Summary
Andrew Dakos, President and CEO of Total Return Securities Fund (NASDAQ:SWZ), made an indirect acquisition of 5,024 common shares on March 11 and March 12, 2026, at $6.00 per share, for a total consideration of $30,144. The purchases occurred while SWZ was trading near $5.98 per share, close to its 52-week low of $5.84. The fund has also announced a tender offer to buy back up to 4 million shares at 98% of its net asset value per share.
Details of the insider purchase
According to the filing, the two transactions on March 11 and 12 were executed indirectly, resulting in an addition of 5,024 shares to the positions associated with Dakos. Each share was purchased at $6.00, bringing the total value of these trades to $30,144.
Following these acquisitions, Dakos holds 67,119 shares indirectly through a limited partnership and retains 39,453 shares in direct ownership.
Market and income characteristics
At the time of the disclosed purchases, SWZ was trading at $5.98, a price point noted as being close to the fund's 52-week low of $5.84. InvestingPro data cited in the filing indicates SWZ yields 9.75% in dividends and has sustained dividend payments for 36 consecutive years. The filing also notes that InvestingPro subscribers have access to more than five additional tips related to SWZ.
Tender offer and timing
Separately, Total Return Securities Fund has launched a tender offer to repurchase up to 4,000,000 shares of its common stock, priced at 98% of the fund's net asset value per share. The offer is set to expire on January 20, 2026. The fund will determine the applicable net asset value on the following day, using the closing of regular trading on the New York Stock Exchange to set that figure.
The fund, formerly known as The Swiss Helvetia Fund, Inc., described the tender as a mechanism for shareholders to sell shares back to the fund and as part of its ongoing capital management strategy. Investors and analysts, the filing states, will be monitoring the outcome of this offer as the expiration date approaches.
Context and next steps
The disclosed insider purchase, the specified holdings after the transactions, and the concurrent tender offer are the principal facts reported. The tender offer's timetable and the NAV determination process are defined in the announcement, and stakeholders have the option to participate by selling shares back to the fund prior to the stated expiration.
Where the public record is limited to these disclosures, the filing does not provide additional commentary or forward-looking statements beyond the figures, dates, and mechanics outlined above.