My strategy seeks to profit from the presence of what I believe is well-intentioned investor activism in Closed-End Funds. My belief is that activist investors can provide a catalyst for unlocking shareholder value. However, I do not personally have control over any activist campaigns. I typically make mid-to-long-term investments and seek to minimize the portfolio turnover.
I seek to take positions only in Closed-End Funds that I personally believe may attract or already have attracted what I believe is well-intentioned investor activism.
I perform qualitative research on under-followed securities and proprietary research techniques that seeks to identify Closed-End Funds that I believe will benefit from investor activism. I try to avoid investing funds with activist campaigns that seek to benefit only a subset of shareholders.
Diversification will vary depending on the number of opportunities that I believe are appropriate for my portfolio, as well as my conviction in those beliefs. There is no mandate on the number of Closed-End Fund positions in the strategy.
I attempt to sell positions at an opportune time when my research leads me to believe that activism in one of my investments is no longer likely to result in significant and equal benefits for all shareholders. I also may exit or re-enter positions based valuations, when I believe I have a timely opportunity to take profits or avoid potential losses, or when I believe I have an opportunity within the same investment style.
Subscribers to this investment strategy will at times receive proxies from management and from activists (commonly called "dissidents") to vote on board members or proposals. I do not advise investment subscribers on how to vote. Furthermore, Covestor does not vote proxies on behalf of its clients.
Past performance is no guarantee of future results.
Performance of the Portfolio Manager's account is calculated by Covestor on a daily time-weighted basis, including cash, dividends and earnings distributions and broker commissions. Manager returns include trades and positions that fail Covestor's trading rules, as a result, actual client returns will differ. Covestor advisory fees are simulated and applied retro-actively to present the portfolio return "net-of-fees".
Average client returns are calculated by Covestor and are composed of the asset-weighted average returns of all active client investments (some of which may contain investment restrictions) to the underlying portfolio. These daily average returns are then linked together for the timeframe presented. These returns include cash, dividends, earnings distributions, brokerage commissions and Covestor advisory fees.
All graph data is as of the end of day for the referenced period, unless otherwise specified. The investment minimum is the minimum investment required to follow a particular portfolio. The minimum amount is determined by Covestor, based on the characteristics of the underlying portfolio. It should not be considered as specific investment advice for your investment situation.
The performance charts are provided for informational purposes only, and should not be used as the basis for making an investment decision. Variables such as corporate actions or foreign exchange may affect daily performance displays. We rely on mathematical formulas, computer programs, and pricing information from third-party vendors to provide these returns. Neither Covestor nor any of its data or content providers shall be liable for any errors in this information or any actions taken by you in reliance upon this information.
Benchmark returns have been calculated by Covestor using a time-weighted calculation of daily index valuations. Benchmarks presented are total return and therefore inclusive of cash, dividends and earnings distributions but not transaction costs.
Leverage indicates the level of margin utilized and is calculated by dividing gross exposure by portfolio net liquidation value.
All Portfolio Manager information including personal data, profiles, strategies, monthly investment reports, and historical results outside of Covestor has been provided by the Portfolio Manager. Covestor makes no representation or warranty of its accuracy, completeness or relevance and it does not represent the opinions of Covestor. Transaction history is available upon request. Portfolio classifications are provided by Covestor, and are intended to serve as a general guide.
The checked transactions passed Covestor's trading rules and were eligible for investment at the time of execution, subject to individual client constraints. Eligibility may change over time. Actual client investment trade activity may vary.
Index returns do not reflect any management fees, transaction costs or expenses. Individuals cannot invest directly in an Index.