Eight months after shareholder activists won a major victory and the majority of seats on the board of directors of the closed-end Clemente Global Growth Fund, the $75 million fund is undergoing significant change. Nevertheless, the fund still faces familiar problems - a recurring discount and meager year-to-date performance.
At a shareholder meeting May 21, the Clemente Global Growth Fund won approval for a handful of proposals including changing the fund's investing mandate and its name to the Clemente Strategic Value Fund. The change in mandate allows the fund to focus less on global securities and more on domestic ones. The inclusion of "value" in its name also reflects the fund's new commitment to buying under-valued assets- including closed-end funds which are trading at discounts.