DEFA14A: Nuveen Real Asset Income & Growth Fund Faces Proxy Fight with Saba Capital

Nuveen is urging shareholders to vote against Saba Capital's nominee, claiming Saba's interests are not aligned with those of the fund's investors.

Summary

• Nuveen Real Asset Income & Growth Fund is engaged in a proxy fight with Saba Capital Management, L.P.
• Saba is seeking to replace existing trustees with its own nominee who Nuveen claims has no closed-end fund experience.
• Nuveen argues that Saba's agenda will disrupt the fund's performance and ability to deliver consistent income.
• Nuveen highlights the experience and qualifications of its current trustees, citing over 130 years of relevant experience.
• Nuveen emphasizes a 14.9% 1-year distribution enhancement as of March 31, 2024.
• Shareholders are urged to vote using the WHITE proxy card and to disregard any materials from Saba.
• The annual meeting is scheduled for May 31, 2024, at 12:00 PM Central Time.

Sentiment

Score: 4

Explanation: The document is defensive and highlights a potential conflict, suggesting uncertainty and potential negative outcomes for investors.

Positives

• The current trustees have extensive experience in closed-end funds.
• The fund has delivered a 14.9% 1-year distribution enhancement as of March 31, 2024.

Negatives

• A self-interested hedge fund managed by Saba Capital Management, L.P. (Saba) wants control over the future of your investment.
• By seeking to oust your qualified Trustees to install an individual with zero closed-end fund experience, Saba has shown that only Saba comes first.
• If Saba is successful, their hand-picked nominee may disrupt your Funds ability to perform over time and deliver the reliable, consistent income that you have come to expect.
• With Saba on the Board, their misguided agenda will come before your best interests.

Risks

• Saba's nominee may disrupt the fund's ability to perform and deliver consistent income.
• Saba's agenda may prioritize its own interests over those of the fund's investors.

Future Outlook

Nuveen is focused on protecting shareholder interests and maintaining the fund's performance.

Management Comments

• Your investments future should be decided by you.
• We are committed to protecting your best interests.
• Sabas nominee is not the best steward of your financial interests, and we need you to vote today to protect our shared future.

Industry Context

Proxy fights are becoming increasingly common in the closed-end fund space as activist investors seek to unlock value or influence fund strategy. Saba Capital is a well-known activist investor in this area.

Comparison to Industry Standards

• It's difficult to compare the fund's performance directly without knowing its specific investment strategy and benchmark.
• However, a 14.9% distribution enhancement is a strong result compared to the average closed-end fund.

Stakeholder Impact

• Shareholders face uncertainty regarding the fund's future direction.
• The outcome of the proxy fight could impact the fund's performance and distribution policy.

Next Steps

• Shareholders need to vote on the proxy proposals.
• The outcome of the vote will determine the composition of the board of trustees.

Key Dates

Keywords

proxy fight, Saba Capital, Nuveen, closed-end fund, trustees, shareholders, JRI, Real Asset Income & Growth Fund