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Saba Capital Management, L.P., a notable investor, has recently expanded its holdings in Tortoise Sustainable & Social Impact Term Fund (NYSE:TEAF), acquiring a substantial number of shares over two consecutive days. According to the latest SEC filings, Saba Capital purchased a total of 26,548 shares, valued at approximately $292,082. The transactions occurred on April 15 and April 16, with share prices ranging from $10.99 to $11.06.
Following these acquisitions, Saba Capital Management’s total ownership in the fund rose to 1,533,226 shares. These transactions underscore the firm’s continued interest and investment in the sustainable and social impact sector. With a market capitalization of $151.4 million, TEAF has shown resilience despite a -6.1% year-to-date return. For more detailed analysis and additional insights, check out InvestingPro, which offers exclusive financial metrics and investment tips.
In other recent news, Tortoise Sustainable and Social Impact Term Fund announced a change in its independent registered public accounting firm. The Fund’s Board of Directors approved the engagement of Tait, Weller & Baker LLP to replace Ernst & Young LLP, which had served as the Fund’s accountant for the fiscal year ending November 30, 2024. The reports from Ernst & Young LLP for the fiscal years ending November 30, 2024, and November 30, 2023, contained no adverse opinions or disclaimers. There were no disagreements or "reportable events" between the Fund and Ernst & Young LLP during these fiscal years or up to April 3, 2025. The Fund formally notified Ernst & Young LLP of its dismissal on April 8, 2025, and Ernst & Young LLP confirmed their agreement with the Fund’s statements regarding their dismissal in a letter to the SEC dated April 9, 2025. Prior to the engagement, the Fund had not consulted Tait, Weller & Baker LLP on any accounting principles or transactions. This transition reflects the Fund’s continued focus on sustainable and social impact investments. The information is based on the latest filing with the Securities and Exchange Commission.
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