abrdn ex-China Fund: City of London reports 24.5% stake
The reported shares are directly owned by City of London Funds and segregated accounts over which the fund manager exercises discretionary voting and investment authority.
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abrdn Emerging Markets ex-China Fund, Inc. (AEF) is the issuer whose common stock City of London Investment Management Company Limited reports beneficially owning. As of September 30, 2026, the reported amount is 9,944,810 shares, or 24.5% of the class. City of London Investment Management Company Limited reports sole voting and dispositive power over those shares, with no shared voting or dispositive power.
Key Figures
Beneficially owned:9,944,810 sharesPercent of class:24.5%Sole voting power:9,944,810 shares+3 more
6 metrics
Beneficially owned9,944,810 sharesAs of September 30, 2026
Percent of class24.5%As of September 30, 2026
Sole voting power9,944,810 sharesReported by City of London Investment Management Company Limited
Sole dispositive power9,944,810 sharesReported by City of London Investment Management Company Limited
Shared voting power0 sharesReported by City of London Investment Management Company Limited
Shared dispositive power0 sharesReported by City of London Investment Management Company Limited
Key Terms
beneficially owned, Sole Voting Power, Sole Dispositive Power
3 terms
beneficially ownedregulatory
"Amount beneficially owned"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Sole Voting Powerregulatory
"Sole power to vote or to direct the vote"
Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.
Sole Dispositive Powerregulatory
"Sole power to dispose or to direct the disposition"
Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many AEF shares does City of London Investment Management Company Limited beneficially own?
It reports beneficial ownership of 9,944,810 shares, representing 24.5% of the class as of September 30, 2026.
Who directly owns the reported AEF shares?
The shares are directly owned by the City of London Funds and segregated accounts over which City of London Investment Management Company Limited exercises discretionary voting and investment authority.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 12)
abrdn Emerging Markets ex-China Fund, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
00301W105
(CUSIP Number)
09/30/2026
(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)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
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
9,944,810.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
9,944,810.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,944,810.00
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)
24.5 %
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:
9,944,810.00
(b)
Percent of class:
24.5 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
9,944,810.00
(ii) Shared power to vote or to direct the vote:
0.00
(iii) Sole power to dispose or to direct the disposition of:
9,944,810.00
(iv) Shared power to dispose or to direct the disposition of:
0.00
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
