Articles from Ocean Capital LLC

Ocean Capital LLC (collectively with its affiliates, “Ocean Capital” or “we”), a significant shareholder of various Puerto Rico closed-end bond funds (the “Funds”) that are managed or co-managed by UBS Asset Managers of Puerto Rico (“UBS”), today commented on the outcome of the appeal brought in the United States Court of Appeals for the First Circuit (the “Appellate Court”) by nine Funds.1

Ocean Capital LLC (collectively with its affiliates, “Ocean Capital” or “we”), a significant shareholder of various Puerto Rico closed-end bond funds (the “Funds”) that are managed or co-managed by UBS Asset Managers of Puerto Rico (“UBS”), today provided the following significant updates regarding its campaigns for change at nine Funds:1

Ocean Capital LLC (collectively with its affiliates, “Ocean Capital” or “we”), a significant shareholder of various Puerto Rico closed-end bond funds (the “Funds”) that are managed or co-managed by UBS Asset Managers of Puerto Rico (“UBS”), today called on Popular Asset Management LLC (“Popular”), UBS and the Board of Directors (the “Board”) of Puerto Rico Residents Tax-Free Fund, Inc. (“PRITF I” or the “Fund”) to address a series of pressing questions pertaining to the 2023 Annual Meeting of Shareholders of PRITF I, held on April 18, 2024 (the “Annual Meeting”).

Ocean Capital LLC (collectively with its affiliates, “Ocean Capital” or “we”), a significant shareholder of various Puerto Rico closed-end bond funds (the “Funds”) that are managed or co-managed by an affiliate of UBS Financial Services Incorporated of Puerto Rico, today announced that shareholders of Puerto Rico Residents Tax-Free Fund, Inc. (“PRITF I”) voted to elect Ocean Capital’s highly-qualified nominee, Ian McCarthy, by a 36:1 margin at the 2023 Annual Meeting of Shareholders held on April 18, 2024. Additionally, shareholders of PRITF I also voted overwhelmingly in favor of Ocean Capital’s proposal to terminate all investment advisory and management agreements between PRITF I and UBS Asset Managers of Puerto Rico (“UBS”) and Popular Asset Management LLC (“Popular Asset Management”).

Ocean Capital LLC (collectively with its affiliates, “Ocean Capital” or “we”), a significant shareholder of various Puerto Rico closed-end bond funds (the “Funds”) that are managed or co-managed by an affiliate of UBS Financial Services Incorporated of Puerto Rico (“UBS”), today issued a letter to shareholders of nine Funds2 at which Ocean Capital has been running campaigns for change since as early as July 2021.

Ocean Capital LLC (collectively with its affiliates, “Ocean Capital” or “we”), a significant stockholder of numerous Puerto Rico closed-end bond funds (the “Funds”), which are managed or co-managed by an affiliate of UBS Financial Services Incorporated of Puerto Rico (“UBS”), today publicized letters sent to the Boards of Directors (the “Boards”) of Puerto Rico Residents Tax-Free Fund VI, Inc. (“PRITF VI”) and Tax-Free Fund for Puerto Rico Residents, Inc. (“TFF” and collectively with PRITF VI, the “Funds”) regarding the Funds’ upcoming annual meetings of shareholders (the “Annual Meetings”) scheduled for August 3, 2023.

Ocean Capital LLC (collectively with its affiliates, “Ocean Capital” or “we”) is a significant stockholder of numerous Puerto Rico closed-end bond funds (the “Funds”), which are managed or co-managed by an affiliate of UBS Financial Services Incorporated of Puerto Rico (“UBS”). Stockholders recently elected Ocean Capital candidates Ethan A. Danial and Mojdeh L. Khaghan to the Board of Directors (the “Board”) of Puerto Rico Residents Tax-Free Fund, Inc. (“PRITF I”) at the 2022 Annual Meeting of Stockholders (the “Annual Meeting”), which was held on June 1, 2023 after two adjournments. The Ocean Capital candidates won the election by a 10:1 margin over the incumbent directors.

Ocean Capital LLC (collectively with its affiliates, “Ocean Capital” or “we”), a significant shareholder of numerous Puerto Rico closed-end bond funds (the “Funds”), which are managed or co-managed by an affiliate of UBS Financial Services Incorporated of Puerto Rico (“UBS”), today released the following statement regarding the latest anti-shareholder tactics taken by the UBS Funds in connection with Ocean Capital’s nearly-two-year campaign to affect shareholder-driven change in the Funds’ boardrooms.

Ocean Capital LLC, a significant shareholder of numerous Puerto Rico closed-end bond funds managed or co-managed by an affiliate of UBS Financial Services Incorporated of Puerto Rico, today issued the following letter to shareholders of the funds.

Ocean Capital LLC (collectively with its affiliates, “Ocean Capital” or “we”) is a significant shareholder of numerous Puerto Rico closed-end bond funds (the “Funds”), which are managed or co-managed by an affiliate of UBS Financial Services Incorporated of Puerto Rico (“UBS”). Today, Ocean Capital sent the below letter to shareholders of each of the Funds regarding the urgent need for boardroom change.

Ocean Capital LLC (collectively with its affiliates, “Ocean Capital” or “we”) is a significant shareholder across numerous Puerto Rico closed-end bond funds (the “Funds”), which are managed or co-managed by an affiliate of UBS Financial Services Incorporated of Puerto Rico (“UBS”). Ocean Capital owns approximately 13% of the outstanding shares of Puerto Rico Residents Tax-Free Fund, Inc. (“PRITF I”) and today released a statement regarding counsel for PRITF I’s baseless attempt to block Ocean Capital’s recent nomination notice.

Ocean Capital LLC today issued the below open letter. Sign up for updates related to our campaigns at www.ImproveUBSPRFunds.com.

Ocean Capital LLC today issued the below open letter. Sign up for updates related to our campaigns at www.ImproveUBSPRFunds.com.

Ocean Capital LLC today issued the following letter to shareholders of Tax-Free Fixed Income Fund IV for Puerto Rico Residents, Inc. and Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc., which are funds managed by an affiliate of UBS Financial Services Incorporated of Puerto Rico:

Ocean Capital LLC today sent the below letter to shareholders of Tax-Free Fixed Income Fund IV for Puerto Rico Residents, Inc. and Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc., which are funds managed by an affiliate of UBS Financial Services Incorporated of Puerto Rico.

Ocean Capital LLC today sent the below letter to shareholders of Tax-Free Fixed Income Fund IV for Puerto Rico Residents, Inc. and Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc., which are funds managed by an affiliate of UBS Financial Services Incorporated of Puerto Rico.

Ocean Capital LLC today sent the below letter to shareholders of Tax-Free Fixed Income Fund IV for Puerto Rico Residents, Inc. and Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc., which are funds managed by an affiliate of UBS Financial Services Incorporated of Puerto Rico.