Closed-end funds can trade at significant discounts for years. Activists looking to pressure the fund managers need to make sure they have enough clout, according to Goldstein.
“You’ve got to have a big enough position that they know that there is a threat if they ignore you, that you’re not just going to go away,” Goldstein said. “That’s why we call ourselves Bulldog Investors — we’re tenacious.”
This article was provided by Bloomberg News.