SCHEDULE: Saba Capital Confirms No Voya EM Shares Held Post-Reorg

Saba Capital Management, L.P. and its affiliates have confirmed they no longer beneficially own any shares of Voya Emerging Markets High Dividend Equity Fund following its reorganization.

Summary

• This filing is an amendment to a Schedule 13D, confirming that Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein no longer beneficially own any Common Shares of Voya Emerging Markets High Dividend Equity Fund.
• The shares were liquidated by the Issuer on October 16, 2026, as part of a reorganization into the Voya Multi-Manager Emerging Markets Equity Fund.
• The Reporting Persons previously acquired these shares for investment purposes, believing them to be undervalued.
• Historically, the Reporting Persons may have engaged in discussions with management and the Board regarding the Issuer's business, governance, performance, and strategic plans, including potential liquidation.
• No transactions in the Common Shares occurred within the past sixty days prior to this filing.
• The Reporting Persons have confirmed they do not have sole or shared voting or dispositive power over any shares of the Issuer.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this as a neutral to slightly negative filing, primarily due to the confirmation of no longer holding shares and the historical context of the investment. The lack of current holdings limits immediate positive or negative sentiment.

Positives

• Confirmation of no longer holding shares simplifies the reporting landscape for the fund.
• The historical investment was made with the belief that the shares were undervalued, indicating a strategic investment approach.

Negatives

• The filing confirms the complete divestment of shares by Saba Capital Management and its affiliates.
• The historical context suggests potential past disagreements or strategic engagements with the Issuer's management or board that have now concluded with divestment.

Risks

• The filing does not explicitly mention any ongoing risks or future challenges, as the Reporting Persons no longer hold securities in the Issuer.

Future Outlook

As the Reporting Persons no longer own any securities of the Issuer, there is no forward-looking guidance or outlook provided by them regarding the Issuer's future performance or strategy in this filing.

Management Comments

• The Reporting Persons may engage in discussions with management, the Board of Trustees, other shareholders of the Issuer and other relevant parties, including representatives of any of the foregoing, concerning the Reporting Persons' investment in the Common Shares and the Issuer, including, without limitation, matters concerning the Issuer's business, operations, board appointments, governance, performance, management, capitalization, trading of the Common Shares at a discount to the Issuer's net asset value and strategic plans and matters relating to the open or closed end nature of the Issuer and timing of any potential liquidation of the Issuer.
• The Reporting Persons may make binding or non-binding shareholder proposals, or may nominate one or more individuals as nominees for election to the Board in connection with their investment in the Common Shares of the Issuer.
• The Reporting Persons intend to review their investment in the Issuer on a continuing basis.
• Depending on various factors, including, without limitation, the outcome of any discussions referenced above, the Issuer's financial position and strategic direction, actions taken by management or the Board, price levels of the Common Shares, other investment opportunities available to the Reporting Persons, conditions in the securities market and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate, including, without limitation, purchasing additional Common Shares or selling some or all of their Common Shares, establishing, maintaining, increasing or decreasing any short position or hedging or similar position they may have now or in the future with respect to the Common Shares, and/or otherwise changing their intention with respect to any and all matters referred to in Item 4 of Schedule 13D/A.
• Furthermore, the Reporting Person may seek to influence the Issuer to engage in share buy-backs, tenders, and liquidations and/or to change its governance, investment strategy and/or investment manager (which may be the Reporting Person).

Industry Context

StockSavvy.ai notes that this filing reflects a common scenario for activist investors or significant shareholders in closed-end funds (CEFs). CEFs often trade at discounts to their Net Asset Value (NAV), which can attract investors seeking to influence management to close the discount through actions like tender offers, share buybacks, or liquidation. The reorganization mentioned suggests a shift in the fund's structure or investment strategy, which may have prompted Saba Capital's exit.

Stakeholder Impact

• Shareholders of the Voya Emerging Markets High Dividend Equity Fund may be impacted by the fund's reorganization and the exit of a significant historical investor.
• The absence of Saba Capital as a shareholder may reduce pressure on the Issuer's management regarding governance, share buybacks, or liquidation strategies.

Next Steps

• The Reporting Persons will continue to review their investment positions.
• The Reporting Persons may take future actions with respect to their investments as they deem appropriate, including purchasing or selling securities.

Key Dates

Keywords

Voya Emerging Markets High Dividend Equity Fund, Schedule 13D, Saba Capital Management, Boaz R. Weinstein, Investment, Reorganization, Divestment