Wolverine Asset Management LLC Decreases Stock Position in 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 cut its holdings in abrdn Japan Equity Fund Inc. (NYSE:JEQ - Free Report) by 85.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). 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 filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of JEQ. Saba Capital Management L.P. boosted its position in shares of abrdn Japan Equity Fund by 0.9% in the 4th quarter. Saba Capital Management L.P. now owns 687,081 shares of the company's stock worth $3,951,000 after purchasing an additional 6,394 shares in the last quarter. Bank of America Corp DE boosted its position in shares of abrdn Japan Equity Fund by 8.0% in the 4th quarter. Bank of America Corp DE now owns 91,050 shares of the company's stock worth $524,000 after purchasing an additional 6,724 shares in the last quarter. Successful Portfolios LLC boosted its position in shares of abrdn Japan Equity Fund by 3.7% in the 1st quarter. Successful Portfolios LLC now owns 88,467 shares of the company's stock worth $575,000 after purchasing an additional 3,189 shares in the last quarter. Tabor Asset Management LP bought a new stake in shares of abrdn Japan Equity Fund in the 1st quarter worth approximately $453,000. Finally, Blue Bell Private Wealth Management LLC boosted its position in shares of abrdn Japan Equity Fund by 15.3% in the 1st quarter. Blue Bell Private Wealth Management LLC now owns 29,426 shares of the company's stock worth $191,000 after purchasing an additional 3,900 shares in the last quarter. 62.72% of the stock is owned by institutional investors.

Insider Activity at abrdn Japan Equity Fund

In related news, major shareholder Saba Capital Management, L.P. purchased 7,596 shares of the company's stock in a transaction dated Thursday, May 29th. The shares were purchased at an average cost of $7.14 per share, with a total value of $54,235.44. Following the transaction, the insider directly owned 1,515,829 shares in the company, valued at $10,823,019.06. This trade represents a 0.50% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders purchased 60,887 shares of company stock valued at $433,198. Insiders own 52.11% of the company's stock.

abrdn Japan Equity Fund Stock Performance

Shares of JEQ traded up $0.18 during mid-day trading on Friday, reaching $8.13. The company had a trading volume of 271,311 shares, compared to its average volume of 143,953. The firm has a 50-day moving average price of $7.46 and a 200 day moving average price of $6.77. abrdn Japan Equity Fund Inc. has a 52 week low of $5.58 and a 52 week high of $8.29.

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.