Saba capital management increases stake in Eaton Vance California Municipal Bond Fund with $610,408 purchase

In a recent SEC filing, Saba Capital Management, L.P., along with Boaz Weinstein, reported a significant acquisition of shares in Eaton (NYSE:) Vance California Municipal Bond Fund (NYSE:EVM). The transactions, which took place on November 12 and 13, involved the purchase of 65,458 shares of common stock, amounting to a total value of $610,408. The shares were acquired at prices ranging from $9.32 to $9.35 per share.

Following these transactions, Saba Capital Management now holds 3,264,291 shares in Eaton Vance California Municipal Bond Fund. Both Saba Capital Management and Boaz Weinstein are recognized as ten percent owners in the fund, highlighting their substantial investment interest.

InvestingPro Insights

The recent acquisition by Saba Capital Management aligns with several key characteristics of Eaton Vance California Municipal Bond Fund (NYSE:EVM). According to InvestingPro data, EVM boasts a notable dividend yield of 5.35% as of the latest available information. This attractive yield is supported by the fund's consistent dividend history, with InvestingPro Tips highlighting that EVM has maintained dividend payments for 23 consecutive years.

The fund's financial stability is further underscored by another InvestingPro Tip, which indicates that EVM's liquid assets exceed its short-term obligations. This financial cushion provides a measure of security for investors like Saba Capital Management, potentially influencing their decision to increase their stake.

While the fund has experienced a slight revenue decline, with a -7.75% growth in the last twelve months, it remains profitable over the same period. This profitability, combined with the fund's low price volatility, as noted in an InvestingPro Tip, may appeal to investors seeking stable income-generating assets.

For readers interested in a more comprehensive analysis, InvestingPro offers additional tips and metrics beyond those mentioned here. The platform currently lists 5 more tips for EVM, providing deeper insights into the fund's performance and potential.

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