Phil Goldstein's Special Opportunities Fund released its 2013 annual report. The fund did very well in 2013 and kept up with the S&P 500 but with (what I also believe) substantially less risk as the fund was invested in a significant amount of assets that undoubtedly returned much less than the market. For example, 12% of the portfolio was devoted to special purpose acquisition vehicles (SPACs) and 10% to cash/money market funds had to drag overall returns of the fund down.

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