SCHEDULE: Saba Capital Trims Stake in NYLI CBRE Global Infra Fund

Saba Capital Management, L.P. and its affiliates have reduced their beneficial ownership in NYLI CBRE Global Infrastructure Megatrends Term Fund to 10.98% through recent share sales.

Summary

• Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein (Reporting Persons) collectively beneficially own 5,713,486 Common Shares of NYLI CBRE Global Infrastructure Megatrends Term Fund.
• This represents 10.98% of the issuer's common stock, based on 52,047,534 shares outstanding as of May 31, 2025.
• The Reporting Persons engaged in multiple sales of Common Shares between October 28, 2025, and December 5, 2025.
• A total of 548,534 shares were sold during this period, with prices ranging from $13.87 to $14.57 per share.
• One transaction on November 28, 2025, involved a pro-rata distribution in-kind of 13,321 shares for no consideration.
• The initial acquisition of Common Shares cost approximately $75,225,847, funded by investor subscriptions, capital appreciation, and margin account borrowings.

Sentiment

Score: 4

Explanation: The sentiment is moderately negative due to a significant institutional investor reducing its stake through consistent sales over a two-month period, which could signal diminished confidence or a strategic shift away from the investment.

Negatives

• Saba Capital Management, a significant beneficial owner, has reduced its stake in NYLI CBRE Global Infrastructure Megatrends Term Fund by selling 548,534 shares over the past 60 days.
• The sales occurred at prices ranging from $13.87 to $14.57, potentially indicating a lack of conviction or a strategic portfolio rebalancing by a major investor.

Risks

• The reduction in stake by a significant investor could be interpreted as a potential signal of reduced confidence or a shift in investment strategy, which could indirectly pose a risk to other shareholders.

Future Outlook

NA

Industry Context

This filing reflects a change in a significant institutional investor's position in a closed-end fund focused on global infrastructure megatrends. While the filing itself does not provide broader industry analysis, the fund's focus on infrastructure suggests exposure to sectors like utilities, transportation, and digital infrastructure, which are often seen as defensive or growth-oriented depending on economic cycles. A reduction in stake by a major holder like Saba Capital could be a portfolio rebalancing decision or a reaction to specific fund performance or market conditions within the infrastructure sector.

Legal Proceedings

• The Reporting Persons have not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) in the last five years.
• The Reporting Persons have not been a party to a civil proceeding resulting in a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws in the last five years.

Stakeholder Impact

• Shareholders: The reduction in stake by a major institutional investor could lead to negative market sentiment, potentially impacting the fund's share price. It might also signal a re-evaluation of the fund's prospects by sophisticated investors.
• Management: While not directly impacted by this ownership disclosure, a significant shareholder reducing its position could prompt management to assess investor confidence and communication strategies.

Key Dates

Recommendation

While a significant institutional investor has reduced its stake, the remaining 10.98% ownership is still substantial. The sales could be part of a broader portfolio rebalancing strategy rather than a direct negative assessment of the fund's long-term prospects. Investors should hold and monitor future filings and the fund's performance, as well as Saba Capital's continued involvement, before making a definitive buy or sell decision. Without further context on the fund's underlying assets or performance, a 'hold' position allows for further evaluation.

Keywords

Saba Capital Management, NYLI CBRE Global Infrastructure Megatrends Term Fund, Schedule 13D/A, Beneficial Ownership, Share Sales, Institutional Investor, Closed-End Fund, Infrastructure, Megatrends