Saba's persistent accumulation and 14th amendment signal high conviction and a likely escalation toward a proxy contest or formal proposal for liquidation or tender. Watch for a definitive proxy statement (DEF 14A) or a shareholder proposal in the coming months, as Saba's 23% stake gives it significant leverage to force a vote on fund restructuring.
Price Chart
Executive Summary
Saba Capital Management filed Amendment No. 14 to its Schedule 13D for The New Germany Fund (GF), reporting a 22.99% stake (3,749,174 shares) as of October 5, 2026. The filing shows continued open-market accumulation and net buying over the past 60 days, with Saba reiterating its view that shares are undervalued and its intention to engage on governance, board appointments, and potential liquidation or share buybacks. The activist campaign remains active and escalating, with Saba having increased its position from prior filings.
Key Financial Metrics
Key Facts
- Saba Capital Management now beneficially owns 3,749,174 common shares of The New Germany Fund, representing 22.99% of shares outstanding (based on 16,307,695 shares outstanding as of 6/30/26).
- Total cost to acquire the reported shares is approximately $37,565,962.
- Over the past 60 days (8/11/26 to 10/6/26), Saba executed net purchases of approximately 46,767 shares, with buys totaling ~88,259 shares and sells totaling ~13,266 shares.
- Saba's stated purpose includes engaging with management/board on governance, board appointments, strategic plans, the fund's closed-end structure, and timing of any potential liquidation.
- Saba explicitly reserves the right to propose share buybacks, tenders, liquidations, and changes to investment strategy or manager.
- This is Amendment No. 14, indicating a sustained and intensifying activist campaign over at least the past 6 months.
Financial Impact
Saba has invested approximately $37.6 million to build a 23% stake. Continued accumulation at declining prices (recent buys at $10.47-$11.59 vs. earlier buys at $11.20-$12.25) suggests conviction in the thesis that shares trade at a discount to NAV.
Risk Factors
- The fund's board may resist Saba's proposals, leading to a costly proxy fight.
- The discount to NAV could persist or widen if the market views Saba's activism as value-destructive rather than value-unlocking.
- Saba's use of margin borrowings introduces financial risk if the stock declines further.
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13D/A Filing (Primary) | 0001062993-26-005217 |
| Document: 0001062993-26-005217-index-headers.html | 0001062993-26-005217 |
| Document: 0001062993-26-005217-index.html | 0001062993-26-005217 |
| Document: 0001062993-26-005217.txt | 0001062993-26-005217 |
US Market Status
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