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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

Q4 2025 · Filed 2026-02-13
Market Value
$370M
+7.7%
Holdings
131
+4
New Purchases
28
Added To
33
Closed
16
Reduced
28
Top 10 Concentration
42.6%
Turnover
33.6%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
LEO 2.54% 1.32% +1.22% $9M
HEQ 1.11% 0.00% +1.11% $4M
DSM 5.51% 4.52% +0.99% $20M
FSK 1.94% 1.05% +0.90% $7M
OTF 2.42% 1.57% +0.85% $9M
OBDC 0.80% 0.00% +0.80% $3M
MESHU 0.78% 0.00% +0.78% $3M
DSACU 0.73% 0.00% +0.73% $3M
UTF 0.66% 0.00% +0.66% $2M
NCDL 0.62% 0.00% +0.62% $2M
BBDC 0.79% 0.17% +0.61% $3M
BRK-A 0.61% 0.00% +0.61% $2M
VACI 0.53% 0.00% +0.53% $2M
CB 1.18% 0.66% +0.52% $4M
PGR 0.49% 0.00% +0.49% $2M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
AFB 0.03% 2.94% -2.91% $113K
ENX 0.00% 1.39% -1.39% $0
GAM 4.71% 5.93% -1.22% $17M
CNNE 1.94% 2.82% -0.88% $7M
SBXD-UN 0.00% 0.84% -0.84% $0
IIF 0.97% 1.76% -0.79% $4M
KOYNU 0.07% 0.73% -0.67% $253K
PGZ 0.00% 0.58% -0.58% $0
CHAC 0.17% 0.74% -0.57% $628K
BACCU 0.00% 0.54% -0.54% $0
NBXG 4.55% 5.09% -0.53% $17M
HVMCU 0.16% 0.65% -0.49% $601K
ZTR 0.00% 0.48% -0.48% $0
TLNCU 0.04% 0.49% -0.45% $156K
CET 5.35% 5.77% -0.42% $20M

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
Mega Cap 1 $2M 0.6%
Large Cap 3 $15M 4.1%
Mid Cap 6 $31M 8.3%
Small Cap 42 $178M 48.1%
Micro Cap 79 $144M 38.8%

Portfolio Analytics

Avg Market Cap
$10.5B
Median Market Cap
$245M
Avg P/E
39.1
Median P/E
25.6
Avg Dividend Yield
0.07%
Avg Beta
0.59
# Stocks
99
# ETFs / Funds
32

