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SPE

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.

New
Increased
Maintained
Reduced
Closed

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: 29.44% → 28.37% (-1.1%)

9% less capital invested

Capital invested by funds: $48.7M → $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)

Holders
44
Holders Change
+3
Holders Change %
+7.32%
% of All Funds
0.54%
Holding in Top 10
–
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-100%
% of All Funds
–
New
5
Increased
5
Reduced
34
Closed
2
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

1
Focus Partners Wealth
Focus Partners Wealth
Massachusetts
+$19.3M
2
Susquehanna International Group
Susquehanna International Group
Pennsylvania
+$195K
3
First Manhattan
First Manhattan
New York
+$103K
4
Cetera Investment Advisers
Cetera Investment Advisers
Illinois
+$68.5K
5
Raymond James Financial
Raymond James Financial
Florida
+$50.3K

Top Sellers

1
Kovitz Investment Group Partners
Kovitz Investment Group Partners
Illinois
-$21.4M
2
SFS
Shaker Financial Services
Virginia
-$1.76M
3
Morgan Stanley
Morgan Stanley
New York
-$156K
4
GC
GatePass Capital
Ohio
-$129K
5
WAM
Wolverine Asset Management
Illinois
-$97.3K
Name Holding Trade Value Shares
Change 		Change in
Stake
Focus Partners Wealth
1
Focus Partners Wealth
Massachusetts
$19.4M +$19.3M +1,323,104 New
BBPWM
2
Blue Bell Private Wealth Management
Pennsylvania
$4.1M -$89.7K -6,133 -2%
SFS
3
Shaker Financial Services
Virginia
$3.95M -$1.76M -120,698 -33%
GC
4
GatePass Capital
Ohio
$1.94M -$129K -8,835 -6%
CL
5
CSS LLC
Illinois
$1.7M -$79.4K -5,428 -4%
AAM
6
Advisors Asset Management
Colorado
$1.66M -$69.7K -4,769 -4%
SMA
7
Seven Mile Advisory
New Jersey
$1.59M -$38.3K -2,622 -2%
SC
8
Scotia Capital
Ontario, Canada
$1.59M -$55.8K -3,819 -3%
RCM
9
Rivernorth Capital Management
Florida
$1.52M -$65.2K -4,463 -4%
Morgan Stanley
10
Morgan Stanley
New York
$1.08M -$156K -10,676 -13%
First Manhattan
11
First Manhattan
New York
$620K +$103K +7,025 +21%
Cetera Investment Advisers
12
Cetera Investment Advisers
Illinois
$558K +$68.5K +4,686 +14%
Raymond James Financial
13
Raymond James Financial
Florida
$487K +$50.3K +3,439 +12%
Envestnet Asset Management
14
Envestnet Asset Management
Illinois
$363K +$29.9K +2,044 +9%
OC
15
Oppenheimer & Co
New York
$305K -$37.2K -2,542 -11%
GC
16
Guggenheim Capital
Illinois
$297K -$21.6K -1,480 -7%
NS
17
NBC Securities
Alabama
$290K +$40.6K +2,779 +16%
AA
18
Ancora Advisors
Ohio
$271K -$12.6K -864 -4%
Osaic Holdings
19
Osaic Holdings
Arizona
$264K -$44.5K -3,041 -14%
SFS
20
Sowell Financial Services
Arkansas
$255K -$11.9K -813 -4%
HI
21
Harbour Investments
Wisconsin
$239K -$11.1K -762 -4%
Commonwealth Equity Services
22
Commonwealth Equity Services
Massachusetts
$233K -$5.21K -356 -2%
TI
23
TrueMark Investments
Illinois
$219K -$4.65K -318 -2%
LOPW
24
Live Oak Private Wealth
North Carolina
$218K -$10.2K -695 -4%
PP
25
Patron Partners
Texas
$203K -$9.46K -647 -4%
1
2

SPE Hedge Fund Activity: Q4 2025 in Review

44 of the 8,223 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 $48.7M 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.