About
Bulldog Investors was co-founded in 1993 by Phillip Goldstein (former NYC civil engineer) and Steven Samuels, starting with $700,000 and growing to $368 million in AUM. The firm pioneered "transactional activism" in closed-end funds, averaging 11.2% annual returns vs 9.5% S&P 500 since inception with lower risk. Bulldog gained prominence winning the landmark 2006 Goldstein v. SEC case striking down mandatory hedge fund registration. In 2009, they ousted the board of Insured Municipal Income Fund via proxy contest, renamed it Special Opportunities Fund (NYSE: SPE), which they now manage alongside private funds.
Investment Focus
Bulldog employs a value-driven transactional activist strategy focused on closed-end funds and SPACs, emphasizing liquidity events such as asset sales, conversions, and structural changes. The firm identifies closed-end funds trading at significant discounts to NAV, then uses activist techniques including proxy contests, board representation, and shareholder campaigns to unlock value through fund conversions, management changes, or strategic transactions. Partners serve as directors on multiple closed-end fund boards to drive shareholder-friendly governance and capital allocation decisions.