Top Holdings (131 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 STEW 6.23% 1,243,823 $23M $18.54 $3M +126,241 +11.3%
2 DSM 5.51% 3,308,091 $20M $6.17 $5M +683,653 +26.1%
3 CET 5.35% 390,946 $20M $50.71 -$6K +4,900 +1.3%
4 GAM 4.71% 296,960 $17M $58.73 -$3M -30,650 -9.4%
5 NBXG 4.55% 1,168,126 $17M $14.44 -$619K +31,140 +2.7%
6 CION 4.01% 1,538,071 $15M $9.67 $292K
7 CMU 3.40% 3,593,657 $13M $3.51 $2M +598,697 +20.0%
8 TRC 3.37% 791,492 $12M $15.77 -$150K +1,032 +0.1%
9 RWAY 2.89% 1,200,872 $11M $8.93 $144K +159,588 +15.3%
10 CXH 2.58% 1,201,345 $10M $7.95 $2M +220,851 +22.5%
11 LEO 2.54% 1,480,512 $9M $6.36 $5M +755,380 +104.2%
12 TPL 2.46% 31,700 $9M $287.22 $49K +22,000 +226.8%
13 OTF 2.42% 615,848 $9M $14.54 $4M +226,193 +58.0%
14 GDV 2.25% 300,586 $8M $27.77 $187K -209 -0.1%
15 FSK 1.94% 486,352 $7M $14.81 $4M +245,234 +101.7%
16 CNNE 1.94% 456,191 $7M $15.73 -$3M -72,542 -13.7%
17 OXLC 1.92% 485,401 $7M $14.64 -$466K +38,113 +8.5%
18 CCAP 1.74% 457,518 $6M $14.05 $189K +20,000 +4.6%
19 ALX 1.65% 28,000 $6M $217.94 $826K +5,500 +24.4%
20 MRCC 1.64% 954,816 $6M $6.37 $2M +303,795 +46.7%
21 VLGEA 1.63% 170,515 $6M $35.39 $375K +19,005 +12.5%
22 GF 1.55% 501,257 $6M $11.42 $43K +9,778 +2.0%
23 IHD 1.52% 900,453 $6M $6.27 $2M +319,956 +55.1%
24 BCIC 1.21% 378,412 $4M $11.83 -$827K -81,595 -17.7%
25 DMB 1.19% 400,303 $4M $10.99 $847K +68,324 +20.6%
26 CB 1.18% 14,000 $4M $312.12 $2M +6,000 +75.0%
27 JACS 1.15% 410,138 $4M $10.42 -$12K -2,736 -0.7%
28 HEQ 1.11% 381,764 $4M $10.75 +381,764 NEW
29 IIF 0.97% 144,096 $4M $24.98 -$2M -85,441 -37.2%
30 GDL 0.94% 409,922 $3M $8.47 -$33K
31 GLO 0.88% 573,849 $3M $5.66 $707K +128,131 +28.8%
32 ECF 0.84% 267,836 $3M $11.63 -$510K -44,627 -14.3%
33 IAE 0.84% 424,908 $3M $7.28 $48K +18,853 +4.6%
34 BACC 0.80% 291,605 $3M $10.21 -$90K -15,286 -5.0%
35 OBDC 0.80% 238,275 $3M $12.43 +238,275 NEW
36 BBDC 0.79% 317,307 $3M $9.18 $2M +249,885 +370.6%
37 MESHU 0.78% 289,100 $3M $10.00 +289,100 NEW
38 DSACU 0.73% 270,000 $3M $10.04 +270,000 NEW
39 LWACU 0.71% 260,956 $3M $10.03 $2M +160,956 +161.0%
40 IPODU 0.70% 252,905 $3M $10.19 $2K -1,769 -0.7%
41 UTF 0.66% 101,003 $2M $24.11 +101,003 NEW
42 JOF 0.65% 217,441 $2M $11.08 $112K -507 -0.2%
43 PBBK 0.63% 110,000 $2M $21.15 $217K
44 NCDL 0.62% 173,412 $2M $13.34 +173,412 NEW
45 BRK-A 0.61% 3 $2M $754,800.00 +3 NEW
46 WENN 0.60% 218,562 $2M $10.10 $1M +148,562 +212.2%
47 VACI 0.53% 200,000 $2M $9.90 +200,000 NEW
48 PGR 0.49% 8,000 $2M $227.72 +8,000 NEW
49 NWFL 0.49% 64,145 $2M $28.05 $2M +54,814 +587.4%
50 SZZLU 0.46% 167,604 $2M $10.16 -$41K -5,384 -3.1%
51 CXE 0.45% 449,633 $2M $3.70 -$9K
52 HVMC 0.43% 160,663 $2M $10.00 +160,663 NEW
