Saba Capital Cuts MEGI Stake to 5.63% in Continued Selling
MEGI is trading near its 52-week low of $13.42 (14% above the low).
Summary
Saba Capital Management, an activist investor, reduced its stake in MEGI to 5.63% from 6.66%, selling shares over two months. The fund's stock trades near its 52-week high.
Key Events · Ownership and Investor Activity · MEGI
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Stake Reduced to 5.63%
Saba Capital Management, L.P. and affiliated entities now beneficially own 2,928,750 shares, representing 5.63% of MEGI's outstanding common stock, down from 6.66% reported in the prior 13D/A.
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Continued Selling Pressure
The filing discloses open-market sales of MEGI shares from June 26 to August 17, 2026, totaling approximately 500,000 shares sold during the period.
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Activist Investor Exits
Saba Capital, known for activist campaigns in closed-end funds, has been steadily reducing its position, which may indicate a conclusion of its engagement with MEGI.
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Stock Near 52-Week High
MEGI's stock price of $15.25 is near its 52-week high of $15.89, suggesting the selling may be profit-taking after a strong performance.
Analysis · MEGI · Unknown
Activist investor Saba Capital Management reduced its stake in MEGI from 6.66% to 5.63%, selling shares over a two-month period. The continued selling by a major activist investor may pressure the stock, though the fund's price remains near its 52-week high. The reduction below 6.66% could signal a diminishing activist campaign or profit-taking after a strong run.
How filings like this one have moved
In the 30 days to Sep 15, 2026, 29.9% of the 1678 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.25%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, MEGI was trading at $15.25 on NYSE in the Unknown sector, with a market capitalization of approximately $790.6M. The 52-week trading range was $13.42 to $15.89. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.