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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Paul Senior who wrote (65550)	12/1/2020 8:53:41 AM
From: Wallace Rivers	Read Replies (1) \| Respond to of 78768

Possible arb opportunity, although I doubt this effort by Saba will succeed. I own a closed end, EFR. Saba Capital owns 7.8% of outstanding common, and is mounting a proxy campaign to essentially realize a price close to NAV for shareholders. I sent our proxies in yesterday, voting with Saba. EFR current at a discount of 8.74% to NAV, which is actually less than the 52W average discount to NAV of 11.67% and peak discount to NAV of 27.74% during the Spring sell off. I have been part of these CEF proxy battles before, the likelihood is it won't succeed, but in the meantime you would own a CEF yielding close to 6% which would give some protection in the event interest rates start to tick up.