Saba Capital Amends 13D/A on Federated Hermes Muni Fund
Ticker: FMN · Form: SC 13D/A · Filed: Jan 19, 2024 · CIK: 1199004
Complexity: simple
Sentiment: mixed
Topics: activist-investing, insider-activity, fund-management, amendment
TL;DR
**Saba Capital just updated its activist stake in Federated Hermes Muni Fund, watch for potential moves!**
AI Summary
Saba Capital Management, L.P. filed an amended Schedule 13D/A on January 19, 2024, updating its beneficial ownership in Federated Hermes Premier Municipal Income Fund. This amendment, number 6, indicates a change in their holdings or intentions regarding the fund's common shares, $0.01 par value. For investors, this matters because Saba Capital is an activist investor, and changes in their filings often signal potential future actions like advocating for changes in fund management or strategy, which could impact the fund's share price or distribution policy.
Why It Matters
This filing signals that Saba Capital, an activist investor, has updated its position or intentions regarding Federated Hermes Premier Municipal Income Fund, potentially indicating future engagement or strategic shifts that could affect the fund's performance.
Risk Assessment
Risk Level: medium — The risk is medium because an activist investor's involvement can lead to significant changes, but the specific nature and impact of those changes are not yet clear from this amendment.
Analyst Insight
Investors should monitor future filings and news from Saba Capital and Federated Hermes Premier Municipal Income Fund for any announced changes in strategy or governance, as these could impact the fund's performance and shareholder value.
Key Numbers
- 31423P108 — CUSIP Number (identifies the specific class of securities (Common Shares, $0.01 par value) of Federated Hermes Premier Municipal Income Fund)
- 6 — Amendment Number (indicates this is the sixth amendment to Saba Capital's Schedule 13D filing for this issuer)
Key Players & Entities
- Saba Capital Management, L.P. (company) — the filing person and activist investor
- Federated Hermes Premier Municipal Income Fund (company) — the subject company in which Saba Capital holds shares
- Boaz R. Weinstein (person) — a group member associated with Saba Capital
- Saba Capital Management GP, LLC (company) — a group member associated with Saba Capital
- Michael D'Angelo (person) — contact person for Saba Capital Management, L.P.
- $0.01 (dollar_amount) — par value of the common shares
Forward-Looking Statements
- Saba Capital Management, L.P. will likely engage in further discussions with Federated Hermes Premier Municipal Income Fund's management or board. (Saba Capital Management, L.P.) — medium confidence, target: Q2 2024
- The filing could precede an announcement of specific activist demands or proposals by Saba Capital. (Federated Hermes Premier Municipal Income Fund) — medium confidence, target: Q3 2024
FAQ
What is the purpose of this specific filing, SC 13D/A?
This SC 13D/A filing is an amendment (Amendment No. 6) to a previously filed Schedule 13D, indicating a change in the beneficial ownership or investment intent of Saba Capital Management, L.P. regarding Federated Hermes Premier Municipal Income Fund's common shares, $0.01 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 Federated Hermes Premier Municipal Income Fund, with its business address at 4000 Ericsson Drive, Warrendale, PA 15086-7561.
When was the event that required this filing?
The date of the event which required the filing of this statement was January 17, 2024.
What is the CUSIP number for the securities involved in this filing?
The CUSIP number for the Common Shares, $0.01 par value, of Federated Hermes Premier Municipal Income Fund is 31423P108.
Filing Stats: 1,328 words · 5 min read · ~4 pages · Grade level 11.9 · Accepted 2024-01-19 07:59:10
Key Financial Figures
- $0.01 — Fund (Name of Issuer) Common Shares, $0.01 par value (Title of Class of Securiti
- $16,704,891 — ported herein. A total of approximately $16,704,891 was paid to acquire the Common Shares r
Filing Documents
- formsc13da.htm (SC 13D/A) — 62KB
- 0001062993-24-001042.txt ( ) — 63KB
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 19, 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. 31423P108 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 12/11/23. All transactions were effectuated in the open market through a broker. Trade Date Buy/Sell Shares Price 12/11/2023 Buy 863 10.63 12/12/2023 Buy 62,776 10.63 12/13/2023 Buy 33,016 10.64 12/14/2023 Buy 17,186 10.76 1/17/2024 Buy 3,295 11.00