Saba Capital reports 13.7% holding in The New Germany Fund (GF)

Rhea-AI Filing Summary

Saba Capital Management and related entities report a significant ownership stake in The New Germany Fund, Inc. This Amendment No. 7 to their Schedule 13D/A states that Saba Capital, Saba Capital Management GP, LLC, and Boaz R. Weinstein together beneficially own 2,210,355 common shares, representing 13.66 percent of the fund’s common shares, based on 16,179,780 shares outstanding as of 6/30/25 as disclosed in the fund’s N-CSRS.

The reporting persons hold only shared voting and shared dispositive power over these shares, with no sole power reported. They indicate that approximately $19,961,137 was paid to acquire the common shares, using investor subscription proceeds, capital appreciation, and ordinary-course margin borrowings. All trades from 11/12/25 through 12/30/25 were executed in the open market, and the underlying funds and accounts advised by Saba Capital are entitled to dividends and sale proceeds from the shares.

Insights

Equity ownership & governance analyst

Saba Capital discloses a 13.66 percent stake in The New Germany Fund.

Saba Capital Management, its general partner, and Boaz R. Weinstein jointly report beneficial ownership of 2,210,355 common shares of The New Germany Fund, Inc. This equals 13.66% of outstanding shares, calculated using 16,179,780 shares reported as outstanding as of 6/30/25. Voting and dispositive authority over the position are described as entirely shared, with no sole authority.

The filing notes that about $19,961,137 in aggregate consideration was paid to acquire these shares, funded by investor capital, appreciation, and standard margin borrowings. All transactions from the prior amendment on 11/12/25 through the triggering date of 12/30/2025 were executed in the open market, and the funds and accounts advised by Saba Capital receive dividends and sale proceeds. As an amendment to an existing Schedule 13D, this mainly updates position size and mechanics rather than introducing a new strategic statement.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 7)

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)

12/30/2025

(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).

SCHEDULE 13D

CUSIP No. 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 2,210,355.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,210,355.00

11

Aggregate amount beneficially owned by each reporting person

2,210,355.00

12

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

13

Percent of class represented by amount in Row (11)

13.66 %

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 6/30/25, as disclosed in the company's N-CSRS filed 9/4/25.

SCHEDULE 13D

CUSIP No. 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 2,210,355.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,210,355.00

11

Aggregate amount beneficially owned by each reporting person

2,210,355.00

12

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

13

Percent of class represented by amount in Row (11)

13.66 %

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 6/30/25, as disclosed in the company's N-CSRS filed 9/4/25.

SCHEDULE 13D

CUSIP No. 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 2,210,355.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,210,355.00

11

Aggregate amount beneficially owned by each reporting person

2,210,355.00

12

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

13

Percent of class represented by amount in Row (11)

13.66 %

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 6/30/25, as disclosed in the company's N-CSRS filed 9/4/25.

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. 7 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 $19,961,137 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 6/30/25, as disclosed in the company's N-CSRS filed 9/4/25.
(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 11/12/25 by the Reporting Persons to 12/30/25, 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 5 - 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:	01/02/2026

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	01/02/2026

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	01/02/2026

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

The filing states that Saba Capital and related reporting persons beneficially own 2,210,355 common shares of The New Germany Fund, representing 13.66 percent of the outstanding common shares.

How was Saba Capital’s 13.66% ownership in GF calculated?

The percentage is based on 16,179,780 shares of common stock outstanding as of 6/30/25, as disclosed in The New Germany Fund’s N-CSRS filed 9/4/25.

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

The reporting persons disclose that a total of approximately $19,961,137 was paid to acquire the common shares of The New Germany Fund reported in this Schedule 13D/A amendment.

Who are the reporting persons in this Schedule 13D/A for The New Germany Fund (GF)?

The reporting persons are Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein, who together report beneficial ownership of the common shares.

What voting and dispositive powers does Saba Capital report over GF shares?

For each reporting person, the filing shows 0 shares with sole voting or dispositive power and 2,210,355 shares with shared voting and shared dispositive power.

How were Saba Capital’s GF share purchases financed?

The filing explains that funds came from investor subscription proceeds, capital appreciation, and margin account borrowings made in the ordinary course of business, with the margin accounts secured by securities held in those accounts.

Over what period were the reported GF share transactions executed?

The document states that transactions in The New Germany Fund’s common shares from the amendment filed on 11/12/25 through 12/30/25, the event date requiring this filing, were all effected in the open market and are listed in Schedule A.