Saba Capital discloses 20.8% New Germany Fund (GF) position in 13D/A

Rhea-AI Filing Summary

Saba Capital Management and affiliates filed Amendment No. 12 to their Schedule 13D on The New Germany Fund, Inc., reporting beneficial ownership of 3,375,282 common shares, or 20.79% of the fund’s outstanding shares.

The ownership percentage is based on 16,231,237.85 common shares outstanding as of 5/15/26, as disclosed in the fund’s recent proxy statement. Saba Capital, Saba Capital Management GP, LLC, and Boaz R. Weinstein report shared voting and dispositive power over all of these shares.

They state that approximately $33.47 million was paid to acquire the reported position, using investor subscription proceeds, capital appreciation, and ordinary-course margin borrowings, with all recent trades executed in the open market. The filing lists no specific transaction purpose or special arrangements regarding the shares.

Insights

Activist and governance analyst

Saba discloses a sizable 20.79% stake but no stated agenda.

Saba Capital and related entities now report beneficial ownership of 3,375,282 common shares of The New Germany Fund, Inc., equal to 20.79% of shares outstanding as of 5/15/26. This level of ownership can give meaningful influence over shareholder votes.

The filing notes shared voting and dispositive power across the reporting persons and that about $33,472,041 was paid to build the position, funded through investor capital, appreciation, and margin borrowing. All recent trades were executed in the open market, and the filing cites no specific plans or arrangements regarding the stake.

The lack of stated purpose under Item 4 and "Not Applicable" responses for contracts or arrangements mean future intentions are not detailed here. Subsequent company or shareholder communications would be needed to understand how this ownership might be exercised.

Key Figures

Beneficially owned shares: 3,375,282 shares Ownership percentage: 20.79% Shares outstanding baseline: 16,231,237.85 shares +3 more

6 metrics

Beneficially owned shares 3,375,282 shares Common shares of The New Germany Fund reported by each reporting person

Ownership percentage 20.79% Percent of class represented by 3,375,282 shares

Shares outstanding baseline 16,231,237.85 shares Common stock outstanding as of May 15, 2026 per DEF 14A

Total acquisition cost $33,472,041 Approximate amount paid to acquire reported common shares

Sole voting power 0 shares Reported by each reporting person

Shared voting power 3,375,282 shares Voting power held jointly by the reporting persons

Key Terms

beneficial owner, Schedule 13D, margin account borrowings, dispositive power, +1 more

5 terms

beneficial owner financial

"the beneficial owner of the Common Shares reported herein"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

Schedule 13D regulatory

"previously filed a statement on Schedule 13G to report the acquisition"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

margin account borrowings financial

"and margin account borrowings made in the ordinary course of business"

dispositive power financial

"sole or shared power to dispose or to direct the disposition"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

shared voting power financial

"Shared Voting Power 3,375,282.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 12)

The New Germany Fund, Inc.

(Name of Issuer)

Common Shares, $0.001 par value

(Title of Class of Securities)

644465106

(CUSIP Number)

Saba Capital Management, L.P.
405 Lexington Avenue, 58th Floor, Attention: Michael D'Angelo
New York, NY, 10174
(212) 542-4635

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

05/27/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 644465106

1

Name of reporting person

Saba Capital Management, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,375,282.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,375,282.00

11

Aggregate amount beneficially owned by each reporting person

3,375,282.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

20.79 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 16,231,237.85 shares of common stock outstanding as of 5/15/26, as disclosed in the company's DEF 14A filed 5/20/26.

SCHEDULE 13D

CUSIP Number(s): 644465106

1

Name of reporting person

Boaz R. Weinstein

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,375,282.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,375,282.00

11

Aggregate amount beneficially owned by each reporting person

3,375,282.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

20.79 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 16,231,237.85 shares of common stock outstanding as of 5/15/26, as disclosed in the company's DEF 14A filed 5/20/26.

