The Investment Process

Portfolio Manager

Charles I. Clough, Jr., CFA The CFA charter is a qualification for finance and investment professionals, particularly in the fields of investment management and financial analysis of stocks, bonds and their derivative assets. The program focuses on portfolio management and financial analysis, and provides a generalist knowledge of other areas of finance. It is a graduate level self study program offered by the CFA Institute (formerly AIMR) to investment and financial professionals. A candidate who successfully completes the program and meets other professional requirements is awarded a “CFA charter” and becomes a “CFA charterholder”.

Chairman, CIO, Partner & Portfolio Manager: Clough Closed-End Funds

Chuck Clough is the Chairman and Chief Investment Officer of Clough Capital. He has been active in the securities and investment business for over 59 years. Prior to founding Clough Capital, Chuck served as the Chief Global Investment Strategist from 1987 through 1999 at Merrill Lynch & Co., Inc. During this time, he advised many of the world’s top institutions and investors on portfolio strategy.

Prior to his tenure at Merrill Lynch, Chuck was Director of Investment Policy and Chief Strategist at Cowen & Co. Previously, he served as the Director of Research and a Portfolio Manager at the Boston Company, a Portfolio Manager at Colonial Management Associates and a Vice President and Senior Research Analyst for both Donaldson, Lufkin & Jenrette and Alliance Capital Management Company.

Chuck serves on the boards of a number of medical, educational and charitable institutions, including his alma mater, Boston College. Chuck graduated magna cum laude with a major in History and a minor in Economics from Boston College and earned an MBA at the University of Chicago. He has been a CFA® charterholder since 1979. Chuck is an ordained permanent deacon in the Roman Catholic Archdiocese of Boston and serves in that capacity at his local parish in Concord, MA.

Bill Whelan

Partner & Portfolio Manager: Clough Closed-End Funds

Bill Whelan joined Clough Capital in 2014 and has over 19 years of experience in the investment management industry. In 2023, Bill was named Co-Portfolio Manager of the Firm’s three closed-end funds. Prior to joining the Clough Capital, Bill was an Investment Principal at Partners Capital, a private investment office focused on multi-asset class investing, from 2010 to 2014. Previously, Bill was an Equity Research Analyst at Millennium Management, a multi-strategy hedge fund, from 2008 to 2009 and at Fidelity Management and Research from 2005 to 2008. Bill earned a B.A. in Economics from Harvard College.

Portfolio

As of (07/31/2025)

Top 10 Long Equity Holdings

Holding Name

% of Net Assets

Amazon.com, Inc.

7.27%

Microsoft Corp.

5.11%

Carnival Corp.

4.69%

Meta Platforms, Inc.

3.99%

PulteGroup, Inc.

3.73%

Boeing Co.

3.66%

D.R. Horton, Inc.

3.62%

Airbus SE

3.62%

Teledyne Technologies, Inc.

3.41%

Broadcom, Inc.

3.41%

Total

42.51%

View Full Holdings

According to the Fund’s holding disclosure policy, as approved by the Board of Trustees, the release of the month-end holdings information will be delayed at least 30 days.

Holdings and allocations are subject to change. There is no guarantee the Fund continues to invest in the securities referenced.

Performance

As of (08/31/2025)

1-Year

3-Year

5-Year

10-Year

Since Inception

Net Asset Value

13.82%

9.96%

0.92%

4.54%

4.82%

Market Price

16.45%

4.51%

1.76%

5.20%

3.91%

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As of (08/31/2025)

1-Month

3-Month

YTD

Net Asset Value

2.69%

10.84%

14.60%

Market Price

3.51%

9.04%

17.16%

← Swipe to see additional data →

As of (12/31/2024)

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

Net Asset Value

-3.56%

-3.73%

29.76%

-7.93%

24.93%

38.18%

-0.70%

-39.39%

11.97%

15.38%

Market Price

-4.53%

-0.10%

32.60%

-9.70%

25.06%

27.97%

11.23%

-42.07%

4.52%

21.67%

← Swipe to see additional data →

Fund inception: 4/25/2006.

Performance represents past performance and does not guarantee future results. Investment returns and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted.

Performance reflects the deduction of management fees and other applicable expenses and assumes that all rights in the Fund’s rights offering were exercised. Dividends and distributions, if any, are assumed for the purpose of this calculation to be reinvested at a price obtained under the Fund’s dividend reinvestment plan. Returns do not reflect brokerage commissions on the purchase or sale of the Fund’s shares. Performance information shown does not reflect the deduction of taxes that shareholders would pay on Fund distributions or the sale of Fund shares. An investment in the Fund involves risk, including loss of principal.

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