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Post by yogibearbull on Nov 6, 2023 16:52:01 GMT
CEF activist Saba defeated giant Franklin-Templeton (& its fallen star Hasenstab), won control over the CEF GIM, will rename it with new ticker SABA, and will change its objectives. So, a huge $437 AUM FI CEF is reborn as some sort of a hybrid. Saba has existing ETF CEFS & CEF BRW. Twitter LINKPress Release www.businesswire.com/news/home/20231106482750/en/ |
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Post by richardsok on Nov 6, 2023 19:42:12 GMT
When routinely scanning the daily Insider Buying lists I have noticed SABA is very frequently among the most aggressive stock and fund buyers.
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Post by retiredat48 on Nov 7, 2023 1:13:35 GMT
I once owned some GIM...Templeton Global Income Fund...a long time ago. I see 10 year RETURN chart is slightly DOWN. Whew!
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Post by roi2020 on Nov 7, 2023 3:41:32 GMT
I once owned some GIM...Templeton Global Income Fund...a long time ago. I see 10 year RETURN chart is slightly DOWN. Whew!
Same here. Owned GIM for several years but got out in 2017 or 2018.
Glad I did since Mr. Hasenstab really lost his mojo!
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Post by richardsok on Nov 10, 2023 4:25:22 GMT
SABA recently increased its stakes in NQT, ECAT, CEM and BIGZ
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Post by yogibearbull on Nov 10, 2023 11:42:50 GMT
I did some research on Boaz Weinstein & Saba. Guy has an interesting background. He is a hedge fund "genius" but question is whether his magic translates into his public/listed funds. This doesn't always work - look at Robert Goldstein and his funds (GSPY, GVLU, etc), Carl Icahn and his investment vehicle (IEP).
In 2021, Saba followed a similar strategy to takeover Voya PPR and turn it into a different hybrid fund BRW. A recent report for BRW shows mix of investments in stocks, bonds, CEFs, cryptos. GIM/SABA will probably do the same on a bigger scale (it’s 4x BRW); for now, the current ER will be maintained but may go up later.
Another unexpected CEF development occurred in 2020 when Franklin Templeton/Franklin/BEN bought Legg Mason whose subsidiary was Western Asset Mgmt. Western had many bond CEFs and this change in control triggered the renewals of all Western CEFs’ advisory contracts. Saba and other CEF activists took advantage of this by buying positions in several Western ETFs that they wanted to target.
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Post by yakers on Nov 26, 2023 16:45:18 GMT
I once owned some GIM...Templeton Global Income Fund...a long time ago. I see 10 year RETURN chart is slightly DOWN. Whew!
Same here. Owned GIM for several years but got out in 2017 or 2018.
Glad I did since Mr. Hasenstab really lost his mojo!
Add me to the list of people who lost $ with GIM, bit it sounded good and did well for a while, held too long. Not sure I ever want foreign bonds again. |
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Post by yogibearbull on Nov 26, 2023 20:37:39 GMT
SABA won't be anything like the old GIM. My hesitation to buy it now is that when transition finally happens on 01/2024, its portfolio makeover may lead to huge CG distributions, although this didn't happen when Saba took over BRW. If room develops in my IRAs, I may do this earlier.
I already have a foothold in Saba ETF CEFS.
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Post by richardsok on Dec 15, 2023 3:10:57 GMT
SABA continues aggressively buying up BIGZ and BMEZ. Both are climbing.
Berkshire Hathaway continues acquiring enormous quantities of OXY and buying back BRK/B.
A Pimco director just bought $100k of PFL. Other than that I find insider buying at Pimco to be surprisingly slim. Am watching for reports of EOY bonus buys.
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Post by yogibearbull on Jan 3, 2024 16:06:36 GMT
As GIM transitioned to SABA on 12/31/23, all old holdings were liquidated into cash on 12/31/23. It will start fresh as SABA in 2024. Its NAV ticker remains XGIMX.
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