In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Advent/Claymore Enhanced Growth & Income (NYSE:LCM) reported that Saba Capital has picked up 1,340,954 of common stock as of 2017-05-15.
The acquisition brings the aggregate amount owned by Saba Capital to a total of 1,340,954 representing less than 9.9% stake in the company.
For those not familiar with the company, Advent/Claymore Enhanced Growth & Income Fund is a diversified, closed-end management investment company. The Fund’s primary investment objective is to seek current income and current gains from trading in securities, with a secondary objective of long-term capital appreciation. Under normal market conditions, the Fund invests approximately 40% of its managed assets in a diversified portfolio of equity securities and convertible securities of the United States and non-United States issuers, and may invest up to 60% of its managed assets in non-convertible high-yield securities. Additionally, the Fund also engages in a strategy of writing (selling) covered call options on a portion of the securities held in the Fund’s portfolio. The Fund invests in various sectors, including consumer, communications, financial, utilities, industrial and energy. Advent Capital Management, LLC acts as the Fund’s investment manager. Its investment advisor is Guggenheim Funds Investment Advisors, LLC.
A glance at Advent/Claymore Enhanced Growth & Income (NYSE:LCM)’s key stats reveals a current market capitalization of 117.39 Million based on 13.60 Million shares outstanding and a price at last close of $8.73 per share.
Looking at insider activity, there are a few transactions worth noting.
Specifically, on 2015-09-30, Bulldog picked up 700 at a purchase price of $8.19. This brings their total holding to 1,140,557 as of the date of the filing.
On the sell side, the most recent transaction saw Oliveira unload 423,986 shares at a sale price of $0.97. This brings their total holding to 1,078,710.
It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on Advent/Claymore Enhanced Growth & Income (NYSE:LCM) as things move forward to see if its progress aligns with these transactions.
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