CLM has a plain vanilla port closet indexing the S&P 500 with a tech bias and swing trading cefs to faciltate it's monthly payout. ADX has fancified its closet indexing. It is playing total return swaps on Pepsi,Conagra, Keurig Dr Pepper, Post Holdings & four short XLP swaps. The net effect of all the swapping for the qtr seems to have been a minor negative. The purpose of all the activity is unknown to me.
CLM Q1 Report
ADX Q1 Report