Phillip Goldstein, principal of Opportunity Partners of Pleasantville, N.Y. and an outspoken closed-end fund activist, is on yet another campaign against a persistent discount to net asset value in a closed-end fund. The target is Advantage Advisers, the U.S.-based adviser to the $94 million Mexico Equity and Income and an affiliate of CIBC Oppenheimer in New York. ACCI Worldwide, S.A. de C.V. of Mexico, also being targeted, provides investment advisory for the fund's Mexican investments.
Goldstein is pressuring both the fund's advisers and the fund's directors to narrow the fund's persistent discount. Goldstein is even recommending that fund trustees have their directors' fees withheld until shareholders get a viable resolution to the discount problem.