1607 Capital Partners Cuts Western Asset Income Fund Stake to 5.0%

TL;DR

**1607 Capital Partners just trimmed its stake in Western Asset Income Fund to 5.0%.**

AI Summary

1607 Capital Partners, LLC, a Delaware-based investment firm, filed an amendment to its Schedule 13G on February 8, 2024, disclosing its ownership in Western Asset Investment Grade Income Fund Inc. As of December 31, 2023, 1607 Capital Partners, LLC beneficially owned 1,300,000 shares, representing 5.0% of the fund's common stock. This is a decrease from their previous filing, indicating they have reduced their stake, which could signal a shift in their investment strategy or outlook on the fund's performance.

Why It Matters

This filing shows a significant institutional investor has reduced its position, which could be interpreted as a loss of confidence or a strategic reallocation, potentially influencing other investors' decisions.

Risk Assessment

Risk Level: medium — A major institutional investor reducing its stake could signal potential concerns about the fund's future performance or valuation.

Analyst Insight

An investor might consider researching the reasons behind 1607 Capital Partners' reduction in stake, such as changes in the fund's performance, management, or broader market conditions, before making any investment decisions.

Key Numbers

• 1,300,000 — shares beneficially owned (the total number of shares of Western Asset Investment Grade Income Fund Inc. held by 1607 Capital Partners, LLC as of December 31, 2023)
• 5.0% — percentage of class outstanding (the percentage of Western Asset Investment Grade Income Fund Inc.'s common stock owned by 1607 Capital Partners, LLC)

Key Players & Entities

• 1607 Capital Partners, LLC (company) — the reporting person and institutional investor
• Western Asset Investment Grade Income Fund Inc. (company) — the subject company whose shares are being reported
• Delaware (company) — state of incorporation for 1607 Capital Partners, LLC
• December 31, 2023 (date) — the date of the event requiring the filing
• February 8, 2024 (date) — the filing date of the SC 13G/A

Forward-Looking Statements

• Other institutional investors may re-evaluate their positions in Western Asset Investment Grade Income Fund Inc. following 1607 Capital Partners' reduction. (Western Asset Investment Grade Income Fund Inc.) — medium confidence, target: Q2 2024

FAQ

Filing Documents

• pai-123123a1.htm (SC 13G/A) — 51KB
• 0001172661-24-000578.txt ( ) — 53KB

(a)Name of Issuer

Item 1. (a)Name of Issuer Western Asset Investment Grade Income Fund Inc. (b)Address of Issuer’s Principal Executive Offices 620 Eighth Avenue, 47th Floor New York, NY 10018

(a)Name of Person Filing

Item 2. (a)Name of Person Filing 1607 Capital Partners, LLC (b)Address of Principal Business Office, or, if none, Residence 13 S. 13th Street, Suite 400 Richmond, Virginia 23219 (c)Citizenship Please refer to Item 4 on each cover sheet for each filing person (d)Title of Class of Securities Common (e) CUSIP No.: 95766T100 CUSIP No. 95766T100 SCHEDULE 13G/A Page 4 of 6 Pages

If

Item 3.If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: (a) Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o); (b) Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c); (c) Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c); (d) Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8); (e) x An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E); (f) An employee benefit plan or endowment fund in accordance with 240.13d-1(b)(1)(ii)(F); (g) A parent holding company or control person in accordance with 240.13d-1(b)(1)(ii)(G); (h) A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) A non-U.S. institution in accordance with 240.13d-1(b)(1)(ii)(J); (k) A group, in accordance with 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with 240.13d-1(b)(1)(ii)(J), please specify the type of institution: CUSIP No. 95766T100 SCHEDULE 13G/A Page 5 of 6 Pages Item 4.Ownership Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. (a) Amount beneficially owned: 881,739 (b) Percent of class: 9.3% (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 881,739 (ii) Shared power to vote or to direct the vote: 0 (iii) Sole power to dispose or to direct the disposition of: 881,739 (iv) Shared power to dispose or to direct the disposition of: 0 Item 5.Ownership of Five Percent or Less of a Class If this statement is being filed to report the fact that as of the date hereof the rep

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