Form 4: Saba Capital Management Increases Stake in Nuveen New Jersey Quality Municipal Income Fund

Saba Capital Management, along with Boaz Weinstein, reports increased beneficial ownership in Nuveen New Jersey Quality Municipal Income Fund (NXJ) through recent common stock purchases.

Summary

• Saba Capital Management, L.P. has reported changes in its beneficial ownership of Nuveen New Jersey Quality Municipal Income Fund (NXJ).
• On March 5, 2024, Saba Capital acquired 21,556 shares of common stock at a price of $12.08 per share.
• On March 6, 2024, they acquired an additional 17,011 shares at $12.09 per share.
• Following these transactions, Saba Capital's total indirect beneficial ownership amounts to 5,800,575 shares.
• Boaz Weinstein is also listed as a reporting person with a director and 10% owner relationship to the issuer.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. Increased ownership by a significant investor like Saba Capital can be seen as a vote of confidence, but the filing itself is a routine disclosure.

Positives

• Increased investment by Saba Capital could be interpreted as a positive signal for the fund's prospects.

Industry Context

Hedge funds like Saba Capital often take significant positions in closed-end funds like NXJ to potentially influence fund strategy or capitalize on perceived undervaluation.

Stakeholder Impact

• The increased stake by Saba Capital could influence other shareholders' perceptions of the fund.

Key Dates