On August 18, 2023, Saba Capital Management, L.P., a New York-based investment firm, increased its holdings in Nuveen Multi-Asset Income Fund (NMAI, Financial) by adding 204,059 shares at a price of $11.68 per share. This transaction has increased the firm's total holdings in NMAI to 3,375,751 shares, representing 1.03% of its portfolio and 10.10% of NMAI's total shares.
About Saba Capital Management, L.P.
Saba Capital Management, L.P. is a renowned investment firm located at 405 Lexington Avenue, New York. The firm manages a diverse portfolio of 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 investment strategy primarily focuses on the Financial Services and Technology sectors.
Overview of Nuveen Multi-Asset Income Fund
Nuveen Multi-Asset Income Fund (NMAI, Financial) is a USA-based closed-end management investment company. The company operates in a single segment, focusing on the pursuit of total return, comprised of income or distributions and capital appreciation. As of August 22, 2023, the company has a market capitalization of $390.746 million and its stock is currently trading at $11.69 per share. However, due to insufficient data, the company's GF Value cannot be evaluated.
Nuveen Multi-Asset Income Fund's Stock Performance
Since its Initial Public Offering, NMAI's stock price has decreased by 25.68%. However, the stock has gained 0.78% year-to-date and 0.09% since the transaction. According to GuruFocus, NMAI has a GF Score of 19/100, indicating poor future performance potential. The company's Financial Strength and Profitability Rank are all below average, further supporting the GF Score's prediction. Despite this, the stock does not have enough data to compute the Growth Rank, GF Value Rank, and Momentum Rank.
Financial Health of Nuveen Multi-Asset Income Fund
NMAI's financial health is a concern, with a Return on Equity (ROE) of -26.22% and a Return on Assets (ROA) of -17.19%. The company's Gross Margin Growth, Operating Margin Growth, and 3-year Revenue, EBITDA, and Earning Growth are all unavailable due to insufficient data. The company's financial health and performance metrics suggest a need for improvement.
Nuveen Multi-Asset Income Fund's Stock Momentum
NMAI's stock momentum is also weak, with a 5-day Relative Strength Index (RSI) of 32.15, a 9-day RSI of 36.41, and a 14-day RSI of 41.97. The company's Momentum Index for 6 - 1 Month is -2.85, and for 12 - 1 Month is -16.76. These figures indicate a lack of positive momentum in the stock's price.
Conclusion
In conclusion, Saba Capital Management, L.P.'s recent acquisition of additional shares in NMAI is a significant move for the firm. However, given NMAI's poor financial health, weak stock performance, and lack of positive momentum, it remains to be seen how this transaction will impact both the firm's portfolio and NMAI's future performance.
