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.
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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.
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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% |
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Page 1 of 6 – SEC Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. _)*
FIRST TRUST HIGH INCOME LONG/SHORT
FUND
(Name of Issuer)
Common Stock
(Title of Class of
Securities)
33738E109
(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).
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Page 2 of 6 – SEC Filing
SCHEDULE 13G
| CUSIP No. 33738E109 |
| 1 | Names of Reporting Persons |
| Saba Capital Management, L.P. | |
| 2 | Check the appropriate box if a member of a Group (see instructions) |
| (a) [ ] | |
| (b) [ ] | |
| 3 | Sec Use Only |
| 4 | Citizenship or Place of Organization |
| Delaware |
| 5 | Sole Voting Power | |
| Number of | -0- | |
| Shares | 6 | Shared Voting Power |
| Beneficially | ||
| Owned by Each | 1,829,904 | |
| Reporting Person | 7 | Sole Dispositive Power |
| With: | ||
| -0- | ||
| 8 | Shared Dispositive Power | |
| 1,829,904 |
| 9 | Aggregate Amount Beneficially Owned by Each Reporting |
| 1,829,904 | |
| 10 | Check box if the aggregate amount in row (9) excludes |
| [ ] | |
| 11 | Percent of class represented by amount in row |
| 5.19% | |
| 12 | Type of Reporting Person (See Instructions) |
| PN; IA |
The percentages used herein are calculated based upon
35,272,607 shares of common stock outstanding as of 04/30/2016, as disclosed in
the company’s Certified Shareholder Report Form N-CSR filed 7/05/2016
Page 2 of 7
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Page 3 of 6 – SEC Filing
SCHEDULE 13G
| CUSIP No. 33738E109 |
| 1 | Names of Reporting Persons |
| Boaz R. Weinstein | |
| 2 | Check the appropriate box if a member of a Group (see instructions) |
| (a) [ ] | |
| (b) [ ] | |
| 3 | Sec Use Only |
| 4 | Citizenship or Place of Organization |
| United States |
| 5 | Sole Voting Power | |
| Number of | -0- | |
| Shares | 6 | Shared Voting Power |
| Beneficially | ||
| Owned by Each | 1,829,904 | |
| Reporting Person | 7 | Sole Dispositive Power |
| With: | ||
| -0- | ||
| 8 | Shared Dispositive Power | |
| 1,829,904 |
| 9 | Aggregate Amount Beneficially Owned by Each Reporting |
| 1,829,904 | |
| 10 | Check box if the aggregate amount in row (9) excludes |
| [ ] | |
| 11 | Percent of class represented by amount in row |
| 5.19% | |
| 12 | Type of Reporting Person (See Instructions) |
| IN |
The percentages used herein are calculated based upon
35,272,607 shares of common stock outstanding as of 04/30/2016, as disclosed in
the company’s Certified Shareholder Report Form N-CSR filed 7/05/2016
Page 3 of 7
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Page 4 of 6 – SEC Filing
Item 1.
| (a) | Name of Issuer: First Trust High Income Long/Short |
| (b) | Address of Issuers Principal Executive Offices: |
Item 2.
| (a) | Name of Person Filing: This statement is being |
| The Reporting Persons have entered into a Joint Filing | |
| Any disclosures herein with respect to persons other than | |
| The filing of this statement should not be construed as | |
| (b) | Address of Principal Business Office or, if None, |
| The address of the business office of Saba Capital and | |
| (c) | Citizenship: Saba Capital is organized as a |
| (d) | Title and Class of Securities: Common stock (the |
| (e) | CUSIP No.: 33738E109 |
| Item 3. | If this statement is filed pursuant to §§ 240.13d-1(b) |
| (a) | [_] | Broker or dealer registered under Section 15 of the Act; | |
| (b) | [_] | Bank as defined in Section 3(a)(6) of the Act; | |
| (c) | [_] | Insurance company as defined in Section 3(a)(19) of the Act; | |
| (d) | [_] | Investment company registered under Section 8 of the Investment Company Act of 1940; | |
| (e) | [_] | An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E); | |
| (f) | [_] | An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F); | |
| (g) | [_] | A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G); |
Page 4 of 7
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Page 5 of 6 – SEC Filing
| (h) | [_] | A savings associations as defined in Section 3(b) of the | |
| (i) | [_] | A church plan that is excluded from the definition of an | |
| (j) | [_] | A non-U.S. institution in accordance with Rule | |
| (k) | [_] | Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K). If |
| Item 4. | Ownership |
| (a) | Amount Beneficially Owned: The information |
| Item 5. | Ownership of Five Percent or Less of a Class. N/A |
| Item 6. | Ownership of more than Five Percent on Behalf of Another Person. N/A |
| Item 7. | Identification and classification of the subsidiary which acquired the security being reported on by the parent holding company or control person. N/A |
| Item 8. | Identification and classification of members of the group. N/A |
| Item 9. | Notice of Dissolution of Group. N/A |
| Item 10. | Certifications. |
| By signing below each Reporting Person certifies that, to |
Page 5 of 7
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Page 6 of 6 – SEC Filing
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Dated: 7/7/2016
/s/ Signature Michael DAngelo
Name: Michael DAngelo
Title: Chief Compliance Officer
Boaz R. Weinstein
By: Michael DAngelo
Title: Attorney-in-fact***
*** Pursuant to a Power of Attorney dated as of November 16,
2015
Page 6 of 7
EXHIBIT 1
JOINT FILING AGREEMENT
PURSUANT TO
RULE 13d-1(k)
The undersigned acknowledge and agree that the
foregoing statement on Schedule 13G is filed on behalf of each of the
undersigned and that all subsequent amendments to this statement on Schedule 13G
shall be filed on behalf of each of the undersigned without the necessity of
filing additional joint filing agreements. The undersigned acknowledge that each
shall be responsible for the timely filing of such amendments, and for the
completeness and accuracy of the information concerning him or it contained
herein and therein, but shall not be responsible for the completeness and
accuracy of the information concerning the others, except to the extent that he
or it knows or has reason to believe that such information is inaccurate.
DATED: July 7, 2016
SABA CAPITAL MANAGEMENT, L.P.
By: /s/ Michael
DAngelo
Name: Michael DAngelo
Title:
Authorized Signatory
BOAZ R. WEINSTEIN
By: /s/ Michael DAngelo
Title: Attorney-in-fact
Page 7 of 7
