The New Boaz Weinstein’s Saba Capital Management Holding in Wells Fargo Multi-Sector Income Fund
Saba Capital Management filed with the SEC SC 13D/A form for Wells Fargo Multi-Sector Income Fund. The form can be accessed here: 000090266416008287. As reported in Boaz Weinstein’s Saba Capital Management’s form, the filler as of late owns 14.51% or 6,095,256 shares of the Finance–company.
Wells Fargo Multi-Sector Income Fund stake is a new one for the for the hedge fund and it was filed because of activity on September 30, 2016. We feel this shows Boaz Weinstein’s Saba Capital Management’s positive view for the stock. For a hedge fund managing $7.93 billion in assets and having 62+ active experts, we at Financialmagazine have no doubt the buy is a bullish signal.
The hedge fund is active investor in the Finance sector. In the manager’s last 13-F, we saw 25% of Boaz Weinstein’s Saba Capital Management’s US equities portfolio is in this sector.
Reasons Why Boaz Weinstein’s Saba Capital Management Bought – Wells Fargo Multi-Sector Income Fund Stock
PURPOSE OF TRANSACTION
The Reporting Persons have engaged, and may continue to engage, in discussions with management and the Board of Directors of the Issuer regarding the long-term performance of the Issuer and the trading of the Shares at a discount to the Issuer’s net asset value.
On September 30, 2016, Saba Capital submitted to the Issuer a proposal pursuant to Rule 14a-8 promulgated under the Securities Exchange Act of 1934. The proposal requests that the Board of Trustees of the Fund take all necessary steps in its power to declassify the Board so that all directors are elected on an annual basis starting at the next annual meeting of shareholders.Such declassification shall be completed in a manner that does not affect the unexpired terms of the previously elected trustees. The foregoing description of the proposal is qualified in its entirety by the full text of the proposal, a copy of which is attached as Exhibit 2 hereto and incorporated by reference herein.
Wells Fargo Multi-Sector Income Fund Institutional Sentiment
Latest Security and Exchange filings show 60 investors own Wells Fargo Multi-Sector Income Fund. The institutional ownership in Q3 2015 is high, at 26.93% of the outstanding shares. This is increased by 2394895 the total institutional shares. 11325873 were the shares owned by these institutional investors. In total 10 funds opened new Wells Fargo Multi-Sector Income Fund stakes, 19 increased stakes. There were 5 that closed positions and 17 reduced them.
Boaz Weinstein Saba Capital Management Lp is an institutional investor bullish on Wells Fargo Multi-Sector Income Fund, owning 2259484 shares as of Q3 2015 for 2.01% of its portfolio. Selway Asset Management owns 168705 shares or 1.21% of its portfolio. CA Hollencrest Securities Llc have 0.03% of their stock portfolio for 14332 shares. Further, Oxbow Advisors Llc reported stake worth 0.04% of its US stock portfolio. The X1 Ancora Advisors Llc owns 124500 shares. Wells Fargo Multi-Sector Income Fund is 0.18% of the manager’s US portfolio.
Wells Fargo Multi-Sector Income (the Fund), formerly Wells Fargo Advantage Multi-Sector Income Fund, is a diversified closed-end management investment company. The Fund seeks a high level of current income consistent with limiting its overall exposure to domestic interest rate risk. It includes asset classes, such as mortgage/corporate bonds, high-yield bonds, and international/emerging markets bonds. Its portfolio of investments include energy equipment and services; chemicals; oil, gas and consumable fuels; pharmaceuticals; airlines; Internet and catalog retail; media; specialty retail; consumer staples; consumer finance; real estate management and development; transport infrastructure; aerospace and defense; healthcare technology; auto components; hotels, restaurants and leisure; food products, and household products. Wells Fargo Funds Management, LLC is the adviser of the Fund. Its sub advisers include First International Advisors, LLC and Wells Capital Management Incorporated.
SEC Form 13D is filed within 10 days, by anyone who acquires beneficial ownership of 5%+ of any public firm. Activist investors and practices such as: company breakups, hostile takeovers, and change of control events, are permitted for this form filers. A filer must promptly update its 13D filing in case of acquisition or disposition of 1% or more of the securities that are the subject of the filing.
