JOF - Japan Smaller Capitalization Fund

What this means for you

Saba has told the regulator it may push for changes at this fund. That usually means asking the fund to buy back shares at close to the full value of its holdings, to change who runs it, or to close down and pay holders out.

Nothing is required of you now. If the fund itself announces a buy-back or a vote, it appears in the box above with the date by which you would need to act.

Large investors can also sell down and walk away. We show every notice they file, the day it is filed.

Email me if this changes

What happened, and when

In the fund's last buy-back (results filed July 13, 2026), holders offered 77.7% of all shares and the fund bought about 13 of every 100 shares offered, so holders who took part got only part of what they offered. Results of the last buy-back →

1. Oct 23, 2026

   City of London cut its stake to 12.6% (from 13.7%), as a passive investor.

   Original document →

2. Oct 15, 2026

   Saba raised its stake to 10.6% (from 8.8%). It has said it may push for changes.

   Original document →

3. Oct 7, 2026

   Allspring Global Investments Holdings, LLC cut its stake to 13.4% (from 15.8%), as a passive investor.

   Original document →

4. Sept 23, 2026

   Saba raised its stake to 8.8% (from 7.7%). It has said it may push for changes.

   Original document →

5. Aug 31, 2026

   Saba raised its stake to 7.7% (from 6.7%). It has said it may push for changes.

   Original document →

About this fund

• Run by Nomura Asset Management U.S.A. Inc. As of Feb 28, 2026, from the fund's yearly report. Original document →
• Size: about $367 million of holdings, as of Aug 31, 2026. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 2% on top of its own money, as of Aug 31, 2026. Borrowed money makes gains and losses bigger. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.9% a year in management fees; 2.1% a year in total, including interest on borrowed money. Fiscal year ended Feb 28, 2026. As of Feb 28, 2026, from the fund's yearly report. Original document →
  Among the 13 funds we follow that invest outside the U.S., 5 charge a lower management fee and 11 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year the fund told the regulator that part of what it paid out was not income (it came from gains or from your own money back). Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Feb 28, 2026, from the fund's yearly report. Original document →
• Value of holdings per share at the last fiscal year end (Feb 28, 2026): $13.81. The shares traded at $12.37, about 10.4% below that. As of Feb 28, 2026, from the fund's yearly report. Original document →
• How the holdings did: up 9.6% over the last three months we have (June-Aug 2026), before the share price is taken into account. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1996.

What a holder made

• The holdings over the last twelve months we have, to Aug 31, 2026: +29.6%. The quarterly reports carry no share price, so this is the holdings alone; the yearly report, once filed and read, adds what the shares returned. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

All shares (100%).

1. Daishi Hokuetsu Financia, Daishi Hokuetsu Financial Gr /Jpy/ - 5%
2. Sakata Inx - 4.8%
3. Citizen Watch - 4.6%
4. Tomen Devices - 4.1%
5. Yondenko - 3.2%
6. Swcc - 2.9%
7. Musashino Bank Ltd/The - 2.8%
8. Idec - 2.2%
9. Asia Pile Holdings - 2.1%
10. Tekscend Photomask - 2.1%

As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →