Saba builds $25.2M position in The New Germany Fund (GF), owning 16.4%

Rhea-AI Filing Summary

Saba Capital Management and related entities filed Amendment No. 9 to disclose their beneficial ownership in The New Germany Fund, Inc. They report holding 2,653,095 common shares, representing 16.4% of the fund’s outstanding stock as of 12/31/25.

The filing states that approximately $25,216,184 was paid to acquire these shares, using investor subscription proceeds, capital appreciation and ordinary-course margin borrowings. All recent trades referenced in the amendment were executed in the open market through funds and accounts advised by Saba Capital.

Insights

Closed-end fund & activism analyst

Saba reports a sizable 16.4% stake in The New Germany Fund.

The amendment shows Saba Capital and related entities collectively beneficially own 2,653,095 common shares, or 16.4% of The New Germany Fund based on 16,179,780 shares outstanding as of 12/31/25. That is a significant position for a closed-end fund.

The filing notes about $25,216,184 was paid to acquire the shares, funded by investor capital, appreciation and margin borrowings. All trades during the period were executed in the open market, and the funds advised by Saba Capital are entitled to dividends and sale proceeds from these shares.

This amendment updates prior disclosures (Items 3, 5 and 7), clarifying funding sources, recent trading activity, and current ownership levels. Future company filings or additional Schedule 13D amendments may further detail any changes in stake size or strategic intentions.

Key Figures

Beneficial ownership: 2,653,095 shares Ownership percentage: 16.4% Shares outstanding baseline: 16,179,780 shares +2 more

5 metrics

Beneficial ownership 2,653,095 shares Common shares of The New Germany Fund reported by Saba

Ownership percentage 16.4% Portion of outstanding common shares as of 12/31/25

Shares outstanding baseline 16,179,780 shares Common stock outstanding as of 12/31/25 from N-CSR

Total cost of position $25,216,184 Approximate amount paid to acquire reported shares

Event date 04/01/2026 Date of event requiring the Schedule 13D amendment

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

"If the filing person has previously filed a statement on Schedule 13G"

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 Dispositive Power 0.00 Shared Dispositive Power 2,653,095.00"

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 2,653,095.00"

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.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 9)

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)

04/01/2026

(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 2,653,095.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,653,095.00

11

Aggregate amount beneficially owned by each reporting person

2,653,095.00

12

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

13

Percent of class represented by amount in Row (11)

16.4 %

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 2,653,095.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,653,095.00

11

Aggregate amount beneficially owned by each reporting person

2,653,095.00

12

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

13

Percent of class represented by amount in Row (11)

16.4 %

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 2,653,095.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,653,095.00

11

Aggregate amount beneficially owned by each reporting person

2,653,095.00

12

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

13

Percent of class represented by amount in Row (11)

16.4 %

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. 9 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 $25,216,184 was paid to acquire the Common Shares reported herein.
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 2/18/26 by the Reporting Persons to 4/1/26, 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.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 7 - 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:	04/03/2026

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	04/03/2026

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	04/03/2026

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

What stake does Saba Capital report in The New Germany Fund (GF)?

Saba Capital and related entities report beneficial ownership of 2,653,095 common shares of The New Germany Fund, equal to 16.4% of outstanding shares based on 16,179,780 shares outstanding as of 12/31/25. This represents a significant position in the closed-end fund.

How much did Saba Capital pay for its GF shares according to the filing?

The filing states that approximately $25,216,184 was paid to acquire the reported common shares. Funds came from investor subscription proceeds, capital appreciation and ordinary-course margin borrowings, reflecting the aggregate cost basis for the stake disclosed in this Schedule 13D amendment.

Who are the reporting persons in the GF Schedule 13D/A by Saba?

The reporting persons are Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein. The filing clarifies their roles as investment manager, general partner and managing member, and notes the disclosure should not itself be construed as an admission of beneficial ownership.

How were Saba Capital’s GF purchases funded, and were margin accounts used?

Purchases of The New Germany Fund shares were funded by investor subscription proceeds, capital appreciation and margin account borrowings made in the ordinary course of business. Positions in these margin accounts are pledged as collateral for any debit balances that may exist from time to time.

What trading activity in GF does Saba’s Schedule 13D/A reference?

The amendment references transactions in The New Germany Fund shares from 2/18/26 to 4/1/26, listed in Schedule A. It states that all trades were effected in the open market, and those trades contributed to the 2,653,095 shares of beneficial ownership reported.

What proportion of GF’s outstanding shares is Saba’s 2,653,095-share position based on?

The 16.4% ownership figure is calculated using 16,179,780 common shares of The New Germany Fund outstanding as of 12/31/25, as disclosed in the fund’s N-CSR filed 3/6/26. This provides the baseline share count used for Saba’s percentage calculation.