SCHEDULE: Saba Capital Boosts Stake in Ellsworth Growth and Income Fund
Beneficial Ownership Update
Saba Capital Management and affiliates have increased their beneficial ownership in Ellsworth Growth and Income Fund Ltd. to 12.29% through recent open market purchases.
Summary
- Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein (Reporting Persons) jointly filed Amendment No. 6 to Schedule 13D regarding their holdings in Ellsworth Growth and Income Fund Ltd.
- The Reporting Persons collectively beneficially own 1,680,620 Common Shares of Ellsworth Growth and Income Fund Ltd.
- This ownership represents 12.29% of the class, calculated based on 13,676,849 shares outstanding as of March 31, 2025, as disclosed in the company's N-CSRS filed on June 6, 2025.
- Approximately $14,070,900 was paid to acquire the reported Common Shares.
- Funds for the purchases were derived from investor subscription proceeds, capital appreciation, and margin account borrowings.
- Recent open market purchases include 11,604 shares bought on October 28, 2025, at $12.28 per share, and 33,764 shares bought on November 7, 2025, at $12.15 per share.
Sentiment
Score: 6
Explanation: Neutral to slightly positive. The filing is a factual report of increased beneficial ownership. While Saba Capital is known for activist investing, which could lead to value-enhancing initiatives, the filing itself does not explicitly state any such intentions or provide performance metrics to assess sentiment directly.
Future Outlook
The filing does not contain forward-looking statements or guidance regarding the issuer's future performance or the Reporting Persons' specific future intentions beyond their ownership.
Industry Context
This filing indicates an increased stake by Saba Capital, a prominent investment manager known for its activist approach, particularly in closed-end funds. Such an increase in ownership often signals potential future engagement to influence corporate governance, distribution policies, or other strategic changes within the fund, typically aimed at narrowing discounts to Net Asset Value (NAV).
Stakeholder Impact
- Shareholders: Increased ownership by an investment manager known for activism could signal potential future engagement regarding corporate governance or shareholder value initiatives, potentially impacting share price.
- Management: Increased scrutiny or engagement from a significant shareholder is possible, which may influence strategic decisions or operational focus.
Key Dates
| Date | Description |
|---|---|
| 2015-11-16 | Date of power of attorney for Michael D'Angelo, incorporated by reference. |
| 2015-12-28 | Date of initial Schedule 13G filing by the Reporting Persons, incorporated by reference. |
| 2025-03-31 | Date as of which 13,676,849 common shares were outstanding, used for percentage calculation. |
| 2025-06-06 | Date of Ellsworth Growth and Income Fund Ltd.'s N-CSRS filing disclosing shares outstanding. |
| 2025-10-28 | Saba Capital purchased 11,604 Common Shares at $12.28 per share in the open market. |
| 2025-11-07 | Saba Capital purchased 33,764 Common Shares at $12.15 per share in the open market; this is the date of the event requiring the filing of this statement. |
| 2025-11-10 | Date of filing and signatures for Saba Capital Management, L.P., Boaz R. Weinstein, and Saba Capital Management GP, LLC. |
Keywords
Ellsworth Growth and Income Fund, Saba Capital Management, Boaz R. Weinstein, Schedule 13D, Beneficial Ownership, Investment Fund, Common Shares, Closed-End Fund, Activist Investor
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