SCHEDULE 13D

CUSIP Number(s): 644465106

1

Name of reporting person

Saba Capital Management GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,375,282.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,375,282.00

11

Aggregate amount beneficially owned by each reporting person

3,375,282.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

20.79 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 16,231,237.85 shares of common stock outstanding as of 5/15/26, as disclosed in the company's DEF 14A filed 5/20/26.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, $0.001 par value
(b)	Name of Issuer: The New Germany Fund, Inc.
(c)	Address of Issuer's Principal Executive Offices: 875 Third Avenue, New York, NEW YORK , 10022.
Item 1 Comment: This Amendment No. 12 amends Items 3, 5, and 7.
Item 2.	Identity and Background
(a)	This Schedule 13D/A is being jointly filed by: (i) Saba Capital Management, L.P., a Delaware limited partnership ("Saba Capital"); (ii) Saba Capital Management GP, LLC, a Delaware limited liability company ("Saba GP"); and (iii) Mr. Boaz R. Weinstein ("Mr. Weinstein"), (together, the "Reporting Persons"). Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The filing of this statement should not be construed as an admission that any Reporting Person is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial owner of the Common Shares reported herein.
(b)	The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York 10174.
(c)	The principal business of: (i) Saba Capital is to serve as investment manager to private and public investment funds and/or accounts, (ii) Saba GP is to serve as general partner of the Saba Capital and other affiliated entities, and (iii) Mr. Weinstein, an individual, is managing member of the general partner of Saba Capital and other affiliated entities.
(d)	The Reporting Persons have not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	The Reporting Persons have not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was, or is subject to, a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws.
(f)	Saba Capital is organized as a limited partnership under the laws of the State of Delaware. Saba GP is organized as a limited liability company under the laws of the State of Delaware. Mr. Weinstein is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time. Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein. A total of approximately $33,472,041 was paid to acquire the Common Shares reported herein.
Item 4.	Purpose of Transaction
	Not Applicable.
Item 5.	Interest in Securities of the Issuer
(a)	See the Reporting Persons section of this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons. The percentages used herein are calculated based upon 16,231,237.85 shares of common stock outstanding as of 5/15/26, as disclosed in the company's DEF 14A filed 5/20/26.
(b)	See the Reporting Persons section of this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	The transactions in the Common Shares effected from the filing of the Schedule 13D/A on 4/14/26 by the Reporting Persons to 5/27/26, the date of the event which required filing of this Schedule 13D/A are set forth in Schedule A, and are incorporated herein by reference. All trades were effected in the open market.
(d)	The funds and accounts advised by Saba Capital have the right to receive the dividends and proceeds of sales from the Common Shares.
(e)	Not Applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Not Applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 10 - Schedule A

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Saba Capital Management, L.P.

Signature:	/s/ Michael D'Angelo
Name/Title:	General Counsel
Date:	05/28/2026

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	05/28/2026

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	05/28/2026

Comments accompanying signature:

Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823

FAQ

How large is Saba Capital’s stake in The New Germany Fund (GF)?

Saba Capital and related entities report beneficial ownership of 3,375,282 common shares of The New Germany Fund, Inc. This represents 20.79% of the fund’s outstanding common shares, based on 16,231,237.85 shares outstanding as of May 15, 2026.

How much did Saba Capital pay to acquire its GF position?

The filing states that approximately $33,472,041 was paid to acquire the reported common shares. Funds came from investor subscription proceeds, capital appreciation on those investments, and ordinary-course margin borrowings secured by positions held in the margin accounts.

How was Saba Capital’s ownership percentage in GF calculated?

The 20.79% ownership figure is calculated using 3,375,282 beneficially owned shares divided by 16,231,237.85 common shares outstanding. The outstanding share count is taken from The New Germany Fund’s DEF 14A proxy statement dated May 20, 2026, citing May 15, 2026 data.

Does Saba Capital have voting and dispositive power over its GF shares?

Yes. The reporting persons disclose zero sole voting or dispositive power but shared voting power over 3,375,282 shares and shared dispositive power over the same amount. This means decisions on voting and selling are exercised jointly under their disclosed structure.

What source of funds did Saba Capital use to buy GF shares?

Saba Capital used subscription proceeds from investors, capital appreciation on those investments, and margin account borrowings made in the ordinary course of business. Positions in the margin accounts, including various securities, serve as collateral for any margin debit balances.

Does the Schedule 13D/A state Saba’s purpose for its GF investment?

Item 4, which covers purpose of transaction, is marked "Not Applicable" in this amendment. The filing does not outline specific strategic plans, proposals, or intended actions regarding The New Germany Fund beyond disclosing ownership and recent open-market purchasing activity.