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PCF - Swiss Helvetia Fund Will Likely Use An Activist Investment Strategy Soon
High Income Securities Fund
The Swiss Helvetia Fund (SWZ) has experienced some big changes over the last few years:
- In 2017, Bulldog Investors elected two directors to the Fund Board. Shareholders then approved a proposal for a large self-tender offer and elected two more Bulldog-associated directors.
- In 2018, SWZ made a large capital gains distribution of $4.91, followed by a huge tender offer for 65% of the shares outstanding at 98% of NAV. Because of this, the Fund's assets were substantially reduced from over $300 million to the current $120 million.