
- Printing new shares for reinvestment and therefore significantly disadvantaging non-reinvesting shareholders
- Failure to buy back their own shares at double digit discounts
- Failure to address long-standing discounts
- Failure to address significant underperformance versus benchmarks
- Hiding behind non-disclosed policies
- Putting asset growth above NAV performance and shareholder returns
- Tri-Continental Corp (NYSE: TY): $20.68, -15.42% discount
- General American Investors (NYSE: GAM): $31.58, -18.12% discount
- Liberty All-Star (NYSE: USA): $5.06, -16.23% discount
- Implement a share buyback with a clear-cut policy and timeline
- Employ accretive annual tender offers
- Convert the strategy to an ETF/term trust structure or merge with an open-end fund
- Use dividend reinvestment as an opportunity to buy shares in the open-market