SPE - Special Opportunities Fund
Printed from CEF Radar (cefradar.com). Source: public filings at the U.S. Securities and Exchange Commission. Last checked: Nov 2, 2026, 12:34 a.m. New York time.
A closed-end fund run by Bulldog. Invests in bonds. Listed on the New York Stock Exchange.
Is anyone targeting this fund?
Yes - 3 large investors hold a stake, but none of them has asked for changes.
- Relative Value Partners owns 59.4% as a passive investor, for now. On file since Feb 12, 2024.
- Kovitz Investment Group Partners, LLC owns 13.6% as a passive investor. On file since Sept 10, 2025.
- Focus Partners Wealth owns 13% as a passive investor. On file since Jan 8, 2026.
Is the fund doing anything you need to act on?
Nothing right now.
What this means for you
Relative Value Partners specializes in closed-end funds trading below the value of their holdings - not a bank or an index fund holding shares for clients - and has told the regulator it is not seeking changes. 2 other large investors own more than 5% of this fund and have said the same; 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
-
Aug 7, 2026
Focus Partners Wealth cut its stake to 42.1% of the fund's preferred shares (from 46.5%), not the common shares most holders own.
Original document → -
May 11, 2026
Focus Partners Wealth cut its stake to 46.5% of the fund's preferred shares (from 48%), not the common shares most holders own.
Original document → -
Jan 8, 2026
Focus Partners Wealth now owns 13%, as a passive investor.
Original document → -
Jan 8, 2026
Focus Partners Wealth now owns 48% of the fund's preferred shares, not the common shares most holders own.
Original document → -
Nov 6, 2025
Kovitz Investment Group Partners, LLC cut its stake to 47.9% of the fund's preferred shares (from 50.3%), not the common shares most holders own.
Original document →
Show all 11 events
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Sept 10, 2025
Kovitz Investment Group Partners, LLC now owns 13.6%, as a passive investor.
Original document → -
Sept 10, 2025
Kovitz Investment Group Partners, LLC now owns 50.3% of the fund's preferred shares, not the common shares most holders own.
Original document → -
April 8, 2025
Bulldog started a fight over the shareholder vote. The meeting is on May 13, 2025.
Original document → -
March 28, 2025
Bulldog started a fight over the shareholder vote. The meeting is on May 13, 2025.
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 →
Among the 90 funds we follow that invest in bonds, 36 charge a lower management fee and 19 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts. - 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). Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. 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. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
- First reported to the regulator in 1994.
What a holder made
- The holdings over the last twelve months we have, to June 30, 2026: +5.1%. The quarterly reports carry no share price, so this is the holdings alone; the yearly report, once filed and read, adds what the shares returned. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
- A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.
Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.
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 |
|---|---|---|---|
| Aug 7, 2026 | Focus Partners Wealth | 42.1% of the preferred shares | About the preferred shares |
| May 11, 2026 | Focus Partners Wealth | 46.5% of the preferred shares | About the preferred shares |
| Jan 8, 2026 | Focus Partners Wealth | 13% | Passive investor |
| Jan 8, 2026 | Focus Partners Wealth | 48% of the preferred shares | About the preferred shares |
| Nov 6, 2025 | Kovitz Investment Group Partners, LLC | 47.9% of the preferred shares | About the preferred shares |
| Sept 10, 2025 | Kovitz Investment Group Partners, LLC | 13.6% | Updated notice |
| Sept 10, 2025 | Kovitz Investment Group Partners, LLC | 50.3% of the preferred shares | About the preferred shares |
| Feb 12, 2024 | Relative Value Partners | 14.7% | Passive investor |
| Feb 12, 2024 | Relative Value Partners | 59.4% | Passive investor |
| Date | What | Deadline | Document |
|---|---|---|---|
| April 8, 2025 | Fight over the shareholder vote with Bulldog | May 13, 2025 | Original document → |
| March 28, 2025 | Fight over the shareholder vote with Bulldog | May 13, 2025 | 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
See this fund's page at the SEC →
Email me when something new is filed for SPE
Free. One email when a large investor files a notice, or when the fund announces a buy-back, a vote or a closing - usually within a day. No password. Most funds announce payout changes on their own website, where we do not look.