Saba Capital discloses 18.7% stake in The New Germany Fund (NYSE: GF)

Rhea-AI Filing Summary

Saba Capital Management, L.P. and related reporting persons disclose beneficial ownership of 3,032,215 common shares of The New Germany Fund, Inc., equal to 18.74% of shares outstanding as of 12/31/25. The filing is Amendment No. 11 to a prior Schedule 13D.

The shares were acquired for a total of approximately $29,377,325, using investor subscription proceeds, capital appreciation and ordinary-course margin account borrowings, with other securities in the accounts pledged as collateral. All trades between the prior amendment on 04/09/26 and the new event date of 04/10/26 were executed in the open market. The reporting persons state no specific current plans or proposals regarding the fund’s operations or control under Item 4.

Insights

Equity ownership analyst

Saba Capital reports an 18.74% open-market stake in The New Germany Fund.

Saba Capital, its general partner and Boaz R. Weinstein together report beneficial ownership of 3,032,215 common shares, or 18.74% of The New Germany Fund, Inc. as of an outstanding base of 16,179,780 shares on 12/31/25.

The position was built with approximately $29,377,325 of capital, funded by investor subscriptions, capital appreciation and standard margin borrowings. All recent trades referenced were open-market transactions, and the funds advised by Saba Capital are entitled to dividends and sale proceeds from these shares.

Item 4 of the filing states the purpose of the transaction as not applicable, so the document does not outline specific plans for influencing the fund’s strategy or governance. Future ownership updates or separate communications would be needed to understand any evolving intentions.

Key Figures

Beneficial ownership: 3,032,215 shares Ownership percentage: 18.74% Purchase consideration: $29,377,325 +3 more

6 metrics

Beneficial ownership 3,032,215 shares Common shares of The New Germany Fund reported by Saba group

Ownership percentage 18.74% Portion of The New Germany Fund common shares outstanding as of 12/31/25

Purchase consideration $29,377,325 Total paid to acquire the reported common shares

Shares outstanding baseline 16,179,780 shares Common stock outstanding as of 12/31/25 per N-CSR filed 3/6/26

Event date 04/10/2026 Date of event requiring the Schedule 13D/A Amendment No. 11

Amendment number 11 This filing is Amendment No. 11 to the Schedule 13D

Key Terms

beneficial owner, Schedule 13D, margin account borrowings, shared voting power, +2 more

6 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."

shared voting power financial

"Shared Voting Power 3,032,215.00"

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.

shared dispositive power financial

"Shared Dispositive Power 3,032,215.00"

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.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 11)

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)

04/10/2026

(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 3,032,215.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,032,215.00

11

Aggregate amount beneficially owned by each reporting person

3,032,215.00

12

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

13

Percent of class represented by amount in Row (11)

18.74 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 16,179,780 shares of common stock outstanding as of 12/31/25, as disclosed in the company's N-CSR filed 3/6/26.

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 3,032,215.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,032,215.00

11

Aggregate amount beneficially owned by each reporting person

3,032,215.00

12

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

13

Percent of class represented by amount in Row (11)

18.74 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 16,179,780 shares of common stock outstanding as of 12/31/25, as disclosed in the company's N-CSR filed 3/6/26.

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 3,032,215.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,032,215.00

11

Aggregate amount beneficially owned by each reporting person

3,032,215.00

12

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

13

Percent of class represented by amount in Row (11)

18.74 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 16,179,780 shares of common stock outstanding as of 12/31/25, as disclosed in the company's N-CSR filed 3/6/26.

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. 11 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 $29,377,325 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 16,179,780 shares of common stock outstanding as of 12/31/25, as disclosed in the company's N-CSR filed 3/6/26.
(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 4/9/26 by the Reporting Persons to 4/10/26, 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 9 - 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:	04/14/2026

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	04/14/2026

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	04/14/2026

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 parties report owning 3,032,215 common shares of The New Germany Fund, Inc., representing 18.74% of outstanding shares as of 12/31/25. This sizeable position makes them a significant shareholder in the closed-end fund.

How much did Saba Capital pay for its GF (The New Germany Fund) shares?

The reporting persons state they paid approximately $29,377,325 to acquire the common shares reported. Funding came from investor subscription proceeds, capital appreciation in their funds, and ordinary-course margin borrowings with other securities pledged as collateral.

What type of transactions did Saba Capital use to buy GF shares?

The filing notes that all trades in The New Germany Fund common shares between the prior amendment on 04/09/26 and 04/10/26 were executed in the open market. This indicates regular exchange trading rather than privately negotiated or off-market deals.

Does Saba Capital state any plans to influence The New Germany Fund (GF)?

Under Item 4, the filing lists the purpose of the transaction as not applicable. That means the document does not describe specific current plans or proposals regarding control, operations, or strategic changes at The New Germany Fund, Inc.

Who are the reporting persons in this GF Schedule 13D/A filing?

The joint filers are Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein. Saba Capital acts as investment manager, Saba GP as general partner, and Mr. Weinstein is the managing member of the general partner.

How was the 18.74% ownership in The New Germany Fund (GF) calculated?

The reported 18.74% beneficial ownership is based on 16,179,780 common shares outstanding as of 12/31/25. That outstanding share count comes from the fund’s N-CSR filed on 03/06/26, which the reporting persons reference in their calculation.