Saba Capital Management, L.P. Boosts Stake in Eaton Vance New York Municipal Bond Fund
On November 6, 2023, Saba Capital Management, L.P. (Trades, Portfolio), a New York-based firm, significantly increased its holdings in Eaton Vance New York Municipal Bond Fund (ENX). The firm added 447,276 shares at a trade price of $8.26 per share, bringing its total holdings to 2,970,977 shares. This transaction represents a 17.72% increase in the firm's stake in ENX and has a 0.1% impact on its portfolio. The firm now holds a 16.54% stake in ENX, making it a significant part of its investment strategy.
About Saba Capital Management, L.P. (Trades, Portfolio)
Saba Capital Management, L.P. (Trades, Portfolio) is a prominent investment firm located at 405 Lexington Avenue, New York. The firm manages a diverse portfolio of 624 stocks, with a total equity of $3.84 billion. Its top holdings include Templeton Global Income Fund(NYSE:GIM), BlackRock Capital Allocation Trust(NYSE:BCAT), BlackRock Health Sciences Trust II(NYSE:BMEZ), BlackRock Innovation & Growth Tr(NYSE:BIGZ), and BlackRock ESG Capital Allocation Trust(NYSE:ECAT). The firm primarily focuses on the Financial Services and Technology sectors.
Overview of Eaton Vance New York Municipal Bond Fund
Eaton Vance New York Municipal Bond Fund (ENX) is a US-based company with a market capitalization of $149.079 million. The company, which had its IPO on August 28, 2002, is primarily engaged in managing investment funds and providing investment management and advisory services. It operates as a non-diversified, closed-end investment company with a single-segment operation. The company's current stock price is $8.3, representing a year-to-date price change ratio of -8.39% and a price change ratio of -44.67% since its IPO.
Stock Performance and Valuation of Eaton Vance New York Municipal Bond Fund
ENX's GF Score is 41/100, indicating poor future performance potential. Unfortunately, due to lack of data, the company's GF Value cannot be evaluated. Since the transaction, the stock has gained 0.48%.
Financial Health and Profitability of Eaton Vance New York Municipal Bond Fund
ENX's Financial Strength is ranked 5/10, and its Profitability Rank is 3/10. The company has a negative ROE of -6.21 and a negative ROA of -3.74, indicating poor profitability. Its Piotroski F-Score is 3, suggesting poor financial health.
Momentum and Predictability of Eaton Vance New York Municipal Bond Fund
ENX's RSI 14 Day Rank is 1202, and its Momentum Index 6 - 1 Month Rank is 1398. Unfortunately, due to lack of data, the company's predictability rank is not available.
Conclusion
In conclusion, Saba Capital Management, L.P. (Trades, Portfolio)'s recent acquisition of additional shares in ENX represents a significant increase in its stake in the company. Despite ENX's poor financial health and profitability, the firm seems to see potential in the stock. It will be interesting to see how this transaction impacts the firm's portfolio and ENX's stock performance in the future.
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