Over the last few years, a handful of so called "closed-end fund activists" have pushed to eliminate the discount between share price and net asset values of many closed-end funds. But Stewart Horejsi, who grew up in Salinas, Kan. is different. A former gas salesman for his family's welding company, Horejsi has no desire to push for funds to be opened or to buy back shares to tackle a persistent discount. Rather Horejsi, who last year seized control of the Preferred Income Management Fund and turned the day-to-day portfolio management over to two investment firms for which he is a principal, plans to wrest control of two other closed-end funds - the USLife Income Fund and the First Financial Fund.
Lori Pizzani, a free-lance writer, recently spoke with Horejsi from his home in Paradise Valley, Ariz..