THE SWISS HELVETIA FUND, INC. DECLARES SPECIAL DISTRIBUTION OF $3.00 PER SHARE
The Swiss Helvetia Fund (NYSE: SWZ) has announced significant changes following stockholder approval on February 21, 2025. The Fund will implement a new investment advisory agreement with Bulldog Investors, LLP effective March 31, 2025, alongside a shift from its Swiss-focused investment strategy to a broader long-term total return objective.
The Fund declared a special cash distribution of $3.00 per share, representing approximately 30% of its net assets, payable on April 7, 2025, to stockholders of record as of April 3, 2025. Due to the distribution exceeding 25% of the current share price, NYSE will implement 'due bill' procedures for trades settling between April 4-7, 2025.
Additionally, the Fund will suspend its managed distribution plan and rebrand as 'Total Return Securities Fund' effective March 31, 2025. The Board has also authorized the sale of substantially all portfolio securities to align with these strategic changes.
Il Swiss Helvetia Fund (NYSE: SWZ) ha annunciato cambiamenti significativi a seguito dell'approvazione degli azionisti il 21 febbraio 2025. Il Fondo attuer脿 un nuovo accordo di consulenza sugli investimenti con Bulldog Investors, LLP a partire dal 31 marzo 2025, insieme a un passaggio dalla sua strategia di investimento focalizzata sulla Svizzera a un obiettivo pi霉 ampio di rendimento totale a lungo termine.
Il Fondo ha dichiarato un distribuzione speciale in contante di $3.00 per azione, che rappresenta circa il 30% dei suoi attivi netti, pagabile il 7 aprile 2025, agli azionisti registrati al 3 aprile 2025. Poich茅 la distribuzione supera il 25% del prezzo attuale delle azioni, la NYSE attuer脿 procedure di 'due bill' per le transazioni che si concludono tra il 4 e il 7 aprile 2025.
Inoltre, il Fondo sospender脿 il suo piano di distribuzione gestita e si rinominer脿 'Total Return Securities Fund' a partire dal 31 marzo 2025. Il Consiglio ha anche autorizzato la vendita di sostanzialmente tutti i titoli del portafoglio per allinearsi con questi cambiamenti strategici.
El Swiss Helvetia Fund (NYSE: SWZ) ha anunciado cambios significativos tras la aprobaci贸n de los accionistas el 21 de febrero de 2025. El Fondo implementar谩 un nuevo acuerdo de asesor铆a de inversiones con Bulldog Investors, LLP a partir del 31 de marzo de 2025, junto con un cambio de su estrategia de inversi贸n centrada en Suiza a un objetivo m谩s amplio de rendimiento total a largo plazo.
El Fondo declar贸 una distribuci贸n especial en efectivo de $3.00 por acci贸n, que representa aproximadamente el 30% de sus activos netos, pagadera el 7 de abril de 2025, a los accionistas registrados al 3 de abril de 2025. Debido a que la distribuci贸n excede el 25% del precio actual de la acci贸n, la NYSE implementar谩 procedimientos de 'due bill' para las operaciones que se liquidan entre el 4 y el 7 de abril de 2025.
Adem谩s, el Fondo suspender谩 su plan de distribuci贸n administrada y se renombrar谩 como 'Total Return Securities Fund' a partir del 31 de marzo de 2025. La Junta tambi茅n ha autorizado la venta de pr谩cticamente todos los valores de la cartera para alinearse con estos cambios estrat茅gicos.
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霕愴暅, 韼赌霌滊姅 甏�毽悳 氚半嫻 瓿勴殟鞚� 欷戨嫧頃橁碃 2025雲� 3鞗� 31鞚茧秬韯� '齑� 靾橃澋 歃濌秾 韼�霌�'搿� 敫岆灉霌滊ゼ 氤�瓴巾暕雼堧嫟. 鞚挫偓須岆姅 鞚措煬頃� 鞝勲灥鞝� 氤�頇旍棎 毵烄稊旮� 鞙勴暣 韽姼韽措Μ鞓� 歃濌秾鞚� 雽�攵�攵勳潉 韺愲Г頃橂姅 瓴冸弰 鞀轨澑頄堨姷雼堧嫟.
Le Swiss Helvetia Fund (NYSE: SWZ) a annonc茅 des changements significatifs suite 脿 l'approbation des actionnaires le 21 f茅vrier 2025. Le Fonds mettra en 艙uvre un nouvel accord de conseil en investissement avec Bulldog Investors, LLP 脿 compter du 31 mars 2025, tout en passant d'une strat茅gie d'investissement ax茅e sur la Suisse 脿 un objectif de rendement total 脿 long terme plus large.
Le Fonds a d茅clar茅 une distribution sp茅ciale en esp猫ces de 3,00 $ par action, repr茅sentant environ 30 % de ses actifs nets, payable le 7 avril 2025, aux actionnaires enregistr茅s au 3 avril 2025. 脡tant donn茅 que la distribution d茅passe 25 % du prix actuel de l'action, la NYSE mettra en 艙uvre des proc茅dures de 'due bill' pour les transactions r茅gl茅es entre le 4 et le 7 avril 2025.
