SPE - Special Opportunities Fund
A closed-end fund run by Bulldog. Invests in bonds. Listed on the New York Stock Exchange.
Is anyone targeting this fund?
Yes - one large investor holds a stake, but it has not asked for changes.
- Relative Value Partners owns 59.4% as a passive investor. On file since Feb 12, 2024.
Is the fund doing anything you need to act on?
Nothing right now.
What this means for you
One or more large investors own more than 5% of this fund but have told the regulator they are not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.
Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.
What happened, and when
-
May 1, 2025
A large investor started a fight over the shareholder vote.
Original document → -
May 1, 2025
Bulldog started a fight over the shareholder vote.
Original document → -
April 8, 2025
Bulldog started a fight over the shareholder vote. The meeting is on May 13, 2025.
Original document → -
April 1, 2025
Bulldog started a fight over the shareholder vote.
Original document → -
March 28, 2025
Bulldog started a fight over the shareholder vote.
Original document →
Show all 8 events
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March 28, 2025
Bulldog started a fight over the shareholder vote.
Original document → -
Feb 12, 2024
Relative Value Partners cut its stake to 14.7% (from 59.4%), as a passive investor.
Original document → -
Feb 12, 2024
Relative Value Partners now owns 59.4%, as a passive investor.
Original document →
About this fund
- Run by Bulldog Investors, LLP. As of Dec 31, 2025, from the fund's yearly report. Original document →
- Size: about $174 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
- Borrowing: the fund borrows about 25% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
- Costs: 1% a year in management fees; 1.9% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
- Payouts: last fiscal year the fund told the regulator that part of what it paid out was not income (it came from gains or from your own money back). As of Dec 31, 2025, from the fund's yearly report. Original document →
- Value of holdings per share at the last fiscal year end (Dec 31, 2025): $16.31. The shares traded at $14.69, about 9.9% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
- How the holdings did: up 5.7% over the last three months we have (April-June 2026), before the share price is taken into account. Over the last 12 months: +5.1%. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
- First reported to the regulator in 1994.
What the fund holds
Mostly shares (96%), the rest cash and short-term holdings. About 80% issued in the U.S.
- SRH Total Return Fund, Inc. - 11.5%
- General American Investors Company, Inc. - 10.2%
- Central Securities Corporation - 6.6%
- Neuberger Berman Next Generation Connectivity Fund, Neuberger Next Generation Connectivity Fund, Inc. Fund Inc. - 6.3%
- Texas Pacific Land Corporation - 6%
- Tejon Ranch Company - 5.4%
- Cash and short-term - 5.3%
- BNY Mellon Strategic Municipal Bond Fund, Bnym Strat Muni Bnd - 4.8%
- Bexil Investment Trust, Dividend and Income Fund - 3.5%
- CION Investment Corporation - 3.3%
Show all 25
- New Germany Fund, Inc. - 2.7%
- Blue Owl Technology Finance Corporation - 2.4%
- Gabelli Dividend & Income Trust - 2.3%
- BNY Mellon Strategic Municipals - 2.2%
- Dynamix Corporation - 2%
- Voya Emerging Markets High Dividend Equity Fund, Voya Emerging Markets High Income Divd Equity Fund - 1.9%
- Runway Growth Finance Corporation - 1.8%
- John Hancock Hedged Equity & Income Fund - 1.7%
- Bluerock Private Real Estate Fund - 1.6%
- Clough Global Opportunities Fund - 1.6%
- Mexico Fund, Inc. - 1.4%
- Copper Property Ctl Pass Through Trust - 1.4%
- Duff & Phelps Utility & Infrastructure Fund, Duff & Phelps Utility and Infrastructure Fund Inc. - 1.3%
- XAI Octagon Floating Rate & Alternative Income Term Trust, XAI Octagon Floating Rate Alternative Income Trust USD Class - 1.3%
- Cannae Holdings, Inc. - 1.3%
As of June 30, 2026, from the fund's quarterly holdings report. Original document →
Details: all notices, events and fund facts
| Date | Investor | Stake | Type of notice |
|---|---|---|---|
| Feb 12, 2024 | Relative Value Partners | 14.7% | Passive investor |
| Feb 12, 2024 | Relative Value Partners | 59.4% | Passive investor |
| Date | What | Deadline | Document |
|---|---|---|---|
| May 1, 2025 | Fight over the shareholder vote | none | Original document → |
| May 1, 2025 | Fight over the shareholder vote with Bulldog | none | Original document → |
| April 8, 2025 | Fight over the shareholder vote with Bulldog | May 13, 2025 | Original document → |
| April 1, 2025 | Fight over the shareholder vote with Bulldog | none | Original document → |
| March 28, 2025 | Fight over the shareholder vote with Bulldog | none | Original document → |
| March 28, 2025 | Fight over the shareholder vote with Bulldog | none | Original document → |
- Run by
- Bulldog Investors, LLP
- Fund family
- Bulldog
- Exchange
- New York Stock Exchange
- Regulator's file number
- 811-07528
- Auditor
- Tait, Weller & Baker LLP
- Fiscal year end
- Dec 31, 2025
- Number of holdings
- 184
- Preferred share classes
- 1
Email me when something new is filed for SPE
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