SCHEDULE: Saba Capital Trims Stake in NYLI CBRE Infrastructure Fund

Saba Capital Management, L.P. has reduced its beneficial ownership in NYLI CBRE Global Infrastructure Megatrends Term Fund to 8.81% through recent open market sales.

Summary

• Saba Capital Management, L.P., along with Saba Capital Management GP, LLC and Boaz R. Weinstein, collectively reported beneficial ownership of 4,583,856 Common Shares in NYLI CBRE Global Infrastructure Megatrends Term Fund.
• This represents 8.81% of the issuer's common stock, based on 52,047,534 shares outstanding as of November 30, 2025, as disclosed in the company's N-CSRS filed on February 2, 2026.
• The filing is an Amendment No. 6 to Schedule 13D, updating information regarding the source of funds, interest in securities, and exhibits.
• Funds for the initial acquisition of shares, totaling approximately $60,352,725, were derived from investor subscription proceeds, capital appreciation, and margin account borrowings.
• Between January 20, 2026, and February 9, 2026, Saba Capital executed multiple open market sell transactions, disposing of a total of 530,435 shares at prices ranging from $13.84 to $14.69 per share.

Sentiment

Score: 4

Explanation: StockSavvy.ai views this as a moderately negative signal for the issuer, as a significant institutional investor has reduced its stake, potentially indicating a less favorable outlook or a strategic exit from a portion of their position.

Positives

• The reporting persons have not been involved in any criminal or significant civil proceedings related to securities laws in the last five years, indicating a clean regulatory record for the beneficial owner.

Negatives

• Saba Capital Management, L.P. has reduced its stake in the fund by selling 530,435 shares over a period of less than three weeks, which could be interpreted as a negative signal by the market.

Risks

• The filing does not explicitly state risks for the issuer, but the sale of a significant number of shares by a major investor could be perceived as a negative signal regarding the fund's future prospects or valuation.

Future Outlook

The filing does not contain any forward-looking statements or guidance from the issuer or the reporting persons regarding the issuer's future performance.

Industry Context

StockSavvy.ai notes that Schedule 13D/A filings typically reflect changes in significant ownership stakes by activist investors or large institutional holders. Saba Capital Management is known for its activism in the closed-end fund space, often seeking to narrow discounts to net asset value. A reduction in their stake could signal a shift in their strategy regarding this specific fund or a realization of gains, potentially influencing other investors' perceptions of the fund's valuation or future prospects.

Comparison to Industry Standards

• The filing does not provide sufficient detail to compare the fund's performance or Saba Capital's investment strategy against specific industry benchmarks or comparable companies/projects. The focus is solely on the change in beneficial ownership.

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: Existing shareholders might view the reduction in Saba Capital's stake negatively, potentially leading to downward pressure on the share price due to perceived loss of institutional confidence.
• Fund Management: The fund's management may face increased scrutiny regarding its performance or strategy if a major investor is reducing its position.

Next Steps

• The filing does not explicitly mention any future actions, events, or milestones for the issuer or the reporting persons beyond the ongoing management of their investment portfolio.

Key Dates

Recommendation

The sale of a significant block of shares by an activist investor like Saba Capital, known for its strategic positions in closed-end funds, suggests a potential lack of conviction in the fund's near-term prospects or a belief that the shares are fully valued. This action could signal to other investors that the discount to NAV may not narrow further or that better opportunities exist elsewhere, warranting a 'sell' recommendation for those holding the stock.

Keywords

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