Insitutional Activity: The institutional sentiment decreased to 0.68 in Q2 2016. Its down 0.18, from 0.86 in 2016Q1. The ratio fall, as 9 funds sold all Wells Fargo Multi-Sector Income Fund shares owned while 19 reduced positions. 4 funds bought stakes while 15 increased positions. They now own 13.85 million shares or 24.18% less from 18.27 million shares in 2016Q1.
Wells Fargo And Mn holds 14,806 shares or 0% of its portfolio. Advisors Asset Mgmt Inc holds 48,255 shares or 0.01% of its portfolio. Winslow Evans Crocker has invested 0% of its portfolio in Wells Fargo Multi-Sector Income Fund (NYSEMKT:ERC). Landscape Capital Mgmt holds 0.2% of its portfolio in Wells Fargo Multi-Sector Income Fund (NYSEMKT:ERC) for 117,522 shares. Ladenburg Thalmann Serv reported 64,542 shares or 0.01% of all its holdings. Laurion Cap Mgmt L P accumulated 0.05% or 242,890 shares. Stifel accumulated 77,578 shares or 0% of the stock. Selway Asset has 1.22% invested in the company for 150,805 shares. Vident Advisory Limited Co accumulated 198,850 shares or 0.35% of the stock. Rivernorth Ltd Llc last reported 1.17% of its portfolio in the stock. First Foundation Advsr holds 0.14% or 157,337 shares in its portfolio. Sii Invs Wi last reported 39,305 shares in the company. Hollencrest Secs Ltd Liability Company owns 14,332 shares or 0.03% of their US portfolio. Raymond James Fin Advisors last reported 0% of its portfolio in the stock. Raymond James And Assoc has invested 0.02% of its portfolio in Wells Fargo Multi-Sector Income Fund (NYSEMKT:ERC).
Insider Transactions: Since June 3, 2016, the stock had 1 buying transaction, and 0 sales for $235,394 net activity. The insider Saba Capital Management – L.P. bought $235,394.
About 80,438 shares traded hands. Wells Fargo Multi-Sector Income Fund (NYSEMKT:ERC) has risen 13.07% since March 1, 2016 and is uptrending. It has outperformed by 3.83% the S&P500.
Wells Fargo Multi-Sector Income , formerly Wells Fargo Advantage Multi-Sector Income Fund, is a diversified closed-end management investment company. The company has a market cap of $548.76 million. The Fund seeks a high level of current income consistent with limiting its overall exposure to domestic interest rate risk. It currently has negative earnings. It includes asset classes, such as mortgage/corporate bonds, high-yield bonds, and international/emerging markets bonds.
More notable recent Wells Fargo Multi-Sector Income Fund (NYSEMKT:ERC) news were published by: Marketwatch.com which released: “Wells Fargo Multi-Sector Income Fund” on June 19, 2011, also Businesswire.com with their article: “Wells Fargo Closed-End Funds Declare Monthly and Quarterly Dividends” published on August 11, 2016, Businesswire.com published: “Portfolio Manager Change for Wells Fargo Advantage Multi-Sector Income Fund” on June 19, 2015. More interesting news about Wells Fargo Multi-Sector Income Fund (NYSEMKT:ERC) were released by: Businesswire.com and their article: “Wells Fargo Advantage Closed-End Funds to Be Renamed” published on August 28, 2015 as well as Businesswire.com‘s news article titled: “Wells Fargo Funds Management to Hold Closed-End Funds Market Update Conference …” with publication date: May 31, 2016.
ERC Company Profile
Evergreen Multi-Sector Income Fund, formerly Evergreen Managed Income Fund, is a diversified closed-end management investment company. The primary investment objective of the Fund is to seek a high level of current income. The Company’s portfolio includes agency mortgage-backed collateralized mortgage obligations, agency mortgage-backed pass through securities, corporate bonds, corporate and government foreign bonds, the United States treasury obligations, Yankee obligations debt obligations and short-term investments.
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