Vault-13

JAPAN SMALLER CAPITALIZATION JOF

COM · Closed-End Fund · CUSIP 47109U104

57 institutional holders +2 vs Q1 2026
20,709,75120.7m shares reported held*
$243.9mreported value*
12 new 16 added 14 reduced 9 sold out net sold ≈ $13.4m (-1.1m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $11.78.

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 46Q4 22: 48Q1 23: 50Q2 23: 48Q3 23: 52Q4 23: 51Q1 24: 51Q2 24: 51Q3 24: 58Q4 24: 57Q1 25: 54Q2 25: 51Q3 25: 46Q4 25: 51Q1 26: 55Q2 26: 5757Q3 22Q3 23Q3 24Q3 25Q2 26
Numbers
QuarterHolders
Q3 202246
Q4 202248
Q1 202350
Q2 202348
Q3 202352
Q4 202351
Q1 202451
Q2 202451
Q3 202458
Q4 202457
Q1 202554
Q2 202551
Q3 202546
Q4 202551
Q1 202655
Q2 202657

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q3 24: 26 bought or addedQ3 24: 17 cut or sold outQ4 24: 20 bought or addedQ4 24: 25 cut or sold outQ4 24Q1 25: 18 bought or addedQ1 25: 28 cut or sold outQ2 25: 19 bought or addedQ2 25: 25 cut or sold outQ2 25Q3 25: 14 bought or addedQ3 25: 27 cut or sold outQ4 25: 20 bought or addedQ4 25: 26 cut or sold outQ4 25Q1 26: 23 bought or addedQ1 26: 25 cut or sold outQ2 26: 28 bought or addedQ2 26: 23 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 20242617
Q4 20242025
Q1 20251828
Q2 20251925
Q3 20251427
Q4 20252026
Q1 20262325
Q2 20262823

Biggest buyers

Saba Capital Management, L.P. Added +346,975+347.0k
CITY OF LONDON INVESTMENT MANAGEMENT CO LTD Added +174,562+174.6k
FLAGSHIP HARBOR ADVISORS, LLC New +162,571+162.6k
RAFFLES ASSOCIATES LP Added +110,967+111.0k
Bulldog Investors, LLP Added +83,376+83.4k
LAZARD ASSET MANAGEMENT LLC Added +60,365+60.4k
Pekin Hardy Strauss, Inc. Added +47,136+47.1k
CSS LLC/IL Added +43,387+43.4k
HRT FINANCIAL LP New +42,242+42.2k
CITADEL ADVISORS LLC New +38,815+38.8k

Biggest sellers

1607 Capital Partners, LLC Reduced -860,491-860.5k
Allspring Global Investments Holdings, LLC Reduced -592,502-592.5k
MORGAN STANLEY Reduced -246,176-246.2k
Verition Fund Management LLC Reduced -175,907-175.9k
Focus Partners Wealth Sold out -111,255-111.3k
BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC Sold out -90,057-90.1k
Barry Investment Advisors, LLC Reduced -58,007-58.0k
EVOLVE PRIVATE WEALTH, LLC Sold out -57,744-57.7k
Hudson Portfolio Management LLC Sold out -50,781-50.8k
Noble Wealth Management PBC Reduced -45,178-45.2k

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
Allspring Global Investments Holdings, LLC 13G · institution -2.4 pts · filed 2026-10-07 13.4% -2.4 pts 3.8m≈ $44.7m 2026-10-07
CITY OF LONDON INVESTMENT MANAGEMENT CO LTD 13G · institution -1.1 pts · filed 2026-10-23 12.6% -1.1 pts 3.2m≈ $38.0m 2026-10-23
LAZARD ASSET MANAGEMENT LLC 13G · institution +4.2 pts · filed 2025-12-03 12.3% +4.2 pts 3.5m≈ $41.0m 2025-12-03
Saba Capital Management, L.P. 13D · may seek influence +1.8 pts · filed 2026-10-15 10.6% +1.8 pts 2.7m≈ $31.8m 2026-10-15
1607 Capital Partners, LLC 13G · institution -3.0 pts · filed 2026-08-14 9.6% -3.0 pts 2.7m≈ $32.1m 2026-08-14

Insider purchases and sales since 1 Apr 2026

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
101Q4 24: 1 buyingQ4 24: 0 sellingQ1 25: 1 buyingQ1 25: 0 sellingQ1 25Q2 25: 0 buyingQ2 25: 0 sellingQ3 25: 1 buyingQ3 25: 0 sellingQ3 25Q4 25: 1 buyingQ4 25: 0 sellingQ1 26: 0 buyingQ1 26: 0 sellingQ1 26Q2 26: 0 buyingQ2 26: 0 sellingQ3 26: 0 buyingQ3 26: 0 sellingQ3 26
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q4 20241$25.0k0——
Q1 20251$25.0k0——
Q2 20250—0——
Q3 20251$21.8k0——
Q4 20251$10.3k0——
Q1 20260—0——
Q2 20260—0——
Q3 20260—0——

None reported since 1 Apr 2026.

