Special Opportunities Fund, Inc. $SPE Shares Sold by Shaker Financial Services LLC

Key Points

• Shaker Financial cut its stake in Special Opportunities Fund by 29.4%, selling 104,099 shares and retaining 250,579 shares (about 2.36% of SPE) valued at roughly $3.95M, which represents 1.3% of Shaker’s portfolio and its 19th largest holding.
• The fund announced a monthly dividend of $0.1087 per share payable June 30 (record/ex-dividend date: June 16), implying an annualized yield of about 9.1%.
• Institutional ownership stands at 35.6%, and several advisers—including TrueMark, Wolverine, Cetera, Raymond James and MAI—have recently initiated or increased positions in SPE.

Shaker Financial Services LLC cut its stake in Special Opportunities Fund, Inc. (NYSE:SPE - Free Report) by 29.4% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 250,579 shares of the closed-end fund's stock after selling 104,099 shares during the period. Special Opportunities Fund makes up 1.3% of Shaker Financial Services LLC's investment portfolio, making the stock its 19th largest position. Shaker Financial Services LLC owned about 2.36% of Special Opportunities Fund worth $3,952,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of SPE. TrueMark Investments LLC acquired a new stake in shares of Special Opportunities Fund in the third quarter worth approximately $226,000. Wolverine Asset Management LLC acquired a new stake in shares of Special Opportunities Fund in the third quarter worth approximately $112,000. Cetera Investment Advisers raised its holdings in 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. Raymond James Financial Inc. raised its holdings in Special Opportunities Fund by 7.2% in the second quarter. Raymond James Financial Inc. now owns 31,197 shares of the closed-end fund's stock valued at $483,000 after buying an additional 2,082 shares during the period. Finally, MAI Capital Management raised its holdings in Special Opportunities Fund by 38.6% in the third quarter. MAI Capital Management now owns 5,203 shares of the closed-end fund's stock valued at $81,000 after buying an additional 1,450 shares during the period. 35.60% of the stock is owned by institutional investors and hedge funds.

Special Opportunities Fund Stock Performance

NYSE SPE opened at $14.40 on Friday. Special Opportunities Fund, Inc. has a one year low of $13.43 and a one year high of $15.98. The company's 50 day moving average price is $14.33 and its 200 day moving average price is $14.88.

Special Opportunities Fund Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be paid a dividend of $0.1087 per share. The ex-dividend date is Tuesday, June 16th. This represents a c) dividend on an annualized basis and a dividend yield of 9.1%.

Special Opportunities Fund Company Profile

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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