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Recently there was an article here on ETF Investor (submitted by Groovystocks) regarding insider buying at Equus II. As a follow up on this, I noticed that a lot of the insider buying was due to the fund's advisor buying shares from Karpus Investment Management. In this filing, the 517,158 share purchase reflects the shares sold by Karpus in a private transaction at an above market price. I don't know who the other purchase of 149,605 shares involved, but it was likely another activist shareholder that the advisor wanted to see go away.

Now with Karpus out of the picture, any catalyst for narrowing the discount also appears to have vanished. So really the only reason to buy this fund is because you believe that management will be able to do a good job of increasing the fund's NAV at the same time that the discount does not increase. But based on their poor past record, I would pass on these shares at almost any discount.

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Source: More On Insider Buying At Equus II Closed-end Fund (CES: EQS)