City of London Investment Management Co. Ltd.

Q2 2026Q1 2026Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), City of London Investment Management Co. Ltd. reported 87 stock positions worth $1.3 billion. Its top holding was Taiwan Fund Inc./TH/MD-US (TWN) at 9.0% of the portfolio, followed by Morgan Stanley China A Share (XCAFX, 8.0%) and Templeton Dragon Fund (TDF, 7.3%). Compared with Q3 2025, it opened 14 new positions, sold out of 9, added to 28 and reduced 21. The biggest buy was iShares MSCI South Korea ETF (EWY, shares +23%) and the biggest sale an exit from China Fund.

Most Recent 13F: Q2 2026
Location: London, X0
CIK: 0001034546
Portfolio Value: $1.3B (Q4 2025)
SEC Filing: 0001072613-26-000180 ↗ filed Feb 13, 2026

Holdings Value

Holdings 87 stocks · $1.3B


TWN Taiwan Fund Inc./TH/MD-US Inc.	9.01%	2,252,935	$120.3M	Reduce -6.2%
XCAFX Morgan Stanley China A Share	7.96%	6,116,700	$106.2M	Reduce -0.5%
TDF Templeton Dragon Fund Inc.	7.34%	8,695,510	$97.9M	Add +2.5%
EWY iShares MSCI South Korea ETF	6.70%	919,724	$89.4M	Add +23.5%
AEF Abrdn Emerging Markets Ex CH	5.96%	11,368,507	$79.6M	Reduce -5.2%
NVDA Nvidia Corp.	5.73%	409,716	$76.4M	Add +5.4%
EMF Templeton Emerging Markets	5.34%	4,184,623	$71.3M	Add +0.3%
MXF Mexico Fund Inc.	4.98%	3,296,675	$66.4M	Reduce -7.3%
EWT iShares MSCI Taiwan ETF	4.84%	1,016,502	$64.6M	Reduce -2.0%
KF Korea Fund Inc.	4.37%	1,605,335	$58.3M	Add +10.2%
AAPL Apple Inc.	3.78%	185,361	$50.4M	Reduce -25.9%
JOF Japan Smaller Capitalization	2.89%	3,479,014	$38.5M	Reduce -1.2%
GOOGL Alphabet Inc. Class A	2.58%	109,891	$34.4M	Reduce -0.3%
KYN Kayne Anderson Energy Infra	2.08%	2,239,158	$27.7M	Add +30.0%
NML Neuberger Energy Infrastruct	2.05%	3,225,547	$27.4M	No change
IFN Aberdeen India Fund Inc.	1.80%	1,753,748	$24.0M	Add +111.2%
MSFT Microsoft Corp.	1.63%	44,841	$21.7M	Add +364.5%
FXI iShares China Large-Cap ETF	1.40%	488,793	$18.7M	Reduce -50.8%
MUB iShares National Muni Bond E	1.25%	155,979	$16.7M	Add +8.3%
IIF Morgan Stanley India Invest	1.21%	645,866	$16.1M	Add +34.0%
BTT BlackRock 2030 Muni TRGT TRM	1.13%	662,759	$15.1M	No change
MXE Mexico Equity and Income FD	1.06%	1,142,425	$14.1M	Add +21.5%
NBXG Neuberger Next Generation Co.	1.05%	965,954	$13.9M	Add +15.5%
SUB iShares Short-Term National	1.04%	130,304	$13.9M	No change
XBGYX BlackRock Enh Intl DVD TR	0.82%	1,868,913	$11.0M	Reduce -5.3%
INDA iShares MSCI India ETF	0.74%	183,073	$9.9M	Reduce -37.6%
KKR KKR & Co. Inc.	0.70%	73,566	$9.4M	Add +1.3%
SDHY Pgim SHRT Durat Hi YLD	0.64%	520,958	$8.6M	Reduce -2.5%
UTF Cohen & Steers Infrastructur	0.53%	293,500	$7.1M	Add +430.7%
PDX PIMCO Dynamic Income Strat	0.51%	358,918	$6.7M	Add +7.1%
FTHY First Trust Hi YLD Opp 2027	0.45%	427,084	$6.0M	Add +1.8%
CG The Carlyle Group Inc.	0.44%	99,723	$5.9M	No change
XMYDX BlackRock Muniyield Fund	0.44%	559,426	$5.9M	No change
AFB Allianceberstein NTL Muni	0.37%	453,640	$4.9M	No change
BMEZ BlackRock HLTH Sci TRM TR II	0.36%	317,715	$4.8M	Add +328.9%
XJQCX Nuveen Credit Strategies Inc.	0.33%	885,847	$4.4M	Add +39.3%
MHD BlackRock Muniholdings Fund	0.33%	371,247	$4.4M	No change
