Saba Capital Discloses Stake in Nuveen MA Muni Fund
Ticker: NMT · Form: SC 13D · Filed: Jan 4, 2024 · CIK: 897419
| Field | Detail |
|---|---|
| Company | Nuveen Massachusetts Quality Municipal Income Fund (NMT) |
| Form Type | SC 13D |
| Filed Date | Jan 4, 2024 |
| Risk Level | medium |
| Pages | 8 |
| Reading Time | 10 min |
| Key Dollar Amounts | $0.01, $4,870,203 |
| Sentiment | mixed |
Complexity: simple
Sentiment: mixed
Topics: insider-buy, activist-investing, fund-management
TL;DR
**Activist investor Saba Capital just revealed a stake in Nuveen MA Muni Fund, signaling potential changes ahead.**
AI Summary
Saba Capital Management, L.P. filed an SC 13D on January 4, 2024, disclosing its acquisition of Common Shares, $0.01 par value, in Nuveen Massachusetts Quality Municipal Income Fund. This filing indicates that Saba Capital Management, a prominent activist investor, has taken a significant stake in the fund as of December 28, 2023. For investors, this matters because Saba Capital often seeks to influence management or strategy, potentially leading to changes that could impact the fund's performance or shareholder value.
Why It Matters
Saba Capital Management's involvement often signals potential activist campaigns, which could lead to strategic changes, share buybacks, or other actions aimed at increasing shareholder value for Nuveen Massachusetts Quality Municipal Income Fund.
Risk Assessment
Risk Level: medium — The involvement of an activist investor like Saba Capital can introduce volatility and uncertainty, as their actions may lead to significant changes in the fund's operations or structure.
Analyst Insight
A smart investor would monitor future filings and news regarding Saba Capital's intentions with Nuveen Massachusetts Quality Municipal Income Fund, as their activist approach could lead to significant changes in the fund's strategy or structure, potentially impacting its valuation.
Key Players & Entities
- Saba Capital Management, L.P. (company) — the entity filing the SC 13D, an activist investor
- NUVEEN MASSACHUSETTS QUALITY MUNICIPAL INCOME FUND (company) — the subject company in which Saba Capital has acquired 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
- Michael D'Angelo (person) — contact person for Saba Capital Management
- $0.01 (dollar_amount) — par value of the Common Shares
Forward-Looking Statements
- Saba Capital Management will likely engage with Nuveen Massachusetts Quality Municipal Income Fund's management to propose strategic changes. (Saba Capital Management, L.P.) — medium confidence, target: within 6-12 months
- The fund's stock price may experience increased volatility due to activist investor involvement. (NUVEEN MASSACHUSETTS QUALITY MUNICIPAL INCOME FUND) — high confidence, target: within 3-6 months
FAQ
Who filed this SC 13D and for what purpose?
Saba Capital Management, L.P. filed this SC 13D to disclose its acquisition of Common Shares in NUVEEN MASSACHUSETTS QUALITY MUNICIPAL INCOME FUND, indicating a significant ownership stake as of December 28, 2023.
What is the subject company of this filing?
The subject company is NUVEEN MASSACHUSETTS QUALITY MUNICIPAL INCOME FUND, identified by CIK 0000897419 and CUSIP 67061E104.
What type of securities are involved in this filing?
The securities involved are Common Shares with a $0.01 par value of the NUVEEN MASSACHUSETTS QUALITY MUNICIPAL INCOME FUND.
When was the event that triggered this filing?
The date of the event which required the filing of this statement was December 28, 2023.
Who are the group members associated with the filing person, Saba Capital Management, L.P.?
The group members listed are Boaz R. Weinstein and Saba Capital Management GP, LLC.
Filing Stats: 2,458 words · 10 min read · ~8 pages · Grade level 12.6 · Accepted 2024-01-04 09:20:51
Key Financial Figures
- $0.01 — FUND (Name of Issuer) Common Shares, $0.01 par value (Title of Class of Securiti
- $4,870,203 — ported herein. A total of approximately $4,870,203 was paid to acquire the Common Shares r
Filing Documents
- formsc13d.htm (SC 13D) — 89KB
- exhibit1.htm (EX-1) — 4KB
- 0001062993-24-000345.txt ( ) — 95KB
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 4, 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. 67061E104 SCHEDULE 13D/A Page 10 of 10 Pages Schedule A This Schedule sets forth information with respect to each purchase and sale of Common Shares which were effectuated by Saba Capital during the past sixty days. All transactions were effectuated in the open market through a broker. Trade Date Buy/Sell Shares Price 11/10/2023 Buy 2,504 9.74 11/14/2023 Buy 6,405 9.81 11/15/2023 Buy 1,461 9.85 11/16/2023 Buy 100 9.87 11/27/2023 Buy 19,458 10.12 11/28/2023 Buy 3,338 10.11 11/29/2023 Buy 4,480 10.22 11/30/2023 Buy 1,072 10.25 12/1/2023 Buy 590 10.37 12/6/2023 Buy 27,541 10.36 12/7/2023 Buy 5,000 10.32 12/8/2023 Buy 9,590 10.35 12/11/2023 Buy 199 10.33 12/12/2023 Buy 7,859 10.35 12/13/2023 Buy 3,318 10.30 12/15/2023 Buy 6,721 10.49 12/18/2023 Buy 3,529 10.50 12/19/2023 Buy 2,277 10.51 12/20/2023 Buy 10,309 10.53 12/21/2023 Buy 4,416 10.54 12/22/2023 Buy 410 10.57 12/26/2023 Buy 14,028 10.53 12/27/2023 Buy 12,835 10.57 12/28/2023 Buy 9,219 10.51 12/29/2023 Buy 4,391 10.50 1/2/2024 Buy 2,866 10.53