Key Points
- Andrew Dakos sold 4,098 shares of Special Opportunities Fund (NYSE:SPE) on Dec. 30 at an average price of $14.66 for $60,076.68, leaving him with 6,064 shares — a 40.33% reduction in his position.
- The fund boosted its monthly dividend to $0.70 per share (up from $0.11), with record and ex-dividend dates reported as Dec. 29 and a payment scheduled for Jan. 30, implying a reported annualized yield of 57.1%.
- Special Opportunities Fund is a closed-end investment vehicle that invests across corporate capital structures with a focus on special situations, distressed credits and event-driven opportunities using a flexible, multi-asset strategy.
Special Opportunities Fund, Inc. (NYSE:SPE - Get Free Report) President Andrew Dakos sold 4,098 shares of the business's stock in a transaction dated Tuesday, December 30th. The stock was sold at an average price of $14.66, for a total value of $60,076.68. Following the transaction, the president directly owned 6,064 shares of the company's stock, valued at approximately $88,898.24. The trade was a 40.33% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.
Special Opportunities Fund Stock Performance
SPE opened at $14.71 on Thursday. The company's 50 day moving average is $15.22 and its 200-day moving average is $15.39. Special Opportunities Fund, Inc. has a 1-year low of $12.72 and a 1-year high of $15.98.
Special Opportunities Fund Increases Dividend
The business also recently announced a monthly dividend, which will be paid on Friday, January 30th. Shareholders of record on Monday, December 29th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Monday, December 29th. This is a boost from Special Opportunities Fund's previous monthly dividend of $0.11. This represents a c) dividend on an annualized basis and a dividend yield of 57.1%.
Hedge Funds Weigh In On Special Opportunities Fund
A number of institutional investors and hedge funds have recently bought and sold shares of SPE. MAI Capital Management lifted its holdings in shares of Special Opportunities Fund by 38.6% during the third quarter. MAI Capital Management now owns 5,203 shares of the closed-end fund's stock worth $81,000 after purchasing an additional 1,450 shares during the period. Wolverine Asset Management LLC acquired a new stake in Special Opportunities Fund in the third quarter valued at $112,000. K2 Principal Fund L.P. raised its position in Special Opportunities Fund by 18.8% during the 1st quarter. K2 Principal Fund L.P. now owns 11,878 shares of the closed-end fund's stock worth $178,000 after purchasing an additional 1,878 shares during the last quarter. TrueMark Investments LLC bought a new stake in shares of Special Opportunities Fund in the 3rd quarter valued at about $226,000. Finally, Cetera Investment Advisers increased its stake in shares of Special Opportunities Fund by 19.5% in the second quarter. Cetera Investment Advisers now owns 23,341 shares of the closed-end fund's stock valued at $362,000 after buying an additional 3,811 shares during the period. Institutional investors and hedge funds own 35.60% of the company's stock.
Special Opportunities Fund Company Profile
(
Get Free Report)
Special Opportunities Fund (NYSE: SPE) is a closed-end management investment company that seeks to deliver attractive total return by investing across corporate capital structures. The fund primarily allocates capital to debt and equity securities of both public and private issuers, with a focus on special situations, distressed credits and event-driven opportunities.
The fund's flexible, multi-asset strategy allows portfolio managers to shift allocations among high-yield bonds, leveraged loans, convertible securities, preferred stock and equity positions.
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