Saba Capital reports 17.51% holding in The New Germany Fund (GF)

Rhea-AI Filing Summary

Saba Capital Management and related parties report a significant stake in The New Germany Fund, Inc. on an amended Schedule 13D. They collectively report beneficial ownership of 2,832,311 common shares, representing 17.51% of the fund’s 16,179,780 shares outstanding as of 12/31/25.

The filing shows Saba Capital, its general partner Saba Capital Management GP, LLC, and Boaz R. Weinstein sharing voting and dispositive power over these shares. Approximately $27,137,397 was paid to acquire the reported position, using investor subscription proceeds, capital appreciation and ordinary-course margin borrowings.

Insights

Equity ownership & governance analyst

Saba’s 17.51% stake makes it a major holder but states no specific agenda.

Saba Capital and affiliates disclose beneficial ownership of 2,832,311 common shares of The New Germany Fund, Inc., or 17.51% of shares outstanding as of 12/31/25. All reported voting and dispositive power is shared among the reporting persons.

The purchase cost of about $27,137,397 indicates a sizable economic commitment. Funds came from investor subscriptions, capital appreciation and ordinary-course margin borrowings, suggesting a typical hedge-fund financing structure rather than a one-off transaction.

The filing lists the purpose of transaction as not applicable and describes no specific plans or proposals regarding the fund. Future company communications or ownership updates would clarify whether this remains a passive position or evolves into more active engagement.

Key Figures

Beneficial ownership: 2,832,311 shares Ownership percentage: 17.51% Shares outstanding: 16,179,780 shares +5 more

8 metrics

Beneficial ownership 2,832,311 shares Common shares of The New Germany Fund reported by each reporting person

Ownership percentage 17.51% Portion of common shares outstanding as of 12/31/25

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

Acquisition cost $27,137,397 Total consideration paid to acquire the reported common shares

Sole voting power 0 shares Each reporting person’s sole voting power over common shares

Shared voting power 2,832,311 shares Shares over which each reporting person has shared voting power

Shared dispositive power 2,832,311 shares Shares over which each reporting person has shared power to dispose

Event date 04/08/2026 Date of event requiring filing of this Schedule 13D/A

Key Terms

Schedule 13D/A, beneficial owner, margin account borrowings, dispositive power, +2 more

6 terms

Schedule 13D/A regulatory

"This /A is being jointly filed by: (i) Saba Capital Management, L.P."

A Schedule 13D/A is an amended disclosure filed with regulators by an investor who already reported owning more than 5% of a company’s shares and needs to update their original filing. Think of it as a public status update that tells markets whether the investor’s ownership, plans, or source of funds have changed; such updates matter because they can signal a push for control, major strategic moves, or increased pressure on management, which can affect stock prices.

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.

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.

principal executive offices regulatory

"Address of Issuer's Principal Executive Offices: 875 Third Avenue"

N-CSR regulatory

"as disclosed in the company's N-CSR filed 3/6/26."

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 10)

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)

04/08/2026

(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 2,832,311.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,832,311.00

11

Aggregate amount beneficially owned by each reporting person

2,832,311.00

12

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

13

Percent of class represented by amount in Row (11)

17.51 %

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 2,832,311.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,832,311.00

11

Aggregate amount beneficially owned by each reporting person

2,832,311.00

12

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

13

Percent of class represented by amount in Row (11)

17.51 %

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 2,832,311.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,832,311.00

11

Aggregate amount beneficially owned by each reporting person

2,832,311.00

12

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

13

Percent of class represented by amount in Row (11)

17.51 %

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. 10 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 $27,137,397 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 4/3/26 by the Reporting Persons to 4/8/26, 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 8 - 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:	04/09/2026

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	04/09/2026

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	04/09/2026

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 reporting persons disclose beneficial ownership of 2,832,311 common shares of The New Germany Fund, Inc., representing 17.51% of the 16,179,780 shares outstanding as of 12/31/25, based on the issuer’s N-CSR filed 3/6/26.

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

The Schedule 13D/A is jointly filed by Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein. They share voting and dispositive power over the reported common shares of The New Germany Fund, Inc., and use a common New York business address.

How much did Saba Capital pay to acquire its GF common shares?

The reporting persons state that a total of approximately $27,137,397 was paid to acquire the common shares reported. Funds came from investor subscription proceeds, capital appreciation on those funds, and ordinary-course margin account borrowings secured by positions in those accounts.

What is the purpose of Saba Capital’s transaction in The New Germany Fund (GF)?

The filing’s Purpose of Transaction section is marked “Not Applicable,” and it does not describe any specific plans, proposals, or corporate actions. The document focuses on disclosing ownership levels, financing sources, and recent trading activity in the fund’s common shares.

How is voting and dispositive power over GF shares allocated among the filers?

Each reporting person reports 0 sole voting power and 2,832,311 shared voting power, along with 0 sole dispositive power and 2,832,311 shared dispositive power. This means decisions to vote or dispose of the reported shares are made on a shared rather than individual basis.

What financing methods did Saba Capital use to build its GF position?

Saba Capital states that funds for purchasing the common shares came from subscription proceeds and capital appreciation, plus margin account borrowings made in the ordinary course of business. Positions in the margin accounts, including other securities, are pledged as collateral for any debit balances.