City of London Investment Management (AEF) discloses 25.8% beneficial stake in fund

Rhea-AI Filing Summary

City of London Investment Management Company Limited reports beneficial ownership of 10,493,864 shares of common stock of abrdn Emerging Markets ex-China Fund, Inc. This represents 25.8% of the fund’s outstanding common stock as of June 30, 2026.

City of London Investment Management holds sole voting and sole dispositive power over all 10,493,864 shares, with no shared voting or dispositive power. The shares are owned directly by various City of London-managed funds and unaffiliated segregated accounts for which it exercises discretionary voting and investment authority.

Key Figures

Shares beneficially owned: 10,493,864 shares Percent of class: 25.8% Sole voting power: 10,493,864 shares +3 more

6 metrics

Shares beneficially owned 10,493,864 shares Common stock of abrdn Emerging Markets ex-China Fund, Inc.

Percent of class 25.8% Portion of AEF common stock beneficially owned by City of London Investment Management

Sole voting power 10,493,864 shares Shares over which City of London Investment Management has sole power to vote

Shared voting power 0 shares Shares over which City of London Investment Management has shared power to vote

Sole dispositive power 10,493,864 shares Shares over which City of London Investment Management has sole dispositive power

Shared dispositive power 0 shares Shares over which City of London Investment Management has shared dispositive power

Key Terms

beneficial ownership, dispositive power, segregated accounts, closed-end investment companies

4 terms

beneficial ownership financial

"The Shares to which this relates are owned directly by the City of London Funds"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

dispositive power financial

"Sole Dispositive Power 10,493,864.00 8 | Shared Dispositive Power 0.00"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

segregated accounts financial

"unaffiliated third-party segregated accounts over which CLIM exercises discretionary voting"

closed-end investment companies financial

"specializes in investing in closed-end investment companies and is a registered"

A closed-end investment company is a pooled fund that issues a fixed number of shares and lists them on an exchange, so investors buy and sell those shares on the market rather than directly from the fund. Think of it as a shop with a set inventory of goods: the market price of the shares can move above or below the value of the underlying assets, creating opportunities or risks for investors and affecting yield, liquidity and returns.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/24/2026 - 04:02 PM Accepted by SEC EDGAR 07/24/2026 - 04:01 PM Learn about SEC filing dates

FAQ

What percentage of abrdn Emerging Markets ex-China Fund (AEF) does City of London Investment Management own?

City of London Investment Management reports beneficial ownership of 25.8% of AEF’s common stock. This stake corresponds to 10,493,864 shares, making it a significant holder with sole voting and dispositive power over these shares.

How many AEF shares does City of London Investment Management control?

City of London Investment Management controls 10,493,864 shares of AEF common stock. It has sole voting power and sole dispositive power over all of these shares, with no shared authority reported in the filing.

Who is the reporting person in the Schedule 13G/A for AEF?

The reporting person is City of London Investment Management Company Limited, a fund manager specializing in closed-end funds. It is a registered investment adviser and exercises discretionary voting and investment authority over the reported AEF shares.

How does City of London Investment Management hold its AEF shares?

The reported AEF shares are held by various City of London Funds and segregated accounts. City of London Investment Management has discretionary voting and investment authority over these accounts, giving it beneficial ownership of 10,493,864 shares.

Does City of London Investment Management share voting or dispositive power over AEF stock?

No. City of London Investment Management reports sole voting power over 10,493,864 shares and sole dispositive power over 10,493,864 shares. It reports 0 shared voting power and 0 shared dispositive power in this Schedule 13G/A.

What is the relationship between City of London Investment Management and City of London Investment Group regarding AEF?

City of London Investment Management is controlled by City of London Investment Group plc, but informational barriers mean voting and investment power over AEF shares is exercised independently by City of London Investment Management, avoiding attribution of beneficial ownership to the parent.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 11)

abrdn Emerging Markets ex-China Fund, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

00301W105

(CUSIP Number)

06/30/2026

(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 10,493,864.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 10,493,864.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,493,864.00

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)

25.8 %

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: 10,493,864.00
(b)	Percent of class: 25.8 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 10,493,864.00
	(ii) Shared power to vote or to direct the vote: 0.00
	(iii) Sole power to dispose or to direct the disposition of: 10,493,864.00
	(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

Signature:	/s/ Catrina Reagan
Name/Title:	Catrina Reagan/US Chief Compliance Officer
Date:	07/24/2026