Saba Capital adds to New Germany Fund (GF) stake with open-market buy

Rhea-AI Filing Summary

Saba Capital Management, L.P., a more than 10% owner of New Germany Fund Inc, reported an open-market purchase of 27,269 shares of common stock at $10.55 per share on March 23, 2026. After this trade, Saba’s indirect holdings rose to 2,586,094 shares, indicating a routine incremental increase in its position.

Insider Trade Summary

Net Buyer: 27,269 shares ($287,688)

Net Buy 1 txn

Insider Saba Capital Management, L.P.

Role 10% Owner

Bought 27,269 shs ($288K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	27,269	$10.55	$288K

Holdings After Transaction: Common Stock — 2,586,094 shares (Indirect, -)

Footnotes (1)

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Saba Capital Management, L.P.

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NEW YORK 10174

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
NEW GERMANY FUND INC [ GF ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/23/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/23/2026		P		27,269	A	$10.55	2,586,094	I	-

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	Saba Capital Management, L.P. By: Zachary Gindes	03/24/2026
	Boaz Weinstein	03/24/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did Saba Capital report in New Germany Fund (GF)?

Saba Capital Management, L.P. reported buying 27,269 New Germany Fund common shares in an open-market purchase at $10.55 per share. The transaction occurred on March 23, 2026 and increased Saba’s reported indirect ownership stake in the fund.

How many New Germany Fund shares does Saba Capital hold after this Form 4?

Following the reported transaction, Saba Capital Management, L.P. holds 2,586,094 New Germany Fund common shares indirectly. This figure includes its existing position plus the 27,269 shares purchased on March 23, 2026, as disclosed in the Form 4 filing.

What price did Saba Capital pay per share for New Germany Fund stock?

Saba Capital Management, L.P. paid an average price of $10.55 per share for 27,269 New Germany Fund common shares. The transaction was classified as an open-market purchase, reflecting the actual trading price at which the shares changed hands.

Is Saba Capital considered a major shareholder of New Germany Fund (GF)?

Yes. In the Form 4, Saba Capital Management, L.P. is identified as a more than 10% owner of New Germany Fund Inc. Its post-transaction holdings of 2,586,094 shares underscore its status as a significant outside shareholder of the closed-end fund.

Was this New Germany Fund insider transaction a buy or a sell?

The Form 4 reports a buy. Saba Capital Management, L.P. executed an open-market purchase of 27,269 New Germany Fund common shares, coded as transaction type “P,” which indicates a purchase in an open market or private transaction under SEC reporting rules.

Are Saba Capital’s New Germany Fund shares held directly or indirectly?

The filing classifies Saba Capital Management, L.P.’s New Germany Fund position as indirect ownership. The total of 2,586,094 shares following the transaction is reported with an indirect ownership code, indicating the stake is held through an entity or structure rather than directly.