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

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