Bulldog Investors, LLP

CIK 0001504304 · Q1 2026

13F Equity AUM

$445.0M

-0.7% QoQ

Positions

216

-5 QoQ

AUM Rank

#4,628

Top 37%

Skill Alpha (FF)

+0.1%/yr^ns

No Clear Edge

Rank #2,236 · Top 27%

vs S&P -11.3%/yr (unadj.)

Quarters Tracked

~14 years

Portfolio Concentration

Top 5: 21.2%Top 10: 35.4%Top 20: 52.0%

STEW5.0%

DSM4.6%

CET4.4%

GAM3.9%

TPL3.4%

NBXG3.4%

TRC3.4%

CMU2.8%

CION2.4%

LEO2.2%

Others (206)64.6%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services69.0%

Unclassified16.1%

Energy3.4%

Industrials3.4%

Real Estate2.7%

Other5.4%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 216Median: 0.17%Avg: 0.46%

0–0.5%

160(20.1%)

0.5–1%

30(20.9%)

1–3%

19(31.1%)

3–5%

7(28.0%)

5%+

0(0.0%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 77Unique: 139vs 20 funds

1%Low

216

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

JPMORGAN CHASE & CO

0.7%

BANK OF AMERICA CORP /DE/

0.7%

BlackRock, Inc.

0.4%

STATE STREET CORP

0.4%

VANGUARD CAPITAL MANAGEMENT LLC

0.3%

VANGUARD PORTFOLIO MANAGEMENT LLC

0.4%

GEODE CAPITAL MANAGEMENT, LLC

0.3%

FMR LLC

0.2%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New53Increased39Decreased70Exited58

New Positions

ELME0.9%

+2.0M

ALDABRA 4 LQDTY OPP …0.8%

+368K

KENSINGTON CAP ACQUI…0.8%

+351K

WILLOW LANE ACQUISIT…0.7%

+323K

XAI OCTAGN FLT RAT &…0.7%

+187K

HENNESSY CAP INVTS C…0.7%

+290K

DPG0.6%

+176K

ONEIM ACQUISITION CO…0.5%

+231K

FORTRESS VALUE ACQU …0.5%

+211K

EIC0.5%

+218K

Increased

HEQ1.4%

+177K(+46%)

BPRE1.4%

+131K(+54%)

DMB1.2%

+120K(+30%)

DYORW0.7%

+117K(+57%)

NWFL1.1%

+106K(+165%)

OBDC0.8%

+100K(+42%)

LEO2.2%

+96K(+6%)

IHD1.5%

+82K(+9%)

DSM4.6%

+66K(+2%)

DYORW0.0%

+62K(+60%)

Decreased

SIMAW0.5%

-214,660(-52%)

CNNE0.8%

-154,139(-34%)

GRAF-WT0.2%

-127,987(-56%)

SWZ0.1%

-122,116(-75%)

CCIF0.2%

-117,581(-35%)

JOF0.3%

-113,260(-52%)

UTF0.1%

-90,259(-89%)

DRUGS MADE IN AMER A…0.0%

-86,900(-67%)

AI INFRASTRUCTURE AC…0.3%

-77,275(-36%)

D. BORAL ARC ACQ I C…0.0%

-71,705(-52%)

Exited

OXLC

-485,401

ROMAN DBDR ACQUISITI…

-680,373

-354,484

-144,096

-330,645

-291,605

D. BORAL ARC ACQ I C…

-275,000

XFLT

-508,363

PBBK

-110,000

GIGGW

-161,306

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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