Short Interest in Special Opportunities Fund, Inc. (NYSE:SPE) Declines By 64.8%

Key Points

• Short interest in Special Opportunities Fund, Inc. (NYSE:SPE) significantly declined by 64.8% in September, dropping from 26,400 shares to 9,300 shares.
• The company will pay a monthly dividend of $0.1098 per share to stockholders of record on December 16th, representing an annualized yield of 8.5%.
• Institutional investors currently hold 35.60% of the stock, with significant stakes being increased by various hedge funds during the first quarter.

Special Opportunities Fund, Inc. (NYSE:SPE - ) saw a large drop in short interest in the month of September. As of September 15th, there was short interest totaling 9,300 shares, a drop of 64.8% from the August 31st total of 26,400 shares. Based on an average daily trading volume, of 30,800 shares, the days-to-cover ratio is currently 0.3 days. Based on an average daily trading volume, of 30,800 shares, the days-to-cover ratio is currently 0.3 days.

Special Opportunities Fund Stock Performance

NYSE SPE traded up $0.05 during mid-day trading on Friday, hitting $15.57. The company's stock had a trading volume of 29,515 shares, compared to its average volume of 33,036. The company's 50 day simple moving average is $15.55 and its 200 day simple moving average is $15.16. Special Opportunities Fund has a twelve month low of $12.72 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, December 31st. Stockholders of record on Tuesday, December 16th will be paid a dividend of $0.1098 per share. This represents a c) dividend on an annualized basis and a dividend yield of 8.5%. The ex-dividend date is Tuesday, December 16th.

Institutional Investors Weigh In On Special Opportunities Fund

Hedge funds have recently made changes to their positions in the business. K2 Principal Fund L.P. raised its stake in Special Opportunities Fund by 18.8% in the 1st quarter. K2 Principal Fund L.P. now owns 11,878 shares of the closed-end fund's stock valued at $178,000 after acquiring an additional 1,878 shares during the period. NBC Securities Inc. boosted its stake in Special Opportunities Fund by 106,333.3% in the first quarter. NBC Securities Inc. now owns 15,965 shares of the closed-end fund's stock worth $239,000 after buying an additional 15,950 shares in the last quarter. Cetera Investment Advisers purchased a new stake in shares of Special Opportunities Fund during the first quarter valued at approximately $293,000. Envestnet Asset Management Inc. purchased a new stake in shares of Special Opportunities Fund during the first quarter valued at approximately $363,000. Finally, Oppenheimer & Co. Inc. raised its holdings in shares of Special Opportunities Fund by 8.8% during the first quarter. Oppenheimer & Co. Inc. now owns 24,766 shares of the closed-end fund's stock valued at $372,000 after acquiring an additional 2,000 shares in the last quarter. 35.60% of the stock is currently owned by institutional investors.

About Special Opportunities Fund

Special Opportunities Fund, Inc is a close-ended balanced fund of funds launched and managed by Bulldog Investors, LLC. It invests in close-ended funds investing in public equity and fixed income markets. The fund employs a combination of value, opportunistic and special situations strategies to make its investments.

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