Saba Capital adds 24,115 shares to its Mexico Fund (NYSE: MXF) stake

What happened

Saba Capital Management, L.P. bought 24,115 shares of Mexico Fund Inc (NYSE: MXF) on Nov. 5 at $20.72 each. The purchase cost $499,663 and lifted Saba's reported holding to 2,517,955 shares. Saba is a 10% owner of the company, the Form 4 says.

The shares are held by funds and accounts for which Saba serves as investment manager, the filing says. The Form 4 reports the holdings of those vehicles together as one position. It lists the ownership as indirect.

Boaz R. Weinstein is managing member of Saba Capital Management GP, LLC. That firm is the general partner of Saba Capital Management, L.P. Maria Piccolino signed for Saba, and Weinstein signed on Nov. 6.

Key numbers

Metric	Latest	Change	Source
Shares bought Nov. 5	24,115 shares		SEC Form 4
Price per share	$20.72		SEC Form 4
Total purchase value	$499,663		SEC Form 4
Shares held after the purchase	2,517,955 shares		SEC Form 4
Purchase as share of prior holding	about 1.0%		Calculated from SEC Form 4

Read more: Mexico Fund (MXF) company research

Why it matters

The buy added to an already large position rather than starting one. OptimistFi calculates that the purchase was about 1.0% of the 2,493,840 shares Saba held before the trade.

At that scale the purchase nudges Saba's holding higher. It does not change the size of the position materially, so it reads as an addition rather than a new bet. For holders of Mexico Fund Inc, it shows a major shareholder still adding shares in a small increment.

The Form 4 codes the transaction P for purchase and shows it as an acquisition of common stock. Saba filed alone as the only reporting person. Its address is listed as 405 Lexington Avenue in New York.

OptimistFi has no investment case on file for Mexico Fund Inc. This filing therefore establishes a baseline: the size, price and timing of one major holder's latest purchase, to be set against future filings.

The shares sit in funds and accounts Saba manages. The purchase is not a change in how Mexico Fund Inc operates, and it is not a verdict on the company.

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What's next

The next scheduled item is Mexico Fund Inc's next quarterly report, which will update the company's own figures. A further Form 4 from Saba reporting another purchase would point to continued buying, while a reported sale would weaken that read.

More from OptimistFi

• MXF stock: research and coverage of Mexico Fund
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