Saba Capital Management buys 50,195 shares of Eaton Vance California Municipal Bond Fund.

Eaton Vance California Municipal Bond Fund (EVM) has recently disclosed that Saba Capital Management, L.P., a 10% owner of the fund, has made two significant purchases of shares. On June 16, 2025, the firm acquired 35,910 shares at a price of $8.82 per share. Subsequently, on June 17, 2025, Saba Capital Management purchased an additional 14,285 shares at the same price.

New York — Saba Capital Management, L.P., a significant stakeholder in Eaton Vance California Municipal Bond Fund (EVM), has recently made two substantial acquisitions of shares in the fund. On June 16, 2025, the firm purchased 35,910 shares at $8.82 per share. Subsequently, on June 17, 2025, Saba Capital Management added an additional 14,285 shares at the same price. These transactions have increased Saba Capital's total holdings in EVM to 4,442,879 shares [1].

The acquisitions are part of Saba Capital's ongoing strategy to invest in municipal bond funds, which are known for providing tax-exempt income. The fund, currently valued at $216.13 million, has maintained dividend payments for 24 consecutive years and offers a 5.74% dividend yield [1].

Saba Capital's recent purchases come as the fund is trading near its 52-week low. The fund's low volatility profile, with a beta of 0.56, makes it a relatively stable investment vehicle [1]. Despite the recent acquisitions, the fund's financial performance has been challenging, with a year-to-date price change of -6.31% and a return on equity (ROE) of -0.59 [2].

The transactions were reported by Saba Capital Management, with Boaz Weinstein, a significant owner, also listed in the filing. Both entities are identified as ten percent owners of the fund [1]. The fund's revenue growth over the past three years has been robust, indicating potential for recovery and growth [2].

Saba Capital's increased stake in EVM underscores its strategic interest in the fund's potential. For value investors, the current financial metrics and market position of EVM present both challenges and opportunities. While the fund's profitability and growth ranks indicate areas for improvement, its revenue growth and strategic offerings provide a foundation for future performance [2].

References:
[1] https://www.investing.com/news/insider-trading-news/eaton-vance-california-municipal-bond-fund-sees-113774-stock-acquisition-93CH-4097644
[2] https://www.gurufocus.com/news/2927294/saba-capital-management-lp-increases-stake-in-eaton-vance-california-municipal-bond-fund