Quarry LP and Peter Bremberg filed a Schedule 13G for abrdn Japan Equity Fund (JEQ) reporting current beneficial ownership of 0 shares and 0.0% of the common stock.
They note that as of September 30, 2025, they may have been deemed to beneficially own 398,348 shares, representing 5.63% of the outstanding shares at that time. The filing identifies Quarry LP as an investment adviser and includes a certification that the securities were acquired and are held in the ordinary course of business and not to change or influence control.
Positive
None.
Negative
None.
Insights
Current stake is 0.0%; prior level was 5.63%.
Quarry LP and Peter Bremberg report beneficial ownership of 0 shares (0.0%) of JEQ. This indicates they no longer have a reportable position as of the filing’s “date hereof.”
They disclose that as of September 30, 2025 they may have been deemed to own 398,348 shares, or 5.63%. The certification states the position was held in the ordinary course and not to influence control, consistent with a passive Schedule 13G.
For investors, this is an administrative update of ownership status. Actual market impact depends on prior transactions already completed; the filing itself does not describe new transactions.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
ABRDN JAPAN EQUITY FUND, INC.
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
00306J109
(CUSIP Number)
09/30/2025
(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.
00306J109
1
Names of Reporting Persons
Quarry LP
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
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)
0.0 %
12
Type of Reporting Person (See Instructions)
IA, PN
Comment for Type of Reporting Person: The information set forth on this cover page reflects information as of the date hereof. As of September 30, 2025, the Reporting Persons may have been deemed to beneficially own 398,348 shares of Common Stock (as defined in Item 2(a)), representing 5.63% of the outstanding shares of Common Stock as of such time.
SCHEDULE 13G
CUSIP No.
00306J109
1
Names of Reporting Persons
Peter Bremberg
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 STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
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)
0.0 %
12
Type of Reporting Person (See Instructions)
HC, IN
Comment for Type of Reporting Person: The information set forth on this cover page reflects information as of the date hereof. As of September 30, 2025, the Reporting Persons may have been deemed to beneficially own 398,348 shares of Common Stock, representing 5.63% of the outstanding shares of Common Stock as of such time.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
ABRDN JAPAN EQUITY FUND, INC.
(b)
Address of issuer's principal executive offices:
1900 Market Street, Suite 200, Philadelphia, PENNSYLVANIA, 19103.
Item 2.
(a)
Name of person filing:
This statement is filed by: (i) The Quarry LP (the ?Investment Manager?), a Delaware limited partnership and the investment adviser to TQ Master Fund LP (the ?Quarry Fund?), with respect to the shares of common stock, par value $0.01 per share (the "Common Stock") of abrdn Japan Equity Fund, Inc directly held by the Quarry Fund; and (ii) and Peter Bremberg, the managing member of The Quarry LLC, the general partner of the Investment Manager, with respect to the Common Stock directly held by the Quarry Fund.
The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons."
The filing of this statement should not be construed as an admission that any of the foregoing persons or any Reporting Person is, for the purposes of Section 13 of the Act, the beneficial owner of the Common Stock reported herein.
(b)
Address or principal business office or, if none, residence:
The Quarry LP
331 Park Avenue South
3rd Floor
New York, NY 10010
Peter Bremberg
c/o The Quarry LP
331 Park Avenue South
3rd Floor
New York, NY 10010
(c)
Citizenship:
For citizenship of the Reporting Persons, see Item 4 of the cover sheet for each Reporting Person.
(d)
Title of class of securities:
Common Stock, par value $0.01 per share
(e)
CUSIP No.:
00306J109
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:
See Item 9 of the cover page for each Reporting Person.
(b)
Percent of class:
See Item 11 of the cover page for each Reporting Person.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Item 5 of the cover page for each Reporting Person.
(ii) Shared power to vote or to direct the vote:
See Item 6 of the cover page for each Reporting Person.
(iii) Sole power to dispose or to direct the disposition of:
See Item 7 of the cover page for each Reporting Person.
(iv) Shared power to dispose or to direct the disposition of:
See Item 8 of the cover page for each Reporting Person.
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
See Item 2. As of September 30, 2025, the Quarry Fund had the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, more than 5% the Common Stock reported herein. As of the date hereof, 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.
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