Saba Capital Management, L.P. has filed an amendment to its Schedule 13D, revealing an increase in its ownership stake in Ellsworth Growth and Income Fund Ltd. to 13.48%. This move, which was disclosed on November 6, 2026, is significant as it indicates Saba's confidence in the fund's potential for growth and value.

Ellsworth Growth and Income Fund Ltd. is a closed-end fund that invests primarily in convertible securities. The fund's strategy aims to provide both capital appreciation and income to its shareholders. The filing highlights Saba's belief that the fund's shares are currently undervalued, presenting an attractive investment opportunity.

Background

Saba Capital Management, L.P. is a Delaware limited partnership, primarily engaged in serving as an investment manager to private and public investment funds. The firm is known for its strategic investment approach and has been actively involved in various investment opportunities. It operates from its office located at 405 Lexington Avenue, New York, NY.

Ellsworth Growth and Income Fund Ltd., incorporated in Delaware, focuses on generating income and capital appreciation through investments in convertible securities. The fund's shares are traded under the ticker symbol EGF on the New York Stock Exchange.

What the Filing Says

The Schedule 13D/A filing reveals that Saba Capital Management now holds 1,821,810 common shares of Ellsworth Growth and Income Fund Ltd., representing 13.48% of the total shares outstanding as of November 2, 2026. The filing states, "The Reporting Persons acquired the Common Shares... in the ordinary course of business for investment purposes because they believe that the Common Shares are undervalued and represent an attractive investment opportunity." This indicates Saba's strategic intent to engage with the fund's management and board regarding potential improvements and governance matters.

Impact

This increase in ownership may impact various stakeholders, including the existing shareholders of Ellsworth Growth and Income Fund Ltd., who may see this as a positive sign of confidence from a notable investment firm. Additionally, the fund's management and board may be prompted to consider changes in strategy or governance in response to Saba's increased influence.

What's Next

The filing does not specify what actions Saba Capital Management plans to take next regarding its investment in Ellsworth Growth and Income Fund Ltd. However, it does indicate that the firm intends to review its investment continuously and may engage in discussions with the fund's management and board about its strategic direction.

For further details, the full filing can be accessed through the SEC's EDGAR database under accession number 0001062993-26-005788.