Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

First Trust High Income Long/Short Fund (FSD): Saba Capital Significantly Increases Stake

According to a recent 13G filing with the SEC, Boaz Weinstein‘s Saba Capital has acquired additional shares of First Trust High Income Long/Short Fund (NYSE:FSD), with it currently owning 1.83 million shares which account for 5.19% of the stock’s float. This represents a significant increase to the fund’s stake, as it previously held 1.18 million shares, as disclosed in its latest 13F filing, for the end of March.

First Trust High Income Long/Short Fund is a diversified closed-end management investment company that has two main goals: providing capital appreciation and current income. Year-to-date, the company’s stock is up by 5.54%.

Among funds tracked by Insider Monkey, just four investors were long First Trust High Income Long/Short Fund (NYSE:FSD) at the end of March, down from six funds long the stock a quarter earlier. The most valuable position in the company was the previous holding of Saba Capital, while the second-biggest was held by Brian Taylor’s Pine River Capital Management, being worth around $5.6 million. The other professional money managers with similar bullishness contained Clint Carlson’s Carlson Capital, and Allan Teh’s Kamunting Street Capital.

invest, investment, accountant, accounting, account, money, funds, business, trade, market, earnings, capital, risk, wealth, man, growth, index, foreign, profits, return, desk,


Investors who lost interest in the stock and sold off their positions in the first quarter were Andrew Weiss’ Weiss Asset Management, which dumped the largest stake, valued at about $0.7 million in stock. William Michaelcheck’s Mariner Investment Group also dropped its stock, about $0.6 million worth.

Follow First Trust High Income Longort Fund (NYSE:FSD)
Trade (NYSE:FSD) Now!

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Saba Capital Management 1,829,904 1,829,904 5.19%
Boaz R. Weinstein 1,829,904 1,829,904 5.19%

Boaz Weinstein
Boaz Weinstein
Saba Capital

Page 1 of 6 – SEC Filing

Washington, D.C.


Under the Securities Exchange Act of 1934

(Amendment No. _)*


(Name of Issuer)

Common Stock
(Title of Class of

(CUSIP Number)

June 29, 2016
(Date of Event which
Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to
which this Schedule is filed:

[_] Rule 13d-1(b)

[X] Rule 13d-1(c)

[_] Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a
reporting persons initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page
shall not be deemed to be filed for the purpose of Section 18 of the
Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities
of that section of the Act but shall be subject to all other provisions of the
Act (however, see the Notes).

Follow First Trust High Income Longort Fund (NYSE:FSD)
Trade (NYSE:FSD) Now!

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.