Saba Capital Management, L.P., a significant shareholder in abrdn Global Infrastructure Income Fund (NYSE:ASGI), has recently disclosed a sale of common stock. On November 4, the firm sold 2,349 shares at a price of $19.67 per share, totaling approximately $46,204. Following this transaction, Saba Capital holds 2,955,400 shares of the fund. This move is part of the regular financial activities reported by major stakeholders in the company.
InvestingPro Insights
While Saba Capital Management has reduced its position in abrdn Global Infrastructure Income Fund (NYSE:ASGI), individual investors might find the fund's current financial metrics intriguing. According to InvestingPro data, ASGI boasts a substantial dividend yield of 12.85% for 2024, with the last ex-dividend date on October 24, 2024. This aligns with one of the InvestingPro Tips, which notes that ASGI "pays a significant dividend to shareholders."
The fund's recent performance has been strong, with a year-to-date price total return of 20.68% and a one-year return of 33.77%. These figures suggest that despite Saba Capital's recent sale, ASGI has been delivering value to its investors. Additionally, the fund is trading near its 52-week high, with its current price at 96.95% of that peak.
It's worth noting that ASGI has a market capitalization of $567.6 million and a P/E ratio of 14.58, which may indicate a reasonable valuation relative to its earnings. However, investors should be aware that InvestingPro Tips also highlight some potential concerns, such as weak gross profit margins and a valuation that implies a poor free cash flow yield.
For those interested in a deeper analysis, InvestingPro offers additional tips and insights that could provide a more comprehensive view of ASGI's investment potential.
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