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Bulldog Investors Portfolio holdings

AUM $445M
1-Year Est. Return 2.14%
This Fund
S&P 500
This Quarter Est. Return
-0.88%
1 Year Est. Return
+2.14%
3 Year Est. Return
+20.34%
5 Year Est. Return
+20.45%
10 Year Est. Return
+75.67%
AUM
$449M
AUM Growth
+$16.9M
Cap. Flow
+$21.7M
Cap. Flow %
4.83%
Top 10 Hldgs %
35.16%
Holding
258
New
61
Increased
43
Reduced
71
Closed
37

Top Buys

Rank Stock Value
1
LEO
BNY Mellon Strategic Municipals
LEO
+$4.74M
2
HEQ
John Hancock Hedged Equity & Income Fund
HEQ
+$4.1M
3
DSM
BNY Mellon Strategic Municipal Bond Fund
DSM
+$4.09M
4
BPRE
Bluerock Private Real Estate Fund
BPRE
+$3.74M
5
FSK icon
FS KKR Capital
FSK
+$3.72M

Top Sells

Rank Stock Value
1
AFB
AllianceBernstein National Municipal Income Fund
AFB
+$10M
2
ENX
Eaton Vance New York Municipal Bond Fund
ENX
+$4.77M
3
FTW
Presidio Production Co
FTW
+$4.17M
4
SOUL
Soulpower Acquisition Corp
SOUL
+$3.4M
5
LPBB
Launch Two Acquisition Corp
LPBB
+$3.07M

Sector Composition

Rank Sector Weight
1 Financials 42.05%
2 Industrials 3.2%
3 Energy 2.03%
4 Real Estate 1.69%
5 Consumer Discretionary 1.6%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PCF
151
High Income Securities Fund
PCF
$102M
$65.8K 0.01%
10,705
– –
FTW.WS
152
Presidio Production Co Warrants
FTW.WS
$64.4K 0.01%
134,066
– –
HFRO
153
Highland Opportunities and Income Fund
HFRO
$398M
$64.1K 0.01%
10,715
– –
LPAAW
154
Launch One Acquisition Corp Warrant
LPAAW
$1.73M
$63.5K 0.01%
253,799
-1,211
-0.5% -$290
UCFI
155
CN Healthy Food Tech Group
UCFI
$61.9K 0.01%
+11,243
New +$61.9K
SOUL.RT
156
Soulpower Acquisition Corp Rights
SOUL.RT
$59.6K 0.01%
333,950
-3,002
-0.9% -$591
ALFUW
157
Centurion Acquisition Corp Warrant
ALFUW
$3.02M
$56.7K 0.01%
177,242
-1,881
-1% -$673
AIIA.RT
158
AI Infrastructure Acquisition Corp Rights
AIIA.RT
$56.4K 0.01%
+216,760
New +$57.8K
OYSER
159
Oyster Enterprises II Acquisition Corp Rights
OYSER
$54K 0.01%
312,349
+112,349
+56% +$20.9K
FSHPR
160
Flag Ship Acquisition Corp Right
FSHPR
$52.3K 0.01%
275,000
– –
BCARW
161
D. Boral ARC Acquisition I Corp Warrant
BCARW
$6.59M
$50K 0.01%
137,500
+68,750
+100% +$23.7K
GIWWR
162
GigCapital8 Rights
GIWWR
$49.4K 0.01%
+159,263
New +$59.2K
SPEGR
163
Silver Pegasus Acquisition Corp Rights
SPEGR
$47.4K 0.01%
+197,587
New +$53.1K
CCAQW
164
Collective Acquisition Corp Warrants
CCAQW
$3.34M
$46.6K 0.01%
189,676
-1,329
-0.7% -$391
FACTW
165
FACT II Acquisition Corp Warrant
FACTW
$1.58M
$45.5K 0.01%
130,041
– –
SVACW
166
DELISTED
Spring Valley Acquisition Corp III Warrant
SVACW
$45.4K 0.01%
+72,951
New +$57.9K
SIMAW
167
SIM Acquisition Corp I Warrant
SIMAW
$44.9K 0.01%
208,373
-492
-0.2% -$155
CAPNR
168
Cayson Acquisition Corp Right
CAPNR
$44.5K 0.01%
195,000
– –
CUBWW
169
Lionheart Holdings Warrant
CUBWW
$6.11M
$40.1K 0.01%
235,670
-3,551
-1% -$853
KOYNW
170
CSLM Digital Asset Acquisition Corp III Warrants
KOYNW
$40K 0.01%
+100,000
New +$46.2K
POLEW
171
Andretti Acquisition Corp II Warrant
POLEW
$2.3M
$36.4K 0.01%
126,075
-1,605
-1% -$468
VACHW
172
DELISTED
Voyager Acquisition Corp Warrants
VACHW
$36.3K 0.01%
195,142
– –
IBACR
173
IB Acquisition Corp Right
IBACR
$36K 0.01%
459,807
-6,360
-1% -$445
JACS.RT
174
Jackson Acquisition Co II Rights
JACS.RT
$35.5K 0.01%
147,921
-1,009
-0.7% -$277
DYORW
175
Insight Digital Partners II Warrants
DYORW
$34K 0.01%
+102,899
New +$34.2K
5 6
7
8 9

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SGCM
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WCP
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FWSM
First Wilshire Securities Management Pasadena, California $444M AUM 42.88% 1-Year Est. Return
TC
TownSquare Capital Provo, Utah $444M AUM 24.03% 1-Year Est. Return
AC
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EFMC
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DBG
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POEH
Post Oak Energy Holdings Houston, Texas $449M AUM 53.94% 1-Year Est. Return

Bulldog Investors's Q4 2025 Portfolio in Review

As of Q4 2025, Bulldog Investors held 258 positions worth $449M, up 3.9% from $432M the previous quarter. Its ten largest holdings account for 35% of the portfolio.

Bulldog Investors deployed $21.7M of net new capital in Q4 2025, opening 61 new positions and adding to 43 existing holdings. Its largest new stake was John Hancock Hedged Equity & Income Fund: 381,764 shares worth $4.1M.

By sector, the portfolio is most concentrated in Financials at 42% of assets, up from 36% a quarter earlier, followed by Industrials and Energy.

On the sell side, the largest reduction was AllianceBernstein National Municipal Income Fund, an estimated $10M trimmed.

  • Bulldog Investors's largest Q4 2025 buy was John Hancock Hedged Equity & Income Fund: 381,764 shares worth $4.1M.
  • Bulldog Investors added most to BNY Mellon Strategic Municipals in Q4 2025, an estimated $4.74M increase.
  • Bulldog Investors's biggest Q4 2025 reduction was AllianceBernstein National Municipal Income Fund, cutting an estimated $10M.
  • Bulldog Investors fully exited Eaton Vance New York Municipal Bond Fund in Q4 2025, selling an estimated $4.77M.
  • Bulldog Investors's ten largest holdings make up 35% of its $449M portfolio in Q4 2025.
  • Bulldog Investors opened 61 new positions and closed 37 in Q4 2025.
  • Bulldog Investors's portfolio value rose 3.9% quarter-over-quarter to $449M.

Based on Bulldog Investors's 13F filing for Q4 2025, filed 13 Feb 2026.