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

1. Aug 31, 2026

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

   Original document →

2. Aug 14, 2026

   1607 Capital cut its stake to 9.6% (from 12.7%), as a passive investor.

   Original document →

3. July 24, 2026

   City of London raised its stake to 13.7% (from 12.4%), as a passive investor.

   Original document →

4. July 13, 2026

   The buy-back ended; the fund paid $12.7792 a share.

   Original document →

5. June 1, 2026

   The fund offered to buy back 10% of its shares at 98% of value, until July 1, 2026.

   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 $374 million of holdings, as of May 31, 2026. As of May 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund does not borrow. As of May 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 →
• 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). 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: down 2.4% over the last three months we have (March-May 2026), before the share price is taken into account. Over the last 12 months: +34.5%. As of May 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1996.

What the fund holds

Almost all shares (100%).

1. Sakata Inx - 5.6%
2. Daishi Hokuetsu Financia, Daishi Hokuetsu Financial Gr /Jpy/ - 3.8%
3. Citizen Watch - 3.5%
4. Musashino Bank Ltd/The - 2.9%
5. Yondenko - 2.7%
6. Thk - 2.3%
7. Ryoden - 2.3%
8. Tekscend Photomask - 2.3%
9. Asia Pile Holdings - 2.3%
10. Nippon Seiki - 1.9%

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