On August 17, 2023, Saba Capital Management, L.P., a New York-based investment firm, added 1,980 shares to its holdings in Eaton Vance California Municipal Bond Fund (EVM, Financial). This transaction, which increased the firm's total shares in EVM to 2,472,864, represents a 0.08% change in the firm's portfolio. Despite this addition, the impact on the portfolio remains at 0%, with the position in EVM accounting for 0.57% of the firm's total holdings. The firm now holds a 3.46% stake in EVM, with the shares acquired at a price of $8.85 each.
About Saba Capital Management, L.P.
Saba Capital Management, L.P., located at 405 Lexington Avenue, New York, NY 10174, is an investment firm with a diverse portfolio. The firm currently holds 624 stocks, with a total equity of $3.84 billion. Its top holdings include Templeton Global Income Fund (GIM, Financial), BlackRock Capital Allocation Trust (BCAT, Financial), BlackRock Health Sciences Trust II (BMEZ, Financial), BlackRock Innovation & Growth Tr (BIGZ, Financial), and BlackRock ESG Capital Allocation Trust (ECAT, Financial). The firm's investments are primarily concentrated in the Financial Services and Technology sectors.
Overview of Eaton Vance California Municipal Bond Fund
Eaton Vance California Municipal Bond Fund (EVM, Financial) is a US-based investment company that aims to provide current income exempt from regular federal income tax, including alternative minimum tax, and, in state-specific funds, taxes in its specified state. The company offers a range of equity, income, and alternative strategies to various investors, including individuals, institutions, high net worth individuals, family office investors, and financial professionals. As of August 22, 2023, the company has a market capitalization of $215.888 million and its stock is trading at $8.75. The company's PE percentage is currently at 0.00, indicating that it is operating at a loss. Due to insufficient data, the GF Valuation of the stock cannot be evaluated.
Financial Health and Performance of EVM
As per GuruFocus analysis, EVM has a Financial Strength rank of 5/10 and a Profitability Rank of 3/10. The company's growth rank is currently at 0/10, indicating no significant growth. The Piotroski F-Score of the company is 4, suggesting average business operations. The company's Altman Z score is 0.00, and it has a cash to debt ratio of 0.00, both of which indicate that the company's financial health data is not available.
Market Performance and Future Potential of EVM
Since its IPO on August 28, 2002, EVM's stock price has decreased by 41.67%. The year-to-date price change ratio is -0.06, and the price has decreased by 1.13% since the transaction. The stock's GF Score is 41/100, suggesting poor future performance potential. The company's RSI 5 Day, RSI 9 Day, and RSI 14 Day are 24.58, 32.92, and 37.86, respectively. The Momentum Index 6 - 1 Month is 3.41, and the Momentum Index 12 - 1 Month is -4.42.
Conclusion
In conclusion, Saba Capital Management, L.P.'s recent acquisition of additional shares in EVM represents a minor adjustment to its portfolio. Despite EVM's current financial performance and market indicators suggesting poor future performance potential, the investment firm's increased stake in the company indicates a level of confidence in its long-term prospects. However, investors should conduct their own thorough research before making investment decisions.
