SCHEDULE: Quarry LP Discloses 5.63% Stake in Abrdn Japan Equity Fund

Quarry LP and Peter Bremberg have disclosed a 5.63% beneficial ownership stake in Abrdn Japan Equity Fund, Inc. as of September 30, 2025.

Summary

• Quarry LP and Peter Bremberg (collectively, "Reporting Persons") filed a Schedule 13G.
• The filing reports that as of September 30, 2025, the Reporting Persons beneficially owned 398,348 shares of Common Stock in ABRDN JAPAN EQUITY FUND, INC., representing 5.63% of the outstanding shares. This event triggered the filing requirement.
• As of the filing date, November 14, 2025, the beneficial ownership reported on the cover page is 0.00 shares, indicating a reduction below the 5% reporting threshold since the triggering event.
• Quarry LP is a Delaware limited partnership and the investment adviser to TQ Master Fund LP (the "Quarry Fund"), which directly held the shares.
• Peter Bremberg is the managing member of The Quarry LLC, the general partner of Quarry LP.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: Neutral. This is a standard beneficial ownership disclosure, indicating an institutional investor has taken a passive stake, which is neither inherently positive nor negative for the issuer.

Future Outlook

NA

Management Comments

• 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.
• 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.

Industry Context

This filing indicates an institutional investor, Quarry LP, has taken a significant passive stake in a Japan-focused equity fund. Such disclosures are routine for large asset managers and reflect their investment strategies, which often include diversified portfolios across various geographic and sector-specific funds.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake might be viewed positively by some investors as a vote of confidence, potentially increasing liquidity or stability, even if the stake has since decreased.

Key Dates

Recommendation

This Schedule 13G filing primarily serves as a disclosure of a passive ownership stake by an institutional investor. It does not contain operational or financial performance data for the issuer, nor does it signal any intent to influence management or strategy. While the initial 5.63% stake was noteworthy, the subsequent reduction to 0.00% by the filing date suggests the position is no longer significant. Therefore, based solely on this filing, a seasoned investor would likely maintain their current position, as there is no new information to warrant a change in investment thesis, beyond the transparency of a past significant shareholder.

Keywords

ABRDN Japan Equity Fund, Quarry LP, Peter Bremberg, Schedule 13G, Beneficial Ownership, Investment Adviser, Common Stock, Equity Fund, Institutional Investor