Abrdn Australia Equity Fund Inc
IAF
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ROIC.AI
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- Abrdn Australia Equity Fund Inc (NYSE American: IAF) is a closed-end, non-diversified management investment company focused on long-term capital appreciation through investments primarily in equity securities of Australian companies listed on the Australian Stock Exchange (ASX); its secondary objective is current income derived mainly from dividends and interest on Australian corporate and governmental securities. The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities including common stock, preferred stock, and convertible stock of Australian companies, with at least 65% of total assets in ASX-listed firms across diversified sectors; it employs fundamental analysis with a bottom-up and top-down stock-picking approach, focusing on growth prospects, competitive positions, technology, research and development, productivity, costs, profit margins, return on investment, capital resources, management quality, and government regulation, benchmarking against the S&P/ASX 200 Accumulation Index. Managed by abrdn Asia Limited (formerly Aberdeen Standard Investments Asia Limited), with sub-advisory from abrdn Australia Limited and portfolio managers including Flavia Cheong, Michelle Lopez, Eric Chan, and Hugh Young, the fund targets investors seeking exposure to Australian public equity markets. Founded on September 30, 1985, and domiciled in the United States, the fund was previously known as The First Australia Fund, Inc., with operational headquarters at Level 10, 255 George Street, Sydney, NSW 2000, Australia. It trades on the NYSE American under ticker IAF, with recent managed assets of approximately $136 million and net assets of $127 million as of early 2025. In October 2025, the fund's Board of Directors approved and effected a 1-for-3 reverse stock split, completed prior to market open on October 23, 2025, assigning a new CUSIP of 003011111 while retaining the IAF ticker; this consolidated shares without issuing fractional shares, with pro rata cash distributions for fractions net of fees. The reverse split adjusted per-share distribution amounts under the fund's policy of targeting 10% of the rolling three-month average NAV, without altering overall dividend policy. Recent SEC filings reflect ongoing portfolio reporting and beneficial ownership updates by investors such as Allspring Global Investments Holdings, LLC.