IAF - abrdn Australia Equity Fund

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.

Email me if this changes

What happened, and when

1. Aug 14, 2026

   Karpus raised its stake to 8.5% (from 7.4%), as a passive investor.

   Original document →

2. May 15, 2026

   1607 Capital sold down below 5% and stopped reporting.

   Original document →

3. May 14, 2026

   Karpus now owns 7.4%, as a passive investor.

   Original document →

4. April 7, 2026

   A large investor started a fight over the shareholder vote. The meeting is on May 27, 2026.

   Original document →

5. Nov 14, 2025

   1607 Capital cut its stake to 7.1% (from 8.5%), as a passive investor.

   Original document →

About this fund

• Run by ABRDN Asia Limited. As of Oct 31, 2025, from the fund's yearly report. Original document →
• Size: about $138 million of holdings, as of April 30, 2026. As of April 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 7% on top of its own money, as of April 30, 2026. Borrowed money makes gains and losses bigger. As of April 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1% a year in management fees; 2% a year in total, including interest on borrowed money. Fiscal year ended Oct 31, 2025. As of Oct 31, 2025, from the fund's yearly report. Original document →
• Payouts: last fiscal year (ended Oct 31, 2025) the fund paid $1.47 a share. $1.11 came from gains; $0.36 was your own money back, not income. As of Oct 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Oct 31, 2025): $14.98. The shares traded at $13.56, about 9.5% below that. As of Oct 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: down 4.8% over the last three months we have (Feb-April 2026), before the share price is taken into account. Over the last 12 months: +15.4%. As of April 30, 2026, from the fund's quarterly holdings report. Original document →
• How the holdings did over the fiscal year (ended Oct 31, 2025): the value of the holdings returned +11.1%. How the share price did: the shares returned +15% over the same year, counting payouts and the change in the market price. As of Oct 31, 2025, from the fund's annual report. Original document →
• First reported to the regulator in 1995.

What the fund holds

Almost all shares (100%). About 3% issued in the U.S.

1. BHP Group - 12.4%
2. Commonwealth Bank of Australia - 12.1%
3. National Australia Bank - 5.6%
4. ANZ Group Holdings - 5.4%
5. Rio Tinto PLC - 5.3%
6. Aristocrat Leisure - 4.5%
7. Northern Star Resources - 4.5%
8. Goodman Group - 4.3%
9. Westpac Banking - 3.6%
10. Macquarie Group - 3.6%

As of April 30, 2026, from the fund's quarterly holdings report. Original document →