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Allspring Global Investments Holdings, LLC 0.08% of their portfolio CHARLOTTE, NC 4,483,0674.5m $52.8m $52.8m 0.08% Reduced -592.5k -592,502
2 CITY OF LONDON INVESTMENT MANAGEMENT CO LTD 2.76% of their portfolio London, X0 3,894,5713.9m $45.9m $45.9m 2.76% Added +174.6k +174,562
3 LAZARD ASSET MANAGEMENT LLC 0.06% of their portfolio NEW YORK, NY 3,560,9783.6m $41.9m $41.9m 0.06% Added +60.4k +60,365
4 1607 Capital Partners, LLC 2.79% of their portfolio Richmond, VA 2,724,1092.7m $32.1m $32.1m 2.79% Reduced -860.5k -860,491
5 Saba Capital Management, L.P. 0.70% of their portfolio NEW YORK, NY 1,948,7811.9m $23.0m $23.0m 0.70% Added +347.0k +346,975
6 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 443,293443.3k $5.2m $5.2m 0.00% Unchanged
7 Karpus Management, Inc. 0.14% of their portfolio Pittsford, NY 417,754417.8k $4.9m $4.9m 0.14% Reduced -18.7k -18,700
8 Almitas Capital LLC 1.09% of their portfolio SANTA MONICA, CA 386,375386.4k $4.6m $4.6m 1.09% Reduced -16.6k -16,581
9 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 289,647289.6k $3.4m $3.4m 0.00% Reduced -246.2k -246,176
10 Pekin Hardy Strauss, Inc. 0.29% of their portfolio CHICAGO, IL 281,705281.7k $3.3m $3.3m 0.29% Added +47.1k +47,136
11 RAFFLES ASSOCIATES LP 1.15% of their portfolio NEW YORK, NY 221,934221.9k $2.6m $2.6m 1.15% Added +111.0k +110,967
12 Mraz, Amerine & Associates, Inc. 0.34% of their portfolio Modesto, CA 202,362202.4k $2.4m $2.4m 0.34% Added +6.9k +6,909
13 Bulldog Investors, LLP 0.49% of their portfolio SADDLE BROOK, NJ 187,557187.6k $2.2m $2.2m 0.49% Added +83.4k +83,376
14 FLAGSHIP HARBOR ADVISORS, LLC 0.07% of their portfolio BOSTON, MA 162,571162.6k $1.9m $1.9m 0.07% New
15 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 150,688150.7k $1.8m $1.8m 0.00% Added +31.5k +31,520
16 Altium Capital Management LLC 3.73% of their portfolio NEW YORK, NY 150,412150.4k $1.8m $1.8m 3.73% Unchanged
17 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 106,861106.9k $1.3m $1.3m 0.00% Added +650 +650
18 CIBC WORLD MARKET INC. 0.00% of their portfolio TORONTO, A6 105,444105.4k $1.2m $1.2m 0.00% Added +11.1k +11,096
19 Hara Capital LLC 0.61% of their portfolio BELLEVUE, WA 98,76498.8k $1.2m $1.2m 0.61% Reduced -1.2k -1,200
20 Shaker Financial Services, LLC 0.34% of their portfolio Arlington, VA 93,07993.1k $1.1m $1.1m 0.34% Added +3.0k +3,000
21 Verition Fund Management LLC 0.01% of their portfolio GREENWICH, CT 79,53879.5k $937.0k $937.0k 0.01% Reduced -175.9k -175,907
22 CSS LLC/IL 0.04% of their portfolio CHICAGO, IL 68,67968.7k $809.0k $809.0k 0.04% Added +43.4k +43,387
23 Baird Financial Group, Inc. 0.00% of their portfolio MILWAUKEE, WI 63,42363.4k $747.1k $747.1k 0.00% Unchanged
24 BARD ASSOCIATES INC 0.15% of their portfolio CHICAGO, IL 58,28958.3k $686.6k $686.6k 0.15% Added +19.1k +19,067
25 Barry Investment Advisors, LLC 0.14% of their portfolio NEW BEDFORD, MA 57,51057.5k $677.5k $677.5k 0.14% Reduced -58.0k -58,007
26 HRT FINANCIAL LP 0.00% of their portfolio NEW YORK, NY 42,24242.2k $497.0k $497.0k 0.00% New
27 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 42,10042.1k $495.9k $495.9k 0.00% Added +347 +347
