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Clemente Global Growth Fund Inc.
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(Name of Registrant as Specified In Its Charter)
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<PAGE>
May 22, 1997
An Open Letter to Donald R. and Kathleen B. Logan
Donald R. and Kathleen B. Logan
605 Willowglen Rd., Suite 200
Santa Barbara, CA 93105
Fax (805) 687-2795
Dear Mr. and Mrs. Logan:
One of our Directors has just sent us a copy of your letter dated May 14,
1997 to the outside Directors of Clemente Global Growth Fund, Inc. (the
"Fund"). We respect and indeed even encourage a healthy expression of views
by our shareholders. However, we take strenuous exception to your copying the
individuals, advisory firms and media outlets that you have. Such a tactic
strikes us as blatantly intimidating and destructive to the kind of civil
dialogue we seek to maintain with our shareholders. As you have seen fit to
share your letter with that list, we will do the same with this letter.
The most critical fact entirely ignored in your letter is that the recent
steps the Fund has taken to improve performance appear to be working
beautifully. The Fund's 1997 performance through May 21 has been nothing
short of superb, with NAV up an estimated 12.4% year-to-date, compared with an
estimated rise of 9.4% for the FT Actuaries World Index, the Fund's benchmark.
Even before Wilmington Trust has been formally installed as the Fund's U.S.
Adviser, input from Wilmington and Clemente Capital's own restructuring
efforts have produced a much stronger portfolio with a group of top drawer new
additions. We are extremely excited about maintaining our 1997 leadership
position among all closed-end equity funds in charting a new course for the
Fund. The recent impressive recovery of the Fund, together with the addition
of Wilmington Trust, shows every sign of restoring the Fund to its
rightful place as a premier closed-end equity fund. No shareholder could wish
otherwise.
Above all, the negativism that permeates your letter shouldn't obscure
the good news that is so abundant now. The Fund has a new portfolio manager,
Tom Prapas, who brings years of experience and a disciplined energy to
non-U.S. stock selection and country allocation decisions. Wilmington Trust,
our new partner, is a major asset manager with a total of approximately $100
billion in assets under trust, custody and investment management, ranking as
the eighth largest personal trust company in the United States. Wilmington
adds significant expertise in U.S. equities and infrastructure improvements,
which will enhance our collection, analysis, and presentation of fundamental
data on markets, sectors, and companies around the world. The best investment
disciplines of both firms will be combined to strengthen the investment
process, and create, in my opinion, a very bright future for the Fund.
<PAGE>
Supported by an attractive equity market environment, and assisted by our
partnership with Wilmington Trust in the management of the portfolio, we look
forward to consistent competitive returns for the portfolio. We hope you join
us in welcoming this return to superior performance.
Sincerely yours,
Lilia C. Clemente
Chairman
cc: Attached list
<PAGE>
Steve Samuels
Samuels Asset Management
13542-B Leadwell Street
Van Nuys, CA 91405
(818) 981-1900
Walter R. Stevenson
Stevenson Capital Management
2420 Sand Hill Road, Suite 101
Menlo Park, CA 94025
(415) 854-6210
George Foot and James Trainor
Newgate Management Associates
1995 Broadway, 12th Floor
New York, NY 10023
(212) 496-2400
David Tepper
Tepper Capital Management
465 California Street, Suite 809
San Francisco, CA 94104
(415) 956-5593
John Bowling and David Ware
Bowling Asset Management
2651 Observatory Avenue
Cincinnati, OH 45208
(513) 871-7776
Peter W. Thayer, President
The Gateway Trust
P.O. Box 5211
Cincinnati, OH 45201-5211
(800) 354-6339
Mike Grotell
Alpine Associates Limited Partnership
100 Union Avenue
Cresskill, NJ 07626
(201) 871-0866
Nell Minow
Lens, Inc.
601 13th Street N.W., Suite 620 North
Washington, D.C. 20005
(202) 783-3348<PAGE>
Michael F. Price and David Winters
Franklin Mutual Advisors, Inc.
51 JFK Parkway
Short Hills, NJ 07078
(201) 912-2177
Ronald G. Olin
Deep Discount Advisors, Inc.
One West Pack Square, Suite 777
Asheville, NC 28801
(704) 274-1863
Mr. Kevin McNally
Merrill Lynch Mutual Funds
250 Vesey Street, 20th Floor
New York, NY 10281
(212) 449-1170
Patrick Winton
Closed-End Fund Digest
1224 Coast Village Circle, Suite 11
Santa Barbara, CA 93108
(805) 565-5651
Philip Goldstein
Opportunity Partners
1642 Kimball Street
Brooklyn, NY 11234
(718) 377-3150
Thomas J. Herzfeld
Herzfeld Advisors
P.O. Box 161465
Miami, FL 33116
(305) 271-1900
George Cole Scott
Closed-End Fund Advisors, Inc.
1224 Coast Village Circle, Suite 11
Santa Barbara, CA 93108
(805) 565-1112
Nelson D. Schwartz
Fortune Magazine
Rockefeller Center
New York, NY 10020
Jack Bonne
President
Gateway Asset Management
21 Locust Ave. Suite 2C
New Canaan, CT 06840
(203) 972-8290<PAGE>
Barry Miller and Heidi Stam
U.S. Securities and Exchange Commission
Division of Investment Management
450 Fifth Street, N.W.
Washington, D.C. 20549
Gregg Wolper and Michael Stout
Morningstar Mutual Funds
225 W. Wacker Drive
Chicago, IL 60606
(312) 696-6000
Joanmarie Kalter and Andrew Tobias
Worth Magazine
575 Lexington Avenue
New York, NY 10022
(212) 233-3100
Mary Beth Grover
Forbes Magazine
60 Fifth Avenue
New York, NY 10011
Eileen Kinsella
The Wall Street Journal
200 Liberty Street
New York, NY 10281
Alan Abelson
Barron's
200 Liberty Street
New York, NY 10281
Jim Mallory
Closed-End Fund Portfolio Manager
Lowe, Brockenbrough & Tattersall
6620 West Broad Street
Suite 300
Richmond, VA 23230
(804) 288-0404
<PAGE>
