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Asset Manager ← All Institutions

Bulldog Investors, LLP

PARK 80 WEST - PLAZA TWO 250 PEHLE AVE. SUITE 708, SADDLE BROOK, NJ 07663 • 201 556-0092

Q2 2025 · Filed 2025-08-14
Market Value
$307M
+14.8%
Holdings
105
+29
New Purchases
38
Added To
20
Closed
12
Reduced
23
Top 10 Concentration
49.0%
Turnover
47.6%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
ALX 1.55% 0.00% +1.55% $5M
CET 5.75% 4.31% +1.43% $18M
CCAP 1.34% 0.00% +1.34% $4M
NBXG 5.40% 4.12% +1.28% $17M
TRC 4.37% 3.15% +1.22% $13M
LEO 1.18% 0.00% +1.18% $4M
CNNE 3.68% 2.62% +1.06% $11M
BACCU 0.93% 0.00% +0.93% $3M
CCCXU 0.84% 0.00% +0.84% $3M
CHAC 0.82% 0.00% +0.82% $3M
VLGEA 0.67% 0.00% +0.67% $2M
IPODU 0.66% 0.00% +0.66% $2M
BBDC 0.63% 0.00% +0.63% $2M
DMB 0.58% 0.00% +0.58% $2M
RWAY 3.64% 3.08% +0.56% $11M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
DMF 0.00% 4.30% -4.30% $0
YCY 0.00% 1.96% -1.96% $0
CION 4.80% 6.57% -1.77% $15M
TYG 0.59% 2.05% -1.46% $2M
STEW 6.44% 7.85% -1.40% $20M
TPL 3.07% 3.97% -0.90% $9M
DSM 4.74% 5.46% -0.72% $15M
SWZ 0.22% 0.82% -0.60% $678K
LRFC 1.45% 1.98% -0.53% $4M
CMU 2.90% 3.43% -0.53% $9M
AFB 3.92% 4.43% -0.51% $12M
UCFI 0.00% 0.51% -0.51% $0
NBH 0.00% 0.42% -0.42% $0
SEG 0.00% 0.40% -0.40% $0
CEPO 0.00% 0.38% -0.38% $0

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Financial Services 85.8%
Energy 4.1%
Industrials 4.0%
Real Estate 3.2%
Consumer Defensive 1.9%

Market Cap Concentration

TierHoldingsValueWeight
Large Cap 1 $9M 3.1%
Mid Cap 4 $10M 3.2%
Small Cap 35 $168M 55.0%
Micro Cap 65 $119M 38.7%

Portfolio Analytics

Avg Market Cap
$713M
Median Market Cap
$228M
Avg P/E
35.3
Median P/E
28.9
Avg Dividend Yield
0.05%
Avg Beta
0.60
# Stocks
67
# ETFs / Funds
38

