Saba Capital Management Buys 10522 Shares in Eaton Vance New York Municipal Bond Fund

Eaton Vance New York Municipal Bond Fund (ENX) has announced that Saba Capital Management, L.P., a 10% owner of the fund, has recently made significant purchases of shares. Specifically, on June 16, 2025, Saba Capital Management purchased 10,522 shares at a price of $9.16 per share, and on June 17, 2025, the firm purchased an additional 19,187 shares at the same price. These transactions demonstrate Saba Capital Management's ongoing commitment to the Eaton Vance New York Municipal Bond Fund.

On June 16, 2025, Saba Capital Management, L.P. (Trades, Portfolio), a prominent investment firm based in New York, executed a significant transaction by purchasing 10,522 shares of Eaton Vance New York Municipal Bond Fund (ENX, Financial) at a price of $9.16 per share. The following day, on June 17, 2025, Saba Capital Management acquired an additional 19,187 shares of ENX at the same price. These transactions reflect the firm's ongoing commitment to the Eaton Vance New York Municipal Bond Fund.

Saba Capital Management's total holdings in ENX have increased to 3,868,251 shares, representing 21.54% of the firm's portfolio. This acquisition had a minimal impact of 0.01% on the overall portfolio, yet it underscores the firm's continued interest in municipal bond funds [1].

Eaton Vance New York Municipal Bond Fund, trading under the symbol ENX, is a non-diversified, closed-end investment company based in the USA. The fund's primary objective is to provide current income exempt from regular federal income tax and state-specific taxes. With a market capitalization of $165.063 million, ENX is engaged in managing investment funds and providing advisory services to high-net-worth individuals and institutions [1].

The current stock price of ENX is $9.19, reflecting a year-to-date price change of -5.26%. The stock's GF Score is 42/100, indicating poor future performance potential. The fund's balance sheet and profitability ranks are 5/10 and 3/10, respectively, with a cash to debt ratio of 0.02. These metrics suggest challenges in financial strength and profitability, which are critical factors for investors to consider [1].

The addition of shares in ENX by Saba Capital Management reflects the firm's strategic interest in municipal bond funds, despite the stock's low profitability and growth ranks. The transaction increased the firm's total holdings in ENX to 3,868,251 shares, highlighting a significant commitment to this asset class. This move may indicate the firm's confidence in the fund's potential to deliver tax-exempt income, aligning with its investment strategy [1].

Since its IPO in 2002, Eaton Vance New York Municipal Bond Fund has experienced a price change of -38.73%. However, since the recent transaction, the stock has gained 0.33%. The stock's momentum and RSI indicators suggest moderate market activity, with a 14-day RSI of 45.71 and a momentum index rank of 978. These indicators provide insights into the stock's current market dynamics and potential future performance [1].

Saba Capital Management's decision to increase its stake in Eaton Vance New York Municipal Bond Fund underscores the firm's confidence in the fund's potential for tax-exempt income. Despite the stock's low profitability and growth ranks, the firm's strategic move may attract value investors interested in monitoring the fund's performance and the firm's activities within the asset management industry. As the market evolves, the fund's ability to deliver on its objectives will be closely watched by investors and analysts alike.

References:
[1] https://www.gurufocus.com/news/2932840/saba-capital-management-lp-increases-stake-in-eaton-vance-new-york-municipal-bond-fund