SCHEDULE: Saba Capital Boosts Stake in Clough Global Dividend Fund

Saba Capital Management, L.P. increased its beneficial ownership in Clough Global Dividend & Income Fund to 7.09% through recent open market purchases.

Summary

• Saba Capital Management, L.P., along with Saba Capital Management GP, LLC and Boaz R. Weinstein, collectively increased their beneficial ownership in Clough Global Dividend & Income Fund.
• The Reporting Persons now beneficially own 880,115 Common Shares, representing 7.09% of the outstanding class.
• This percentage is calculated based on 12,409,683 shares of common stock outstanding as of October 31, 2025, as disclosed in the company's N-CSR filed on January 6, 2026.
• Recent purchases occurred between November 7, 2025, and January 6, 2026, with prices ranging from $5.92 to $6.11 per share.
• Approximately $8,249,372 was paid to acquire the Common Shares reported in the filing.
• Funds for these purchases were derived from investor subscription proceeds, capital appreciation, and margin account borrowings.

Sentiment

Score: 7

Explanation: The filing indicates a significant and increasing investment by a prominent hedge fund, Saba Capital, in the Clough Global Dividend & Income Fund. This suggests a positive view from a sophisticated investor, potentially signaling future engagement or belief in undervalued assets. The consistent buying activity, while using some margin, reflects a strategic accumulation. No negative information about the issuer or the reporting person's financial health is present.

Positives

• Saba Capital Management, a prominent investment firm known for its focus on closed-end funds, has increased its stake, potentially signaling confidence in the Clough Global Dividend & Income Fund.
• The consistent open market purchases suggest a strategic accumulation of shares by a sophisticated investor.

Risks

• The use of margin account borrowings for share purchases introduces leverage risk for Saba Capital, as positions held in margin accounts are pledged as collateral security for debit balances.

Future Outlook

The filing does not contain explicit forward-looking statements or guidance from the issuer or the reporting persons regarding future performance or strategy beyond the act of increasing their stake.

Industry Context

This filing indicates a significant and increasing investment by Saba Capital Management, a hedge fund known for its activist approach, particularly in the closed-end fund sector. Such increased stakes often precede engagement with fund management regarding strategies to enhance shareholder value, such as tender offers, share repurchases, or changes in investment policy.

Comparison to Industry Standards

• Saba Capital Management's strategy of accumulating significant stakes in closed-end funds is a well-established activist approach within the asset management industry, often seen with other activist funds.
• The 7.09% stake is a substantial position, typically sufficient to warrant a board seat or influence strategic decisions, aligning with common thresholds for activist investors seeking to engage with management.
• The consistent open market purchases over several weeks, rather than a single block trade, suggest a deliberate accumulation strategy, common among funds aiming to build a position without unduly impacting market price.

Legal Proceedings

• The Reporting Persons have not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
• The Reporting Persons have not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction that resulted 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.

Stakeholder Impact

• Shareholders: Increased institutional ownership by an activist investor like Saba Capital could lead to initiatives aimed at enhancing shareholder value, potentially through governance changes, distribution policy reviews, or other strategic actions.
• Management/Board: The increased stake may prompt engagement from Saba Capital, potentially influencing future strategic decisions or board composition.

Next Steps

• Saba Capital Management may seek to engage with Clough Global Dividend & Income Fund's management or board regarding strategic initiatives.
• Further open market purchases or sales by Saba Capital Management could occur, requiring additional Schedule 13D/A filings.

Key Dates

Recommendation

While Saba Capital's increased stake suggests potential future catalysts and a vote of confidence from a sophisticated investor, the filing itself does not provide enough fundamental information about the Clough Global Dividend & Income Fund's performance or valuation to issue a 'buy' or 'sell' recommendation. The increased ownership could lead to positive developments, but these are not yet realized. Therefore, a 'hold' recommendation is appropriate, advising investors to monitor developments related to Saba Capital's engagement and the fund's performance.

Keywords

Saba Capital Management, Clough Global Dividend & Income Fund, Schedule 13D/A, Beneficial Ownership, Institutional Investment, Closed-End Fund, Share Accumulation, Boaz R. Weinstein