Top Holdings (105 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 STEW 6.44% 1,117,582 $20M $17.68 -$1M -97,128 -8.0%
2 GAM 6.25% 342,110 $19M $56.04 $2M
3 CET 5.75% 368,084 $18M $47.86 $6M +111,988 +43.7%
4 NBXG 5.40% 1,134,288 $17M $14.60 $6M +236,457 +26.3%
5 CION 4.80% 1,538,071 $15M $9.57 -$3M -156,375 -9.2%
6 DSM 4.74% 2,596,631 $15M $5.60 -$42K +69,204 +2.7%
7 TRC 4.37% 789,999 $13M $16.96 $5M +260,000 +49.1%
8 AFB 3.92% 1,164,190 $12M $10.31 $178K +75,342 +6.9%
9 CNNE 3.68% 540,987 $11M $20.85 $4M +160,000 +42.0%
10 RWAY 3.64% 1,040,313 $11M $10.73 $3M +245,007 +30.8%
11 TPL 3.07% 8,900 $9M $1,056.39 -$1M +900 +11.2%
12 CMU 2.90% 2,671,037 $9M $3.33 -$268K +45,521 +1.7%
13 IIF 2.74% 297,889 $8M $28.23 $1M +12,060 +4.2%
14 GDV 2.55% 301,028 $8M $26.01 $561K -200 -0.1%
15 CXH 2.23% 895,891 $7M $7.64 $39K +36,583 +4.3%
16 GF 1.92% 493,479 $6M $11.94 $2M +46,966 +10.5%
17 ENX 1.58% 522,790 $5M $9.29 -$291K -19,681 -3.6%
18 ALX 1.55% 21,041 $5M $225.32 +21,041 NEW
19 BIGZ 1.46% 610,207 $4M $7.34 $1M +117,875 +23.9%
20 LRFC 1.45% 233,549 $4M $18.99 -$851K -6,730 -2.8%
21 JACS 1.40% 416,526 $4M $10.30 $343K +24,157 +6.2%
22 CCAP 1.34% 290,383 $4M $14.10 +290,383 NEW
23 PGZ 1.27% 370,896 $4M $10.52 $12K +1,500 +0.4%
24 LEO 1.18% 613,504 $4M $5.92 +613,504 NEW
25 GDL 1.12% 411,344 $3M $8.34 $406K +43,833 +11.9%
26 DMA 1.11% 388,569 $3M $8.75 $67K -4,424 -1.1%
27 ECF 1.04% 312,463 $3M $10.25 $366K
28 SBXD-UN 1.01% 281,497 $3M $10.96 -$70K -28,499 -9.2%
29 ETHM 0.99% 298,609 $3M $10.20 $76K
30 BACCU 0.93% 283,195 $3M $10.04 +283,195 NEW
31 BCIC 0.88% 216,546 $3M $12.52 -$396K
32 CCCXU 0.84% 250,000 $3M $10.30 +250,000 NEW
33 KTF 0.83% 286,928 $3M $8.84 -$336K -19,355 -6.3%
34 CHAC 0.82% 250,000 $3M $10.07 +250,000 NEW
35 VLGEA 0.67% 53,257 $2M $38.50 +53,257 NEW
36 IPODU 0.66% 200,000 $2M $10.05 +200,000 NEW
37 BBDC 0.63% 210,501 $2M $9.14 +210,501 NEW
38 TYG 0.59% 41,199 $2M $43.89 -$4M -86,150 -67.7%
39 DMB 0.58% 173,211 $2M $10.22 +173,211 NEW
40 SSSS 0.54% 202,153 $2M $8.21 $511K -28,909 -12.5%
41 MAV 0.53% 194,697 $2M $8.30 +194,697 NEW
42 ZTR 0.52% 257,181 $2M $6.23 $767K +117,303 +83.9%
43 CXE 0.52% 443,631 $2M $3.58 $765K +220,646 +99.0%
44 GLO 0.45% 254,583 $1M $5.43 $137K
45 MHI 0.44% 147,970 $1M $9.16 +147,970 NEW
46 IHD 0.42% 215,590 $1M $5.94 +215,590 NEW
47 NXDT 0.38% 278,800 $1M $4.19 $155K +14,332 +5.4%
48 OFS 0.35% 127,191 $1M $8.44 -$621K -55,218 -30.3%
49 MXE 0.35% 101,158 $1M $10.47 $177K
50 XRPNU 0.33% 100,000 $1M $10.21 +100,000 NEW
51 NHIC 0.33% 100,000 $1M $10.17 +100,000 NEW
52 COPL 0.33% 100,000 $1M $10.07 +100,000 NEW
53 PELIR 0.33% 100,000 $1M $10.03 +100,000 NEW