28 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 38,81538.8k $457.2k $457.2k 0.00% New
29 Quantinno Capital Management LP 0.00% of their portfolio NEW YORK, NY 36,10036.1k $425.3k $425.3k 0.00% Added +814 +814
30 Dynamic Advisor Solutions LLC 0.01% of their portfolio PHOENIX, AZ 34,36634.4k $404.8k $404.8k 0.01% Unchanged
31 DKM Wealth Management, Inc. 0.26% of their portfolio STOCKTON, CA 34,00134.0k $400.5k $400.5k 0.26% Unchanged
32 BEAM WEALTH ADVISORS, INC. 0.06% of their portfolio COVINGTON, LA 24,50024.5k $288.6k $288.6k 0.06% Unchanged
33 READYSTATE ASSET MANAGEMENT LP 0.01% of their portfolio CHICAGO, IL 22,24922.2k $262.1k $262.1k 0.01% New
34 Triasima Portfolio Management inc. 0.03% of their portfolio MONTREAL, A8 21,80021.8k $256.8k $256.8k 0.03% Unchanged
35 SAX WEALTH ADVISORS, LLC 0.01% of their portfolio PARSIPPANY, NJ 21,39521.4k $233.2k $233.2k 0.01% Reduced -5.8k -5,830
36 INGALLS & SNYDER LLC 0.01% of their portfolio NEW YORK, NY 20,00020.0k $236.0k $236.0k 0.01% Unchanged
37 ROBERTS GLORE & CO INC /IL/ 0.05% of their portfolio DEERFIELD, IL 17,63317.6k $207.7k $207.7k 0.05% Unchanged
38 XTX Topco Ltd 0.00% of their portfolio LONDON, X0 16,07616.1k $189.4k $189.4k 0.00% New
39 Successful Portfolios LLC 0.08% of their portfolio CLEARWATER, FL 15,00015.0k $175.9k $175.9k 0.08% Unchanged
40 Mills Wealth Advisors LLC 0.05% of their portfolio SOUTHLAKE, TX 12,82312.8k $151.1k $151.1k 0.05% Reduced -12.0k -11,997
41 Sanctuary Advisors, LLC 0.00% of their portfolio INDIANAPOLIS, IN 12,30012.3k $144.9k $144.9k 0.00% New
42 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 10,29210.3k $121.2k $121.2k 0.00% Added +5.9k +5,879
43 North Ground Capital 0.14% of their portfolio Cohasset, MA 10,00010.0k $117.8k $117.8k 0.14% New
44 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 9,1849.2k $108.3k $108.3k 0.00% Reduced -1.3k -1,288
45 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 6,0556.1k $71.3k $71.3k 0.00% Unchanged
46 Colonial Trust Advisors 0.00% of their portfolio SPARTANBURG, SC 5,6495.6k $66.5k $66.5k 0.00% Reduced -750 -750
47 Noble Wealth Management PBC 0.02% of their portfolio GREENWOOD VILLAGE, CO 4,5004.5k $53.0k $53.0k 0.02% Reduced -45.2k -45,178
48 INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC 0.00% of their portfolio ORLANDO, FL 3,9003.9k $45.8k $45.8k 0.00% Unchanged
49 Integrated Wealth Concepts LLC 0.00% of their portfolio WALTHAM, MA 3,0003.0k $35.3k $35.3k 0.00% New
50 United Financial Planning Group LLC 0.02% of their portfolio HAUPPAUGE, NY 2,8002.8k $33.0k $33.0k 0.02% New
51 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 2,1072.1k $25.0k $25.0k 0.00% New
52 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 1,5251.5k $18.0k $18.0k 0.00% Unchanged
53 Thomas J. Herzfeld Advisors, Inc. 0.00% of their portfolio MIAMI BEACH, FL 783783 $9.2k $9.2k 0.00% Reduced -367 -367
54 Ancora Advisors LLC 0.00% of their portfolio Cleveland, OH 500500 $5.9k $5.9k 0.00% Unchanged
55 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 333333 $3.8k $3.8k 0.00% New
56 HIGHLINE WEALTH PARTNERS LLC 0.00% of their portfolio SHERMAN OAKS, CA 200200 $2.4k $2.4k 0.00% Unchanged
57 ASSETMARK, INC 0.00% of their portfolio CONCORD, CA 132132 $1.6k $1.6k 0.00% New