Saba Capital Amends Filing for Nuveen Preferred Fund
Ticker: NPFD · Form: SC 13D/A · Filed: Sep 6, 2024 · CIK: 1865389
| Field | Detail |
|---|---|
| Company | Nuveen Variable Rate Preferred & Income Fund (NPFD) |
| Form Type | SC 13D/A |
| Filed Date | Sep 6, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.01, $14,292,405 |
| Sentiment | neutral |
Sentiment: neutral
Topics: amendment, activist-investor, closed-end-fund
TL;DR
Saba Capital just updated their filing on Nuveen Variable Rate Preferred & Income Fund. Watch this space.
AI Summary
Saba Capital Management, L.P. filed an amendment (SC 13D/A) on September 5, 2024, regarding their holdings in Nuveen Variable Rate Preferred & Income Fund. The filing indicates a change in their beneficial ownership, though specific new percentages or dollar amounts are not detailed in this excerpt. Saba Capital Management, L.P. is a significant holder, and this amendment suggests a potential shift in their investment strategy or stake.
Why It Matters
This filing amendment by Saba Capital Management, a known activist investor in closed-end funds, could signal a change in strategy or increased influence over Nuveen Variable Rate Preferred & Income Fund's management.
Risk Assessment
Risk Level: medium — Amendments to Schedule 13D often precede significant corporate actions or shifts in control, which can introduce volatility.
Key Players & Entities
- Saba Capital Management, L.P. (company) — Filing party and beneficial owner
- Nuveen Variable Rate Preferred & Income Fund (company) — Subject company
- Michael D'Angelo (person) — Contact person for Saba Capital Management
- September 5, 2024 (date) — Date of event requiring filing
FAQ
What specific changes in beneficial ownership are detailed in this SC 13D/A filing?
This excerpt does not specify the exact percentage or number of shares that constitute the change in beneficial ownership, only that an amendment has been filed.
What is the CUSIP number for Nuveen Variable Rate Preferred & Income Fund's common shares?
The CUSIP number for the common shares of Nuveen Variable Rate Preferred & Income Fund is 67080R102.
Who is the authorized person to receive notices for Saba Capital Management, L.P. regarding this filing?
Michael D'Angelo at 405 Lexington Avenue, 58th Floor, New York, NY 10174, with a telephone number of (212) 542-4635, is the authorized person.
What is the filing date and the date of the event requiring this SC 13D/A filing?
The filing was made as of September 6, 2024, and the date of the event which requires the filing is September 5, 2024.
What is the business address of Nuveen Variable Rate Preferred & Income Fund?
The business address for Nuveen Variable Rate Preferred & Income Fund is 333 W. Wacker Dr., Chicago, IL 60606.
Filing Stats: 1,291 words · 5 min read · ~4 pages · Grade level 11 · Accepted 2024-09-06 14:40:24
Key Financial Figures
- $0.01 — Fund (Name of Issuer) Common Shares, $0.01 par value (Title of Class of Securities
- $14,292,405 — ported herein. A total of approximately $14,292,405 was paid to acquire the Common Shares r
Filing Documents
- formsc13da.htm (SC 13D/A) — 51KB
- 0001062993-24-016247.txt ( ) — 53KB
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: September 6, 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 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 7/29/2024 Sell 7,505 18.75 7/30/2024 Sell 31,274 18.75 7/31/2024 Sell 22,547 18.79 8/1/2024 Sell 16,954 18.84 8/6/2024 Sell 12,087 18.45 8/8/2024 Sell 3,948 18.42 8/9/2024 Sell 5,926 18.37 8/13/2024 Sell 10,100 18.33 8/15/2024 Sell 13,732 18.33 8/22/2024 Sell 19,784 18.56 8/23/2024 Sell 6,493 18.71 8/27/2024 Sell 36,692 18.77 8/28/2024 Sell 35,337 18.75 8/29/2024 Sell 40,716 18.74 8/30/2024 Sell 42,566 18.88 9/3/2024 Sell 10,186 19.02 9/4/2024 Sell 29,462 18.96 9/5/2024 Sell 35,941 18.99