Bulldog Investors, LLP
It buys closed-end funds trading below the value of their holdings and pushes for buy-backs, a vote on closing the fund down, or new managers.
Right now Bulldog has stakes in 2 funds and is pushing for changes at 0 of them.
It has been in 6 other funds before and has since sold down. Newest move: July 28, 2026, at DYNC.
What they usually do
It buys closed-end funds trading below the value of their holdings and pushes for buy-backs, a vote on closing the fund down, or new managers. It has done this for more than twenty years.
Funds they are in right now
- DSM - BNY Mellon Strategic Municipal Bond Fund
Owns 6.7%. Passive investor. Since April 24, 2025. Last update Feb 13, 2026. - IHD - Voya Emerging Markets High Dividend Equity Fund
Owns 5.1%. Passive investor. Since Feb 13, 2026. Last update Feb 13, 2026.
Other companies (11)
- Logan Ridge Finance Corp.
Owns 10.6%. Passive investor. Since Feb 1, 2024. Last update April 3, 2025. - Tortoise Energy Independence Fund
Owns 8.2%. Pushing for changes. Since Jan 22, 2024. Last update Sept 10, 2024. - BNY Mellon Municipal Income
Owns 8.1%. Pushing for changes. Since Jan 30, 2024. Last update March 5, 2024. - DWS Strategic Municipal Income Trust
Owns 7.2%. Passive investor. Since Jan 31, 2024. Last update Oct 15, 2024. - Invesco High Income 2024 Target Term Fund
Owns 6.4%. Passive investor. Since Feb 1, 2024. Last update Oct 28, 2024. - Tortoise Power & Energy Infrastructure Fund
Owns 6.2%. Pushing for changes. Since Jan 22, 2024. Last update Jan 22, 2024. - 99 Acquisition Group
Owns 5.6%. Passive investor. Since Feb 1, 2024. Last update Feb 1, 2024. - ICMB - Investcorp Credit Management BDC
Owns 5.4%. Passive investor. Since Feb 13, 2026. Last update Feb 13, 2026. - MONROE CAPITAL Corp
Owns 5.2%. Passive investor. Since Feb 13, 2026. Last update Feb 13, 2026. - DYNC - Dynamix Corp
Owns 3.6%. Pushing for changes. Since July 28, 2026. Last update July 28, 2026. - TPL - Texas Pacific Land Corp
Owns 0.1%. Pushing for changes. Since Jan 22, 2024. Last update Jan 22, 2024.
Recent moves
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July 28, 2026
DYNC - Dynamix Corp: Bulldog now owns 3.6%. It has said it may push for changes.
Original document → -
May 12, 2026
MFS High Yield Municipal Trust: Bulldog sold down below 5% and stopped reporting.
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May 7, 2026
MFS Investment Grade Municipal Trust: Bulldog sold down below 5% and stopped reporting.
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May 5, 2026
MFS High Yield Municipal Trust: Bulldog cut its stake to 6.9% (from 11.2%). It has said it may push for changes.
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May 1, 2026
MFS High Yield Municipal Trust: Bulldog cut its stake to 11.2% (from 12.5%). It has said it may push for changes.
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April 27, 2026
MFS High Yield Municipal Trust: Bulldog cut its stake to 12.5% (from 13.6%). It has said it may push for changes.
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April 9, 2026
MFS High Yield Municipal Trust: Bulldog cut its stake to 13.6% (from 15.7%). It has said it may push for changes.
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Feb 13, 2026
MFS Investment Grade Municipal Trust: Bulldog raised its stake to 16.9% (from 14.1%), as a passive investor.
Original document →
Show all 57 moves
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Feb 13, 2026
IHD - Voya Emerging Markets High Dividend Equity Fund: Bulldog now owns 5.1%, as a passive investor.
Original document → -
Feb 13, 2026
DSM - BNY Mellon Strategic Municipal Bond Fund: Bulldog raised its stake to 6.7% (from 5.1%), as a passive investor.
Original document → -
Feb 13, 2026
MONROE CAPITAL Corp: Bulldog now owns 5.2%, as a passive investor.
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Feb 13, 2026
ICMB - Investcorp Credit Management BDC: Bulldog now owns 5.4%, as a passive investor.
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Dec 16, 2025
MFS High Yield Municipal Trust: Bulldog raised its stake to 15.7% (from 14.3%). It has said it may push for changes.
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Nov 14, 2025
MFS High Yield Municipal Trust: Bulldog raised its stake to 14.3% (from 13.1%). It has said it may push for changes.
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Oct 15, 2025
DMA - Destra Multi-Alternative Fund: Bulldog sold down below 5% and stopped reporting.
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Oct 15, 2025
MFS Investment Grade Municipal Trust: Bulldog raised its stake to 14.1% (from 12.3%), as a passive investor.
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Aug 28, 2025
MFS High Yield Municipal Trust: Bulldog raised its stake to 13.1% (from 12.1%). It has said it may push for changes.
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Aug 12, 2025
PGZ - Principal Real Estate Income Fund: Bulldog sold down below 5% and stopped reporting.
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July 16, 2025
MFS High Yield Municipal Trust: Bulldog raised its stake to 12.1% (from 11.3%). It has said it may push for changes.
Original document → -
May 1, 2025
Started a fight over the vote at SPE.
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April 24, 2025
MFS Investment Grade Municipal Trust: Bulldog raised its stake to 12.3% (from 10.3%), as a passive investor.
