Investing

Saba Capital Management Ups Clearbridge Stake Ahead of Board Challenge

Fintel reports that Saba Capital Management, L.P. has filed a 13D/A form with the SEC disclosing ownership of 832,115 shares of ClearBridge Energy MLP Fund Inc. (CEM). This represents 6.18% of the company.

In their previous filing dated October 26, 2022, they reported 682,553 shares and 5.07% of the company, an increase in shares of 21.91% and an increase in total ownership of 1.11% (calculated as current – previous percent ownership).

In the previous filing, the company unveiled a proxy fight. It said, “On October 24, 2022, Saba Capital Master Fund, Ltd., a private fund advised by Saba Capital, submitted to the Issuer a notice informing the Issuer of its intention to nominate two independent director candidates, Paul Kazarian and Pierre Weinstein, for election to the Board at the Issuer’s 2023 annual meeting of stockholders.”

ClearBridge MLP and Midstream Fund Inc. provide an efficient, single investment for accessing a portfolio of energy-related master limited partnerships (MLPs) and midstream entities. The fund seeks a high level of total return with an emphasis on cash distributions and targets energy-related midstream entities and MLPs with long-lived assets and predictable cash flows.

What are other large shareholders doing?

 

Saba Capital Management, L.P. holds 580,193 shares.

McGowan Group Asset Management, Inc. holds 373,618 shares.

Bank Of America Corp /de/ holds 367,319 shares.

Cornerstone Advisors, LLC holds 293,045 shares.

Aristides Capital LLC holds 216,852 shares.

What is the overall Fund Sentiment?

There are 78 funds or institutions reporting positions in ClearBridge Energy MLP Fund Inc. No change in the last quarter.

Average portfolio weight of all funds dedicated to ClearBridge Energy MLP Fund Inc. is 0.2122%, an increase of 14.5627%. Total shares owned by institutions increased in the last three months by 18.23% to 4,949,746 shares.

Fintel’s Fund Sentiment Score is a quantitative model that ranks companies from zero to 100 based on Fund Sentiment. Fund Sentiment is important because it tells you if funds are buying or selling – particularly, how the company ranks compared to other companies in the investing universe.

This article originally appeared on Fintel.

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