In a recent transaction, Saba Capital Management, L.P., a significant shareholder in Destra Multi-Alternative Fund (NYSE:DMA), acquired additional shares of the company's common stock. The purchase, which took place on June 24, 2024, involved 9,881 shares at a price of $7.54 per share, amounting to a total investment of $74,502.
This acquisition has increased Saba Capital Management's holdings in Destra Multi-Alternative Fund, demonstrating a continued commitment to the company. Following the transaction, their total ownership in the fund amounts to 1,222,882 shares.
Destra Multi-Alternative Fund, known by its trading symbol DMA, operates as a diversified investment fund and is incorporated in Delaware. Saba Capital Management, also based in New York, is an investment firm with a focus on credit and equity strategies.
The details of the transaction were disclosed in a Form 4 filing with the Securities and Exchange Commission, which is a requirement for insiders and significant shareholders to report their trading activities. The filing was made public on June 25, 2024.
Investors often monitor such transactions as they can provide insights into how the leading stakeholders view the company's stock value and future performance. However, it's important to note that these transactions do not necessarily predict market movements, and individual investment decisions should be based on broader market analysis and personal financial goals.
InvestingPro Insights
Following the recent purchase by Saba Capital Management, L.P., Destra Multi-Alternative Fund (NYSE:DMA) shows a robust dividend yield, standing at 8.23% as of the last twelve months up to Q1 2024. This yield is particularly enticing for income-focused investors, reflecting a strong commitment to returning value to shareholders. The fund's ex-date for the last dividend was on June 16, 2023, which is relevant for investors looking to capture the next dividend payout.
InvestingPro data also reveals a positive short-term performance for Destra Multi-Alternative Fund, with a 1 week price total return of 2.27% and a 1 month price total return of 3.93%. This suggests a recent uptrend in the company's market valuation. However, the 3 month price total return indicates a slight decline of -1.41%, which may attract investors looking for potential rebound opportunities.
For those considering a longer investment horizon, the 6 month price total return of 23.91% and a YTD price total return of 23.11% highlight significant growth, while the 1 year price total return of an impressive 52.49% underscores the fund's strong performance over the past year. Additionally, the current price standing at 89.5% of the 52-week high suggests that the stock is nearing its peak value, which could be a signal for investors to watch for resistance levels or take profit points.
An InvestingPro Tip to consider is the fund's average daily volume over the last three months, which has been 0.02M USD. This liquidity measure is crucial for investors to understand the ease with which they can enter or exit positions without significantly impacting the stock price.
For more in-depth analysis and additional InvestingPro Tips on Destra Multi-Alternative Fund or other investment opportunities, consider subscribing to InvestingPro. There are currently 7 additional tips available, which could further inform your investment strategy. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing valuable insights to enhance your investment decisions.
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