The New Boaz Weinstein’s Saba Capital Management Holding in First Trust High Income LongShort Fund
Saba Capital Management filed with the SEC SC 13D/A form for First Trust High Income LongShort Fund. The form can be accessed here: 000106299316012271. As reported in Boaz Weinstein’s Saba Capital Management’s form, the filler as of late owns 11.24% or 3,965,521 shares of the Finance–company.
First Trust High Income LongShort Fund stake is a new one for the for the hedge fund and it was filed because of activity on November 14, 2016. We feel this shows Boaz Weinstein’s Saba Capital Management’s positive view for the stock. For a hedge fund managing $7.93 billion in assets and having 62+ active experts, we at Financialmagazine have no doubt the buy is a bullish signal.
The hedge fund is active investor in the Finance sector. In the manager’s last 13-F, we saw 25% of Boaz Weinstein’s Saba Capital Management’s US equities portfolio is in this sector.
Reasons Why Boaz Weinstein’s Saba Capital Management Bought – First Trust High Income LongShort Fund Stock
PURPOSE OF TRANSACTION
Item 4 of the Schedule 13D is herebyamended and supplemented by the addition of the following:
The Reporting Persons have engaged,and may continue to engage, in discussions with management and the Board ofDirectors of the Issuer regarding the long-term performance of the Issuer andthe trading of the Shares at a discount to the Issuer’s net asset value.
On November 14, 2016, Saba Capitalsubmitted to the Issuer a proposal pursuant to Rule 14a-8 promulgated under theSecurities Exchange Act of 1934. The proposal requests that the Board ofTrustees of the Fund take all necessary steps in its power to declassify theBoard so that all directors are elected on an annual basis starting at the nextannual meeting of shareholders. Such declassification shall be completed in amanner that does not affect the unexpired terms of the previously electedtrustees. The foregoing description of the proposal is qualified in its entiretyby the full text of the proposal, a copy of which is attached as Exhibit2 hereto and incorporated by reference herein.
First Trust High Income Long/Short Fund is a diversified closed-end management investment company. The Fund’s primary investment objective is to provide current income. The Fund’s secondary objective is capital appreciation. The Fund will seek to achieve its investment objectives by investing, under normal market conditions, a majority of its assets in a diversified portfolio of the United States and foreign (including emerging markets) high-yield corporate fixed-income securities of varying maturities that are rated below investment grade at the time of purchase. The Fund’s investments in fixed-income securities are referred to as high-yield or junk bonds. The Fund holds interest in various sectors, such as basic industry, healthcare, capital goods, telecommunications, automotive, banking, media, energy, leisure, insurance, technology and electronics, transportation and financial services. The Fund’s investment advisor is First Trust Advisors L.P.
SEC Form 13D is filed within 10 days, by anyone who acquires beneficial ownership of 5%+ of any public firm. Activist investors and practices such as: company breakups, hostile takeovers, and change of control events, are permitted for this form filers. A filer must promptly update its 13D filing in case of acquisition or disposition of 1% or more of the securities that are the subject of the filing.
About 41,634 shares traded hands. First Trust High Income Long short Fund (NYSE:FSD) has risen 2.74% since April 12, 2016 and is uptrending. It has underperformed by 2.25% the S&P500.
First Trust High Income Long/Short Fund is a diversified closed-end management investment company. The company has a market cap of $526.30 million. The Fund’s primary investment objective is to provide current income. It currently has negative earnings. The Fund’s secondary objective is capital appreciation.
More notable recent First Trust High Income Long short Fund (NYSE:FSD) news were published by: Seekingalpha.com which released: “First Trust High Income Long/Short Fund: A Good Or Bad Investment?” on July 29, 2016, also Businesswire.com with their article: “First Trust High Income Long/Short Fund Increases its Monthly Common Share …” published on October 20, 2016, Seekingalpha.com published: “In Search Of Income: High-Yield Bond CEFs (Part II)” on December 19, 2014. More interesting news about First Trust High Income Long short Fund (NYSE:FSD) were released by: Seekingalpha.com and their article: “Calamos Convertible Opportunities & Income Fund: A Good Or Bad Investment” published on September 14, 2016 as well as Seekingalpha.com‘s news article titled: “PIMCO Dynamic Credit Income Fund (PCI): A Good Or Bad Investment?” with publication date: September 21, 2016.
Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.