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NEW YORK—Saba Capital Management, L.P., a significant shareholder in Eaton (NYSE:ETN) Vance California Municipal Bond Fund (NYSE:EVM), has recently made a notable acquisition of the fund’s common stock. According to a recent filing, Saba Capital acquired 57,844 shares at a price of $8.74 each, totaling an investment of approximately $505,556. The purchase comes as EVM trades near its 52-week low of $8.49, with the fund maintaining a consistent dividend payment track record spanning 24 years, according to InvestingPro data.
This transaction increases Saba Capital’s holdings in the fund to 4,416,002 shares. The purchase, dated June 11, 2025, was executed under the directorship of Zachary Gindes from Saba Capital Management, alongside Boaz Weinstein, both of whom are identified as 10% owners in the filing. The fund, with a market capitalization of $216.38 million, demonstrates relatively low price volatility with a beta of 0.56.
The acquisition reflects continued interest from Saba Capital in the Eaton Vance California Municipal Bond Fund, a fund known for its focus on municipal bonds within California. Investors may view this transaction as a signal of confidence from a major stakeholder. The fund currently offers a substantial dividend yield of 5.71%. For more detailed analysis and additional insights, including 3 more exclusive ProTips, visit InvestingPro.
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