Investor Netter pushes FSD to restructure or return cash [Reuters]
First Trust High Income Long Short Fund Common Shares of Beneficial Interest (FSD)
US:NYSE Investor Relations:
ftportfolios.com/retail/cef/cefsummary.aspx?ticker=fsd
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Source: Reuters
Investor Netter pushes FSD to restructure or return cash - Reuters 2 Min Read NEW YORK, Sept 18 (Reuters) - Investment manager Donald Netter is stepping up his battle with First Trust High Income Long/Short Fund (FSD) by asking the closed-end fund to restructure or give investors their money back because it has been trading at a discount for years. Netter, whose Dolphin Limited Partnership I LP owns 450,000 shares of FSD valued at approximately $6.7 million, is criticizing the First Trust fund for trading at 13% below the fund’s net asset value. While closed-end funds sometimes trade at a discount the range is traditionally much smaller, analysts said. Netter, who first began complaining to FSD a year ago, said the fund’s managers have failed to appropriately swap out certain fixed rate securities at a time interest rates are rising. “Dolphin now resubmits a revised proposal, which it originally had made to FSD in December 2018, designed to close the persistent and sizable market disc
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