Saba Capital Management, L.P., a significant shareholder in Destra Multi-Alternative Fund (NYSE:DMA), has made a substantial purchase of shares, according to a recent SEC filing. The investment firm acquired 61,251 shares at a price of $8.25 per share, totaling over $505,320.
The transaction, dated July 10, 2024, increases Saba Capital Management's stake in the fund to 1,376,995 shares. This buy is a clear signal of Saba Capital's continued commitment to its investment in Destra Multi-Alternative Fund, a company known for offering diverse investment strategies.
Destra Multi-Alternative Fund operates as a multi-strategy investment platform and is incorporated in the state of Delaware. With this purchase, investors may take note of Saba Capital Management's bullish stance on the fund's potential.
Boaz Weinstein, associated with Saba Capital Management as a ten percent owner, is also listed in the filing. However, the document does not indicate any direct transactions by Weinstein on the reported date.
Saba Capital Management's latest move could be of interest to individual investors and market analysts who track the investment activities of major shareholders in publicly traded funds. The firm's increased holding in Destra Multi-Alternative Fund might influence the market's perception of the fund's value and potential for growth.
Investors and stakeholders in Destra Multi-Alternative Fund may want to monitor the fund's performance and any further investment activity by Saba Capital Management or other significant shareholders.
InvestingPro Insights
Following Saba Capital Management's notable acquisition of shares in Destra Multi-Alternative Fund (NYSE:DMA), a look at the real-time data from InvestingPro reveals a promising trend for investors considering the fund's performance metrics. The Destra Multi-Alternative Fund has demonstrated a robust dividend yield, standing at 7.56% as of the 193rd day of 2024, which is particularly compelling for income-focused investors. The fund's commitment to returning value to shareholders is further highlighted by its last dividend ex-date on June 16, 2023.
In terms of price performance, the fund has shown impressive returns across various time frames. The one-week total price return is at 4.51%, while the one-month and three-month returns have climbed to 11.33% and 16.46%, respectively. Looking at a longer horizon, the six-month total price return stands at a substantial 30.67%, with a year-to-date return of 34.03%. Over the past year, investors have enjoyed a 65.67% return on their investment in the fund.
An InvestingPro Tip suggests that the fund's current price being at 89.5% of its 52-week high may indicate a potential approach towards its peak valuation, which could be a signal for investors to evaluate their positions in the context of their investment strategies. Additionally, the average daily volume over the last three months is moderately low at 0.03M USD, which could imply lower liquidity and higher volatility in the share price.
For those looking to delve deeper into the Destra Multi-Alternative Fund's prospects and uncover additional strategic insights, InvestingPro offers more tips and detailed analysis. Interested investors can take advantage of a special offer using coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, which includes access to a full suite of investment tools and data. With 15 additional InvestingPro Tips available, investors can gain an enhanced understanding of the fund's potential trajectory and make informed decisions.
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