SCHEDULE 13D/A: Saba Capital Boosts Stake in Destra Multi-Alternative Fund to Over 21%

Saba Capital Management, L.P. and its affiliates have increased their beneficial ownership in Destra Multi-Alternative Fund to 21.59% through recent 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. 9 to their Schedule 13D.
• The filing updates their beneficial ownership in Destra Multi-Alternative Fund's Common Shares, $0.001 par value.
• As of May 12, 2025, the Reporting Persons collectively beneficially own 1,935,159 common shares.
• This represents 21.59% of the outstanding common shares, calculated based on 8,963,239 shares outstanding as of September 30, 2024, as disclosed in the company's N-CSRS filed December 4, 2024.
• Approximately $12,534,066 was paid to acquire the total common shares reported herein.
• Recent open market purchases detailed in the filing occurred between May 1, 2025, and May 12, 2025, totaling 104,670 shares at prices ranging from $8.32 to $8.51 per share.

Sentiment

Score: 6

Explanation: The document is a factual report of increased beneficial ownership by an investment firm. While not directly about the issuer's performance, an increased stake by a known activist investor can be perceived positively by the market as it may signal confidence or potential for value creation.

Positives

• Saba Capital, an investment manager known for its focus on closed-end funds and activist strategies, has increased its stake, potentially signaling confidence in the fund's value or a belief in its undervaluation.
• The acquisition of additional shares by a significant investor could be viewed positively by other shareholders, suggesting potential for future engagement or value creation.

Negatives

• No explicit negatives regarding the issuer's financial performance or operational outlook are mentioned in this ownership filing.

Risks

• The funds used by the Reporting Persons for share purchases include margin account borrowings, which introduces leverage risk for the Reporting Persons' investment.

Future Outlook

The document does not provide forward-looking statements or guidance from the issuer. It details the current beneficial ownership position and recent transactions of the Reporting Persons.

Industry Context

This filing reflects an increased stake by Saba Capital, an investment firm known for its focus on closed-end funds and activist strategies. Such an increase in ownership by an activist investor in a multi-alternative fund suggests a potential belief in undervaluation or an intent to influence corporate governance or strategy within the closed-end fund sector.

Stakeholder Impact

• Shareholders: The increased stake by Saba Capital, an activist investor, could lead to future engagement with management, potentially influencing corporate strategy, governance, or capital allocation, which may impact shareholder value.

Next Steps

• The document does not explicitly state future actions or milestones for the issuer. The Reporting Persons will continue to monitor their investment in Destra Multi-Alternative Fund.

Key Dates

Keywords

Destra Multi-Alternative Fund, Saba Capital Management, Boaz R. Weinstein, Schedule 13D, Beneficial Ownership, Investment Fund, Common Shares, Activist Investor, SEC Filing, Closed-End Fund