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Saba Capital Management buys 30,805 shares of Eaton Vance California Municipal Bond Fund.
ByAinvest
Thursday, Jun 26, 2025 11:59 am ET1min read
Eaton Vance California Municipal Bond Fund (EVM) recently disclosed that Saba Capital Management, L.P., a 10% owner of the company, made a significant purchase of 30,805 shares at a price of $8.83 per share on June 24, 2025.
Eaton Vance California Municipal Bond Fund (EVM) recently disclosed that Saba Capital Management, L.P., a 10% owner of the company, made a significant purchase of 30,805 shares at a price of $8.83 per share on June 24, 2025. This transaction marks a strategic move by Saba Capital to bolster its holdings in the municipal bond fund sector.The purchase, valued at $272,171.55, brings Saba Capital's total holding in EVM to 4,500,915 shares, representing a 1.07% increase in its portfolio. The fund, with a market capitalization of $219.344 million, offers an attractive dividend yield of 5.66%, having maintained dividend payments for 24 consecutive years.
The transaction was executed at a price of $8.83 per share, slightly above the fund's 52-week low of $8.49. This move reflects Saba Capital's ongoing interest in municipal bond funds despite the current financial challenges faced by EVM. The fund's recent stock price stands at $8.89, reflecting a slight gain of 1.25% since the transaction.
Saba Capital Management, L.P., headquartered in New York, is known for its focus on the financial services and consumer cyclical sectors. With an equity portfolio valued at $3.68 billion, the firm holds significant positions in various funds, including PIMCO Dynamic Income Strategy Fund (PDX) and BlackRock Capital Allocation Trust (BCAT). The firm's investment philosophy emphasizes strategic allocation across diverse sectors to optimize returns.
Despite EVM's current financial challenges, indicated by a GF Score of 44/100 and a Piotroski F-Score of 6, the fund's Momentum Rank is notably high at 9/10, suggesting strong recent performance relative to its peers. The transaction underscores Saba Capital's strategic approach to maintaining a diversified portfolio while capitalizing on potential opportunities within the municipal bond sector.
References:
[1] https://www.gurufocus.com/news/2944091/saba-capital-management-lp-increases-stake-in-eaton-vance-california-municipal-bond-fund
[2] https://www.investing.com/news/insider-trading-news/saba-capital-buys-eaton-vance-evm-shares-worth-111281-93CH-4108417
[3] https://www.investing.com/news/insider-trading-news/saba-capital-buys-eaton-vance-enx-shares-worth-9051-93CH-4106564
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