Special Opportunities Fund, Inc. (NYSE:SPE) Sees Large Decrease in Short Interest

Special Opportunities Fund, Inc. (NYSE:SPE) was the target of a significant decline in short interest during the month of May. As of May 15th, there was short interest totaling 25,796 shares, a decline of 44.6% from the April 30th total of 46,528 shares. Based on an average daily volume of 34,469 shares, the days-to-cover ratio is presently 0.7 days. Approximately 0.2% of the company’s stock are short sold.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. MAI Capital Management boosted its holdings in Special Opportunities Fund by 38.6% during the third quarter. MAI Capital Management now owns 5,203 shares of the closed-end fund’s stock worth $81,000 after purchasing an additional 1,450 shares during the last quarter. Detalus Advisors LLC purchased a new position in Special Opportunities Fund during the first quarter worth about $144,000. TrueMark Investments LLC boosted its holdings in Special Opportunities Fund by 8.7% during the first quarter. TrueMark Investments LLC now owns 16,208 shares of the closed-end fund’s stock worth $223,000 after purchasing an additional 1,293 shares during the last quarter. NBC Securities Inc. boosted its holdings in Special Opportunities Fund by 21.8% during the fourth quarter. NBC Securities Inc. now owns 19,770 shares of the closed-end fund’s stock worth $290,000 after purchasing an additional 3,539 shares during the last quarter. Finally, Cetera Investment Advisers boosted its holdings in Special Opportunities Fund by 19.5% during the second quarter. Cetera Investment Advisers now owns 23,341 shares of the closed-end fund’s stock worth $362,000 after purchasing an additional 3,811 shares during the last quarter. 35.60% of the stock is currently owned by hedge funds and other institutional investors.

Special Opportunities Fund Stock Down 0.1%

Special Opportunities Fund stock traded down $0.02 during midday trading on Tuesday, hitting $14.01. 38,594 shares of the stock were exchanged, compared to its average volume of 29,803. Special Opportunities Fund has a 52-week low of $13.43 and a 52-week high of $15.98. The business’s 50-day moving average price is $14.08 and its 200-day moving average price is $14.64.

Special Opportunities Fund Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be issued a dividend of $0.1087 per share. The ex-dividend date is Tuesday, June 16th. This represents a c) annualized dividend and a yield of 9.3%.

About Special Opportunities Fund

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.