Andrew Dakos and Phillip Goldstein’s Bulldog Investors reports today that it now has 1.55 million shares, or 10.06% activist stake in TS&W / Claymore Tax-Advantaged Balanced Fund (TYW). This is a 12% expansion in Bulldog Investors’ position since the firm reported 1.39 million shares on November 7th. Bulldog Investors also disclosed its recent transactions in the filing. The firm bought those additional shares at between $11.21 and $11.56 starting from November 7th. TYW is currently trading at $11.48, and has returned 17% year to date.
According to the firm’s official website, Bulldog Investors is “a value oriented investment management firm for sophisticated and high net worth investors”. “Bulldog rigorously analyzes and focuses on undervalued investment opportunities, targeting only securities it understands and can appropriately value”. “Bulldog will often take activist measures to enhance the value of its investments through various time-tested and proprietary means”.
According to Google Finance, TS&W/Claymore Tax-Advantaged Balanced Fund “is a diversified, closed-end management investment company. The Fund’s investment objective is to provide a high level of total after-tax return, including tax-advantaged income. The Fund will invest at least 50%, but less than 60%, of its total assets in debt securities and other obligations issued by or on behalf of states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the interest on which is exempt from regular federal income tax and which is not a preference item for purposes of the alternative minimum tax (the Municipal Securities Portfolio), and at least 40%, but less than 50%, of its total assets in common stocks, preferred securities and other income securities (the Equity and Income Securities Portfolio). The Fund’s investment advisor is Claymore Advisors, LLC. Its sub-advisor is Thompson, Siegel & Walmsley LLC.”