53 SAC-UN 0.43% 157,388 $2M $10.09 +157,388 NEW
54 CCIF 0.43% 337,241 $2M $4.69 -$330K +8,826 +2.7%
55 TLNC 0.42% 154,000 $2M $10.11 +154,000 NEW
56 TACH 0.42% 150,000 $2M $10.25 $20K
57 ICMB 0.40% 554,197 $1M $2.70 $43K +31,445 +6.0%
58 ETHM 0.36% 130,348 $1M $10.29 -$20K -386 -0.3%
59 SCIIU 0.36% 132,803 $1M $10.07 +132,803 NEW
60 DYORU 0.35% 127,985 $1M $10.07 +127,985 NEW
61 MXE 0.34% 101,158 $1M $12.38 $52K
62 DMA 0.31% 127,218 $1M $8.97 -$1M -152,874 -54.6%
63 NXDT 0.30% 293,119 $1M $3.83 $94K +14,320 +5.1%
64 NHIC 0.28% 100,000 $1M $10.36 $18K
65 XRPN 0.28% 100,000 $1M $10.24 -$19K
66 COPL 0.28% 100,000 $1M $10.20 $9K
67 CHPGU 0.28% 100,000 $1M $10.19 $15K
68 PELIR 0.27% 100,000 $1M $10.15 $9K
69 SWZ 0.27% 161,903 $1M $6.22 $357K +55,001 +51.5%
70 FIGXU 0.27% 100,090 $1M $10.06 +100,090 NEW
71 GLQ 0.26% 127,456 $976K $7.66 +127,456 NEW
72 HHH 0.26% 12,000 $957K $79.77 -$29K
73 SCPQU 0.24% 88,992 $890K $10.00 +88,992 NEW
74 BCV 0.24% 39,448 $872K $22.10 $9K
75 PFX 0.23% 19,218 $849K $44.18 -$66K
76 BIXIU 0.20% 75,000 $747K $9.96 +75,000 NEW
77 BDCIU 0.19% 70,154 $711K $10.14 $3K
78 CRANU 0.17% 63,809 $643K $10.07 +63,809 NEW
79 CHAC 0.17% 58,290 $628K $10.77 -$2M -191,710 -76.7%
80 HVMCU 0.16% 59,302 $601K $10.13 -$2M -160,663 -73.0%
81 ALDF 0.16% 56,940 $597K $10.49 -$8K -1,004 -1.7%
82 GYRO 0.15% 60,000 $541K $9.01 -$60K
83 BLRKU 0.13% 50,000 $500K $10.00 +50,000 NEW
84 DNMX 0.13% 50,000 $494K $9.89 +50,000 NEW
85 RDAGU 0.13% 48,000 $486K $10.13 +48,000 NEW
86 SPAQ 0.12% 4,933 $447K $90.68 -$66K
87 CCIX 0.12% 41,730 $444K $10.63 $6K
88 IPEX 0.08% 29,182 $300K $10.28 -$160K -15,727 -35.0%
89 GSRFU 0.08% 28,745 $298K $10.35 -$131K -13,492 -31.9%
90 OFS 0.07% 57,639 $274K $4.76 -$169K
91 VNMEU 0.07% 26,603 $271K $10.18 -$1M -101,256 -79.2%
92 FCRS 0.07% 25,000 $256K $10.24 -$9K
93 KOYNU 0.07% 25,024 $253K $10.12 -$2M -224,976 -90.0%
94 SVAQU 0.07% 25,000 $249K $9.95 +25,000 NEW
95 GTERU 0.06% 21,870 $221K $10.10 +21,870 NEW
96 TLNCU 0.04% 15,250 $156K $10.26 -$2M -154,000 -91.0%
97 OTGA 0.04% 15,250 $155K $10.19 $2K
98 MBVIU 0.04% 15,240 $154K $10.13 -$1M -100,000 -86.8%
99 AFB 0.03% 10,474 $113K $10.82 -$10M -920,625 -98.9%
100 PCF 0.02% 10,705 $66K $6.15 -$2K

New Positions

SymbolValue% Port
HEQ $4M 1.11%
OBDC $3M 0.80%
MESHU $3M 0.78%
DSACU $3M 0.73%
UTF $2M 0.66%
NCDL $2M 0.62%
BRK-A $2M 0.61%
VACI $2M 0.53%
PGR $2M 0.49%
HVMC $2M 0.43%
SAC-UN $2M 0.43%
TLNC $2M 0.42%
SCIIU $1M 0.36%
DYORU $1M 0.35%
FIGXU $1M 0.27%

Sold Out Positions

SymbolValue% Port
ZTR —%
KTF —%
CEPT —%
TACO —%
BLUW —%
INACU —%
SSSS —%
PGZ —%
CEE —%
BACCU —%
SBXD-UN —%
CHEC —%
DMIIU —%
ENX —%
CUBA —%
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