On September 18, 2023, Saba Capital Management, L.P. (Trades, Portfolio), a New York-based investment firm, added 1,083,520 shares of Destra Multi-Alternative Fund (DMA, Financial) to its portfolio. The transaction, which saw a trade change of 1.19 and a share change of 12,683, had a negligible impact on the firm's portfolio. The shares were acquired at a price of $6.06 each, making DMA account for 0.17% of the firm's portfolio and the firm holding 12.07% of DMA's total shares.
About Saba Capital Management, L.P. (Trades, Portfolio)
Saba Capital Management, L.P. (Trades, Portfolio), located at 405 Lexington Avenue, New York, NY 10174, is an investment firm with a diverse portfolio. As of the transaction date, the firm held 624 stocks with a total equity of $3.84 billion. The firm's top holdings include Templeton Global Income Fund (GIM, Financial), BlackRock Capital Allocation Trust (BCAT, Financial), BlackRock Health Sciences Trust II (BMEZ, Financial), BlackRock Innovation & Growth Tr (BIGZ, Financial), and BlackRock ESG Capital Allocation Trust (ECAT, Financial). The firm's investments are primarily concentrated in the Financial Services and Technology sectors.
Overview of Destra Multi-Alternative Fund
Destra Multi-Alternative Fund (DMA, Financial), a USA-based company, operates as a non-diversified, closed-end management investment company. The company, which operates in a single segment, has a market capitalization of $58.351 million. As of the transaction date, the stock was trading at $6.51, with a PE percentage of 0.00, indicating that the company was operating at a loss. The company's GF Score was 20/100, suggesting a poor future performance potential.
Financial Health of Destra Multi-Alternative Fund
Destra Multi-Alternative Fund's financial strength was ranked 5/10, while its profitability rank was 2/10. The company's growth rank was not applicable due to insufficient data. The company's ROE and ROA were -8.16 and -6.77, respectively, placing it at ranks 1300 and 1336. The company's gross margin growth and operating margin growth were also not applicable due to insufficient data.
Performance Indicators of Destra Multi-Alternative Fund
The company's RSI 5 Day, RSI 9 Day, and RSI 14 Day were 80.66, 74.77, and 72.84, respectively. The company's momentum index 6 - 1 month and momentum index 12 - 1 month were -12.48 and -21.18, respectively. The company's RSI 14 Day rank was 1680, while its momentum index 6 - 1 month rank was 1447.
Implications of the Transaction
The acquisition of Destra Multi-Alternative Fund shares by Saba Capital Management, L.P. (Trades, Portfolio) represents a strategic investment decision by the firm. Despite the company's poor profitability and growth ranks, the firm's investment could potentially yield significant returns if the company's financial performance improves. However, given the company's current financial health and performance indicators, the transaction is likely to have a minimal impact on the firm's portfolio.
All data and rankings are accurate as of September 20, 2023.