De plus, le Fonds suspendra son plan de distribution g茅r茅 et se renommerait 'Total Return Securities Fund' 脿 compter du 31 mars 2025. Le Conseil a 茅galement autoris茅 la vente de presque tous les titres du portefeuille pour s'aligner sur ces changements strat茅giques.
Der Swiss Helvetia Fund (NYSE: SWZ) hat nach der Genehmigung durch die Aktion盲re am 21. Februar 2025 bedeutende 脛nderungen angek眉ndigt. Der Fonds wird ab dem 31. M盲rz 2025 eine neue Anlageberatungsvereinbarung mit Bulldog Investors, LLP umsetzen und von seiner auf die Schweiz fokussierten Anlagestrategie zu einem breiteren langfristigen Gesamtverzinsungsziel 眉bergehen.
Der Fonds erkl盲rte eine sonstige Baraussch眉ttung von 3,00 $ pro Aktie, was etwa 30 % seines Nettoverm枚gens entspricht, zahlbar am 7. April 2025 an die am 3. April 2025 registrierten Aktion盲re. Da die Aussch眉ttung 25 % des aktuellen Aktienkurses 眉bersteigt, wird die NYSE 'due bill'-Verfahren f眉r Transaktionen einf眉hren, die zwischen dem 4. und 7. April 2025 abgewickelt werden.
Dar眉ber hinaus wird der Fonds seinen verwalteten Aussch眉ttungsplan aussetzen und sich ab dem 31. M盲rz 2025 in 'Total Return Securities Fund' umbenennen. Der Vorstand hat auch den Verkauf von nahezu allen Portfoliowertpapieren genehmigt, um sich an diese strategischen 脛nderungen anzupassen.
- Special cash distribution of $3.00 per share announced
- Distribution represents substantial 30% return of net assets to shareholders
- Strategic repositioning to broader investment mandate provides more flexibility
- Suspension of managed distribution plan
- Substantial portfolio liquidation may result in significant trading costs
- Complete shift away from Swiss focus represents major strategy change risk
Insights
The Swiss Helvetia Fund's announcement represents a transformative shift in its investment strategy with significant immediate rewards for shareholders. The
This substantial distribution is part of a comprehensive restructuring that includes: (1) transitioning to Bulldog Investors as the new investment advisor; (2) changing from a Swiss equity focus to a broader "long-term total return" objective; and (3) selling substantially all existing portfolio holdings to enable this strategic pivot.
The fund is essentially reinventing itself, as evidenced by the upcoming name change to "Total Return Securities Fund." The suspension of the managed distribution plan further signals this fundamental repositioning.
For current shareholders, this represents both an immediate windfall and a complete transformation of their investment vehicle. The distribution consists primarily of long-term capital gains, which carries tax implications. The "due bill" procedures ensure proper allocation of the distribution during the transitional trading period.
This action follows stockholder approval of these changes on February 21, indicating shareholder support for this strategic shift away from the fund's historical Swiss investment focus toward a more flexible mandate.
Since the cash distribution exceeds
Due bills obligate a seller of securities to deliver a cash payment equal to the cash distribution 聽payable on such securities to the buyer. Due bill obligations are customarily settled between the brokers representing buyers and sellers of the securities. The Fund has no obligation regarding the processing or taxable consequences related to the due bills. Buyers and sellers of the Fund's shares during the due bill period should consult their brokers before trading to ensure they understand the effect of the NYSE's due bill procedures.
The precise composition of the special distribution for accounting and tax reporting purposes will depend upon the Fund's investment experience during its full fiscal year and may be subject to changes based on tax regulations.聽 The Fund will send each stockholder a Form 1099-DIV for the calendar year that explains how to report all distributions for federal income tax purposes.
In view of the aforementioned developments, the Board has determined to (1) suspend the Fund's managed distribution plan until further notice, and (2) change the name of the Fund to "Total Return Securities Fund," which is expected to take effect on March 31, 2025.
About The Swiss Helvetia Fund, Inc.
The Fund () is a non-diversified, closed-end investment company. Its shares are currently listed on the NYSE under the symbol "SWZ."听
Closed-end funds, unlike open-end funds, are not continuously offered. Typically, shares of closed-end funds are sold in the open market through a stock exchange. Shares of closed-end funds may trade at a discount or at a premium to net asset value. The price of the Fund's shares is determined by a number of factors, several of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below, or above net asset value.
Contact: Thomas Antonucci, 201-881-7102, [email protected]
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SOURCE The Swiss Helvetia Fund, Inc.
FAQ
What is the amount and timing of SWZ's special cash distribution?
How will the due bill process work for SWZ's special distribution?
What major changes are happening to SWZ's investment strategy?
When will SWZ change its name and what is the new name?
What percentage of SWZ's net assets does the special distribution represent?