MYI BlackRock Muniyield QLTY III	0.32%	391,043	$4.3M	No change
MMU Western Asset Managed Munici	0.29%	376,788	$3.9M	Reduce -5.3%
MUC BlackRock Munihold Ca QLTY	0.29%	371,024	$3.9M	No change
AAXJ iShares MSCI All Country Asi	0.29%	42,200	$3.9M	New
RA Brookfield Real Assets Incom	0.29%	300,319	$3.9M	No change
BCX BlackRock Resources & Commod	0.28%	338,191	$3.7M	Reduce -9.1%
BX Blackstone Inc.	0.28%	23,849	$3.7M	Add +3.7%
VVR Invesco Senior Income Trust	0.27%	1,108,507	$3.6M	Add +44.5%
PML PIMCO Municipal Income FD II	0.26%	461,349	$3.5M	No change
GF The New Germany Fund Inc.	0.22%	255,067	$2.9M	Add +0.9%
JFR Nuveen Floating Rate Income	0.21%	364,140	$2.9M	Add +42.5%
ARGT Global X MSCI Argentina ETF	0.20%	29,000	$2.7M	Reduce -30.1%
MCHI iShares MSCI China ETF	0.20%	43,743	$2.6M	New
USA Liberty All Star Equity Fund	0.19%	408,381	$2.6M	New
JGH Nuveen Global High Income	0.18%	186,000	$2.3M	New
GHY Pgim Global High Yield Fund	0.18%	190,000	$2.3M	New
BGB Blackstone Strategic Credit	0.17%	191,182	$2.3M	Add +2.6%
XCMUX MFS High Yield Municipal TR	0.15%	568,249	$2.0M	Add +9.7%
XPCQX PIMCO California Muni Inc. FD	0.13%	201,590	$1.8M	No change
LEO BNY Mellon Strategic Muni	0.13%	270,829	$1.7M	No change
XMVFX BlackRock Munivest Fund	0.11%	215,857	$1.5M	No change
FMN Federated Herm Prem Muni Inc.	0.11%	127,714	$1.4M	Add +78.4%
RVT Royce Small-Cap Trust Inc.	0.10%	83,901	$1.4M	Add +29.5%
HQH Abrdn Healthcare Investors	0.10%	69,776	$1.3M	Add +11.0%
MMD Nylim Mackay Definedterm Mun filed as NYLI MACKAY DEFINEDTERM MUNI	0.10%	87,267	$1.3M	No change
EPU iShares MSCI Peru and Global	0.09%	16,000	$1.2M	Reduce -22.3%
MYN BlackRock Muniyield NY QLTY	0.08%	112,750	$1.1M	No change
EPOL iShares MSCI Poland ETF	0.08%	31,500	$1.1M	Reduce -6.5%
TUR iShares MSCI Turkey ETF	0.08%	31,400	$1.1M	Reduce -5.4%
BFK BlackRock Municipal Inc. TRST	0.07%	96,407	$967K	No change
MELI MercadoLibre Inc.	0.07%	475	$957K	No change
ECH iShares MSCI Chile ETF	0.06%	21,021	$849K	New
DTF DTF Tax-Free Income 2028 Ter	0.06%	71,012	$811K	No change
EIM Eaton Vance Municipal Bond	0.06%	82,382	$802K	No change
CXE MFS High Income Municipal TR	0.05%	195,885	$725K	No change
ASG Liberty All-Star Growth FD	0.05%	124,484	$660K	Reduce -54.6%
XLV SS Health Care Select Sector	0.05%	4,099	$635K	New
MHN BlackRock Muniholding NY QLT	0.04%	56,695	$580K	No change
XBNYX BlackRock New York Muni Inc.	0.04%	53,221	$540K	No change
IGSB iShares 1-5Y Inv Grade Corp.	0.03%	7,927	$419K	Reduce -66.2%
FTF Franklin Ltd. Dur Inc. TR	0.03%	59,915	$368K	No change
GREK Global X MSCI Greece ETF	0.03%	5,400	$356K	Reduce -52.2%
DLY Doubleline Yield Opport	0.02%	19,957	$290K	New
MEGI Nylim CBRE GB Infra Mtrnd TF filed as NYLI CBRE GBL INFR MEGTRNDS	0.02%	19,660	$271K	New
BTO John Hancock Financial Opp	0.02%	7,538	$264K	New
CSQ Calamos Strat TTL RTRN FND	0.02%	13,170	$253K	New
BIT BlackRock Multi-Sector Inc.	0.02%	15,844	$207K	New
EVF Eaton Vance Senior Income TR	0.02%	38,471	$203K	Add +8.4%
BTX BlackRock Tech & Priv Eqty	0.01%	21,000	$138K	New
MQY BlackRock Muniyield Quality	0.01%	10,000	$113K	New

