SCHEDULE: Saba Capital Boosts Clough Global Dividend Fund Stake to 6.08%

Saba Capital Management, L.P. and its affiliates increased their beneficial ownership in Clough Global Dividend & Income Fund to 6.08% through open market purchases.

Summary

• Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein (collectively, the "Reporting Persons") have filed Amendment No. 3 to their Schedule 13D.
• The filing pertains to their beneficial ownership of Common Shares, no par value, of Clough Global Dividend & Income Fund.
• The Reporting Persons collectively beneficially own 754,115 Common Shares, representing 6.08% of the issuer's outstanding common stock.
• This percentage is calculated based on 12,409,683 shares of common stock outstanding as of April 30, 2025, as disclosed in the company's N-CSRS filed on July 7, 2025.
• Approximately $7,492,642 was paid to acquire the Common Shares reported.
• Funds for the acquisition were derived from investor subscription proceeds, capital appreciation, and margin account borrowings.
• All transactions in Common Shares by Saba Capital within the sixty days prior to October 21, 2025, were open market purchases, as detailed in Schedule A.
• The filing amends Items 3, 5, and 7 of the previous Schedule 13D.

Sentiment

Score: 6

Explanation: The increased stake by a prominent institutional investor like Saba Capital is generally viewed as a moderately positive signal, indicating conviction in the fund's value, even without an explicit activist agenda stated in this amendment. However, the use of margin borrowings introduces a degree of risk for the Reporting Persons.

Positives

• A significant investment firm, Saba Capital, has increased its stake, potentially signaling confidence in the long-term value of Clough Global Dividend & Income Fund.
• The continued accumulation of shares by a known institutional investor could attract further investor interest.

Risks

• Funds for share purchases were partially derived from margin account borrowings, where positions are pledged as collateral, introducing leverage risk to the Reporting Persons' investment.
• The specific purpose of the transaction beyond ownership is not detailed in this amendment, which could lead to uncertainty regarding future intentions.

Future Outlook

No specific forward-looking statements or guidance were provided in this filing regarding the issuer's operations or financial performance.

Management Comments

• Michael D'Angelo, General Counsel for Saba Capital Management, L.P., certified the information as true, complete, and correct to the best of his knowledge and belief.
• Michael D'Angelo also signed as Authorized Signatory for Boaz R. Weinstein and Attorney-in-fact for Saba Capital Management GP, LLC.

Industry Context

Saba Capital Management is widely recognized as an activist investor, particularly in the closed-end fund space. Their increased stake in Clough Global Dividend & Income Fund, while not explicitly stating an activist purpose in this amendment, aligns with their historical strategy of taking significant positions to potentially influence governance or unlock shareholder value in such funds.

Legal Proceedings

• The Reporting Persons have not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) during the last five years.
• The Reporting Persons have not been a party to a civil proceeding resulting in a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws, or finding any violation with respect to such laws, during the last five years.

Stakeholder Impact

• Shareholders: Potential for increased scrutiny on management and governance, and possible future actions by Saba Capital to enhance shareholder value.
• Management: May face increased pressure or engagement from a significant institutional shareholder.

Next Steps

• The Reporting Persons will continue to hold their investment in Clough Global Dividend & Income Fund.
• Potential for future engagement with the issuer's management or board, consistent with Saba Capital's investment strategy, though not explicitly stated in this filing.

Key Dates

Recommendation

While Saba Capital's increased stake could be a precursor to activist engagement, this filing primarily serves as an ownership update without detailing specific strategic intentions or financial performance metrics of the issuer. Therefore, a 'hold' recommendation is appropriate, awaiting further clarity on Saba Capital's plans or the fund's future performance.

Keywords

Saba Capital Management, Clough Global Dividend & Income Fund, Schedule 13D, Beneficial Ownership, Investment Fund, Common Shares, Institutional Investor, Activist Investor