Guest Post: Total Return Securities Fund (SWZ) Quick Update

By George Spritzer, CFA

Summary

• The SWZ fund has transitioned to an activist hedge fund strategy, liquidated its Swiss stock portfolio, and paid a $3.00 distribution.

• The fund, now named "Total Return Securities Fund," trades at a 12.5% discount to NAV and offers daily liquidity without incentive fees.

• The portfolio is 59% cash, with a potential tender offer if the discount excee…