Portfolio Sells Q3 2025 → Q4 2025


CHINA FUND INC	Sold out	0.00%	−3.71
FXI iShares China Large-Cap ETF	Reduce -50.8%	1.40%	−1.62
IEMG iShares Core MSCI Emerging	Sold out	0.00%	−1.43
EMXC iShares MSCI Emr MRK Ex Chna	Sold out	0.00%	−1.23
AAPL Apple Inc.	Reduce -25.9%	3.78%	−0.93
TWN Taiwan Fund Inc./TH/MD-US Inc.	Reduce -6.2%	9.01%	−0.59
INDA iShares MSCI India ETF	Reduce -37.6%	0.74%	−0.39
AMZN Amazon.com Inc.	Sold out	0.00%	−0.23
MXF Mexico Fund Inc.	Reduce -7.3%	4.98%	−0.20
BHK BlackRock Core Bond Trust	Sold out	0.00%	−0.15
ASG Liberty All-Star Growth FD	Reduce -54.6%	0.05%	−0.06
XENWX Eaton Vance New York Municip	Sold out	0.00%	−0.06
IGSB iShares 1-5Y Inv Grade Corp.	Reduce -66.2%	0.03%	−0.06
EWT iShares MSCI Taiwan ETF	Reduce -2.0%	4.84%	−0.04
IWD iShares Russell 1000 Value E	Sold out	0.00%	−0.04
XEVMX Eaton Vance Cal Muni Bond	Sold out	0.00%	−0.03
XGDVX Gabelli Dividend & Income TR	Sold out	0.00%	−0.03
GREK Global X MSCI Greece ETF	Reduce -52.2%	0.03%	−0.03
SDHY Pgim SHRT Durat Hi YLD	Reduce -2.5%	0.64%	−0.02
ARGT Global X MSCI Argentina ETF	Reduce -30.1%	0.20%	−0.02
XBGYX BlackRock Enh Intl DVD TR	Reduce -5.3%	0.82%	−0.01
MMU Western Asset Managed Munici	Reduce -5.3%	0.29%	−0.01
EPU iShares MSCI Peru and Global	Reduce -22.3%	0.09%	−0.01
TUR iShares MSCI Turkey ETF	Reduce -5.4%	0.08%	−0.00
BCX BlackRock Resources & Commod	Reduce -9.1%	0.28%	−0.00
EPOL iShares MSCI Poland ETF	Reduce -6.5%	0.08%	+0.00
JOF Japan Smaller Capitalization	Reduce -1.2%	2.89%	+0.15
AEF Abrdn Emerging Markets Ex CH	Reduce -5.2%	5.96%	+0.22
XCAFX Morgan Stanley China A Share	Reduce -0.5%	7.96%	+0.40
GOOGL Alphabet Inc. Class A	Reduce -0.3%	2.58%	+0.60

