I have held HTR for around 10 years, and often when cash builds up in my Fidelity cash account (now at .01%) I buy another few hundred shares of HTR, because the price was low, and the dividend has essentially paid off my original shares over 10 years. But with a higher price, there is a psychological barrier to buying an additional 100 shares. Perhaps management felt $6 was an insult for a fund like this, so I could see double to $12, but somehow a 4 x reverse split seems overkill. . .thoughts?
I think your assessment is right on, overkill describes their action perfectly. But when you buy 25 shares instead of 100 you accomplish the same result in terms of dividend payout. Still it seems a rather senseless action none-the-less.