Wolverine Asset Management LLC Sells 141,989 Shares of abrdn Japan Equity Fund Inc. (NYSE:JEQ)

Key Points

• Wolverine Asset Management LLC significantly reduced its stake in abrdn Japan Equity Fund Inc. by 85.7%, resulting in ownership of only 23,617 shares valued at $154,000.
• Other institutional investors, including Successful Portfolios LLC and Blue Bell Private Wealth Management LLC, also adjusted their holdings, with some increasing their stakes in the fund.
• The current market share price of abrdn Japan Equity Fund is $8.01, with a fifty-two week range between $5.58 and $8.07.

Wolverine Asset Management LLC lowered its stake in abrdn Japan Equity Fund Inc. (NYSE:JEQ - Free Report) by 85.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,617 shares of the company's stock after selling 141,989 shares during the quarter. Wolverine Asset Management LLC owned approximately 0.17% of abrdn Japan Equity Fund worth $154,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Saba Capital Management L.P. increased its stake in shares of abrdn Japan Equity Fund by 0.9% in the fourth quarter. Saba Capital Management L.P. now owns 687,081 shares of the company's stock valued at $3,951,000 after buying an additional 6,394 shares during the period. Bank of America Corp DE increased its stake in shares of abrdn Japan Equity Fund by 8.0% in the fourth quarter. Bank of America Corp DE now owns 91,050 shares of the company's stock valued at $524,000 after buying an additional 6,724 shares during the period. Successful Portfolios LLC increased its stake in shares of abrdn Japan Equity Fund by 3.7% in the first quarter. Successful Portfolios LLC now owns 88,467 shares of the company's stock valued at $575,000 after buying an additional 3,189 shares during the period. Tabor Asset Management LP acquired a new position in shares of abrdn Japan Equity Fund in the first quarter valued at approximately $453,000. Finally, Blue Bell Private Wealth Management LLC increased its position in abrdn Japan Equity Fund by 15.3% during the 1st quarter. Blue Bell Private Wealth Management LLC now owns 29,426 shares of the company's stock valued at $191,000 after purchasing an additional 3,900 shares during the period. Institutional investors own 62.72% of the company's stock.

abrdn Japan Equity Fund Stock Performance

NYSE:JEQ traded up $0.06 on Wednesday, reaching $8.18. 303,310 shares of the stock traded hands, compared to its average volume of 118,331. The company's 50 day moving average is $7.43 and its 200-day moving average is $6.74. abrdn Japan Equity Fund Inc. has a 1-year low of $5.58 and a 1-year high of $8.29.

Insiders Place Their Bets

In other news, major shareholder Saba Capital Management, L.P. bought 7,596 shares of the firm's stock in a transaction on Thursday, May 29th. The stock was acquired at an average price of $7.14 per share, with a total value of $54,235.44. Following the transaction, the insider owned 1,515,829 shares of the company's stock, valued at $10,823,019.06. This trade represents a 0.50% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders have purchased 60,887 shares of company stock worth $433,198. Corporate insiders own 52.11% of the company's stock.

About abrdn Japan Equity Fund

Abrdn Japan Equity Fund Inc is a close ended equity mutual fund launched and managed by Aberdeen Standard Investments (Asia) Limited. It invests in the public equity markets of Japan. The fund invests in stocks of companies operating across diversified sectors. It employs quantitative analysis to build its portfolio.