SCHEDULE 13D/A: Saba Capital Amends Nuveen Core Plus Impact Fund Stake, Discloses Recent Share Sales

Saba Capital Management, L.P. and its affiliates have filed an Amendment No. 6 to their Schedule 13D, revealing a current beneficial ownership of 8.22% in Nuveen Core Plus Impact Fund and detailing recent open market sales of shares.

Summary

• Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein (the "Reporting Persons") have filed Amendment No. 6 to their Schedule 13D regarding their beneficial ownership in Nuveen Core Plus Impact Fund.
• As of January 15, 2025, the Reporting Persons collectively beneficially own 2,363,719 common shares, representing 8.22% of the issuer's outstanding common stock.
• This percentage is calculated based on 28,755,000 shares of common stock outstanding as of June 30, 2024, as disclosed by the company in its N-CSRS filing on September 5, 2024.
• The funds used for the acquisition of these shares were derived from investor subscription proceeds, capital appreciation, and margin account borrowings.
• Approximately $27,429,483 was paid to acquire the common shares currently reported.
• Since the previous Schedule 13D/A filing on December 16, 2024, the Reporting Persons have engaged in multiple open market sales of Nuveen Core Plus Impact Fund common shares.
• A total of 299,970 shares were sold between December 16, 2024, and January 15, 2025, at prices ranging from $10.46 to $11.07 per share.

Sentiment

Score: 5

Explanation: Neutral. The document is a routine regulatory filing disclosing changes in beneficial ownership and recent share sales by a significant investor. It does not contain positive or negative forward-looking statements or operational results.

Negatives

• Saba Capital, a significant shareholder, has reduced its stake in Nuveen Core Plus Impact Fund by selling 299,970 shares in the open market since December 16, 2024.

Future Outlook

NA

Industry Context

This filing reflects a common practice by activist or event-driven funds like Saba Capital to adjust their positions in closed-end funds. Such funds often engage in strategies to narrow discounts to Net Asset Value (NAV) or influence corporate governance, though this specific amendment only details share sales.

Stakeholder Impact

• Shareholders: The reduction in stake by a notable investor like Saba Capital could be interpreted differently by other shareholders; some might view it negatively as a loss of confidence, while others might see it as a routine portfolio adjustment.

Key Dates

Recommendation

Keywords

Nuveen Core Plus Impact Fund, Saba Capital Management, Schedule 13D, Beneficial Ownership, Share Sales, Investment Fund, SEC Filing, Common Shares, Boaz R. Weinstein, Institutional Investor