The Swiss Helvetia Fund Announces Results of Special Meeting
The Swiss Helvetia Fund (NYSE: SWZ) announced the results of a special stockholders meeting held on February 21, 2025. Stockholders approved two key proposals: (1) a new investment advisory agreement with Bulldog Investors, LLP, and (2) changes to the Fund's investment objective and restrictions to broaden its investment capabilities.
The Fund's Board of Directors plans to sell substantially all portfolio securities and declare a special cash distribution, primarily consisting of long-term capital gains, amounting to approximately 30% of the Fund's net assets.
Il Swiss Helvetia Fund (NYSE: SWZ) ha annunciato i risultati di un'assemblea straordinaria degli azionisti tenutasi il 21 febbraio 2025. Gli azionisti hanno approvato due proposte chiave: (1) un nuovo accordo di consulenza sugli investimenti con Bulldog Investors, LLP, e (2) modifiche all'obiettivo di investimento e alle restrizioni del Fondo per ampliare le sue capacità di investimento.
Il Consiglio di Amministrazione del Fondo prevede di vendere sostanzialmente tutti i titoli in portafoglio e di dichiarare una distribuzione speciale in contante, principalmente composta da plusvalenze a lungo termine, per un importo di circa 30% delle attività nette del Fondo.
El Swiss Helvetia Fund (NYSE: SWZ) anunció los resultados de una reunión especial de accionistas celebrada el 21 de febrero de 2025. Los accionistas aprobaron dos propuestas clave: (1) un nuevo acuerdo de asesoría de inversiones con Bulldog Investors, LLP, y (2) cambios en el objetivo de inversión y restricciones del Fondo para ampliar sus capacidades de inversión.
La Junta Directiva del Fondo planea vender prácticamente todos los valores de la cartera y declarar una distribución especial en efectivo, compuesta principalmente por ganancias de capital a largo plazo, por un monto aproximado de 30% de los activos netos del Fondo.
스위스 헬베티아 펀드(NYSE: SWZ)는 2025년 2월 21일에 열린 특별 주주 총회의 결과를 발표했습니다. 주주들은 두 가지 주요 제안을 승인했습니다: (1) Bulldog Investors, LLP와의 새로운 투자 자문 계약, (2) 펀드의 투자 목표 및 제한 사항을 변경하여 투자 능력을 확대하는 것입니다.
펀드의 이사회는 포트폴리오의 모든 증권을 대폭 매각하고, 주로 장기 자본 이득으로 구성된 특별 현금 배당금을 약 펀드 순자산의 30%에 해당하는 금액으로 선언할 계획입니다.
Le Swiss Helvetia Fund (NYSE: SWZ) a annoncé les résultats d'une assemblée générale extraordinaire des actionnaires tenue le 21 février 2025. Les actionnaires ont approuvé deux propositions clés : (1) un nouvel accord de conseil en investissement avec Bulldog Investors, LLP, et (2) des modifications de l'objectif d'investissement et des restrictions du Fonds pour élargir ses capacités d'investissement.
Le Conseil d'Administration du Fonds prévoit de vendre presque tous les titres du portefeuille et de déclarer une distribution spéciale en espèces, composée principalement de gains en capital à long terme, d'un montant d'environ 30% des actifs nets du Fonds.
Der Swiss Helvetia Fund (NYSE: SWZ) gab die Ergebnisse einer außerordentlichen Hauptversammlung bekannt, die am 21. Februar 2025 stattfand. Die Aktionäre genehmigten zwei wichtige Vorschläge: (1) einen neuen Anlageberatungsvertrag mit Bulldog Investors, LLP, und (2) Änderungen am Anlageziel und an den Einschränkungen des Fonds, um die Anlagemöglichkeiten zu erweitern.
Der Vorstand des Fonds plant, nahezu alle Portfolio-Wertpapiere zu verkaufen und eine Sonderausschüttung in bar zu erklären, die hauptsächlich aus langfristigen Kapitalgewinnen besteht und etwa 30% des Nettovermögens des Fonds beträgt.
- Special cash distribution of 30% of net assets planned
- Expanded investment capabilities approved
- New investment advisory agreement secured with Bulldog Investors
- Substantial portfolio liquidation planned
- Large capital gains distribution may have tax implications for shareholders
Insights
This announcement marks a pivotal transformation for The Swiss Helvetia Fund, with three key developments that warrant careful attention from investors:
The appointment of Bulldog Investors as the new investment advisor is particularly noteworthy. Bulldog has a well-documented history as an activist investor in closed-end funds, often pursuing strategies to narrow trading discounts to Net Asset Value (NAV). Their involvement typically signals a more aggressive approach to fund management and shareholder value creation.
The approved changes to investment objectives and restrictions represent a fundamental shift in the fund's strategy. By expanding the types of permissible investments, the fund is moving away from its traditional Swiss-focused mandate. This flexibility could potentially lead to a more diverse portfolio but also introduces new risk considerations for long-term shareholders who initially invested for specific Swiss market exposure.
The planned special distribution of approximately
The combination of these changes suggests a comprehensive restructuring aimed at enhancing shareholder value, though it represents a departure from the fund's historical investment approach. The involvement of Bulldog Investors and the substantial distribution indicate a more activist-oriented strategy that could reshape the fund's risk-return profile and market positioning.
NEW YORK, Feb. 21, 2025 (GLOBE NEWSWIRE) -- The Swiss Helvetia Fund, Inc. (the “Fund”) (NYSE: SWZ) held a special meeting of stockholders (the “Meeting”) today to consider (1) an investment advisory agreement between the Fund and Bulldog Investors, LLP, and (2) changes to the Fund’s investment objective and restrictions in order to expand the types of investments the Fund can make to meet its new investment objective. All proposals were approved at the Meeting. As previously announced, the Board of Directors intends to authorize the sale of substantially all of the Fund’s portfolio securities and to declare a special cash distribution (consisting substantially or entirely of long-term capital gains) equal to approximately
For more information, please call InvestorCom, the Fund’s information agent, at (877) 972-0090.
FAQ
What percentage of net assets will SWZ distribute to shareholders?
When did SWZ stockholders approve the new investment advisory agreement?
What major changes were approved at SWZ's special meeting?
What type of distribution will SWZ shareholders receive?
What major portfolio changes are planned for SWZ?
