In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Clough Global Equity Fund (NYSEMKT:GLQ) that Saba Capital has picked up 2,546,667 of common stock as of 2017-07-11.
The acquisition brings the aggregate amount owned by Saba Capital to a total of 2,546,667 representing a 14.44% stake in the company.
For those not familiar with the company, Clough Global Equity Fund is a diversified, closed-end management investment company. The Fund’s investment objective is to provide a high level of total return. It will invest approximately 80% in equity and equity-related securities in the United States and non-United States markets, and the remainder in fixed income securities, including both corporate and sovereign debt, in both the United States and non-United States markets. It intends to invest primarily in a managed mix of global equity securities. Its investments in non-United States markets will be made primarily through liquid securities, including depositary receipts and exchange traded funds. The Fund may invest a portion of its assets in foreign securities. It focuses on investing in a range of sectors, including consumer discretionary, consumer staples, energy, financials, healthcare, industrials, information technology, materials and telecommunication services. Its investment advisor is Clough Capital Partners L.P.
A glance at Clough Global Equity Fund (NYSEMKT:GLQ)’s key stats reveals a current market capitalization of $233.97 Million based on $17.64 Million shares outstanding and a price at last close of $12.89 per share.
Looking at insider activity, there are a few transactions worth noting.
Specifically, on 2017-04-26, Saba picked up 10,000 at a purchase price of $12.78. This brings their total holding to 2,546,667 as of the date of the filing.
On the sell side, the most recent transaction saw Versaci unload 290 shares at a sale price of $11.00. This brings their total holding to 410.
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 ab ove. We’ll be keeping an eye on Clough Global Equity Fund (NYSEMKT:GLQ)as things move forward to see if its progress aligns with these transactions.
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