Special Opportunities Fund, INC.: insider trades · United States · SEC (Form 4)

About Special Opportunities Fund, INC.

Special Opportunities Fund, Inc. is a US-listed closed-end diversified management investment company traded on the NYSE under the ticker SPE. The fund was incorporated in Maryland on February 19, 1993, and later adopted its current name in December 2009, alongside a strategic shift toward a total-return objective. For investors assessing the company from a fundamental perspective, SPE is best understood not as an operating business, but as a specialist public investment vehicle focused on extracting value from market inefficiencies. Its core strategy is implemented through Bulldog Investors, the fund’s investment adviser, whose opportunistic philosophy emphasizes discounted closed-end funds, undervalued operating companies and other special situations. The portfolio approach also includes risk arbitrage and distressed securities, which gives the fund a distinctive niche within the US asset-management universe. In practical terms, this means SPE is designed to pursue value creation where pricing, structure or corporate events can create mispricings that a traditional long-only strategy may overlook. From a competitive standpoint, SPE stands out through its flexibility, event-driven orientation and willingness to invest in less-followed securities. Unlike conventional equity funds that track broad market exposure, SPE seeks alpha from special situations and valuation dislocations. The fund also maintains a visible shareholder-return framework: it regularly communicates distributions, portfolio activity and share-repurchase activity, making capital-return policy a central part of its investor proposition. In its 2025 annual report, the fund stated that it continued a managed distribution plan under which monthly distributions were paid at an annual rate of at least 8% of the prior year-end NAV, while also using opportunistic share repurchases when discounts to NAV were attractive. The fund’s operational footprint is primarily in the United States. Its principal administrative presence is in Milwaukee, Wisconsin, and its management, servicing and governance infrastructure are US-based. That said, the strategy itself is global in opportunity set, since special situations, merger arbitrage and discounted closed-end fund investments can span multiple sectors and geographies. Recent developments have been centered on distribution policy, capital allocation and fund administration. In early 2026, Special Opportunities Fund disclosed year-end distribution details, updated shareholders on its first-quarter 2026 distributions, and reported a December 31, 2025 NAV per common share of $16.31, representing an 11.59% increase for the year after distributions. The fund also noted a change in administrator effective February 2, 2026, with Ultimus Fund Solutions replacing U.S. Bancorp Fund Services. Overall, SPE remains a specialized, event-driven investment company whose value proposition is built on disciplined security selection, active capital management and a persistent focus on closing the gap between market price and intrinsic value.