NPORT-EX 1 NPORT_11019364974849050.htm

 

Portfolio of Investments (unaudited)

 

As of July 31, 2019

 

 

 

Shares or
Principal
Amount

 

Value

 

LONG-TERM INVESTMENTS (99.5%)

 

 

 

 

 

COMMON STOCKS (99.5%)

 

 

 

 

 

JAPAN (99.5%)

 

 

 

 

 

 

 

 

 

 

 

Communication Services (4.8%)

 

 

 

 

 

 

 

 

 

 

 

KDDI Corp.(a)

 

136,000

 

$

3,548,443

 

Yahoo Japan Corp.(a)

 

597,200

 

1,749,156

 

 

 

 

 

5,297,599

 

Consumer Discretionary (14.4%)

 

 

 

 

 

Aeon Fantasy Co. Ltd.(a)

 

42,000

 

1,209,456

 

Musashi Seimitsu Industry Co. Ltd.(a)

 

73,100

 

956,500

 

Nitori Holdings Co. Ltd.(a)

 

13,300

 

1,793,713

 

Resorttrust, Inc.(a)

 

68,900

 

998,112

 

Stanley Electric Co. Ltd.(a)

 

85,600

 

2,122,598

 

TKP Corp.(a)(b)

 

30,800

 

1,438,148

 

Toyota Motor Corp.(a)

 

35,500

 

2,293,768

 

USS Co. Ltd.(a)

 

90,100

 

1,784,249

 

Yamaha Corp.(a)

 

71,000

 

3,347,111

 

 

 

 

 

15,943,655

 

Consumer Staples (12.3%)

 

 

 

 

 

Ain Holdings, Inc.(a)

 

20,000

 

1,094,017

 

Mandom Corp.(a)

 

44,300

 

1,042,353

 

Milbon Co. Ltd.(a)

 

26,500

 

1,293,057

 

Pigeon Corp.(a)

 

75,200

 

2,742,158

 

San-A Co. Ltd.(a)

 

13,700

 

550,022

 

Seven & i Holdings Co. Ltd.(a)

 

47,200

 

1,610,839

 

Shiseido Co. Ltd.(a)

 

38,000

 

2,796,213

 

Welcia Holdings Co. Ltd.(a)

 

54,400

 

2,527,715

 

 

 

 

 

13,656,374

 

Financials (6.3%)

 

 

 

 

 

AEON Financial Service Co. Ltd.(a)

 

103,500

 

1,669,697

 

Japan Exchange Group, Inc.(a)

 

197,100

 

2,888,597

 

Tokio Marine Holdings, Inc.(a)

 

44,800

 

2,378,029

 

 

 

 

 

6,936,323

 

Health Care (15.8%)

 

 

 

 

 

AS One Corp.(a)

 

18,200

 

1,506,780

 

Asahi Intecc Co. Ltd.(a)

 

133,000

 

3,475,463

 

BML, Inc.(a)

 

19,000

 

521,482

 

Chugai Pharmaceutical Co. Ltd.(a)

 

60,800

 

4,350,057

 

Mani, Inc.(a)

 

23,800

 

1,710,366

 

Shionogi & Co. Ltd.(a)

 

48,200

 

2,668,593

 

Sysmex Corp.(a)

 

45,200

 

3,281,659

 

 

 

 

 

17,514,400

 

Industrials (18.4%)

 

 

 

 

 

Amada Holdings Co. Ltd.(a)

 

197,300

 

2,169,236

 

Daikin Industries Ltd.(a)

 

27,700

 

3,438,034

 

 

See Notes to Portfolio of Investments.

 

Aberdeen Japan Equity Fund, Inc.

 

 

Daiwa Industries Ltd.(a)

 

102,100

 

$

1,011,477

 

FANUC Corp.(a)

 

3,200

 

568,724

 

Komatsu Ltd.(a)

 

24,400

 

545,594

 

Makita Corp.(a)

 

61,300

 

2,021,179

 

MISUMI Group, Inc.(a)

 

108,900

 

2,443,881

 

Nabtesco Corp.(a)

 

78,800

 

2,122,832

 

Pilot Corp.(a)

 

41,200

 

1,556,076

 

Recruit Holdings Co. Ltd.(a)

 

33,100

 

1,120,848

 

Sakai Moving Service Co. Ltd.(a)

 

30,700

 

1,828,547

 

SHO-BOND Holdings Co. Ltd.(a)

 

47,200

 

1,620,313

 

 

 

 

 

20,446,741

 

Information Technology (16.3%)

 

 

 

 

 

Elecom Co. Ltd.(a)

 

91,500

 

3,313,116

 

Fuji Soft, Inc.(a)

 

