NEW YORK—Saba Capital Management, L.P. has recently increased its stake in Eaton (NYSE:ETN) Vance New York Municipal Bond Fund (NYSE:ENX), a fund known for its 23-year track record of consistent dividend payments and current attractive yield of 5.22%, by acquiring additional shares. According to a recent SEC filing, Saba Capital purchased a total of 36,517 shares over two days, December 17 and December 18, 2024, with a total transaction value of approximately $354,118. The purchase prices ranged between $9.68 and $9.70 per share. The fund has demonstrated stable performance with a beta of 0.59, indicating lower volatility than the broader market. InvestingPro analysis reveals several additional quality indicators for this fund, with 5 key ProTips available to subscribers.
Following these transactions, Saba Capital now holds 3,235,033 shares of the fund. The investment firm, led by Boaz Weinstein, is a significant stakeholder, holding more than 10% of the fund’s common stock. These acquisitions reflect Saba Capital’s ongoing interest in municipal bond investments, particularly in the New York region. The fund maintains strong liquidity with a current ratio of 2.34, and has posted a positive YTD return of 4.01%.
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