On October 3, 2023, Saba Capital Management, L.P. (Trades, Portfolio), a New York-based investment firm, added 19,184 shares of Eaton Vance California Municipal Bond Fund (EVM, Financial) to its portfolio. This article provides an in-depth analysis of the transaction, the profiles of the guru and the traded company, and the potential impact of the transaction on the guru's portfolio and the traded stock.
Details of the Transaction
The transaction took place on October 3, 2023, with Saba Capital Management, L.P. (Trades, Portfolio) adding 19,184 shares of EVM to its portfolio. The shares were traded at a price of $8.06 each. This addition increased the firm's total holdings in EVM to 2,492,048 shares, representing 10.10% of the traded stock and contributing 0.52% to the firm's portfolio.
Profile of the Guru: Saba Capital Management, L.P. (Trades, Portfolio)
Saba Capital Management, L.P. (Trades, Portfolio), located at 405 Lexington Avenue, New York, NY 10174, is an investment firm with a diverse portfolio. The firm's 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 equity stands at $3.84 billion, with a strong focus on the Financial Services and Technology sectors.
Overview of the Traded Stock: Eaton Vance California Municipal Bond Fund (EVM, Financial)
Eaton Vance California Municipal Bond Fund (EVM) is an investment company based in the USA. The company's objective is 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's market capitalization stands at $198.370 million, with a current stock price of $8.04. The company's PE Percentage is 0.00, indicating that the company is at a loss. The company's GF Score is 39/100, indicating poor future performance potential.
Performance of the Stock
Since its Initial Public Offering (IPO) on August 28, 2002, EVM's stock price has decreased by 46.4%. The year-to-date price change ratio stands at -8.17%. Since the transaction on October 3, 2023, the stock price has decreased by 0.25%.
Evaluation of the Stock's Financial Health
EVM's Financial Strength is ranked 5/10, while its Profitability Rank is 3/10. The company's Growth Rank is 0/10, indicating no growth. The company's Piotroski F-Score is 4, suggesting average financial health.
Conclusion
In conclusion, Saba Capital Management, L.P. (Trades, Portfolio)'s recent acquisition of 19,184 shares in EVM could potentially impact the firm's portfolio and the traded stock. Given EVM's current financial health and performance, it will be interesting to observe the long-term effects of this transaction on both the guru's portfolio and the traded stock.
