{
  "docId": "019de077-12e7-748e-8429-8dc02eb8b66e",
  "docSlug": "a526af075cb9e69555a317508f9132d2",
  "documentTitle": "Saba Capital Management | Activist Presentation Deck | 33 slides",
  "authorId": "saba-capital-management",
  "authorName": "Saba Capital",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-03-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7744917,
  "pageNumber": 4,
  "pageCount": 33,
  "prevPage": 3,
  "nextPage": 5,
  "slideType": "key_takeaways",
  "function": "summarize",
  "density": "balanced",
  "nDataPoints": 4,
  "notes": "The slide uses a table format to contrast Saba's own governance standards with their activist interventions in other funds.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de077-12e7-748e-8429-8dc02eb8b66e/4",
  "deckHref": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e",
  "deckJsonHref": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e.json",
  "deckAnchorHref": "/decks/019de077-12e7-748e-8429-8dc02eb8b66e#slide-4",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.92,
        "x": 0.04,
        "y": 0.15
      },
      "kind": "list",
      "text": "We are the world's largest single investor in CEFs, managing a $5.8 billion portfolio that is invested across more than 200 CEFs.\nOur CEF investment strategy is anchored in protecting shareholder rights and pursuing changes that will return discounted CEFs to their full NAV. Additionally, we focus on creating long-term value for shareholders through lower fees and better management.\nOur own funds serve as examples of best-in-class corporate governance in the CEF industry. We also have a demonstrated record of advocating for shareholder rights at other funds.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1d356d88-25a3-41de-8f7f-e6f7e7b2f4cc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.15,
        "x": 0.04,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Fund filings, Bloomberg.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "92dbcc39-8442-4c59-8178-876aa68e93a6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.92,
        "x": 0.04,
        "y": 0.35
      },
      "kind": "table",
      "text": "Saba Capital Income & Opportunities Fund (NYSE: BRW) | Non-staggered board, plurality vote standard, equal voting rights.\nBlackRock ESG Capital Allocation Term Trust (NYSE: ECAT) | Saba filed lawsuit against ECAT for the fund's adoption of an entrenchment bylaw.\nEaton Vance Senior Floating-Rate Trust (NYSE: EFR) / Eaton Vance Floating-Rate Income Trust (NYSE: EFT) / Eaton Vance Senior Income Trust (NYSE: EVF) | Saba entered standstill upon implementation of a long-term discount management plan. Improved avg. trading discount to NAV from -12% when Saba filed its 13D in 2020 to +0.3% premium today.\nSalient Midstream & MLP Fund (NYSE: SMM) | Reached an agreement to support the fund's reorganization into a lower fee open-end mutual fund. Secured distribution paid to all shareholders based on a $300,000 payment by the fund's investment advisor.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e7460ba7-0f63-4dc9-9b1f-472e2fa5170f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.04,
        "y": 0.05
      },
      "kind": "title",
      "text": "We Have a Track Record of Good Governance and Value Creation",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6781c7c3-9a36-4497-97ee-f8f02ae87136",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Credibility Transfer",
      "slug": "credibility-transfer",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "06477302-7bb4-4910-a1c1-c5261ec2ee3b",
      "evidence": "We are the world's largest single investor in CEFs, managing a $5.8 billion portfolio that is invested across more than 200 CEFs.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "governance",
      "slug": null,
      "matchId": "46e43704-1e3b-407e-a397-9a68681a9511",
      "evidence": "The slide explicitly lists governance standards and activist interventions to improve fund management.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 6,
      "from": 3,
      "beatId": "ac80bc84-7672-42d2-9789-48e8e84600ea",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem",
      "beatSlug": "problem-agitate-solution-problem-identify-pain",
      "evidence": "The deck identifies the problem of underperformance and discount to NAV",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}