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Saba capital management increases stake in Pioneer Municipal High Income Fund

Published 10/31/2024, 12:04 PM
MAV
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NEW YORK—Saba Capital Management, L.P., a prominent investment management firm, has increased its stake in Pioneer Municipal High Income Advantage Fund, Inc. (NYSE:MAV). According to a recent SEC filing, Saba Capital acquired an additional 41,230 shares of common stock on October 29, at a price of $8.57 per share. This transaction amounts to a total investment of approximately $353,341.

The acquisition boosts Saba Capital's total holdings in the fund to 3,326,949 shares. The transaction was executed indirectly, as noted in the filing, with Saba Capital acting as a ten percent owner of the fund.

This move reflects Saba Capital's ongoing interest in Pioneer Municipal High Income Advantage Fund, a fund known for its focus on high-yield municipal securities. The fund is incorporated in Maryland and operates from Boston, Massachusetts.

InvestingPro Insights

Saba Capital's increased stake in Pioneer Municipal High Income Advantage Fund, Inc. (NYSE:MAV) aligns with several key metrics and trends revealed by InvestingPro data. The fund's market capitalization stands at $203.51 million, positioning it as a relatively small player in the investment fund space.

MAV's revenue growth has been robust, with a 17.66% increase in the most recent quarter and an 11.49% growth over the last twelve months. This performance likely caught the attention of Saba Capital, as it suggests the fund's strategy is yielding positive results in the current market environment.

InvestingPro Tips highlight that MAV has maintained dividend payments for 22 consecutive years, a testament to its stability and commitment to shareholder returns. This is particularly relevant given the fund's current dividend yield of 4.53%, which may be attractive to income-focused investors like Saba Capital.

The fund's price-to-earnings ratio of 54.97 indicates a premium valuation, which could be justified by its consistent dividend history and recent growth performance. However, another InvestingPro Tip suggests that the stock's valuation implies a poor free cash flow yield, which investors should consider alongside the positive aspects.

MAV's stock has shown strong performance over the past year, with a 39.71% total return, outpacing many of its peers. This upward trajectory, combined with the fund's focus on high-yield municipal securities, likely factored into Saba Capital's decision to increase its position.

For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and metrics beyond those mentioned here. In fact, there are 9 more InvestingPro Tips available for MAV, providing deeper insights into the fund's financial health and market position.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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