City of London Investment Management Company Limited has filed Amendment No. 10 to a Schedule 13G/A reporting a significant position in abrdn Emerging Markets ex-China Fund, Inc.
The firm reports beneficial ownership of 11,368,507 shares of common stock, representing 28.0% of the fund’s outstanding shares. City of London Investment Management acts as an investment adviser to multiple dedicated emerging-markets funds and segregated accounts, which directly hold the shares.
The filer certifies the AEF shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the fund, other than activities solely in connection with a nomination under the relevant proxy rule.
Positive
None.
Negative
None.
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 10)
abrdn Emerging Markets ex-China Fund, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
00301W105
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
00301W105
1
Names of Reporting Persons
City of London Investment Management Company Limited
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED KINGDOM
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
11,368,507.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
11,368,507.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
11,368,507.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
28.0 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
abrdn Emerging Markets ex-China Fund, Inc.
(b)
Address of issuer's principal executive offices:
1900 Market Street, Suite 200, Philadelphia, PA 19103
Item 2.
(a)
Name of person filing:
This statement is being filed by City of London Investment Management Company Limited ("CLIM" or the "Reporting Person"). CLIM is a fund manager, which specializes in investing in closed-end investment companies and is a registered investment adviser under Section 203 of the Investment Advisers Act of 1940. CLIM is controlled by City of London Investment Group plc ("CLIG"), which is listed on the London Stock Exchange. However, in accordance with SEC Release No. 34-39538 (January 12, 1998), effective informational barriers have been established between CLIM and CLIG such that voting and investment power over the subject securities is exercised by CLIM independently of CLIG, and, accordingly, attribution of beneficial ownership is not required between CLIM and CLIG.
CLIM is principally engaged in the business of providing investment advisory services to various public and private investment funds, including Emerging (BMI) Markets Country Fund ("BMI"), a private investment fund organized as a Delaware business trust, Emerging Markets Free Fund ("CF"), a private investment fund organized as a Delaware business trust, Emerging Markets Global Fund ("CG"), a private investment fund organized as a Delaware business trust, Emerging Markets Investable Fund ("CI"), a private investment fund organized as a Delaware business trust, Emerging Markets Ex-China Equity Fund ("EMX"), a private investment fund organized as a Delaware business trust, Global Emerging Markets Fund ("EUREKA"), a private investment fund organized as a Delaware business trust, The Emerging World Fund ("EWF"), a Dublin, Ireland-listed open-ended investment company, Emerging (Free) Markets Country Fund ("FREE"), a private investment fund organized as a Delaware business trust, Emerging Markets Country Fund ("GBL"), a private investment fund organized as a Delaware business trust, The EM Special Situations CEF Focused Fund ("UNIQUE"), a private investment fund organized as a Delaware business trust, and unaffiliated third-party segregated accounts over which CLIM exercises discretionary voting and investment authority (the "Segregated Accounts").
BMI, CF, CG, CI, EMX, EUREKA, EWF, FREE, GBL and UNIQUE are collectively referred to herein as the "City of London Funds."
The Shares to which this Schedule 13G relates are owned directly by the City of London Funds and the Segregated Accounts.
(b)
Address or principal business office or, if none, residence:
77 Gracechurch Street
London EC3V 0AS
England
(c)
Citizenship:
England and Wales
(d)
Title of class of securities:
Common Stock
(e)
CUSIP No.:
00301W105
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
11,368,507.00
(b)
Percent of class:
28.0 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
11,368,507.00
(ii) Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
11,368,507.00
(iv) Shared power to dispose or to direct the disposition of:
0
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
City of London Investment Management Company Limited
What does the Schedule 13G/A filing reveal about AEF ownership?
The Schedule 13G/A shows that City of London Investment Management beneficially owns 11,368,507 AEF shares, or 28.0% of the common stock. This reflects a large institutional stake in abrdn Emerging Markets ex-China Fund, Inc., reported on a passive ownership form.
Who is City of London Investment Management in relation to AEF (symbol AEF)?
City of London Investment Management Company Limited is an investment adviser specializing in closed-end funds and registered under the Investment Advisers Act. It manages various emerging-markets funds and segregated accounts that directly own AEF shares, giving it beneficial ownership and voting authority over those holdings.
How many AEF shares does City of London Investment Management own?
City of London Investment Management reports beneficial ownership of 11,368,507 shares of abrdn Emerging Markets ex-China Fund (AEF), equal to 28.0% of the common stock. These shares are held by City of London-managed funds and segregated accounts, not directly by the adviser itself.
Does City of London Investment Management seek control of abrdn Emerging Markets ex-China Fund (AEF)?
The filer certifies the AEF securities were acquired and are held in the ordinary course of business, not to change or influence control of the fund. It specifically states the holdings are not part of any control transaction, other than possible activity tied to a proxy nomination rule.
Which investment vehicles hold the AEF shares managed by City of London Investment Management?
The AEF shares are owned directly by multiple City of London Funds, including vehicles such as Emerging (BMI) Markets Country Fund, Emerging Markets Free Fund, Global Emerging Markets Fund, and others, plus unaffiliated segregated accounts over which the adviser has discretionary authority.
What voting and dispositive power does City of London Investment Management have over AEF shares?
City of London Investment Management reports sole voting power and sole dispositive power over 11,368,507 AEF shares, with no shared voting or dispositive authority. This means it alone directs how these shares are voted and when they might be sold, on behalf of its clients.
