Form 4: Saba Capital Management Increases Stake in Eaton Vance New York Municipal Bond Fund

Saba Capital Management and Boaz Weinstein report increased indirect ownership of Eaton Vance New York Municipal Bond Fund shares through recent purchases.

Summary

• Saba Capital Management, L.P. has reported changes in its beneficial ownership of Eaton Vance New York Municipal Bond Fund (ENX) shares.
• On March 6, 2025, Saba Capital Management acquired 17,243 shares at a price of $9.82 per share.
• On March 7, 2025, an additional 9,500 shares were purchased at $9.79 per share.
• Following these transactions, Saba Capital Management's indirect beneficial ownership totals 3,456,439 shares.
• Boaz Weinstein, also associated with Saba Capital Management, is listed as a reporting person.
• The filing indicates that Saba Capital Management may be considered a 10% owner and director.

Sentiment

Score: 6

Explanation: The sentiment is neutral. It's a routine disclosure of stock purchases. The increased stake could be viewed positively, but it's not definitively bullish.

Positives

• Increased investment by Saba Capital Management could be seen as a positive signal for the Eaton Vance New York Municipal Bond Fund.

Industry Context

Hedge funds like Saba Capital Management often take significant positions in closed-end funds like ENX to capitalize on perceived discounts to net asset value or to influence fund strategy.

Comparison to Industry Standards

• It's common for activist investors like Saba to target closed-end funds, as their fixed capital structure can lead to market inefficiencies.
• Other firms that engage in similar strategies include Bulldog Investors and Karpus Management.
• The size of Saba's position in ENX is substantial, suggesting a significant conviction in their investment thesis.

Stakeholder Impact

• The increased stake by Saba Capital Management could potentially influence the fund's strategy and direction, impacting shareholders.

Key Dates