Saba Capital Discloses Significant Stake in Nuveen Variable Rate Fund
Ticker: NPFD · Form: SC 13D · Filed: Jan 18, 2024 · CIK: 1865389
| Field | Detail |
|---|---|
| Company | Nuveen Variable Rate Preferred & Income Fund (NPFD) |
| Form Type | SC 13D |
| Filed Date | Jan 18, 2024 |
| Risk Level | medium |
| Pages | 9 |
| Reading Time | 11 min |
| Key Dollar Amounts | $0.01, $21,445,883 |
| Sentiment | mixed |
Complexity: simple
Sentiment: mixed
Topics: activist-investing, insider-ownership, closed-end-fund, stake-disclosure
TL;DR
**Activist investor Saba Capital just revealed a big stake in Nuveen Variable Rate Preferred & Income Fund, expect changes!**
AI Summary
Saba Capital Management, L.P. filed an SC 13D on January 18, 2024, disclosing its significant ownership in Nuveen Variable Rate Preferred & Income Fund. This filing indicates that Saba Capital Management, L.P. now holds a substantial stake in the fund, triggering the requirement for a Schedule 13D due to its active investment intentions. This matters to investors because Saba Capital Management is an activist investor known for pushing for changes in closed-end funds, which could lead to strategic shifts or distributions that impact the fund's share price and investor returns.
Why It Matters
Saba Capital Management, L.P. is an activist investor, and their substantial stake in Nuveen Variable Rate Preferred & Income Fund could signal upcoming pressure for changes, potentially impacting the fund's strategy or shareholder distributions.
Risk Assessment
Risk Level: medium — The involvement of an activist investor like Saba Capital introduces uncertainty and potential volatility, as their actions could lead to significant changes in the fund's operations or structure.
Analyst Insight
A smart investor would closely monitor future filings and news regarding Nuveen Variable Rate Preferred & Income Fund for any indications of Saba Capital's specific demands or proposed changes, as these could significantly impact the fund's performance or distribution policy.
Key Numbers
- 67080R102 — CUSIP Number (Identifies the specific class of securities (Common Shares, $0.01 par value) of Nuveen Variable Rate Preferred & Income Fund.)
Key Players & Entities
- Saba Capital Management, L.P. (company) — the reporting person and activist investor
- Nuveen Variable Rate Preferred & Income Fund (company) — the subject company (issuer)
- BOAZ R. WEINSTEIN (person) — a group member of Saba Capital Management GP, LLC
- SABA CAPITAL MANAGEMENT GP, LLC (company) — a group member
- Michael D'Angelo (person) — contact person for Saba Capital Management, L.P.
- January 9, 2024 (date) — date of event requiring the filing
- January 18, 2024 (date) — filing date
- $0.01 (dollar_amount) — par value of common shares
Forward-Looking Statements
- Saba Capital Management, L.P. will likely engage with Nuveen Variable Rate Preferred & Income Fund's management to advocate for changes. (Saba Capital Management, L.P.) — high confidence, target: Within 6-12 months
- The Nuveen Variable Rate Preferred & Income Fund may experience increased volatility due to activist investor involvement. (Nuveen Variable Rate Preferred & Income Fund) — medium confidence, target: Within 3-6 months
FAQ
Who is the primary entity filing this SC 13D?
The primary entity filing this SC 13D is Saba Capital Management, L.P., located at 405 Lexington Avenue, 58th Floor, New York, NY 10174.
What is the name of the issuer whose securities are the subject of this filing?
The issuer is Nuveen Variable Rate Preferred & Income Fund, with its business address at 333 W. Wacker Dr., Chicago, IL 60606.
What is the specific class of securities involved in this filing?
The specific class of securities is "Common Shares, $0.01 par value" of the Nuveen Variable Rate Preferred & Income Fund.
When was the event that triggered the requirement for this SC 13D filing?
The event which required the filing of this statement occurred on January 9, 2024.
Who are the identified group members associated with the reporting person?
The identified group members are BOAZ R. WEINSTEIN and SABA CAPITAL MANAGEMENT GP, LLC.
Filing Stats: 2,689 words · 11 min read · ~9 pages · Grade level 13.2 · Accepted 2024-01-18 12:26:52
Key Financial Figures
- $0.01 — Fund (Name of Issuer) Common Shares, $0.01 par value (Title of Class of Securiti
- $21,445,883 — ported herein. A total of approximately $21,445,883 was paid to acquire the Common Shares r
Filing Documents
- formsc13d.htm (SC 13D) — 87KB
- exhibit1.htm (EX-1) — 4KB
- exhibit2.htm (EX-2) — 14KB
- 0001062993-24-001013.txt ( ) — 106KB
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 18, 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. 67080R102 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 11/17/2023 Buy 73,108 15.99 11/22/2023 Buy 4,183 15.73 11/24/2023 Buy 8,827 15.81 11/27/2023 Buy 39,944 15.89 11/28/2023 Buy 53,856 15.93 11/29/2023 Buy 54,757 16.03 12/1/2023 Buy 13,514 16.08 12/6/2023 Buy 12,058 16.06 12/7/2023 Buy 95,837 16.08 12/12/2023 Buy 40,653 15.99 12/13/2023 Buy 48,153 16.04 12/14/2023 Buy 25,681 16.40 12/15/2023 Buy 2,357 16.36 12/18/2023 Buy 30,222 16.36 1/3/2024 Buy 5,460 16.34 1/4/2024 Buy 50,420 16.39 1/8/2024 Buy 17,258 16.53 1/9/2024 Buy 54,444 16.60 1/10/2024 Buy 15,280 16.67 1/11/2024 Buy 55,127 16.67 1/12/2024 Buy 8,761 16.71 1/16/2024 Buy 22,806 16.75