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April 24, 2025
DSM - BNY Mellon Strategic Municipal Bond Fund: Bulldog now owns 5.1%, as a passive investor.
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April 8, 2025
Started a fight over the vote at SPE.
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April 7, 2025
HERZ - Herzfeld Credit Income Fund: Bulldog sold down below 5% and stopped reporting.
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April 3, 2025
Logan Ridge Finance Corp.: Bulldog raised its stake to 10.6% (from 8.5%), as a passive investor.
Original document → -
April 1, 2025
Started a fight over the vote at SPE.
Original document → -
March 28, 2025
Started a fight over the vote at SPE.
Original document → -
March 28, 2025
Started a fight over the vote at SPE.
Original document → -
Feb 14, 2025
MFS High Yield Municipal Trust: Bulldog raised its stake to 11.3% (from 9.4%). It has said it may push for changes.
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Feb 7, 2025
HERZ - Herzfeld Credit Income Fund: Bulldog now owns 5%, as a passive investor.
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Oct 28, 2024
Invesco High Income 2024 Target Term Fund: Bulldog cut its stake to 6.4% (from 7.6%), as a passive investor.
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Oct 15, 2024
Bowen Acquisition Corp: Bulldog sold down below 5% and stopped reporting.
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Oct 15, 2024
Invesco High Income 2024 Target Term Fund: Bulldog raised its stake to 7.6% (from 5.2%), as a passive investor.
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Oct 15, 2024
DWS Strategic Municipal Income Trust: Bulldog raised its stake to 7.2% (from 5.3%), as a passive investor.
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Sept 26, 2024
MFS Investment Grade Municipal Trust: Bulldog raised its stake to 10.3% (from 7.5%), as a passive investor.
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Sept 10, 2024
PGZ - Principal Real Estate Income Fund: Bulldog now owns 6.3%. It has said it may push for changes.
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Sept 10, 2024
Tortoise Energy Independence Fund: Bulldog cut its stake to 8.2% (from 9.4%). It has said it may push for changes.
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May 1, 2024
KTF - DWS Municipal Income Trust: Bulldog sold down below 5% and stopped reporting.
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March 19, 2024
KTF - DWS Municipal Income Trust: Bulldog changed its mind: it now says it may push for changes. It owns 6.6%.
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March 5, 2024
BNY Mellon Municipal Income: Bulldog changed its mind: it now says it may push for changes. It owns 8.1%.
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Feb 28, 2024
MFS High Yield Municipal Trust: Bulldog raised its stake to 9.4% (from 8.2%). It has said it may push for changes.
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Feb 12, 2024
CCIF - Carlyle Credit Income Fund: Bulldog sold down below 5% and stopped reporting.
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Feb 8, 2024
NXG - NXG NextGen Infrastructure Income Fund: Bulldog sold down below 5% and stopped reporting.
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Feb 1, 2024
Invesco High Income 2024 Target Term Fund: Bulldog now owns 5.2%, as a passive investor.
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Feb 1, 2024
Bowen Acquisition Corp: Bulldog now owns 5.1%, as a passive investor.
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Feb 1, 2024
99 Acquisition Group: Bulldog now owns 5.6%, as a passive investor.
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Feb 1, 2024
Logan Ridge Finance Corp.: Bulldog now owns 8.5%, as a passive investor.
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Jan 31, 2024
DWS Strategic Municipal Income Trust: Bulldog now owns 5.3%, as a passive investor.
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Jan 31, 2024
KTF - DWS Municipal Income Trust: Bulldog now owns 5.1%, as a passive investor.
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Jan 30, 2024
BNY Mellon Municipal Income: Bulldog now owns 7.5%, as a passive investor.
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Jan 30, 2024
MFS Investment Grade Municipal Trust: Bulldog now owns 7.5%, as a passive investor.
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Jan 26, 2024
DMA - Destra Multi-Alternative Fund: Bulldog now owns 5.1%, as a passive investor.
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Jan 22, 2024
Tortoise Power & Energy Infrastructure Fund: Bulldog now owns 6.2%. It has said it may push for changes.
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Jan 22, 2024
Tortoise Energy Independence Fund: Bulldog now owns 9.4%. It has said it may push for changes.
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Jan 22, 2024
TPL - Texas Pacific Land Corp: Bulldog now owns 0.1%. It has said it may push for changes.
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Jan 8, 2024
NXG - NXG NextGen Infrastructure Income Fund: Bulldog now owns 5.5%. It has said it may push for changes.
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Jan 2, 2024
MFS High Yield Municipal Trust: Bulldog now owns 8.2%. It has said it may push for changes.
Original document →
Funds they have left (6)
- DMA - Destra Multi-Alternative Fund
Was in from Jan 2024 to Oct 2025. Largest stake 5.1%. - PGZ - Principal Real Estate Income Fund
Was in from Sept 2024 to Aug 2025. Largest stake 6.3%. - HERZ - Herzfeld Credit Income Fund
Was in from Feb 2025 to April 2025. Largest stake 5%. - KTF - DWS Municipal Income Trust
Was in from Jan 2024 to May 2024. Largest stake 6.6%. - CCIF - Carlyle Credit Income Fund
Was in from Feb 2024 to Feb 2024. Largest stake 2.3%. - NXG - NXG NextGen Infrastructure Income Fund
Was in from Jan 2024 to Feb 2024. Largest stake 5.5%.
Details
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