Saba Capital Acquires $658K Stake in Ellsworth Growth Fund
Saba Capital Management has purchased $658,000 worth of shares in the Ellsworth Growth and Income Fund, signaling continued interest in closed-end funds.
Saba Capital Management has acquired approximately $658,000 in shares of the Ellsworth Growth and Income Fund, according to a regulatory disclosure. The move reflects the activist investment firm's ongoing strategy of building positions in closed-end funds, a sector it has targeted aggressively in recent years.
Saba Capital, led by founder Boaz Weinstein, has established itself as one of the most prominent activist investors in the closed-end fund space. The firm has historically sought to unlock value in such funds by pressuring management to narrow discounts between share prices and underlying net asset values.
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The Ellsworth Growth and Income Fund is a closed-end fund that typically invests in convertible securities and dividend-paying equities, aiming to provide investors with a combination of capital appreciation and income. Closed-end funds can trade at discounts or premiums to their net asset value, making them frequent targets for activist investors seeking arbitrage opportunities.
The size of the disclosed purchase — $658,000 — suggests this may represent an incremental addition to an existing position or an early-stage stake-building effort, though the full scope of Saba's holdings in the fund was not detailed in available source material. Regulatory filings of this nature are required when investment managers cross certain ownership thresholds or adjust positions in registered investment companies.
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