Total Return Securities Fund filed a registration statement for a rights offering to purchase additional shares at discounted NAV.
Quiver AI Summary
On October 23, 2025, the Total Return Securities Fund (formerly The Swiss Helvetia Fund, Inc.) filed a registration statement with the SEC to issue one non-transferable right to each holder of record of the Fund's common stock as of November 14, 2025, allowing them to purchase an additional share at 85% of the net asset value (NAV) per share by December 5, 2025. Rights holders who fully exercise their rights may also have the opportunity to subscribe for additional shares not claimed by others. After the rights offering, the Fund's Board plans to initiate a tender offer to buy back 15% to 30% of its outstanding shares at a price of at least 98% of the NAV, depending on the rights offering outcome. The registration statement is currently pending effectiveness, and this announcement serves solely for informational purposes, without constituting an offer to sell or buy the Fund's securities. Further details will be provided in future filings with the SEC.
Potential Positives
- The Fund is providing current shareholders the opportunity to purchase additional shares at 85% of the net asset value, which could attract investment and bolster shareholder value.
- The planned tender offer to repurchase between 15% and 30% of the Fund's outstanding shares suggests a commitment to returning capital to shareholders, which can enhance investor confidence.
Potential Negatives
- The rights offering to purchase additional shares at 85% of NAV may signal limited confidence in the Fund's current valuation and potential future performance.
- The pending tender offer, depending on its execution, could indicate a need to reduce the number of outstanding shares, which may suggest that the Fund is facing challenges in maintaining shareholder value.
- The requirement for rights holders to act within a specific timeframe (by December 5, 2025) could create pressure among shareholders, potentially leading to dissatisfaction or negativity towards the Fund's management strategy.
FAQ
What is the Total Return Securities Fund's recent filing with the SEC?
The Fund filed a registration statement for a rights offering to existing shareholders to purchase additional shares.
What are the key dates for the rights offering?
The record date is November 14, 2025, and the expiration date for the offering is December 5, 2025.
What is the subscription price for additional shares?
The subscription price is set at 85% of the net asset value (NAV) per share on the expiration date.
Are shareholders allowed to purchase additional shares?
Yes, rights holders can subscribe to additional shares not taken by other rights holders, subject to certain limitations.
What should shareholders know about the tender offer?
A tender offer to buy back shares is planned after the rights offering, targeting 15% to 30% of outstanding shares.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$SWZ Insider Trading Activity
$SWZ insiders have traded $SWZ stock on the open market 2 times in the past 6 months. Of those trades, 2 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $SWZ stock by insiders over the last 6 months:
- MORITZ A SELL has made 2 purchases buying 2,815 shares for an estimated $17,562 and 0 sales.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$SWZ Hedge Fund Activity
We have seen 19 institutional investors add shares of $SWZ stock to their portfolio, and 16 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- LAZARD ASSET MANAGEMENT LLC removed 862,216 shares (-56.4%) from their portfolio in Q2 2025, for an estimated $5,466,449
- RIVERNORTH CAPITAL MANAGEMENT, LLC added 625,113 shares (+1394.3%) to their portfolio in Q2 2025, for an estimated $3,963,216
- MATISSE CAPITAL added 607,000 shares (+inf%) to their portfolio in Q3 2025, for an estimated $3,690,560
- ALLSPRING GLOBAL INVESTMENTS HOLDINGS, LLC added 196,505 shares (+10.2%) to their portfolio in Q3 2025, for an estimated $1,194,750
- ENVESTNET ASSET MANAGEMENT INC removed 164,184 shares (-100.0%) from their portfolio in Q2 2025, for an estimated $1,040,926
- SHAKER FINANCIAL SERVICES, LLC added 158,502 shares (+112.9%) to their portfolio in Q3 2025, for an estimated $963,692
- CSS LLC/IL added 147,270 shares (+39.0%) to their portfolio in Q2 2025, for an estimated $933,691
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
NEW YORK, Nov. 03, 2025 (GLOBE NEWSWIRE) -- On October 23, 2025, Total Return Securities Fund (f/k/a The Swiss Helvetia Fund, Inc.) (the “Fund”) (NYSE: SWZ) filed a registration statement with the Securities and Exchange Commission (the “SEC”) in connection with the issuance of one non-transferable right to the holders of record of each share of the Fund’s common stock held on November 14, 2025 to purchase one additional share of the Fund’s common stock at a subscription price of 85% of the net asset value (“NAV”) per share of the Fund’s common stock on the expiration date of December 5, 2025 (unless extended). Rights holders that fully exercise their rights will also be entitled to subscribe, subject to certain limitations set forth in the registration statement (which is available on the SEC’s website at www.sec.gov ) and subject to allotment, for additional shares of common stock that are not subscribed for by other rights holders.
As previously announced, the Board intends to authorize a tender offer to commence as soon as practicable after completion of the rights offering to purchase between 15% and 30% of the Fund’s outstanding shares (depending on the results of the rights offering) at a price of at least 98% of NAV, as determined following completion of the tender offer.
Contact: Tom Antonucci at 201-881-7102 or [email protected] .
A registration statement on Form N-2 related to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares of the Fund’s common stock. No tender offer for the outstanding shares of our common stock has commenced. If any tender offer is commenced, the Fund will file a Tender Offer Statement on Schedule TO with the SEC related to the tender offer. The Tender Offer Statement (including an Offer to Purchase, a related Letter of Transmittal and other tender offer documents) will contain important information, including the terms and conditions of the tender offer, that should be read carefully before any decision is made with respect to the tender offer. Stockholders will be able to obtain these documents free of charge, when they become available, from the SEC’s website (www.sec.gov) or the Fund’s current website (www.totalreturnsecuritiesfund.com).
