Saba Capital Management L.P. Buys 384,585 Shares of The New Germany Fund, Inc. $GF

Saba Capital Management L.P. boosted its position in The New Germany Fund, Inc. (NYSE:GF) by 17.4% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 2,595,140 shares of the investment management company’s stock after acquiring an additional 384,585 shares during the quarter. The New Germany Fund comprises approximately 0.7% of Saba Capital Management L.P.’s portfolio, making the stock its 20th largest holding. Saba Capital Management L.P.’s holdings in The New Germany Fund were worth $26,522,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Bulldog Investors LLP increased its position in shares of The New Germany Fund by 6.1% during the first quarter. Bulldog Investors LLP now owns 532,074 shares of the investment management company’s stock worth $5,438,000 after acquiring an additional 30,817 shares in the last quarter. Altium Capital Management LLC acquired a new stake in shares of The New Germany Fund in the 1st quarter worth about $255,000. Evolve Private Wealth LLC bought a new position in The New Germany Fund in the 4th quarter valued at about $303,000. Blue Bell Private Wealth Management LLC lifted its position in The New Germany Fund by 20.1% in the 4th quarter. Blue Bell Private Wealth Management LLC now owns 100,443 shares of the investment management company’s stock valued at $1,147,000 after acquiring an additional 16,779 shares in the last quarter. Finally, Quantify Chaos Advisors LLC bought a new position in The New Germany Fund in the 4th quarter valued at about $259,000.

The New Germany Fund Price Performance

Shares of GF opened at $11.30 on Tuesday. The stock has a 50 day moving average price of $11.66 and a two-hundred day moving average price of $11.60. The New Germany Fund, Inc. has a 52 week low of $9.98 and a 52 week high of $12.82.

The New Germany Fund Increases Dividend

The firm also recently declared a dividend, which was paid on Monday, June 29th. Investors of record on Tuesday, May 26th were given a dividend of $0.154 per share. The ex-dividend date of this dividend was Tuesday, May 26th. This is a positive change from The New Germany Fund’s previous dividend of $0.13. This represents a dividend yield of 261.0%.

The New Germany Fund Company Profile

The New Germany Fund, Inc (NYSE: GF) is a closed-end management investment company that offers U.S. investors targeted exposure to German equities. The fund seeks long-term total return through a combination of capital appreciation and income by investing primarily in a diversified portfolio of securities tied to the German economy.

The fund’s holdings typically include common stocks of German companies alongside American and European depositary receipts for issuers headquartered in or deriving a substantial portion of their revenues from Germany.