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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
CRAQR
176
Cal Redwood Acquisition Corp Right
CRAQR
$32.4K 0.01%
100,000
– –
BEAGR
177
Bold Eagle Acquisition Corp Right
BEAGR
$32K 0.01%
100,000
– –
HVMCW
178
Highview Merger Corp Warrants
HVMCW
$28.1K 0.01%
+80,331
New +$26.7K
FERAR
179
Fifth Era Acquisition Corp I Rights
FERAR
$28.1K 0.01%
70,161
-1,885
-3% -$600
TAVIR
180
Tavia Acquisition Corp Right
TAVIR
$27.6K 0.01%
120,204
-45,860
-28% -$10.8K
BACQR
181
DELISTED
Inflection Point Acquisition Corp IV Right
BACQR
$26.9K 0.01%
36,623
-20,468
-36% -$16.7K
SZZLR
182
Sizzle Acquisition Corp II Right
SZZLR
$26.8K 0.01%
167,704
-5,284
-3% -$1.11K
INACR
183
Indigo Acquisition Corp Right
INACR
$26.8K 0.01%
178,479
+14,906
+9% +$2.6K
LEGT.WS
184
DELISTED
Legato Merger Corp III Warrants
LEGT.WS
$26.6K 0.01%
64,775
-2,156
-3% -$1.09K
VNMEW
185
Vendome Acquisition Corp I Warrant
VNMEW
$26.4K 0.01%
105,717
+49,516
+88% +$13K
MKLYR
186
McKinley Acquisition Corp Rights
MKLYR
$26K 0.01%
+200,000
New +$34.6K
TLNCW
187
Talon Capital Corp Warrants
TLNCW
$25.7K 0.01%
+51,332
New +$36.6K
VACI.WS
188
Viking Acquisition Corp I Warrants
VACI.WS
$25.3K 0.01%
+66,666
New +$27.9K
CCIXW
189
DELISTED
Churchill Capital Corp IX Warrant
CCIXW
$24.6K 0.01%
27,837
-1,619
-5% -$1.5K
DMAAR
190
Drugs Made In America Acquisition Corp Rights
DMAAR
$24.4K 0.01%
130,264
– –
TACHW
191
Titan Acquisition Corp Warrants
TACHW
$7.73M
$23.6K 0.01%
75,000
– –
LWACW
192
LightWave Acquisition Corp Warrants
LWACW
$23.6K 0.01%
130,479
+80,479
+161% +$21.7K
PELIR
193
DELISTED
Pelican Acquisition Corp Right
PELIR
$23K 0.01%
100,000
– –
XRPNW
194
Armada Acquisition Corp II Warrant
XRPNW
$8.97M
$22.3K 0.01%
25,000
-25,000
-50% -$23.7K
WENNW
195
Wen Acquisition Corp Warrant
WENNW
$22.2K ﹤0.01%
35,000
– –
EVAC.WS
196
EQV Ventures Acquisition Corp II Warrants
EVAC.WS
$19.6K ﹤0.01%
+55,862
New +$19.9K
EURKR
197
Eureka Acquisition Corp Right
EURKR
$19.4K ﹤0.01%
51,000
– –
TBMCR
198
DELISTED
Trailblazer Merger Corporation I Rights
TBMCR
$18K ﹤0.01%
74,399
-753
-1% -$225
NHICW
199
NewHold Investment Corp III Warrants
NHICW
$18.8M
$18K ﹤0.01%
50,000
– –
IPEXR
200
Inflection Point Acquisition Corp V Rights
IPEXR
$17K ﹤0.01%
21,272
-23,637
-53% -$20.3K
6 7
8
9 10

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FWSM
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EFMC
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DBG
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POEH
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BOA
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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.