Swiss Helvetia Fund

SWZ

Market cap $78.7M

The Swiss Helvetia Fund rights offering is highly detrimental to shareholders, causing significant per-share NAV destruction if successful. SWZ's rights offering will reduce NAV by about 7.5% per share, with all shareholders equally affected, regardless of subscription participation. Purchasing SWZ shares on the open market is generally cheaper than subscribing through the rights offering, given the persistent market discount to NAV.

NEW YORK, Nov. 03, 2025 (GLOBE NEWSWIRE) -- On October 23, 2025, Total Return Securities Fund (f/k/a The Swiss Helvetia Fund, Inc.) (the “Fund”) (NYSE: SWZ) filed a registration statement with the Securities and Exchange Commission (the “SEC”) in connection with the issuance of one non-transferable right to the holders of record of each share of the Fund's common stock held on November 14, 2025 to purchase one additional share of the Fund's common stock at a subscription price of 85% of the net asset value (“NAV”) per share of the Fund's common stock on the expiration date of December 5, 2025 (unless extended). Rights holders that fully exercise their rights will also be entitled to subscribe, subject to certain limitations set forth in the registration statement (which is available on the SEC's website at www.sec.gov) and subject to allotment, for additional shares of common stock that are not subscribed for by other rights holders.

We review the CEF market valuation and performance through the fourth week of August and highlight recent market action. CEF market saw positive price action, with REIT and EM Equity sectors outperforming, but MLP and Loan CEFs lagged; discounts remain tight versus history. SWZ's aggressive rights offering could widen its discount, making participation less attractive; investors should be cautious of potential price overshoot to the downside.

NEW YORK, Aug. 19, 2025 (GLOBE NEWSWIRE) -- The Board of Directors (the “Board”) of Total Return Securities Fund, Inc. (f/k/a The Swiss Helvetia Fund, Inc.) (the “Fund”) (NYSE: SWZ) announced today that it intends to authorize the issuance of one non-transferable right for each share of the Fund held on a date to be announced to purchase one additional share of the Fund's common stock at a subscription price of 85% of the net asset value (“NAV”) of the Fund's shares on the expiration date (unless extended). Rights holders that fully exercise their rights will also be entitled to subscribe, subject to certain limitations to be set forth in a prospectus (which shall be available on the website of the Securities and Exchange Commission at www.sec.gov) and subject to allotment, for additional shares of stock that are not subscribed for by other rights holders.

NEW YORK, Aug. 07, 2025 (GLOBE NEWSWIRE) -- The Board of Directors (the “Board”) of Total Return Securities Fund, Inc. (f/k/a The Swiss Helvetia Fund, Inc.) (the “Fund”) (NYSE: SWZ) today affirmed its previously announced intention to authorize a self-tender offer to purchase at least 15% of the Fund's outstanding shares at a price of at least 98% of the net asset value per share (“NAV”).

NEW YORK , June 5, 2025 /PRNewswire/ -- As previously announced, on February 21, 2025, stockholders of Total Return Securities Fund (f/k/a The Swiss Helvetia Fund, Inc.) (the "Fund") (NYSE: SWZ) approved the following: (1) an investment advisory agreement between the Fund and Bulldog Investors, LLP (which was effective March 31, 2025); (2) replacement of the Fund's fundamental investment objective of capital appreciation by investing in equity and equity-linked securities of Swiss companies with a non-fundamental investment objective of providing long-term total return; and (3) changes to the Fund's fundamental investment restrictions in order to expand the types of investments the Fund can make to meet its new investment objective. Also, as previously announced, the Fund's Board of Directors subsequently authorized (1) the sale of substantially all of the Fund's portfolio securities, and (2) a special cash distribution (consisting substantially or entirely of long-term capital gains) of $3.00 per share on April 14, 2025 to record holders as of April 3, 2025.

NEW YORK , April 21, 2025 /PRNewswire/ -- As previously announced, on February 21, 2025, stockholders of Total Return Securities Fund (f/k/a The Swiss Helvetia Fund, Inc.) (the "Fund") (NYSE: SWZ) approved the following: (1) an investment advisory agreement between the Fund and Bulldog Investors, LLP (which was effective on March 31, 2025); (2) replacement of the Fund's fundamental investment objective of capital appreciation by investing in equity and equity-linked securities of Swiss companies with a non-fundamental investment objective of providing long-term total return; and (3) changes to the Fund's fundamental investment restrictions in order to expand the types of investments the Fund can make to meet its new investment objective. Also, as previously announced, the Fund's Board of Directors subsequently authorized (1) the sale of substantially all of the Fund's portfolio securities, and (2) a special cash distribution (consisting substantially or entirely of long-term capital gains) of $3.00 per share on April 14, 2025 to record holders as of April 3, 2025.

NEW YORK , March 24, 2025 /PRNewswire/ -- As previously announced, on February 21, 2025, stockholders of The Swiss Helvetia Fund, Inc. (the "Fund") (NYSE: SWZ) met and voted to approve the following: (1) an investment advisory agreement between the Fund and Bulldog Investors, LLP (which will become effective on March 31, 2025); (2) replacement of the Fund's fundamental investment objective of capital appreciation by investing in equity and equity-linked securities of Swiss companies with a non-fundamental investment objective of providing long-term total return; and (3) changes to the Fund's fundamental investment restrictions in order to expand the types of investments the Fund can make to meet its new investment objective. Also, as previously announced, the Fund's Board of Directors subsequently authorized (1) the sale of substantially all of the Fund's portfolio securities and (2) an intent to declare a special cash distribution (consisting substantially or entirely of long-term capital gains) equal to approximately 30% of the Fund's net assets.

NEW YORK , March 7, 2025 /PRNewswire/ -- The Swiss Helvetia Fund, Inc. (NYSE: SWZ), a non-diversified registered closed-end investment company (the "Fund"), announced today a quarterly distribution of $0.1458 per share of the Fund's common stock pursuant to the Fund's managed distribution plan (the "Plan"). The distribution is subject to the following record, ex-dividend and payment dates: Record Date: March 18, 2025 Ex-Dividend Date: March 18, 2025 Payment Date: March 31, 2025 The primary purpose of the Plan is to provide the Fund's stockholders with a more consistent, but not guaranteed, fixed minimum rate of distribution on a regular quarterly basis.

The Swiss Helvetia Fund will soon shift to a hedge fund style investment strategy, focusing on undervalued U.S. securities with growth potential and closed-end fund activism. The fund discount may narrow because of the new investment strategy.