SCHEDULE: Saba Capital Boosts Stake in New Germany Fund to 12.65%

Saba Capital Management, L.P. and its affiliates have increased their beneficial ownership in The New Germany Fund, Inc. to 12.65% through recent open market purchases.

Summary

• Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein (the "Reporting Persons") jointly filed an Amendment No. 6 to Schedule 13D.
• The Reporting Persons now beneficially own an aggregate of 2,046,734 Common Shares of The New Germany Fund, Inc.
• This ownership represents 12.65% of the outstanding common stock, calculated based on 16,179,780 shares as of June 30, 2025.
• Approximately $18,141,572 was paid to acquire the Common Shares reported in this filing.
• Funds for the purchases were derived from investor subscription proceeds, capital appreciation, and margin account borrowings.
• Recent open market purchases occurred between October 27, 2025, and November 10, 2025, including a significant purchase of 68,788 shares at $10.56 on November 10, 2025.

Sentiment

Score: 6

Explanation: The filing indicates a significant increase in ownership by an institutional investor, which can be viewed positively as a vote of confidence. However, it does not provide operational or financial performance details for the issuer, limiting a stronger positive sentiment. The 'Not Applicable' purpose of transaction suggests no immediate activist intent, which could be neutral to slightly positive depending on investor expectations.

Positives

• Increased institutional ownership by Saba Capital Management, a notable investment manager, could signal confidence in The New Germany Fund, Inc.'s value.
• The acquisition of shares in the open market demonstrates a direct investment by the Reporting Persons.

Negatives

• No specific negative information regarding The New Germany Fund, Inc. was disclosed in this ownership filing.

Risks

• The filing indicates that funds for share purchases were derived in part from margin account borrowings, which introduces leverage risk for the Reporting Persons, though not directly for the issuer.

Future Outlook

The filing does not contain any forward-looking statements or guidance from The New Germany Fund, Inc. or the Reporting Persons regarding future operations or financial performance. The purpose of the transaction is stated as 'Not Applicable,' indicating no immediate stated intent for control or significant influence beyond investment.

Management Comments

• Michael D'Angelo, General Counsel for Saba Capital Management, L.P., signed the filing, certifying the information to the best of his knowledge and belief.

Industry Context

This filing reflects an increased stake by an activist-oriented investment manager, Saba Capital, in a closed-end fund, The New Germany Fund, Inc. Saba Capital is known for taking significant positions in closed-end funds, often advocating for changes to narrow discounts to net asset value or other shareholder-friendly actions. This move aligns with Saba Capital's established investment strategy within the closed-end fund sector.

Comparison to Industry Standards

• Saba Capital Management's 12.65% stake is a substantial position, often considered a significant minority interest in the context of closed-end funds. Such stakes are typically large enough to influence corporate governance or strategic decisions, especially when compared to the fragmented ownership often seen in publicly traded funds.
• The acquisition of shares in the open market is a standard method for institutional investors to build positions, reflecting market-based valuation rather than private transactions.

Legal Proceedings

• The Reporting Persons (Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein) 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: Increased institutional ownership by Saba Capital could lead to potential advocacy for shareholder value initiatives, such as narrowing the discount to net asset value, which could benefit all shareholders.
• Management: The presence of a significant institutional investor like Saba Capital may lead to increased scrutiny or engagement regarding the fund's performance and governance.

Next Steps

• The Reporting Persons may continue to acquire or dispose of shares of The New Germany Fund, Inc. in the future, which would necessitate further Schedule 13D amendments if material changes occur.

Key Dates

Keywords

Saba Capital Management, The New Germany Fund, Schedule 13D/A, Beneficial Ownership, Institutional Investment, Closed-End Fund, Equity Stake, Investment Management