Saba Capital Significantly Boosts Its Stakes in Managed High Yield Plus Fund Inc. (HYF) and Two Other Funds

In a couple of filings Boaz Weinstein’s Saba Capital, revealed that it has boosted its stake in Managed High Yield Plus Fund Inc. (NYSE:HYF), Western Asset Managed High Income Fund Inc. (NYSE:MHY) and Western Asset Global Corporate Defined Opportunity Fund Inc. (NYSE:GDO). Saba Capital initiated a position in these companies in the third quarter of 2013.

Saba Capital

The fund upped its stake in Managed High Yield Plus Fund Inc. (NYSE:HYF) to 3.31 million shares from 743,235 shares as stated in its latest 13F. The current stake represents 5.32% of the company’s common stock.

Managed High Yield Plus Fund Inc. (NYSE:HYF) is a closed-end diversified management investment company, seeking high income is the primary objective and capital appreciation as secondary objective of the fund. UBS Global Asset Management (Americas) Inc. is the investment manager of the fund.

Pine River Capital Management, run by Brian Taylor, raised its stake in Managed High Yield Plus Fund Inc. (NYSE:HYF), in the third quarter by 16% to 424,527 shares.

In another filing, the fund revealed that it has significantly raised its stake in Western Asset Managed High Income Fund Inc. (NYSE:MHY) to 2.40 million shares from 727,417 shares held earlier. The current holdings equals to 5.09% stake in company’s common stock.

Western Asset Managed is a closed-end management investment company, managed by Legg Mason Partners Fund Advisor, LLC. Today, the fund released its financial results for the quarter ended November 2013. The NAV increased to $6.25 per share from $6.11 in the previous quarter. Total net assets increased to $294.83 million from $288.64 million in the previous quarter. Net assets from operations increased to $0.24 per share from a negative of $0.05 in the previous quarter.

Another hedge fund Third Avenue Management, run by Martin Whitman, also initiated a position in the stock, in the third quarter of 2013, and has 669,372 shares in its equity portfolio. Brian Taylor’s Pine River Capital Management, also upped its stake by 71% in the third quarter to 232,026 shares.

In a separate filing, Saba Capital disclosed that it has boosted its position in Western Asset Global Corporate Defined Opportunity Fund Inc. (NYSE:GDO), to 771,279 shares from 170,498 held earlier. The fund now has a stake of 5.03% in the company’s common stock.

Western Asset Global is a non-diversified, limited-term, closed-end management investment company.

Kenneth Fuller, director at Western Asset Global bought 800 shares the previous month at $18.31 per share. Aqr Capital Management, led by Cliff Asness also raised its stake in the company by 55% in the third quarter to 109,375 shares.

Saba Capital Management is a credit-centric hedge fund. It also initiated a position in PIMCO Dynamic Credit Income Fund (NYSE:PCI), in the third quarter and now holds 1.95 million shares, with a reported value of $43.30 million.

Disclosure: none

Recommended Reading:

Michael Novogratz and Insiders Are Bullish About These 4 Stocks

Luxor Capital Group Reveales New Position in BJ’s Restaurants, Inc. (BJRI)

Glenn J. Krevlin Boosts His Stake in Jamba, Inc. (JMBA)

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

10 High Margin Food Products to Build a Business Around

The 10 Most Expensive Clothing Stores in the United States to Get Decked Out At

The 5 Biggest Kickstarter Scams That Swindled Backers’ Donations

The 10 Most Expensive Boarding Schools In the World

50 Crazy Facts About Japan You Won’t Believe

Top 10 Least Expensive Hybrid Cars to Save the Planet With

The 10 Biggest ‘Gate’ Controversies in History

The 10 States with the Highest Nursing Shortages Leaving Their Hospitals Depleted

The 10 Best Value Investment Blogs that Every Investor Must Read

The 6 Cheapest Boarding Schools in Europe 2015

The 5 Most Expensive Cars To Insure in the World

The 10 Most Common Genetically Modified Foods

10 Self-Made Billionaires Who Came From Nothing

The 10 Most Expensive Cities to Live in North America

The 13 Most Expensive Headphones in the World to Represent

The Top 20 Wealthiest Soccer Teams in 2014

4 BuzzWorthy Cannabis Stocks And Some Smoking Derivative Plays

The 10 Healthiest Fast Food Chains in America to Dine At

The 5 Most Expensive Cat Food Brands You Can Spoil Your Kitty With

The 6 Best eCommerce Platforms for Small Businesses

The 10 Worst Mistakes an Entrepreneur Can Make

The 5 Most OP Characters in League of Legends to Carry Games and Crush Foes With

The 5 Best Foods to Eat Before Running that Will Help You Pound the Pavement

10 Glaring Plot Holes in The Walking Dead that a Zombie-Filled Bus Could Drive Through

The 5 Biggest Celebrity Stoners Who Love Their Reefer

The 10 Most Overrated Movies Of All Time by Out-of-Touch Critics

Top 6 Least Expensive Cruise Destinations For 2015 that Will Take You to Paradise

10 States with Lowest Substance Abuse Rates in America

The 14 Most Watched TV Finales Ever

The 10 Best Selling Role Playing Games of All Time for PC

10 Most Influential Papers In Economics

Top 8 Biggest Charities in the US

10 Worst Celebrity Career Moves Ever

Top 10 Best Paid Tennis Stars in the World

Top 6 Cities For The Ultra Rich to Live in Comfort

10 Cities with High Demand for Nurses

6 of the Worst Greeting Card Messages Ever Crafted

How to Make Money in ArcheAge and Build Your Empire

10 Foods To Eat To Lower Cholesterol Levels

The 10 Most Hated Television Characters of All Time

The 30 Worst Halloween Costume Ideas Ever Brought to Horrible Life

10 Vocational Skills in Demand Today with Jobs Waiting to be Filled

10 Best Places to Visit in Central and South America

The 10 Greatest Empires in History Which Nearly Conquered the World

The 6 Cheapest Boarding Schools In America 2015

5 Clear Reasons LoL is Better than DotA, Continues to Rule MOBAs

The Only 9 Teams with a Chance to Win the Super Bowl

The 15 Most Common Phobias in America that Induce Fits of Panic

Top 6 Least Expensive Tourist Destinations in 2014

Jim Goetz, Peter Fenton, Jim Breyer: Top 6 Venture Investors for 2014

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!