In this article, we discuss 5 stocks to buy according to Bulldog Investors. If you want to read our detailed analysis of the fund’s history, investment philosophy, and performance, go directly to 10 Stocks to Buy According to Bulldog Investors.
5. FTAC Hera Acquisition Corp. (NASDAQ:HERA)
Bulldog Investors’ Stake Value: $5,805,000
Percentage of Bulldog Investors’ 13F Portfolio: 1.6%
Number of Hedge Fund Holders: N/A
FTAC Hera Acquisition Corp. (NASDAQ:HERA) is a blank-check company. It is managed by Betsy Z. Cohen, who is the chairman of the board, and Daniel G. Cohen, the president and chief executive officer. The firm aims to acquire or merge with one or more technology and fintech companies. Israel Englander’s Millennium Management is the most prominent stakeholder of FTAC Hera Acquisition Corp. (NASDAQ:HERA), with 5.74 million shares worth $56.24 million.
Though Bulldog Investors reduced its stake in FTAC Hera Acquisition Corp. (NASDAQ:HERA) by 8% during the second quarter, the company remained the fund’s fifth-largest holding. The hedge fund still owned 592,316 shares of FTAC Hera Acquisition Corp. (NASDAQ:HERA) in Q2 2022, worth about $5.81 million.
4. CION Investment Corporation (NYSE:CION)
Bulldog Investors’ Stake Value: $5,824,000
Percentage of Bulldog Investors’ 13F Portfolio: 1.6%
Number of Hedge Fund Holders: 8
CION Investment Corporation (NYSE:CION) is a publicly traded business development corporation with total assets of about $1.9 billion as of June 30, 2022. By concentrating primarily on senior secured loans to American middle-market firms, CION Investment Corporation (NYSE:CION) attempts to provide investors with current income and, to a lesser extent, capital gain.
Finian O’Shea, a Wells Fargo analyst, upgraded CION Investment Corporation (NYSE:CION) from ‘Equal Weight’ to ‘Overweight’ on July 25 with a $9.50 price objective, down from $11.50. After the release of the Q2 results, the analyst cited the company’s share repurchase plan and its sharply discounted valuation for the upgrade.
Investors were recently seen buying CION Investment Corporation (NYSE:CION) shares. At the close of the second quarter, 8 hedge funds were bullish on the stock, compared to 6 in the previous quarter. With about 737,237 shares valued at $6.41 million, Millennium Management is the biggest shareholder of CION Investment Corporation (NYSE:CION).
Bulldog Investors began building its stake in CION Investment Corporation (NYSE:CION) in the fourth quarter of 2021. In the second quarter of 2022, it held 669,424 shares of CION Investment Corporation (NYSE:CION). These were worth $5.82 million and accounted for 1.6% of its portfolio. The hedge fund elevated its stake in the firm by 70% in the second quarter of 2022.
3. Texas Pacific Land Corporation (NYSE:TPL)
Bulldog Investors’ Stake Value: $6,547,000
Percentage of Bulldog Investors’ 13F Portfolio: 1.8%
Number of Hedge Fund Holders: 22
Texas Pacific Land Corporation (NYSE:TPL) was established in 1888 and is based in Dallas, Texas. The company specializes land and resource management, water services, and relevant operations. The corporation’s property and resource management section handles roughly 880,000 acres of land. Texas Pacific Land Corporation (NYSE:TPL) currently has a $13.693 billion market capitalization and delivered a 36.35% return in the past 12 months as of September 17.
Bulldog Investors bought 2,100 shares of Texas Pacific Land Corporation (NYSE:TPL) in the first quarter of 2021. At the end of the second quarter of 2022, the hedge fund held 4,400 shares of Texas Pacific Land Corporation (NYSE:TPL), worth about $6.55 million.
At the end of the second quarter, 22 hedge funds owned stakes in Texas Pacific Land Corporation (NYSE:TPL), with a combined value of $2.34 billion. This is in contrast to 19 hedge funds a quarter ago. Insider Monkey’s Q2 database suggests that Murray Stahl’s Horizon Asset Management is the biggest stakeholder of Texas Pacific Land Corporation (NYSE:TPL), with 1.51 million shares worth more than $2.24 billion.
Ave Maria mentioned Texas Pacific Land Corporation (NYSE:TPL) in its second-quarter 2022 investor letter. Here is what the firm said:
“Texas Pacific Land Corporation (NYSE:TPL) is one of the largest landowners in Texas. The company’s internal operations are performing well with WTI oil prices around $100 per barrel. Furthermore, high oil prices may encourage more drilling which bodes well for TPL’s oil royalties, land easements and its frac water business. Recently, TPL entered a joint venture with a bitcoin miner to place bitcoin mining hardware on TPL’s land and use excess natural gas as a low-cost energy source for the operation. While we are skeptical about the future of bitcoin, we view this venture as TPL gaining a free option on the value of bitcoin.”
2. Central Securities Corp. (NYSE:CET)
Bulldog Investors’ Stake Value: $7,431,000
Percentage of Bulldog Investors’ 13F Portfolio: 2.05%
Number of Hedge Fund Holders: 3
Central Securities Corp. (NYSE:CET) invests in the United States public equities markets. It also invests in government, bank and company bonds, convertible bonds, preferred stocks, convertible preferred stocks, warrants, options on real estate, and short-term liabilities.
Bulldog Investors is the biggest position holder in Central Securities Corp. (NYSE:CET) as of Q2 2022, with 211,062 shares worth $7.43 million. The stock accounts for 2.05% of the total 13F holdings. It is one of Bulldog Investors’ long-term investments, and the firm has been in the hedge fund’s portfolio since the fourth quarter of 2013.
Hedge fund sentiment remained unchanged for Central Securities Corp. (NYSE:CET) in the second quarter of 2022. Insider Monkey spotted 3 hedge funds that were long Central Securities Corp. (NYSE:CET) at the end of Q2 2022. The collective stakes of these hedge funds totaled $11.94 million.
1. General American Investors Company, Inc. (NYSE:GAM)
Bulldog Investors’ Stake Value: $11,664,000
Percentage of Bulldog Investors’ 13F Portfolio: 3.22%
Number of Hedge Fund Holders: 5
General American Investors Company, Inc. (NYSE:GAM) is a publicly listed investment management firm that invests in growth stocks. General American Investors Company, Inc. (NYSE:GAM) invests in the IT, Finance, Consumer Staples, Consumer Discretionary, Retailing, Communication Services, Industrials, Health Care, Energy, and Materials sectors.
13F filings for Q2 2022 by Bulldog Investors disclose that the hedge fund owns 329,858 shares of General American Investors Company, Inc. (NYSE:GAM) worth $11.66 million, representing 3.22% of the total portfolio. Bulldog Investors increased its stake in the company by 1% in the second quarter of 2022.
At the end of the second quarter, 5 hedge funds owned stakes in General American Investors Company, Inc. (NYSE:GAM), with a combined value of $32.09 million. In addition, Boaz Weinstein’s Saba Capital held a significant stake in General American Investors Company, Inc. (NYSE:GAM) at the end of the second quarter of 2022, worth $14.43 million. Bulldog Investors is another major shareholder of General American Investors Company, Inc. (NYSE:GAM).
You can also take a peek at 10 Stocks to Buy According to Peter Simmie’s Bristol Gate Capital Partners and 10 Stocks to Buy According to Don Morgan’s Brigade Capital.
