over the last 12 months: +79%. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
- How the holdings did over the fiscal year (ended Dec 31, 2025): the value of the holdings returned +42.1%. How the share price did: the shares returned +49.7% over the same year, counting payouts and the change in the market price. As of Dec 31, 2025, from the fund's annual report. Original document →
- First reported to the regulator in 1994.
What the fund holds
Mostly shares (87%), the rest preferred shares. About 1% issued in the U.S.
- Taiwan Semiconductor Manufacturing - 19.4%
- Samsung Electronics - 11.7%
- SK hynix - 11.2%
- Chroma ATE - 3.5%
- Delta Electronics - 2.9%
- ASE Technology Holding - 2.9%
- HDFC Bank - 2.6%
- Grupo Mexico SAB de CV - 2.6%
- MediaTek - 2.5%
- Accton Technology - 2.1%
Show all 25
- Samsung C&T - 1.8%
- NAC Kazatomprom JSC - 1.7%
- Al Rajhi Bank - 1.5%
- PRIO SA/Brazil - 1.5%
- Shinhan Financial Group - 1.4%
- HD Hyundai Electric - 1.4%
- Bharti Airtel - 1.3%
- Itausa SA - 1.3%
- Samsung E&A - 1.2%
- Multiplan Empreendimentos Imobiliarios SA - 1.2%
- Cholamandalam Investment and Finance - 1.2%
- National Bank of Greece SA - 1.2%
- Abu Dhabi Islamic Bank PJSC - 1.2%
- HD Korea Shipbuilding & Offshore Engineering - 1.1%
- NU Holdings Ltd/Cayman Islands - 1.1%
As of June 30, 2026, from the fund's quarterly holdings report. Original document →
Details: all notices, events and fund facts
| Date | Investor | Stake | Type of notice |
|---|---|---|---|
| July 24, 2026 | City of London | 25.8% | Updated notice |
| Feb 13, 2026 | City of London | 28% | Updated notice |
| Aug 8, 2025 | City of London | 30% | Updated notice |
| May 15, 2025 | 1607 Capital | 4.8% | Sold down below 5% |
| March 7, 2025 | City of London | 31.6% | Updated notice |
| Nov 14, 2024 | City of London | 39.7% | Updated notice |
| Feb 9, 2024 | City of London | 37.8% | Updated notice |
| Feb 8, 2024 | 1607 Capital | 7.3% | Updated notice |
| Date | What | Deadline | Document |
|---|---|---|---|
| April 7, 2026 | Fight over the shareholder vote | May 27, 2026 | Original document → |
| April 14, 2025 | Fight over the shareholder vote | May 28, 2025 | Original document → |
| Feb 26, 2025 | Buy-back results | none | Original document → |
| Feb 21, 2025 | Buy-back results | none | Original document → |
| Jan 21, 2025 | Offer to buy back shares | Feb 20, 2025 | Original document → |
- Run by
- abrdn Investments Limited
- Fund family
- ABERDEENCF
- Exchange
- New York Stock Exchange
- Regulator's file number
- 811-05770
- Auditor
- KPMG LLP
- Fiscal year end
- Dec 31, 2025
- Number of holdings
- 72
- Preferred share classes
- none
Email me when something new is filed for AEF
Free. One email per notice or announcement, usually within a day. No password.