RCG - RCG: A Forgotten Closed-End Fund With Hidden Value
RENN Global Entrepreneurs Fund ([[RCG]]) is intriguing opportunity for long-term investors because of the quality of management and the layers of optionality inside the highly discounted portfolio.
RCG was about to liquidate, when Horizon Kinetics, a well-known value investing firm, offered to take over the management contract in mid-2017. As the new manager, Horizon Kinetics will waive all fees on RCG until the fund reaches $25 million in net assets. Horizon Kinetics also backstopped and bore the costs of a recent rights offering, which ended up being 166% subscribed. Even after the rights offering,