Saba Capital Amends Neuberger Berman Energy Fund Stake
Ticker: NML · Form: SC 13G/A · Filed: Jan 29, 2024 · CIK: 1562051
| Field | Detail |
|---|---|
| Company | Neuberger Berman Energy Infrastructure & Income Fund Inc. (NML) |
| Form Type | SC 13G/A |
| Filed Date | Jan 29, 2024 |
| Risk Level | medium |
| Pages | 5 |
| Reading Time | 6 min |
| Key Dollar Amounts | $0.0001 |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: activist-investing, institutional-ownership, amendment, closed-end-fund
TL;DR
**Saba Capital still holds a big chunk of Neuberger Berman Energy Fund, watch for activist moves!**
AI Summary
Saba Capital Management, L.P. filed an amended Schedule 13G/A on January 29, 2024, indicating their ownership in Neuberger Berman Energy Infrastructure & Income Fund Inc. (formerly Neuberger Berman MLP & Energy Income Fund Inc.) as of December 31, 2023. This filing updates their previous disclosures, confirming their continued significant stake in the fund. This matters to investors because Saba Capital Management is known for activist investing in closed-end funds, suggesting they may seek to influence the fund's management or strategy, potentially impacting shareholder value.
Why It Matters
Saba Capital Management, a known activist investor, maintaining a significant stake could signal future attempts to influence the fund's operations or governance, potentially leading to changes that impact the fund's performance or distributions.
Risk Assessment
Risk Level: medium — The presence of an activist investor like Saba Capital Management can introduce volatility and uncertainty, as their actions could lead to significant changes in the fund's strategy or structure.
Analyst Insight
Investors should monitor future filings from Saba Capital Management and news related to Neuberger Berman Energy Infrastructure & Income Fund Inc. for any signs of activist engagement or changes in fund strategy, as this could impact the fund's share price and distributions.
Key Numbers
- 005-87898 — SEC File Number (identifies the specific registration of the Neuberger Berman fund with the SEC)
- 64129H104 — CUSIP Number (unique identifier for the Common Stock, $0.0001 par value of the Neuberger Berman fund)
- 20240129 — Filed As Of Date (the date the SC 13G/A amendment was officially filed with the SEC)
- 1934 Act — SEC Act (the Securities Exchange Act under which this filing is made)
- Amendment No.2 — Amendment Number (indicates this is the second amendment to Saba Capital's Schedule 13G filing for this issuer)
Key Players & Entities
- Saba Capital Management, L.P. (company) — the entity filing the SC 13G/A, an investment adviser
- Neuberger Berman Energy Infrastructure & Income Fund Inc. (company) — the subject company in which Saba Capital Management holds shares
- BOAZ R. WEINSTEIN (person) — a group member associated with Saba Capital Management
- SABA CAPITAL MANAGEMENT GP, LLC (company) — a group member associated with Saba Capital Management
- December 31, 2023 (date) — the date of the event requiring the filing
Forward-Looking Statements
- Saba Capital Management will continue to hold a significant stake in Neuberger Berman Energy Infrastructure & Income Fund Inc. (Saba Capital Management, L.P.) — high confidence, target: Q4 2024
- Saba Capital Management may engage in activist discussions with the fund's management. (Neuberger Berman Energy Infrastructure & Income Fund Inc.) — medium confidence, target: Q3 2024
FAQ
What is the full name of the subject company as of this filing?
The subject company is Neuberger Berman Energy Infrastructure & Income Fund Inc., which was formerly known as Neuberger Berman MLP & Energy Income Fund Inc. and Neuberger Berman MLP Income Fund Inc., with name changes occurring on July 24, 2019, and November 13, 2012, respectively.
Who are the identified group members associated with the reporting person, Saba Capital Management, L.P.?
The group members identified in the filing are BOAZ R. WEINSTEIN and SABA CAPITAL MANAGEMENT GP, LLC.
What is the CUSIP number for the class of securities reported in this filing?
The CUSIP number for the Common Stock, $0.0001 par value, of Neuberger Berman Energy Infrastructure & Income Fund Inc. is 64129H104.
When was the event that required the filing of this Schedule 13G/A?
The date of the event which required the filing of this statement was December 31, 2023.
Under which rule of the Securities Exchange Act of 1934 was this Schedule 13G/A filed?
This Schedule 13G/A was filed under Rule 13d-1(c) of the Securities Exchange Act of 1934, as indicated by the 'X' in the appropriate box.
Filing Stats: 1,398 words · 6 min read · ~5 pages · Grade level 11.2 · Accepted 2024-01-29 09:39:23
Key Financial Figures
- $0.0001 — d Inc (Name of Issuer) Common Stock, $0.0001 par value (Title of Class of Securiti
Filing Documents
- formsc13ga.htm (SC 13G/A) — 45KB
- 0001062993-24-001481.txt ( ) — 47KB
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 7 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 29, 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 7