Saba's persistent selling despite maintaining a ~4.9% stake signals reduced conviction or a tactical exit strategy. The fund's discount to NAV remains the core activist thesis, but the lack of escalation (no new demands, no proxy fight) combined with net selling suggests Saba may be winding down its position. Monitor for further 13D amendments or a 13G conversion indicating passive intent.
Price Chart
Executive Summary
Saba Capital Management filed Amendment No. 10 to its Schedule 13D, reporting a 4.92% stake (2,560,256 common shares) in NYLIM CBRE Global Infrastructure Megatrends Term Fund (MEGI), down from prior levels. The filing shows continued net selling of shares from August through October 2026, with all 20 listed transactions being sells totaling approximately 342,456 shares. Saba reiterates its activist stance, citing undervaluation and discount to NAV, and reserves the right to push for board changes, share buybacks, tenders, liquidation, or changes to the fund's closed-end structure.
Key Financial Metrics
Key Facts
- Saba Capital now holds 2,560,256 common shares (4.92% of 52,047,534 shares outstanding as of 7/6/26), down from prior filings where the stake was higher.
- All 20 transactions listed in the past 60 days (8/21/26 to 10/19/26) were sells, totaling approximately 342,456 shares at prices ranging from $13.40 to $15.11.
- Total cost basis for the stake is approximately $33,709,267.
- Saba continues to state the shares are undervalued and may engage with management on board appointments, governance, discount to NAV, and potential liquidation or open-ending of the fund.
- This is Amendment No. 10, indicating an ongoing activist campaign with no resolution.
Financial Impact
Saba reduced its stake from prior levels through consistent selling over the past 60 days, with total sells of ~342,456 shares worth approximately $4.8M-$5.2M.
Risk Factors
- Continued selling by Saba could pressure the stock further.
- Activist campaign may fail to achieve any structural changes (liquidation, open-ending, tender).
- Fund's discount to NAV could widen if activist exits entirely.
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13D/A Filing (Primary) | 0001062993-26-005417 |
| Document: 0001062993-26-005417-index-headers.html | 0001062993-26-005417 |
| Document: 0001062993-26-005417-index.html | 0001062993-26-005417 |
| Document: 0001062993-26-005417.txt | 0001062993-26-005417 |
US Market Status
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