Short Interest in Special Opportunities Fund, Inc. (NYSE:SPE) Decreases By 54.4%

Key Points

• Short interest in Special Opportunities Fund fell 54.4% to 10,145 shares as of August 31, representing 0.1% of shares outstanding and a days-to-cover ratio of 0.4.
• SPE opened at $13.32, within its 12-month range of $13.02 to $15.98. The fund announced a monthly dividend of $0.1087 per share, equivalent to an indicated yield of 9.8%.
• Institutional investors own 35.6% of the fund, with several firms recently initiating or increasing positions, including Susquehanna International Group, which raised its stake by 30.6%.

Special Opportunities Fund, Inc. (NYSE:SPE - Get Free Report) was the target of a significant drop in short interest during the month of August. As of August 31st, there was short interest totaling 10,145 shares, a drop of 54.4% from the August 15th total of 22,243 shares. Based on an average daily trading volume, of 28,631 shares, the days-to-cover ratio is currently 0.4 days. Currently, 0.1% of the shares of the company are sold short.

Special Opportunities Fund Stock Performance

SPE opened at $13.32 on Monday. The firm has a 50-day moving average price of $13.43 and a 200-day moving average price of $13.81. Special Opportunities Fund has a twelve month low of $13.02 and a twelve month high of $15.98.

Special Opportunities Fund Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 22nd will be issued a dividend of $0.1087 per share. The ex-dividend date of this dividend is Tuesday, September 22nd. This represents a c) dividend on an annualized basis and a yield of 9.8%.

Hedge Funds Weigh In On Special Opportunities Fund

Large investors have recently made changes to their positions in the stock. Global Retirement Partners LLC bought a new stake in shares of Special Opportunities Fund during the 2nd quarter valued at $50,000. Detalus Advisors LLC bought a new stake in shares of Special Opportunities Fund during the first quarter valued at about $144,000. Patron Partners LLC purchased a new stake in shares of Special Opportunities Fund in the second quarter worth about $192,000. Susquehanna International Group LLP lifted its holdings in shares of Special Opportunities Fund by 30.6% in the second quarter. Susquehanna International Group LLP now owns 15,435 shares of the closed-end fund's stock worth $208,000 after buying an additional 3,614 shares in the last quarter. Finally, TrueMark Investments LLC lifted its holdings in shares of Special Opportunities Fund by 8.7% in the first quarter. TrueMark Investments LLC now owns 16,208 shares of the closed-end fund's stock worth $223,000 after buying an additional 1,293 shares in the last quarter. 35.60% of the stock is owned by institutional investors.

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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