BULLDOG INVESTORS LLP
Q4 2025 Form 13-F
SADDLE BROOK, NEW JERSEY
CIK 0001504304
· CRD 151585
· SEC-registered investment adviser
$449.0M Reported Value Total
BULLDOG INVESTORS, LLP reports 157 total accounts under management (AUM). There are 157 discretionary accounts valued at $560,984,507, and 0 non-discretionary accounts.
Source: Form ADV filed * Note that certain holdings are exempt from Form 13-F reporting, so the AUM totals may be greater than the Form 13-F total.
Private funds (Form ADV)
11 funds
· $87.6M gross asset value
Hedge Fund: $87.6M
Source: Form ADV filed 2026-03-27
Reported value
$449.0M
Quarter over quarter
-1.4%
Holdings
221
Top-10 concentration
35.2%
Key People
Form ADV owners & control persons
Andrew (nmn) Dakos
MANAGING PARTNER
Phillip Franklin Goldstein
MANAGING PARTNER
Stephanie Lynne Darling
CHIEF COMPLIANCE OFFICER
Filing Navigation
Coverage begins with the second quarter of 2013. Earlier quarters are not shown while their accuracy is being verified.
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Q4 2025 13F record
Q4 2025 13F filing summary
| Period of report | December 31, 2025 |
|---|---|
| Filed | February 13, 2026 |
| Form | 13F-HR |
| Reported value | $449.0M |
| Positions | 221 |
| Change in reported value | +3.9% |
| New positions | 61 |
| Exited positions | 37 |
| Position turnover | 38.0% |
| Top-10 concentration | 35.2% |
13F filings by quarter
| Quarter | Positions | Value |
|---|---|---|
|
Q2 2026 13F
Filed Aug 14, 2026
|
225 | $454.7M |
|
Q1 2026 13F
Filed May 8, 2026
|
216 | $445.0M |
|
Q4 2025 13F
Filed Feb 13, 2026
|
221 | $449.0M |
|
Q3 2025 13F
Filed Nov 14, 2025
|
197 | $432.1M |
|
Q2 2025 13F
Filed Aug 14, 2025
|
171 | $395.5M |
|
Q1 2025 13F
Filed May 15, 2025
|
142 | $369.6M |
|
Q4 2024 13F
Filed Feb 14, 2025
|
142 | $382.9M |
|
Q3 2024 13F
Filed Nov 14, 2024
|
141 | $297.4M |
|
Q2 2024 13F
Filed Aug 9, 2024
|
142 | $267.6M |
|
Q1 2024 13F
Filed May 10, 2024
|
161 | $302.6M |
|
Q4 2023 13F
Filed Feb 14, 2024
|
169 | $304.4M |
|
Q3 2023 13F
Filed Nov 13, 2023
|
210 | $288.0M |
|
Q2 2023 13F
Filed Aug 14, 2023
|
223 | $301.9M |
|
Q1 2023 13F
Filed May 15, 2023
|
260 | $311.1M |
|
Q4 2022 13F
Filed Feb 14, 2023
|
279 | $332.5M |
|
Q3 2022 13F
Filed Nov 14, 2022
|
308 | $342.3M |
|
Q2 2022 13F
Filed Aug 15, 2022
|
332 | $362.1M |
|
Q1 2022 13F
Filed May 13, 2022
|
333 | $389.4M |
|
Q4 2021 13F
Filed Feb 11, 2022
|
288 | $374.3M |
|
Q3 2021 13F
Filed Nov 12, 2021
|
258 | $352.8M |
33 earlier quarters on file — choose one from the quarter menu above.
Top 20 holdings · Q4 2025
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | STEW SRH TOTAL RETURN FUND INC | $23.1M | 5.14% |
| 2 | DSM BNY MELLON STRATEGIC MUN BD | $20.4M | 4.55% |
| 3 | CET CENTRAL SECS CORP | $19.8M | 4.42% |
| 4 | GAM GENERAL AMERN INVS CO INC | $17.4M | 3.88% |
| 5 | NBXG NEUBERGER NEXT GENERATION | $16.9M | 3.76% |
| 6 | CION CION INVT CORP | $14.9M | 3.31% |
| 7 | CMU MFS HIGH YIELD MUN TR | $12.6M | 2.81% |
| 8 | TRC TEJON RANCH CO | $12.5M | 2.78% |
| 9 | RWAY RUNWAY GROWTH FINANCE CORP | $10.7M | 2.39% |
| 10 | CXH MFS INVT GRADE MUN TR | $9.6M | 2.13% |
| 11 | LEO BNY MELLON STRATEGIC MUNS IN | $9.4M | 2.1% |
| 12 | TPL TEXAS PACIFIC LAND CORPORATI | $9.1M | 2.03% |
| 13 | OTF BLUE OWL TECHNOLOGY FIN CORP | $9.0M | 1.99% |
| 14 | GDV GABELLI DIVID & INCOME TR | $8.3M | 1.86% |
| 15 | FSK FS KKR CAP CORP | $7.2M | 1.6% |
| 16 | CNNE CANNAE HLDGS INC | $7.2M | 1.6% |
| 17 | OXLC OXFORD LANE CAP CORP | $7.1M | 1.58% |
| 18 | DRDB ROMAN DBDR ACQUISITION CORP | $7.1M | 1.58% |
| 19 | CCAP CRESCENT CAP BDC INC | $6.4M | 1.43% |
| 20 | ALX ALEXANDERS INC | $6.1M | 1.36% |
Values as reported on the Q4 2025 Form 13F. Every position is in the holdings table below.