Saba Capital Discloses Stake in ClearBridge Energy Midstream Fund

Ticker: EMO · Form: SC 13G · Filed: Jan 8, 2024 · CIK: 1517518

Complexity: simple

Sentiment: mixed

Topics: activist-investing, institutional-ownership, SC-13G

TL;DR

**Saba Capital just bought a chunk of ClearBridge Energy Midstream, expect potential activist moves!**

AI Summary

Saba Capital Management, L.P., a Delaware-based investment firm, filed an SC 13G on January 8, 2024, disclosing its ownership in ClearBridge Energy Midstream Opportunity Fund Inc. (formerly ClearBridge Energy MLP Opportunity Fund Inc.). This filing indicates that Saba Capital Management, L.P. has acquired a significant stake in the fund, signaling a potential activist interest or a belief in the fund's undervalued assets. For current or prospective shareholders, this matters because Saba Capital is known for its activist strategies in closed-end funds, which could lead to changes like tender offers, share buybacks, or shifts in management to unlock shareholder value.

Why It Matters

Saba Capital's involvement often signals potential activist pressure on the fund's management to improve shareholder returns, which could lead to increased volatility or strategic changes for ClearBridge Energy Midstream Opportunity Fund Inc.

Risk Assessment

Risk Level: medium — The presence of an activist investor like Saba Capital can introduce both opportunities for value creation and risks of increased volatility or management conflict.

Analyst Insight

Investors should monitor news regarding ClearBridge Energy Midstream Opportunity Fund Inc. for any announcements of Saba Capital's intentions or potential strategic changes, as this could impact the fund's share price and distribution policy.

Key Numbers

Key Players & Entities

Forward-Looking Statements

FAQ

What is the full name of the subject company in this SC 13G filing?

The subject company is ClearBridge Energy Midstream Opportunity Fund Inc., which was formerly known as ClearBridge Energy MLP Opportunity Fund Inc. until its name change on April 6, 2011.

Who is the reporting person making this SC 13G filing?

The reporting person is Saba Capital Management, L.P., a company organized in Delaware.

What is the CUSIP number for the class of securities reported in this filing?

The CUSIP number for the Common Stock, $0.001 par value, of ClearBridge Energy Midstream Opportunity Fund Inc. is 18469P209.

When was the event that required the filing of this statement?

The date of the event which required the filing of this statement was January 8, 2024.

Under which rule of the Securities Exchange Act of 1934 was this Schedule 13G filed?

This Schedule 13G was filed under Rule 13d-1(c) of the Securities Exchange Act of 1934.

Filing Stats: 1,564 words · 6 min read · ~5 pages · Grade level 11.8 · Accepted 2024-01-08 10:30:29

Key Financial Figures

Filing Documents

Ownership

Item 4. Ownership (a) Amount Beneficially Owned: The information required by Items 4(a) - (c) is set forth in Rows (5) - (11) of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.

Ownership of Five Percent or Less of a Class. N/A

Item 5. Ownership of Five Percent or Less of a Class. N/A Item 6. Ownership of more than Five Percent on Behalf of Another Person. The funds and accounts advised by Saba Capital have the right to receive the dividends from and proceeds of sales from the Common Stock. Item 7. Identification and classification of the subsidiary which acquired the security being reported on by the parent holding company or control person. N/A

Identification and classification of members of the group. N/A

Item 8. Identification and classification of members of the group. N/A

Notice of Dissolution of Group. N/A

Item 9. Notice of Dissolution of Group. N/A

Certifications

Item 10. Certifications. By signing below each Reporting Person certifies that, to the best of his or its knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. Page 6 of 8 SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: January 8, 2024 /s/ Signature Michael D'Angelo Name: Michael D'Angelo Title: Chief Compliance Officer Boaz R. Weinstein By: Michael D'Angelo Title: Attorney-in-fact*** *** Pursuant to a Power of Attorney dated as of November 16, 2015 Page 7 of 8 EXHIBIT 1 JOINT FILING AGREEMENT PURSUANT TO RULE 13d-1(k) The undersigned acknowledge and agree that the foregoing statement on Schedule 13G is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13G shall be filed on behalf of each of the undersigned without the necessity of filing additional joint filing agreements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained herein and therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate. DATED: January 8, 2024 SABA CAPITAL MANAGEMENT, L.P. By: /s/ Michael D'Angelo Name: Michael D'Angelo Title: Authorized Signatory 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 Title: Attorney-in

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