Saba Capital Management Buys 400 Shares in Eaton Vance California Municipal Bond Fund

Eaton Vance California Municipal Bond Fund (EVM) has disclosed that Saba Capital Management, L.P., a 10% owner of the fund, has made a recent acquisition of 400 shares at a price of $8.93 per share on May 5, 2023.

Eaton Vance California Municipal Bond Fund (EVM) has disclosed that Saba Capital Management, L.P., a 10% owner of the fund, has made a recent acquisition of 400 shares at a price of $8.93 per share on May 5, 2023. This acquisition reflects Saba Capital's ongoing interest in the municipal bond fund, which aims to provide investors with a high level of current income exempt from regular federal income tax [1].

The acquisition, which was reported in a Form 4 filing with the U.S. Securities and Exchange Commission, indicates that Saba Capital Management's ownership in EVM has increased. The firm's total holdings in the fund now stand at 4,142,962 shares, representing a significant portion of its investment portfolio. This strategic move aligns with Saba Capital's investment philosophy of seeking opportunities in the financial services sector, particularly in funds that offer tax-exempt income [2].

The recent transaction is part of Saba Capital's broader strategy to bolster its position in various investment funds. The firm has also increased its stake in Destra Multi-Alternative Fund and Pioneer Municipal High Income Opportunities Fund Inc. in recent months. These acquisitions reflect Saba Capital's calculated approach to diversifying and strengthening its investment strategy [3].

Eaton Vance California Municipal Bond Fund's financial metrics reveal a GF Score of 38/100, suggesting poor future performance potential. Despite this, Saba Capital's decision to increase its stake in EVM underscores the firm's confidence in the fund's potential for capital appreciation and income generation. The fund's current valuation and performance metrics present challenges, but the strategic move highlights the importance of thorough analysis and strategic positioning in navigating the complexities of the investment landscape.

References:
[1] https://www.streetinsider.com/SEC+Filings/Form+4+Eaton+Vance+California+For%3A+May+05+Filed+by%3A+Saba+Capital+Management%2C+L.P./24751786.html
[2] https://www.gurufocus.com/news/2826894/saba-capital-management-lp-increases-stake-in-destra-multialternative-fund
[3] https://www.gurufocus.com/news/2818085/saba-capital-management-lp-increases-stake-in-pioneer-municipal-high-income-opportunities-fund-inc