Vault-13

JAPAN SMALLER CAPITALIZATION JOF

COM · Closed-End Fund · CUSIP 47109U104

51 institutional holders -3 vs Q1 2025
22,430,69822.4m shares reported held*
$216.2mreported value*
4 new 15 added 18 reduced 7 sold out net bought ≈ $1.2m (+122.1k 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 ≈ $9.64.

Trends to Q2 2025

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: 5151Q3 22Q2 23Q1 24Q4 24Q2 25
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

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 23: 16 bought or addedQ3 23: 20 cut or sold outQ4 23: 23 bought or addedQ4 23: 22 cut or sold outQ4 23Q1 24: 20 bought or addedQ1 24: 18 cut or sold outQ2 24: 23 bought or addedQ2 24: 12 cut or sold outQ2 24Q3 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 25
Numbers
QuarterBought or addedCut or sold out
Q3 20231620
Q4 20232322
Q1 20242018
Q2 20242312
Q3 20242617
Q4 20242025
Q1 20251828
Q2 20251925

Biggest buyers

BANK OF AMERICA CORP /DE/ Added +792,918+792.9k
Saba Capital Management, L.P. Added +522,110+522.1k
Bulldog Investors, LLP New +76,638+76.6k
Pekin Hardy Strauss, Inc. Added +73,780+73.8k
Mraz, Amerine & Associates, Inc. Added +40,790+40.8k
CIBC WORLD MARKET INC. New +39,700+39.7k
Shaker Financial Services, LLC Added +30,699+30.7k
SUSQUEHANNA INTERNATIONAL GROUP, LLP New +22,798+22.8k
LAZARD ASSET MANAGEMENT LLC Added +19,460+19.5k
BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC Added +16,796+16.8k

Biggest sellers

Matisse Capital Sold out -362,000-362.0k
1607 Capital Partners, LLC Reduced -319,972-320.0k
CITY OF LONDON INVESTMENT MANAGEMENT CO LTD Reduced -201,830-201.8k
Karpus Management, Inc. Reduced -166,937-166.9k
Hara Capital LLC Reduced -124,086-124.1k
RAFFLES ASSOCIATES LP Reduced -106,519-106.5k
LANDSCAPE CAPITAL MANAGEMENT, L.L.C. Reduced -57,860-57.9k
Quantedge Capital Pte Ltd Reduced -44,428-44.4k
Allspring Global Investments Holdings, LLC Reduced -35,710-35.7k
Marex Group Ltd Sold out -29,150-29.1k

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 in Q2 2025

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
101Q3 23: 0 buyingQ3 23: 0 sellingQ4 23: 0 buyingQ4 23: 0 sellingQ4 23Q1 24: 0 buyingQ1 24: 0 sellingQ2 24: 0 buyingQ2 24: 0 sellingQ2 24Q3 24: 0 buyingQ3 24: 0 sellingQ4 24: 1 buyingQ4 24: 0 sellingQ4 24Q1 25: 1 buyingQ1 25: 0 sellingQ2 25: 0 buyingQ2 25: 0 sellingQ2 25
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q3 20230—0——
Q4 20230—0——
Q1 20240—0——
Q2 20240—0——
Q3 20240—0——
Q4 20241$25.0k0——
Q1 20251$25.0k0——
Q2 20250—0——

None reported in Q2 2025.

