"We think shareholders have realised that it is probably the wrong point in the cycle for these funds to move towards wind-up and be forced sellers of assets," said the investment banking firm. "However, we are surprised that shareholders haven't used these votes more as a means to push for change such as lower management fees or for a formal mechanism to be put in place to return cash to investors in an orderly fashion." Stifel maintains a 'neutral' recommendation for NextEnergy.