Special Opportunities Fund
SPE
44 hedge funds and large institutions have $44.6M invested in Special Opportunities Fund in 2025 Q4 according to their latest regulatory filings, with 5 funds opening new positions, 5 increasing their positions, 34 reducing their positions, and 2 closing their positions.
150% more first-time investments, than exits
New positions opened: 5 | Existing positions closed: 2
7% more funds holding
Funds holding: 41 → 44 (+3)
1.07% less ownership
Funds ownership: 29.45% → 28.37% (-1.1%)
9% less capital invested
Capital invested by funds: $48.8M → $44.6M (-$4.17M)
85% less repeat investments, than reductions
Existing positions increased: 5 | Existing positions reduced: 34
100% less funds holding in top 10
Funds holding in top 10: 1 → 0 (-1)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Focus Partners Wealth
Boston,
Massachusetts
|
+$19.3M |
| 2 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
+$195K |
| 3 |
First Manhattan
New York
|
+$103K |
| 4 |
Cetera Investment Advisers
Schaumburg,
Illinois
|
+$68.5K |
| 5 |
Raymond James Financial
St Petersburg,
Florida
|
+$50.3K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Kovitz Investment Group Partners
Chicago,
Illinois
|
-$21.4M |
| 2 |
SFS
Shaker Financial Services
Arlington,
Virginia
|
-$1.76M |
| 3 |
Morgan Stanley
New York
|
-$156K |
| 4 |
GC
GatePass Capital
Independence,
Ohio
|
-$129K |
| 5 |
WAM
Wolverine Asset Management
Chicago,
Illinois
|
-$97.3K |
SPE Hedge Fund Activity: Q4 2025 in Review
44 of the 8,270 institutional investors tracked by Wall St. Rank reported a position in Special Opportunities Fund (SPE) for Q4 2025, worth a combined $44.6M — down 8.5% from $48.8M a quarter earlier.
Buyers outnumbered sellers: 5 funds opened new SPE positions and 2 closed out — a net gain of 3 holders — while 5 added to existing stakes and 34 trimmed.
The largest buyer was Focus Partners Wealth, opening a new position worth an estimated $19.3M. The largest seller was Kovitz Investment Group Partners, exiting entirely with an estimated $21.4M sold.
- 44 institutional investors held Special Opportunities Fund (SPE) as of Q4 2025, up from 41 in Q3 2025.
- Funds reported $44.6M of Special Opportunities Fund stock for Q4 2025, down 8.5% quarter-over-quarter.
- 5 funds opened new Special Opportunities Fund positions in Q4 2025 and 2 closed out, a net change of +3 holders.
- The largest Special Opportunities Fund buyer in Q4 2025 was Focus Partners Wealth, an estimated $19.3M added.
- The largest Special Opportunities Fund seller in Q4 2025 was Kovitz Investment Group Partners, an estimated $21.4M sold.
Based on aggregated 13F filings for Q4 2025.