Saba Capital Management, L.P. (Trades, Portfolio), a renowned investment firm, has recently expanded its portfolio by acquiring additional shares in Eaton Vance New York Municipal Bond Fund (ENX, Financial). This article provides an in-depth analysis of the transaction, the guru's profile, and the traded stock's performance and valuation.
Details of the Transaction
The transaction took place on October 3, 2023, with Saba Capital Management, L.P. (Trades, Portfolio) adding 1,951 shares to its holdings. The shares were purchased at a price of $8.26 each. Following this transaction, the firm now holds a total of 2,501,316 shares in ENX, representing 0.54% of its portfolio. The firm's stake in the traded stock now stands at 13.93%. The impact of this trade on the portfolio is not applicable.
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 a firm that manages a diverse portfolio of 624 stocks. The firm's investment philosophy is centered around identifying undervalued assets and capitalizing on market inefficiencies. The firm's equity stands at $3.84 billion, with its top holdings being 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 primary sectors of investment are Financial Services and Technology. 
Overview of the Traded Stock: Eaton Vance New York Municipal Bond Fund
Eaton Vance New York Municipal Bond Fund (ENX, Financial), based in the USA, is a non-diversified, closed-end investment company. The company, which went public on August 28, 2002, is primarily engaged in managing investment funds and providing investment management and advisory services to high-net-worth individuals and institutions. The company's market capitalization stands at $146.564 million, and its current stock price is $8.16. 
Performance and Valuation of the Traded Stock
Since the transaction, the stock has seen a decrease of 1.21%. The stock has also seen a decrease of 45.6% since its Initial Public Offering (IPO) and a year-to-date decrease of 9.93%. The PE percentage, GF Valuation, and price to GF Value of the stock are not applicable.
Rankings and Scores of the Traded Stock
The traded stock has a GF Score of 41/100, indicating a poor future performance potential. The stock's Financial Strength is ranked 5/10, while its Profitability Rank is 3/10. The Growth Rank, GF Value Rank, and Altman Z score are not applicable. The stock's Momentum Rank is 7/10, and its Piotroski F-Score is 3.
Financials and Industry of the Traded Stock
The traded stock belongs to the Asset Management industry. The cash to debt ratio of the stock is not applicable. The stock's Return on Equity (ROE) is -6.21%, and its Return on Assets (ROA) is -3.74%.
Conclusion
In conclusion, Saba Capital Management, L.P. (Trades, Portfolio)'s recent acquisition of additional shares in Eaton Vance New York Municipal Bond Fund represents a strategic move to capitalize on potential future gains. While the stock's current performance and valuation metrics indicate a challenging environment, the firm's investment philosophy and track record suggest a calculated approach to this transaction. This development offers valuable insights for value investors, particularly those interested in the Asset Management industry.
