In This Article:
Introduction to the Transaction
Saba Capital Management, L.P. (Trades, Portfolio), a prominent investment firm, has recently expanded its investment portfolio by adding shares of the Eaton Vance California Municipal Bond Fund (EVM). This strategic move involves the acquisition of 61,078 shares, reflecting the firm's confidence in the fund's potential. The transaction, executed on November 10, 2023, signifies a notable addition to Saba Capital's diverse investment holdings.
Profile of Saba Capital Management, L.P. (Trades, Portfolio)
Located at 405 Lexington Avenue in New York, Saba Capital Management, L.P. (Trades, Portfolio) is a firm renowned for its expertise in credit-relative value strategies. The firm manages a substantial equity portfolio of $3.84 billion, with a significant presence in the Financial Services and Technology sectors. Among its top holdings are Templeton Global Income Fund (NYSE:GIM), BlackRock Capital Allocation Trust (NYSE:BCAT), and BlackRock Health Sciences Trust II (NYSE:BMEZ), showcasing a strategic focus on income-generating assets.
Eaton Vance California Municipal Bond Fund (EVM) Overview
Eaton Vance California Municipal Bond Fund, trading under the symbol EVM, is an investment company based in the USA. Since its IPO on August 28, 2002, EVM has been committed to providing tax-exempt current income, primarily catering to individual and institutional investors. With a market capitalization of $205.77 million, the fund operates within the asset management industry, focusing on municipal bond investments.
Transaction Specifics
The recent trade by Saba Capital Management, L.P. (Trades, Portfolio) involved the purchase of 61,078 shares of EVM at a price of $8.30 per share. This transaction has increased the firm's total shareholding in EVM to 2,757,341, accounting for 0.6% of its portfolio and establishing an 11.18% ownership in the fund. The trade's impact on the portfolio was minimal at 0.01%, yet it reflects a strategic positioning by the firm.
EVM's Financial and Market Performance
EVM's stock performance has seen a year-to-date decline of 4.74%, with a significant drop of 44.4% since its IPO. Despite these challenges, the stock has experienced a slight gain of 0.48% since the transaction date. Financially, EVM's metrics indicate areas of concern, with a GF Score of 41/100, suggesting poor future performance potential. The fund's financial strength and profitability ranks are also low, at 5/10 and 3/10 respectively, while growth metrics are not available.