SCHEDULE 13D/A: Saba Capital Reduces Stake in Lazard Global Total Return & Income Fund to 4.99%
Beneficial Ownership Update
Saba Capital Management, L.P. and its affiliates have filed an Amendment No. 7 to their Schedule 13D, reporting a reduced beneficial ownership of 4.99% in Lazard Global Total Return & Income Fund, Inc. as of December 31, 2024.
Summary
- Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein (collectively, the "Reporting Persons") have filed Amendment No. 7 to their Schedule 13D regarding their holdings in Lazard Global Total Return & Income Fund, Inc.
- As of December 31, 2024, the Reporting Persons beneficially own an aggregate of 650,215 Common Shares, representing 4.99% of the issuer's outstanding common stock.
- This percentage is calculated based on 13,012,942 shares of common stock outstanding as of June 30, 2024, as disclosed in the company's N-CSRS filed on August 30, 2024.
- Funds for the acquisition of these shares were derived from subscription proceeds from investors, capital appreciation, and margin account borrowings.
- Approximately $10,111,667 was paid to acquire the Common Shares reported.
- Between December 9, 2024, and December 31, 2024, Saba Capital effectuated multiple open market sales of Common Shares, totaling 79,735 shares, with prices ranging from $16.03 to $17.10 per share.
Sentiment
Score: 5
Explanation: The document is a factual report of a change in beneficial ownership, specifically a reduction in stake. While a reduction by a significant holder could be viewed negatively, the filing itself is a routine disclosure and does not contain information that would significantly alter the fundamental outlook of the company based solely on this report.
Negatives
- Saba Capital Management, a significant investor, has reduced its stake in Lazard Global Total Return & Income Fund, Inc. by selling 79,735 shares between December 9, 2024, and December 31, 2024.
Risks
- Positions held in margin accounts are pledged as collateral security for the repayment of debit balances, which may exist from time to time, indicating a general financial risk associated with leveraged investments.
Future Outlook
The document does not contain any forward-looking statements or guidance from the issuer or the reporting persons regarding the issuer's future performance or strategic direction.
Industry Context
This filing is a routine disclosure of a change in beneficial ownership by an investment manager in a closed-end fund. It does not provide broader industry trends or competitive analysis.
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 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, during the last five years.
Stakeholder Impact
- Shareholders may note the reduction in the stake held by Saba Capital Management, L.P., a prominent investment firm, which could be interpreted as a change in their investment thesis or portfolio rebalancing.
Key Dates
| Date | Description |
|---|---|
| 2015-11-16 | Date of power of attorney for Boaz R. Weinstein, incorporated by reference. |
| 2015-12-28 | Date of previous Schedule 13G filing by Reporting Persons, to which the power of attorney is referenced. |
| 2024-03-14 | Date mentioned in Item 5(e) of the filing, without further explanation of its significance. |
| 2024-06-30 | Date as of which the 13,012,942 shares of common stock outstanding were disclosed, used for percentage calculation. |
| 2024-08-30 | Date of the company's N-CSRS filing, where the shares outstanding were disclosed. |
| 2024-12-09 | Date of the previous Schedule 13D/A filing and the start date for the reported transactions. |
| 2024-12-31 | Date of the event which required the filing of this statement and the end date for the reported transactions. |
| 2025-01-03 | Date of signature for the current Schedule 13D/A filing. |
Keywords
SEC filing, Schedule 13D, beneficial ownership, Lazard Global Total Return & Income Fund, Saba Capital Management, investment fund, common shares, stake reduction, institutional investor
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