Saba Capital Management, L.P., a prominent investment firm, recently acquired shares in the Eaton (NYSE:ETN) Vance California Municipal Bond Fund (NYSE:EVM). The transaction, dated November 25, 2024, involved the purchase of 16,404 shares at a price of $9.39 per share, totaling approximately $154,033. This acquisition increases Saba Capital Management's stake to 3,509,299 shares in the fund. The purchase was disclosed in a filing with the Securities and Exchange Commission, highlighting Saba Capital's continued interest in municipal bond investments.
InvestingPro Insights
Saba Capital Management's recent acquisition of Eaton Vance California Municipal Bond Fund (NYSE:EVM) shares aligns with the fund's stable financial profile. According to InvestingPro data, EVM has maintained dividend payments for 23 consecutive years, demonstrating a consistent income stream for investors. This track record likely appeals to Saba Capital's investment strategy, particularly in the current economic climate.
The fund's dividend yield stands at an attractive 5.33% as of the latest data, which may have been a key factor in Saba Capital's decision to increase its position. This yield is especially noteworthy given that InvestingPro Tips indicate the stock generally trades with low price volatility, potentially offering a balance of income and stability.
Moreover, EVM's financial health appears solid, with InvestingPro data showing that liquid assets exceed short-term obligations. This financial cushion could provide reassurance to investors like Saba Capital about the fund's ability to maintain its dividend payments and navigate market fluctuations.
For investors seeking a deeper understanding of EVM's financial position and prospects, InvestingPro offers additional insights. The platform provides 5 more tips that could help inform investment decisions in this municipal bond fund.
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