SCHEDULE: Saba Capital Discloses 2.45% Stake in PIMCO NY Muni Fund II

Saba Capital Management, L.P., along with Saba Capital Management GP, LLC and Boaz R. Weinstein, has reported a passive beneficial ownership of 2.45% in PIMCO New York Municipal Income Fund II.

Summary

• Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein (collectively, the "Reporting Persons") have filed an Amendment No. 1 to Schedule 13G.
• The Reporting Persons beneficially own an aggregate of 585,124 common shares of PIMCO New York Municipal Income Fund II.
• This ownership represents 2.45% of the issuer's common stock outstanding.
• The percentage is calculated based on 23,889,852 shares outstanding as of October 16, 2025, as disclosed in the company's DEF 14A filed November 4, 2025.
• The Reporting Persons hold shared voting power and shared dispositive power over all 585,124 shares.
• The acquisition of these securities was not for the purpose of changing or influencing the control of the issuer, nor in connection with any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 14a-11.

Sentiment

Score: 5

Explanation: Neutral. The filing is a standard disclosure of a passive ownership stake, which does not inherently convey positive or negative sentiment about the issuer's performance or prospects, beyond the fact that an institutional investor has chosen to hold a position.

Positives

• A significant institutional investor, Saba Capital Management, has taken a notable passive stake in PIMCO New York Municipal Income Fund II, potentially signaling confidence in the fund's underlying assets or strategy.

Risks

• The filing indicates that the shares were not acquired for the purpose of changing or influencing control, but it does allow for activities solely in connection with a nomination under Rule 14a-11, which could imply potential future shareholder activism related to board composition.

Future Outlook

NA

Industry Context

The disclosure of a significant passive stake by an investment manager like Saba Capital in a municipal income fund is a routine event in the investment management industry. Saba Capital is known for its focus on closed-end funds and often takes activist positions, though this 13G filing indicates a passive intent, with the caveat of potential nomination activities.

Stakeholder Impact

• Shareholders: The disclosure of a new significant shareholder, particularly one known for its investment strategies in closed-end funds, could influence market perception and potentially the trading dynamics of the fund's shares. While currently passive, the allowance for nomination activities under Rule 14a-11 suggests a potential for future engagement.

Key Dates

Recommendation

This Schedule 13G filing primarily serves as a disclosure of a passive ownership stake by Saba Capital Management. While the presence of a notable institutional investor can be seen as a positive signal, the filing itself does not provide sufficient information regarding the fund's financial performance, strategic direction, or valuation to warrant a 'buy' or 'sell' recommendation. Investors should 'hold' and monitor for any further disclosures or actions by Saba Capital, especially given their history of engagement in closed-end funds, and evaluate the fund's fundamentals independently.

Keywords

PIMCO New York Municipal Income Fund II, Saba Capital Management, Boaz R. Weinstein, Beneficial Ownership, Schedule 13G, Investment Fund, Municipal Income, Shareholder Stake