36,600

 

1,644,563

 

Keyence Corp.(a)

 

5,700

 

3,270,938

 

NET One Systems Co. Ltd.(a)

 

65,000

 

1,714,393

 

Otsuka Corp.(a)

 

70,200

 

2,768,124

 

Renesas Electronics Corp.(a)(b)

 

175,800

 

1,033,223

 

Sanken Electric Co. Ltd.(a)

 

54,100

 

1,130,846

 

Sansan, Inc.(b)

 

9,900

 

538,726

 

SCSK Corp.(a)

 

56,200

 

2,668,187

 

 

 

 

 

18,082,116

 

Materials (9.1%)

 

 

 

 

 

Kansai Paint Co. Ltd.(a)

 

122,100

 

2,411,083

 

Nippon Paint Holdings Co. Ltd.(a)

 

73,900

 

3,215,407

 

Shin-Etsu Chemical Co. Ltd.(a)

 

44,000

 

4,479,898

 

 

 

 

 

10,106,388

 

Real Estate (2.1%)

 

 

 

 

 

Daibiru Corp.(a)

 

166,500

 

1,539,964

 

Heiwa Real Estate Co. Ltd.(a)

 

35,900

 

753,926

 

 

 

 

 

2,293,890

 

Total Common Stocks

 

 

 

110,277,486

 

Total Long-Term Investments—99.5% (cost $102,397,644)

 

 

 

110,277,486

 

 

 

 

 

 

 

Shares

 

Description

 

Value
(US$)

 

SHORT-TERM INVESTMENT—0.1%

 

 

 

UNITED STATES—0.1%

 

 

 

93,521

 

State Street Institutional U.S. Government Money Market Fund, Premier Class, 2.26%(c)

 

93,521

 

Total Short-Term Investment—0.1% (cost $93,521)

 

93,521

 

Total Investments—99.6% (cost $102,491,165)

 

110,371,007

 

Other Assets in Excess of Liabilities—0.4%

 

426,712

 

Net Assets—100.0%

 

$

110,797,719

 

 

(a)

Fair Values are determined pursuant to procedures approved by the Fund’s Board of Directors. Unless otherwise noted, securities are valued by applying valuation factors to the exchange traded price. See Note (a) of the accompanying Notes to Portfolio of Investments.

 

(b)

Non-income producing security.

 

(c)

Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2019.

 

 

See Notes to Portfolio of Investments.

 

Aberdeen Japan Equity Fund, Inc.

 

 

Notes to Portfolio of Investments (unaudited)

 

July 31, 2019

 

Summary of Significant Accounting Policies

 

a. Security Valuation:

 

The Fund values its securities at current market value or fair value, consistent with regulatory requirements. “Fair value” is defined in the Fund’s Valuation and Liquidity Procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to transact at the measurement date.

 

Equity securities that are traded on an exchange are valued at the last quoted sale price on the principal exchange on which the security is traded at the “Valuation Time” subject to application, when appropriate, of the valuation factors described in the paragraph below. Under normal circumstances, the Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time). In the absence of a sale price, the security is valued at the mean of the bid/ask price quoted at the close on the principal exchange on which the security is traded. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Closed-end funds and exchange-traded funds (“ETFs”) are valued at the market price of the security at the Valuation Time. A security using any of these pricing methodologies is determined to be a Level 1 investment.

 

Foreign equity securities that are traded on foreign exchanges that close prior to the Valuation Time are valued by applying valuation factors to the last sale price or the mean price as noted above. Valuation factors are provided by an independent pricing service provider. These valuation factors are used when pricing the Fund’s portfolio holdings to estimate market movements between the time foreign markets close and the time the Fund values such foreign securities. These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. When prices with the application of valuation factors are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on their primary markets. A security that applies a valuation factor is determined to be a Level 2 investment because the exchange-traded price has been adjusted. Valuation factors are not utilized if the independent pricing service provider is unable to provide a valuation factor or if the valuation factor falls below a predetermined threshold; in such case, the security is determined to be a Level 1 investment.

 

Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Fund sweeps available cash into the State Street Institutional U.S. Government Money Market Fund, which has elected to qualify as a “government money market fund” pursuant to Rule 2a-7 under the Investment Company Act of 1940, and has an objective to maintain a $1.00 per share net asset value. Generally, these investment types are categorized as Level 1 investments.

 

In the event that a security’s market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closes before the Valuation Time), the security is valued at fair value as determined by the Fund’s Pricing Committee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Fund’s Board of Directors. A security that has been fair valued by the Fund’s Pricing Committee may be classified as Level 2 or Level 3 depending on the nature of the inputs.

 

Aberdeen Japan Equity Fund, Inc.