BNY Mellon Strategic Municipal Bond Fund announces Saba Capital's 6,350-share purchase at $5.55/share.

BNY Mellon Strategic Municipal Bond Fund, Inc. (DSM) has disclosed that Saba Capital Management, L.P., a 10% owner, has acquired 6,350 shares at a price of $5.55 per share on June 26, 2025.

Saba Capital Management, L.P. (Trades, Portfolio) has executed a strategic transaction involving the acquisition of additional shares in the Eaton Vance New York Municipal Bond Fund (ENX, Financial). On June 17, 2025, the firm added 29,709 shares to its existing position, marking a 0.77% increase in its holdings. This move reflects Saba Capital Management's ongoing interest in municipal bond funds, aligning with its investment strategy and sector focus [1].

Saba Capital Management, L.P. is a prominent investment firm headquartered in New York, known for its focus on the financial services and consumer cyclical sectors. The firm manages an equity portfolio valued at $3.68 billion, with top holdings including PIMCO Dynamic Income Strategy Fund (PDX, Financial) and BlackRock Capital Allocation Trust (BCAT, Financial). Saba Capital Management's investment philosophy emphasizes strategic positioning in sectors with potential for growth and stability [1].

Eaton Vance New York Municipal Bond Fund is a non-diversified, closed-end investment company based in the USA. The fund primarily engages in managing investment funds and providing investment management and advisory services to high-net-worth individuals and institutions. Its objective is to provide current income exempt from regular federal income tax and state-specific taxes, making it an attractive option for investors seeking tax-efficient income [1].

As of the latest data, Eaton Vance New York Municipal Bond Fund has a market capitalization of $166.68 million and a current price of $9.28. Despite a year-to-date price change of -4.33%, the stock has shown a 1.31% gain since the transaction. The fund's GF Score is 44/100, indicating poor future performance potential. The stock's balance sheet rank is 6/10, while its profitability rank is 3/10, reflecting challenges in financial stability and profitability [1].

The transaction increased Saba Capital Management's total holdings in ENX to 3,897,960 shares, representing 21.70% of the firm's portfolio. Despite the significant shareholding, the trade had a minimal impact of 0.01% on the firm's overall portfolio, suggesting a strategic, rather than transformative, investment decision. This move underscores the firm's confidence in the long-term potential of municipal bond funds, despite the current financial challenges faced by ENX [1].

Saba Capital Management's decision to add shares of Eaton Vance New York Municipal Bond Fund highlights the firm's continued interest in municipal bond funds. The transaction aligns with the firm's investment philosophy and sector focus, despite the stock's current financial challenges. As the firm navigates the complexities of the financial markets, its strategic positioning in ENX reflects a calculated approach to achieving long-term growth and stability [1].

References:
[1] https://www.gurufocus.com/news/2944062/saba-capital-management-lp-increases-stake-in-eaton-vance-new-york-municipal-bond-fund