Bulldog Investors Seeks Removal of Kevin Landis as Manager of Firsthand Technology Value Fund (Nasdaq: SVVC)
SADDLE BROOK, N.J.--(BUSINESS WIRE)-- Bulldog Investors has proposed that shareholders remove Kevin Landis as investment manager of Firsthand Technology Value Fund, Inc. (NAS: SVVC) (the "Fund") after the Fund's shares declined more than 80% over a thirteen-year period. The Bulldog Investors group of private investment funds, together with other accounts managed by Bulldog Investors, own 9.8% of the Fund's outstanding shares and is the Fund's largest shareholder.
In a recent letter to the Fund, Bulldog Investors principal Phillip Goldstein, said, "To put it bluntly, there are some people who should not be managing other people's money. Kevin Landis has demonstrated he is one of those people."
Goldstein said Landis' management firm, Firsthand Capital Management, Inc. (FCM) is paid an exorbitant amount (2% per annum of gross assets plus 20% of net realized capital gains), given the Fund's poor long-term performance.
"There is simply no way to spin the numbers and conclude that his performance has been anything but disastrous for shareholders," said Goldstein. He added: "The Fund's long suffering shareholders deserve better, and with the shares trading far below their net asset value, shareholders also deserve an opportunity to realize NAV for their shares."
About Bulldog Investors
Brooklyn Capital Management, LLC (d/b/a/ Bulldog Investors) is an SEC-registered investment adviser that manages the Bulldog Investors group of private funds, Special Opportunities Fund, Inc. (NYS: SPE) , a closed-end registered investment company, and the accounts of certain high net worth individuals and institutions. To learn more, visit www.BulldogInvestors.com.
KEYWORDS: United States North America New Jersey
The article Bulldog Investors Seeks Removal of Kevin Landis as Manager of Firsthand Technology Value Fund (NAS: SVVC) originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.