Saba Capital Management, L.P., a significant stakeholder in abrdn Global Infrastructure Income Fund (NYSE:ASGI), has recently sold a substantial amount of its holdings. The firm disposed of 11,897 shares of common stock, fetching a total of $233,895. The shares were sold at an average price of $19.66 each.
Following this transaction, Saba Capital now holds 2,943,503 shares in the fund. This move is part of the latest activities reported in a Form 4 filing with the Securities and Exchange Commission. The transaction was executed on November 5, 2024, and the filing was signed by Zachary Gindes on behalf of Saba Capital and Boaz Weinstein on November 7, 2024.
InvestingPro Insights
While Saba Capital Management has reduced its stake in abrdn Global Infrastructure Income Fund (NYSE:ASGI), individual investors might find some attractive features in this stock. According to InvestingPro data, ASGI boasts a substantial dividend yield of 13.21% for 2024, with its most recent ex-dividend date on October 24, 2024. This aligns with one of the InvestingPro Tips, which notes that ASGI "pays a significant dividend to shareholders."
The fund's performance has been robust, with a one-year price total return of 31.12% as of the latest data. This positive trend is further supported by the stock trading at 94.69% of its 52-week high, suggesting strong momentum.
However, investors should be aware that the RSI suggests the stock may be in oversold territory, according to another InvestingPro Tip. This could indicate a potential buying opportunity for those looking to enter or increase their position in ASGI.
It's worth noting that InvestingPro offers additional insights, with 5 more tips available for ASGI on their platform. These could provide further context for understanding the fund's prospects and potential risks.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.