Saba Capital Amends 13D/A on AllianceBernstein Muni Income Fund
Ticker: AFB · Form: SC 13D/A · Filed: Jan 11, 2024 · CIK: 1162027
| Field | Detail |
|---|---|
| Company | Alliancebernstein National Municipal Income Fund (AFB) |
| Form Type | SC 13D/A |
| Filed Date | Jan 11, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.001, $24,148,846 |
| Sentiment | mixed |
Complexity: simple
Sentiment: mixed
Topics: activist-investing, amendment, fund-management, insider-activity
TL;DR
**Saba Capital just updated its stake in AllianceBernstein Muni Income Fund, watch for potential activist moves!**
AI Summary
Saba Capital Management, L.P. filed an amended Schedule 13D/A on January 11, 2024, updating its beneficial ownership in ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND. This amendment, dated for the event on January 9, 2024, indicates a change in their holdings or intentions regarding the fund's Common Shares, $0.001 par value. This matters to investors because Saba Capital is an activist investor, and changes in their filings often signal potential future actions, such as advocating for changes in the fund's management or structure, which could impact the stock's value.
Why It Matters
This filing signals an update to Saba Capital's position or intentions, which could lead to activist pressure on the fund and potentially influence its share price or operational strategy.
Risk Assessment
Risk Level: medium — Activist investor filings can introduce uncertainty and volatility, as their actions might lead to significant changes in the company's operations or structure.
Analyst Insight
Investors should monitor future filings from Saba Capital and news related to ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND for any signs of activist campaigns or strategic changes, as these could impact the fund's performance and share price.
Key Numbers
- 0001062993-24-000780 — Accession Number (Unique identifier for this specific SEC filing)
- 20240111 — Filing Date (The date the SC 13D/A was officially filed with the SEC)
- 20240109 — Date of Event (The date of the event that triggered the need for this amendment)
- 01864U106 — CUSIP Number (Unique identification number for the ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND's securities)
Key Players & Entities
- Saba Capital Management, L.P. (company) — filer of the SC 13D/A, an activist investment firm
- ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND (company) — the subject company in which Saba Capital holds shares
- Boaz R. Weinstein (person) — listed as a group member associated with Saba Capital
- Saba Capital Management GP, LLC (company) — listed as a group member associated with Saba Capital
- Michael D'Angelo (person) — contact person for Saba Capital Management, L.P.
- $0.001 (dollar_amount) — par value of the Common Shares
Forward-Looking Statements
- Saba Capital Management, L.P. will likely increase its activist engagement with ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND. (Saba Capital Management, L.P.) — medium confidence, target: Q2 2024
- The ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND's board may face pressure to consider strategic alternatives. (ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND) — medium confidence, target: Q3 2024
FAQ
What is the purpose of this specific filing, SC 13D/A?
This SC 13D/A is an amendment (Amendment No. 2) to a previously filed Schedule 13D, indicating a change in the beneficial ownership or investment intent of Saba Capital Management, L.P. regarding ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND's Common Shares, $0.001 par value.
Who is the filer of this SC 13D/A?
The filer of this SC 13D/A is Saba Capital Management, L.P., located at 405 Lexington Avenue, 58th Floor, New York, NY 10174.
What is the subject company of this filing?
The subject company is ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND, with its business address at ALLIANCEBERNSTEIN LP, 1345 AVENUE OF THE AMERICAS, New York, NY 10105.
When was the event that required this filing?
The date of the event which required the filing of this statement was January 9, 2024.
What is the CUSIP number for the securities mentioned in this filing?
The CUSIP number for the Common Shares, $0.001 par value, of ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND is 01864U106.
Filing Stats: 1,320 words · 5 min read · ~4 pages · Grade level 11.9 · Accepted 2024-01-11 08:10:58
Key Financial Figures
- $0.001 — FUND (Name of Issuer) Common Shares, $0.001 par value (Title of Class of Securiti
- $24,148,846 — ported herein. A total of approximately $24,148,846 was paid to acquire the Common Shares r
Filing Documents
- formsc13da.htm (SC 13D/A) — 59KB
- 0001062993-24-000780.txt ( ) — 61KB
SIGNATURES
SIGNATURES After reasonable inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Date: January 11, 2024 SABA CAPITAL MANAGEMENT, L.P. By: /s/ Michael D'Angelo Name: Michael D'Angelo Title: Chief Compliance Officer SABA CAPITAL MANAGEMENT GP, LLC By: /s/ Michael D'Angelo Name: Michael D'Angelo Title: Authorized Signatory BOAZ R. WEINSTEIN By: /s/ Michael D'Angelo Name: Michael D'Angelo Title: Attorney-in-fact* * Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823 CUSIP No. 01864U106 SCHEDULE 13D/A Page 7 of 7 Pages Schedule A This Schedule sets forth information with respect to each purchase and sale of Common Shares which were effectuated by Saba Capital since the filing of the Schedule 13D/A on 12/22/23. All transactions were effectuated in the open market through a broker. Trade Date Buy/Sell Shares Price 12/26/2023 Buy 20,226 10.86 12/27/2023 Buy 55,298 10.90 12/28/2023 Buy 5,489 10.88 1/2/2024 Buy 3,652 10.84 1/5/2024 Buy 73,262 10.82 1/8/2024 Buy 48,479 10.88 1/9/2024 Buy 119,618 10.87 1/10/2024 Buy 53,625 10.88