54 ICMB 0.33% 358,471 $999K $2.79 $320K +147,074 +69.6%
55 PFX 0.32% 19,218 $973K $50.65 -$45K
56 IBAC 0.31% 91,687 $957K $10.44 -$621K -61,543 -40.2%
57 MIO 0.31% 80,353 $948K $11.80 +80,353 NEW
58 HHH 0.26% 12,000 $810K $67.50 -$79K
59 TACOU 0.24% 69,163 $741K $10.71 +69,163 NEW
60 WENNU 0.24% 70,000 $740K $10.57 +70,000 NEW
61 JOF 0.24% 76,638 $739K $9.64 +76,638 NEW
62 OTF 0.23% 46,373 $707K $15.25 +46,373 NEW
63 FERAU 0.23% 67,179 $699K $10.40 -$546K -56,448 -45.7%
64 SWZ 0.22% 106,902 $678K $6.34 -$2M -130,570 -55.0%
65 ALDF 0.21% 61,578 $646K $10.49 -$143K -16,472 -21.1%
66 BSAAU 0.20% 60,000 $602K $10.04 +60,000 NEW
67 DMAAU 0.19% 57,300 $591K $10.32 -$733K -72,964 -56.0%
68 M 0.19% 50,000 $583K $11.66 -$45K
69 PACH 0.18% 55,000 $550K $10.01 +55,000 NEW
70 IAE 0.18% 77,493 $546K $7.04 +77,493 NEW
71 SPAQ 0.18% 5,200 $545K $104.76 $20K
72 EGHAU 0.17% 50,000 $510K $10.19 +50,000 NEW
73 SZZLU 0.17% 50,600 $509K $10.05 +50,600 NEW
74 WTGUU 0.16% 50,000 $504K $10.09 +50,000 NEW
75 CEPT 0.15% 41,319 $456K $11.03 +41,319 NEW
76 CCIX 0.14% 41,730 $439K $10.52 -$792K -72,335 -63.4%
77 HNW 0.14% 34,644 $433K $12.50 +34,644 NEW
78 LMNR 0.10% 20,000 $313K $15.65 -$41K
79 IPEXU 0.10% 30,713 $308K $10.03 -$574K -55,808 -64.5%
80 OBAWU 0.08% 25,000 $250K $10.01 +25,000 NEW
81 PBBK 0.08% 13,863 $245K $17.67 +13,863 NEW
82 IPEX 0.08% 23,035 $233K $10.11 +23,035 NEW
83 CEE 0.07% 13,374 $208K $15.52 +13,374 NEW
84 AXINU 0.06% 18,000 $182K $10.09 +18,000 NEW
85 PCF 0.02% 10,705 $68K $6.35 +10,705 NEW
86 IMSRW 0.02% 25,000 $59K $2.35 -$24K -94,400 -79.1%
87 HFRO 0.02% 10,715 $56K $5.20 -$16 -3 -0.0%
88 CCIXW 0.01% 29,456 $28K $0.95 $4K
89 IBACR 0.01% 476,837 $27K $0.06 -$2K -36,862 -7.2%
90 ALDFW 0.01% 30,789 $16K $0.52 $4K -8,236 -21.1%
91 NHICW 0.01% 50,000 $16K $0.32 +50,000 NEW
92 IPEXR —% 23,035 $6K $0.27 +23,035 NEW
93 UCFIW —% 70,029 $4K $0.06 $1K -26,767 -27.6%
94 CEPO —% -$1M -100,000 -100.0% SOLD
95 BCV —% -$687K -39,448 -100.0% SOLD
96 NHICU —% -$1M -101,000 -100.0% SOLD
97 YCY —% -$5M -502,894 -100.0% SOLD
98 UYSCU —% -$213K -21,145 -100.0% SOLD
99 SEG —% -$1M -50,000 -100.0% SOLD
100 DMF —% -$11M -1,598,380 -100.0% SOLD

New Positions

SymbolValue% Port
ALX $5M 1.55%
CCAP $4M 1.34%
LEO $4M 1.18%
BACCU $3M 0.93%
CCCXU $3M 0.84%
CHAC $3M 0.82%
VLGEA $2M 0.67%
IPODU $2M 0.66%
BBDC $2M 0.63%
DMB $2M 0.58%
MAV $2M 0.53%
MHI $1M 0.44%
IHD $1M 0.42%
XRPNU $1M 0.33%
NHIC $1M 0.33%

Sold Out Positions

SymbolValue% Port
EDD —%
SEG —%
CEPO —%
BRW —%
NBH —%
BCV —%
NHICU —%
YCY —%
UYSCU —%
DMF —%
UCFI —%
JEQ —%
View SEC EDGAR Filings for Bulldog Investors, LLP →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms