Clough Global Equity Fund — Proxy Solicitation & Information Statement 2017

Jun 26, 2017

DFAN14A 1 p17-1384dfan14a.htm CLOUGH GLOBAL EQUITY FUND

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a)

of the Securities Exchange Act of 1934

Filed by the Registrant ¨

Filed by a Party other than the Registrant þ

Check the appropriate box:

¨	Preliminary Proxy Statement
¨	Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
¨	Definitive Proxy Statement
þ	Definitive Additional Materials
¨	Soliciting Material Under Rule 14a-12

Clough Global Equity Fund

(Name of Registrant as Specified In Its Charter)

Saba Capital Management, L.P.

Boaz R. Weinstein

Paul Kazarian

Thomas H. McGlade

Peter Tchir

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Field: Page; Sequence: 1

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S H A REH O L DE R S O F C LO U G H G L O B A L EQ U I T Y F U N D:

I T I S TI M E T O H O LD C L O U G H A CC O U N T A B LE F OR P O OR P E RFOR M A N C E A N D E XC E P T I ON A L L Y H IG H F EES

IT IS E X TR E M E L Y I M P O RT A N T T HA T YOU C O M P L ETE, S IGN AN D R E TURN T H E E N C L O S ED G OLD P R O X Y C A R D . H E L P Y O UR F E LL O W SHA RE H O L D ERS P RE V E N T C L OUGH F R O M C O N TI N UI N G TO T A KE E X O R B I T AN T F EES F R OM YO U R I N VE S T M E N T AN D RE T UR N I N G P RO L O N GED P O OR P ER F O R M AN CE.

F EES A M O N G H I G HE ST IN I N DU ST RY

Cl o ug h is no t b e i n g up f r o n t w ith s h a r e h o l d e rs a b o u t t h e ir e x o r b ita n t f ees. T h e t r u th is t h at t h is is a g ree d y a tt e m p t b y

Cl o ug h to c o n ti nu e t a ki n g f ees t h a t are a mo n g t h e h i g h est in t h e i ndu str y ! C l o ug h r e f u s e s to d is p lay t h e ir t o tal f e e s o n t h eir w e b site, w ill o n ly i n f o rm yo u o f f ees t h at h a v e b een “ a d j u st e d ” , a n d t e lls y o u t h at if y o u w a n t t o k no w t h e act u al ex p e n se rat i o t h en y o u n e e d to call t h e m . T h e si m p le fact is t h e ir T o t a l E x p e n s e R a t i o w as 4 . 21 % in 2 0 1 6 . I f yo u are h esita n t t o b elie v e t h e e x p e n se ra t i o is tr u ly t h is h i g h t h e n p lease g o to M o r n i ng s tar.c o m o r C E FA. c o m a n d y o u w ill s e e w h at C l o ug h w o n ’t pub lica l ly ack n ow l e dg e .

A c c o r d i n g to t h e f und ’ s aud i t e d f i nan ci a l s t a t e m en t s , Cl ou g h ha s g ene r a t e d $ 11 2 m i l li o n do ll a r s o f f ee s an d expen s e s si n c e i n c ep t i on ! T h is is $ 1 1 2 m ill i o n t h at h as c o m e d i r e ctly fr o m s h ar e h o l d e r’s p o c k e ts. S i n c e t h e i n ce p t i o n o f t h e f un d t h r o ug h t h e e n d o f 2 0 1 6 , t h e f un d h as r e t u r n e d s h ar e h o l d e rs 6 3 % (i n cl u s i v e o f a l l d istri bu ti o n s ) . Excl ud i n g t h e se f e e s a n d e x p e n s e s y o u r s h a r e p r ice w o u ld b e 6 0 % h i gh e r.

T h e o n l y p e r s o n d o i n g we ll h e re is C l o ugh ’s m a n a g e m e n t t e a m . T h e b e l o w c h art ill u stra te s t h e r e t u rn t h at C l o ug h h as g e n erated t h e ir s h a r e h o l d e rs w h e n c o m p ar e d to t h e S & P 5 0 0 o r t h e D ow n J o n e s I ndu strial A ve ra g e . W e b el i e v e t h is is t h e res u lt o f Cl o ug h pu tti n g its e lf b e f o re cr e ati n g v al u e f o r s h ar e h o l d e rs.

T HE T A B L E B ELOW T ELLS Y OU A LL YOU N E ED T O K N O W

F ROM I NC E P T I ON T H RO U G H D E C E M B ER 2 0 1 6 , T H E F U N D H A S U N DE R PER F O R M ED T H E S &P 5 00 BY 8 4 . 1 %

I N D E X / TIC K ER	I P O- 2 0 16
S & P 5 00	1 4 7 . 5 %
D OW J O N ES	1 6 2 . 4 %
G L Q	6 3 . 4 %

F o r t h e p ast ten y ears, t h e f un d h as tra d e d at a p rice t h at is o n a v e ra g e 13 . 5 % l e s s t h an t h e v al u e o f i t s p o r t f o li o . W h at t h is m e a n s t o s h a r e h o l d e r s is t h at t h e re are si m p l e ac t i o n s C l o ug h c o u ld t ake t h at wo u ld g e n e ra t e a d o ub le d i g it r e t u rn f o r all s h a r e h o ld e r s. T h e b o ard m u st take t h e s e a c ti on s a n d all o w all s h ar e h o l d e rs to sell t h eir i n v es t m e n ts at its tr u e v al u e ; s om e t h i n g s h ar e h o l d e rs h a v e n ’t b e e n a b le to d o si n ce 2 0 0 6 .

Y o u r v o te f o r S a b a Ca p ital w ill all o w u s to fi gh t f o r l o we r f ee s f o r all s h ar e h o l d e rs a n d f o r b et t er m a n a g e m e n t. T h r o ugh t h ese i m p r o v e m e n ts, w e a r e c o n fi d e n t t h a t t h e f un d w ill tra d e at a h i gh e r p ri c e .

Cl o ug h w ill s p e n d hund r e d s o f t h o u sa nd s o f YOUR d o l lars o n p h o n e calls a n d m a i li ng s; t h is is m o n e y t h at w i l l c o m e o u t o f t h e v al u e o f y o u r f un d a n d h i gh li gh ts Cl o ugh ’s w ill i ngn e ss to pu t t h e ir o w n i n t e r e sts a bo v e s h ar e h o l d e rs.

P lea s e t a ke a few m i nu tes t o si gn , d a t e a n d m ail t h e G OLD p r ox y c a r d f o l l ow i n g t h e i n str u ct i o n s o n t h e e n c l o s e d car d . Y o u r v o te w ill h e lp al l o w u s t o g e t y o u t h e v al u e yo u d e s e r v e f o r yo u r i n v e s t me n t.

S i n c e r e l y ,

S a b a Ca p ital M a n a g e m e n t, L . P.

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