MINNEAPOLIS--(BUSINESS WIRE)--Tri-Continental Corporation (the “Corporation”) (NYSE: TY) today held its 94th Annual Meeting of Stockholders (the “Meeting”) in Minneapolis, Minnesota. Stockholders voted in favor of the recommendations of the Corporation's Board of Directors (the “Board”) on each of two proposals at the Meeting. Specifically, Stockholders re-elected Directors Kathleen Blatz, Pamela G. Carlton and George S. Batejan and elected David M. Moffett, each for a term that will expire at.
Tri-Continental Corporation is a well-managed closed-end fund with strong long-term performance and a sustainable distribution yield. TY is well positioned in the current equity markets, with top holdings in leading growth stocks like Microsoft, Apple, Alphabet, Meta, and Nvidia. TY has consistently delivered impressive returns over the long-term and pays distributions based on earnings, unlike "return of principal" funds.
Tri-Continental Corporation is an attractive closed-end fund selling at a 13% discount. TY is a balanced fund with a focus on long-term capital growth and current income. The fund has a very low expense ratio, uses modest fixed-cost leverage, and is an excellent core holding for investors concerned about market overvaluation.
Multiple risks are swirling simultaneously in U.S. in financial markets and for the world's largest economy as Federal Reserve policy makers prepare to meet in Washington this week. The most crucial question facing investors in the week ahead is whether, after delivering a widely expected quarter-of-a-percentage point interest rate hike on Wednesday, policy makers will show a willingness to hold off on further rate rises in order to assess the damage from their year-long campaign to lower inflation.