Portfolio Buys Q3 2025 → Q4 2025


EWY iShares MSCI South Korea ETF	Add +23.5%	6.70%	+2.29
MSFT Microsoft Corp.	Add +364.5%	1.63%	+1.26
KF Korea Fund Inc.	Add +10.2%	4.37%	+1.08
IFN Aberdeen India Fund Inc.	Add +111.2%	1.80%	+0.90
KYN Kayne Anderson Energy Infra	Add +30.0%	2.08%	+0.50
UTF Cohen & Steers Infrastructur	Add +430.7%	0.53%	+0.43
NVDA Nvidia Corp.	Add +5.4%	5.73%	+0.37
AAXJ iShares MSCI All Country Asi	New	0.29%	+0.29
BMEZ BlackRock HLTH Sci TRM TR II	Add +328.9%	0.36%	+0.28
IIF Morgan Stanley India Invest	Add +34.0%	1.21%	+0.27
MXE Mexico Equity and Income FD	Add +21.5%	1.06%	+0.24
MCHI iShares MSCI China ETF	New	0.20%	+0.20
USA Liberty All Star Equity Fund	New	0.19%	+0.19
EMF Templeton Emerging Markets	Add +0.3%	5.34%	+0.18
JGH Nuveen Global High Income	New	0.18%	+0.18
GHY Pgim Global High Yield Fund	New	0.18%	+0.18
MUB iShares National Muni Bond E	Add +8.3%	1.25%	+0.12
NBXG Neuberger Next Generation Co.	Add +15.5%	1.05%	+0.09
XJQCX Nuveen Credit Strategies Inc.	Add +39.3%	0.33%	+0.09
VVR Invesco Senior Income Trust	Add +44.5%	0.27%	+0.08
ECH iShares MSCI Chile ETF	New	0.06%	+0.06
JFR Nuveen Floating Rate Income	Add +42.5%	0.21%	+0.06
FMN Federated Herm Prem Muni Inc.	Add +78.4%	0.11%	+0.05
XLV SS Health Care Select Sector	New	0.05%	+0.05
TDF Templeton Dragon Fund Inc.	Add +2.5%	7.34%	+0.03
RVT Royce Small-Cap Trust Inc.	Add +29.5%	0.10%	+0.02
DLY Doubleline Yield Opport	New	0.02%	+0.02
MEGI Nylim CBRE GB Infra Mtrnd TF	New	0.02%	+0.02
BTO John Hancock Financial Opp	New	0.02%	+0.02
CSQ Calamos Strat TTL RTRN FND	New	0.02%	+0.02
XCMUX MFS High Yield Municipal TR	Add +9.7%	0.15%	+0.02
BIT BlackRock Multi-Sector Inc.	New	0.02%	+0.02
HQH Abrdn Healthcare Investors	Add +11.0%	0.10%	+0.01
BTX BlackRock Tech & Priv Eqty	New	0.01%	+0.01
MQY BlackRock Muniyield Quality	New	0.01%	+0.01
KKR KKR & Co. Inc.	Add +1.3%	0.70%	+0.01
GF The New Germany Fund Inc.	Add +0.9%	0.22%	+0.00
BGB Blackstone Strategic Credit	Add +2.6%	0.17%	+0.00
FTHY First Trust Hi YLD Opp 2027	Add +1.8%	0.45%	+0.00
EVF Eaton Vance Senior Income TR	Add +8.4%	0.02%	+0.00
BX Blackstone Inc.	Add +3.7%	0.28%	−0.01
PDX PIMCO Dynamic Income Strat	Add +7.1%	0.51%	−0.11

Notes & Other Activity Q3 2025 → Q4 2025


COHEN & STEERS INFRASTRU	RIGHT 10/16/2025	Sold out	55,300	$4Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	80	$1.7B	TWN, EWY, KF, EWT, AEF
Q1 2026	93	$1.4B	TWN, EWY, XCAFX, TDF, AEF
Q4 2025	87	$1.3B	TWN, XCAFX, TDF, EWY, AEF
Q3 2025	82	$1.4B	TWN, XCAFX, TDF, AEF, NVDA
Q2 2025	81	$1.1B	TWN, TDF, XCAFX, AEF, MXF
Q1 2025	85	$934.8M	TWN, TDF, XCAFX, AEF, EMF
Q4 2024	86	$1.0B	AEF, TWN, TDF, XCAFX, EMF
Q3 2024	85	$1.2B	TWN, AEF, TDF, XCAFX, EMF
Q2 2024	94	$1.2B	TWN, AEF, XCAFX, TDF, MXF
Q1 2024	103	$1.2B	TWN, AEF, XCAFX, MXF, TDF