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Allspring Global Investments Holdings, LLC 0.08% of their portfolio CHARLOTTE, NC 5,033,8925.0m $48.5m $48.5m 0.08% Reduced -35.7k -35,710
2 CITY OF LONDON INVESTMENT MANAGEMENT CO LTD 3.84% of their portfolio London, X0 4,284,9324.3m $41.3m $41.3m 3.84% Reduced -201.8k -201,830
3 1607 Capital Partners, LLC 3.32% of their portfolio Richmond, VA 4,248,7904.2m $41.0m $41.0m 3.32% Reduced -320.0k -319,972
4 LAZARD ASSET MANAGEMENT LLC 0.03% of their portfolio NEW YORK, NY 2,320,2982.3m $22.4m $22.4m 0.03% Added +19.5k +19,460
5 Saba Capital Management, L.P. 0.55% of their portfolio NEW YORK, NY 2,107,1552.1m $20.3m $20.3m 0.55% Added +522.1k +522,110
6 Karpus Management, Inc. 0.26% of their portfolio Pittsford, NY 827,658827.7k $8.0m $8.0m 0.26% Reduced -166.9k -166,937
7 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 795,018795.0k $7.7m $7.7m 0.00% Added +792.9k +792,918
8 Almitas Capital LLC 1.24% of their portfolio SANTA MONICA, CA 511,819511.8k $4.9m $4.9m 1.24% Unchanged
9 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 313,971314.0k $3.0m $3.0m 0.00% Added +7.1k +7,072
10 Hara Capital LLC 1.22% of their portfolio BELLEVUE, WA 203,961204.0k $2.0m $2.0m 1.22% Reduced -124.1k -124,086
11 NorthCoast Asset Management LLC 0.01% of their portfolio STAMFORD, CT 153,728153.7k $1.5m $1.5m 0.01% Reduced -10.0k -10,014
12 Barry Investment Advisors, LLC 0.36% of their portfolio NEW BEDFORD, MA 150,052150.1k $1.4m $1.4m 0.36% Reduced -1.1k -1,084
13 Mraz, Amerine & Associates, Inc. 0.22% of their portfolio Modesto, CA 145,281145.3k $1.4m $1.4m 0.22% Added +40.8k +40,790
14 RAFFLES ASSOCIATES LP 1.39% of their portfolio NEW YORK, NY 138,849138.8k $1.3m $1.3m 1.39% Reduced -106.5k -106,519
15 Shaker Financial Services, LLC 0.34% of their portfolio Arlington, VA 97,57597.6k $940.6k $940.6k 0.34% Added +30.7k +30,699
16 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 97,28097.3k $937.8k $937.8k 0.00% Added +528 +528
17 Pekin Hardy Strauss, Inc. 0.10% of their portfolio CHICAGO, IL 91,39991.4k $881.1k $881.1k 0.10% Added +73.8k +73,780
18 Bulldog Investors, LLP 0.19% of their portfolio SADDLE BROOK, NJ 76,63876.6k $738.8k $738.8k 0.19% New
19 Dynamic Advisor Solutions LLC 0.02% of their portfolio PHOENIX, AZ 72,01672.0k $694.2k $694.2k 0.02% Reduced -3.3k -3,272
20 SeaCrest Wealth Management, LLC 0.07% of their portfolio PURCHASE, NY 69,34969.3k $668.5k $668.5k 0.07% Reduced -3.4k -3,370
21 Baird Financial Group, Inc. 0.00% of their portfolio MILWAUKEE, WI 65,66365.7k $633.0k $633.0k 0.00% Reduced -13.4k -13,395
22 NOMURA ASSET MANAGEMENT CO LTD 0.00% of their portfolio TOKYO, M0 58,25758.3k $561.6k $561.6k 0.00% Unchanged
23 BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC 0.09% of their portfolio BLUE BELL, PA 57,94657.9k $558.6k $558.6k 0.09% Added +16.8k +16,796
24 BAROMETER CAPITAL MANAGEMENT INC. 0.14% of their portfolio TORONTO, A6 52,10052.1k $497.7k $497.7k 0.14% Added +9.4k +9,400
25 Hudson Portfolio Management LLC 0.46% of their portfolio Garrison, NY 51,48151.5k $496.3k $496.3k 0.46% Reduced -1.5k -1,500
26 BARD ASSOCIATES INC 0.15% of their portfolio CHICAGO, IL 48,50948.5k $467.6k $467.6k 0.15% Reduced -950 -950
27 CIBC WORLD MARKET INC. 0.00% of their portfolio TORONTO, A6 39,70039.7k $382.7k $382.7k 0.00% New
28 Quantedge Capital Pte Ltd 0.32% of their portfolio Singapore, U0 36,12236.1k $348.2k $348.2k 0.32% Reduced -44.4k -44,428
29 DKM Wealth Management, Inc. 0.28% of their portfolio STOCKTON, CA 34,00134.0k $327.8k $327.8k 0.28% Unchanged
30 BEAM WEALTH ADVISORS, INC. 0.10% of their portfolio COVINGTON, LA 33,50033.5k $322.9k $322.9k 0.10% Reduced -500 -500
31 Mills Wealth Advisors LLC 0.11% of their portfolio SOUTHLAKE, TX 24,85124.9k $239.6k $239.6k 0.11% Added +2.1k +2,070
32 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 22,79822.8k $219.8k $219.8k 0.00% New
33 INGALLS & SNYDER LLC 0.01% of their portfolio NEW YORK, NY 20,00020.0k $193.0k $193.0k 0.01% Unchanged
34 ROBERTS GLORE & CO INC /IL/ 0.05% of their portfolio DEERFIELD, IL 17,63317.6k $170.0k $170.0k 0.05% Unchanged
35 UBS Group AG 0.00% of their portfolio ZURICH, V8 16,90216.9k $162.9k $162.9k 0.00% Added +7.9k +7,891
36 LANDSCAPE CAPITAL MANAGEMENT, L.L.C. 0.01% of their portfolio Englewood, NJ 16,89516.9k $162.9k $162.9k 0.01% Reduced -57.9k -57,860
37 Successful Portfolios LLC 0.09% of their portfolio CLEARWATER, FL 15,00015.0k $144.6k $144.6k 0.09% Unchanged
38 Waterfront Wealth Inc. 0.03% of their portfolio OVERLAND PARK, KS 13,00013.0k $125.3k $125.3k 0.03% Unchanged
39 Seed Wealth Management, Inc. 0.09% of their portfolio EVANSTON, IL 12,40012.4k $119.5k $119.5k 0.09% Unchanged
40 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 11,95212.0k $115.2k $115.2k 0.00% Added +221 +221
41 Triasima Portfolio Management inc. 0.02% of their portfolio MONTREAL, A8 11,90011.9k $114.7k $114.7k 0.02% Unchanged
42 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 9,4549.5k $91.2k $91.2k 0.00% Reduced -646 -646
43 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 6,0556.1k $58.4k $58.4k 0.00% Reduced -10.1k -10,090
44 CWM, LLC 0.00% of their portfolio OMAHA, NE 4,5064.5k $43.0k $43.0k 0.00% Unchanged
45 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 3,5963.6k $34.7k $34.7k 0.00% Added +95 +95
46 CoreCap Advisors, LLC 0.00% of their portfolio SOUTHFIELD, MI 2,0002.0k $19.3k $19.3k 0.00% New
47 Thomas J. Herzfeld Advisors, Inc. 0.01% of their portfolio MIAMI BEACH, FL 1,6911.7k $16.3k $16.3k 0.01% Added +23 +23
48 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 1,5251.5k $14.7k $14.7k 0.00% Unchanged
49 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 1,0001.0k $9.6k $9.6k 0.00% Unchanged
50 Ancora Advisors LLC 0.00% of their portfolio Cleveland, OH 600600 $5.8k $5.8k 0.00% Unchanged
51 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged