Item 5(a): As of close 12/21/07, WIHP, WIAP, BPIP, BPP beneficially owned 807,645...833,194...800,410...532,000 shares, respectivly, constituting 2.4%, 2.5%, 2.4% and 1.6% respectively. Each of WILLC ans Mr. Lipson beneficially owned 1,640,867.183 shares...4.9%. Each of BPM,...1,332,410 shares...4.0%
This is 17.8%.
Reading lower toward the end in the Supporting Statement:
In our view, Neuberger Berman's performance over the life of the fund has been extremely disappointing...significantly underpreformed the REIT market as measured by...iShare Dow Jones U.S. Real Estate Index Fund ("IYR"). Total return for the fund(NRO) over that time was 21.95%. Over the same period, however, the IYR returned 71.32%, over 200% more than the Fund. We believe this performance, which spans the life of the Fund and shows no signs of improving, necessitates change beginning with the replacement of the party responsible for the Funds performance, Neuberger Berman.
Anyone care to comment on this SEC filing of SC 13D/A?
I originaly posted this on the NRI bord because NRI is the one I own shares of, but since both are merging and both got the same management replacement resolution proposal from Western Investments, here is my take:
Western Investments doesn't care about the performance one bit.
Western investments is probably short the fund or something identical so that their net exposure is zero.
All they care about is anything that narrows the discount between the nav so that they can scoop a quick onetime profit.
They are an arbitrage player. They don't want exposure to REITs. They don't care about REITs. That's not the type of invester they are.
If they get control of the fund away from the current manager, they will probably just convert it to open end or liquidate it. Either of those gives them access to the NAV discount.
Think about it. If they think IYR is so much better than this fund, why don't they just buy IYR?
They probably aren't going to do anything to damage either the price or the NAV. The danger to me is that in trying to narrow the discount they will do something to change the fund that goes against my original reasons for owning it.
These same guys just took a 5% share of RTU in Nov and Dec and then filed a statement that they were "concerned" about the discount to NAV that it was trading at. LOL!! Like if they were so concerned, why did they just buy 5% of the fund in the space of 2 months.