Saba Capital (MXF) discloses 1.69M-share, 11.73% holding in The Mexico Fund

Rhea-AI Filing Summary

Saba Capital Management and affiliates report a significant ownership stake in The Mexico Fund, Inc. They disclose beneficial ownership of 1,691,300 common shares, representing 11.73% of the company’s outstanding common stock, based on 14,420,065 shares outstanding as of 11/30/25.

The reporting persons are Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein, who share voting and dispositive power over these shares. The filing states that approximately $29,844,099 was paid to acquire the reported common shares, using investor subscription proceeds, related capital appreciation, and ordinary-course margin borrowings.

This Amendment No. 3 to a Schedule 13D updates Items 3, 5, and 7, confirms there are no disclosed plans or proposals regarding control or strategy in Item 4, and notes that Saba-advised funds and accounts are entitled to dividends and sale proceeds from the shares.

Insights

Equity ownership and activism analyst

Saba’s group now holds an 11.73% stake in The Mexico Fund, signaling a sizable, but purpose-undeclared, position.

The filing shows Saba Capital Management, L.P., its general partner, and Boaz R. Weinstein jointly reporting beneficial ownership of 1,691,300 common shares of The Mexico Fund, Inc.. This equals 11.73% of the company’s common stock, calculated against 14,420,065 shares outstanding as of 11/30/25, indicating a meaningful minority position.

Funds advised by Saba Capital have rights to dividends and sale proceeds, and the group has shared voting and dispositive power over the entire reported stake. The filing notes total purchase consideration of about $29,844,099, financed through investor subscriptions, capital appreciation, and margin borrowings in the ordinary course.

Item 4, which covers intentions such as seeking control changes or strategic actions, is marked not applicable in this amendment. That leaves Saba’s strategic intentions unstated in this document; future regulatory filings would be needed to see if their plans evolve or become more explicit.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

The Mexico Fund, Inc.

(Name of Issuer)

Common Shares, $1.00 par value

(Title of Class of Securities)

592835102

(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)

12/16/2025

(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. 592835102

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 1,691,300.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,691,300.00

11

Aggregate amount beneficially owned by each reporting person

1,691,300.00

12

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

13

Percent of class represented by amount in Row (11)

11.73 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 14,420,065 shares of common stock outstanding as of 11/30/25, as disclosed in the company's 8-K filed 12/5/25.

SCHEDULE 13D

CUSIP No. 592835102

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 1,691,300.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,691,300.00

11

Aggregate amount beneficially owned by each reporting person

1,691,300.00

12

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

13

Percent of class represented by amount in Row (11)

11.73 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 14,420,065 shares of common stock outstanding as of 11/30/25, as disclosed in the company's 8-K filed 12/5/25.

SCHEDULE 13D

CUSIP No. 592835102

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 1,691,300.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,691,300.00

11

Aggregate amount beneficially owned by each reporting person

1,691,300.00

12

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

13

Percent of class represented by amount in Row (11)

11.73 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 14,420,065 shares of common stock outstanding as of 11/30/25, as disclosed in the company's 8-K filed 12/5/25.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, $1.00 par value
(b)	Name of Issuer: The Mexico Fund, Inc.
(c)	Address of Issuer's Principal Executive Offices: 6700 Alexander Bell Drive, Suite 200, Columbia, MARYLAND , 21046.
Item 1 Comment: This Amendment No. 3 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 $29,844,099 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 14,420,065 shares of common stock outstanding as of 11/30/25, as disclosed in the company's 8-K filed 12/5/25.
(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 10/27/25 by the Reporting Persons to 12/16/25, the date of the event which required filing of this Schedule 13D/A, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference.
(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:	12/18/2025

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	12/18/2025

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	12/18/2025

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 many MXF shares does Saba Capital beneficially own according to this filing?

The reporting group led by Saba Capital Management, L.P. discloses beneficial ownership of 1,691,300 common shares of The Mexico Fund, Inc. (MXF).

What percentage of The Mexico Fund (MXF) does Saba Capital’s stake represent?

The filing states that the 1,691,300 common shares beneficially owned by the reporting persons represent 11.73% of The Mexico Fund’s outstanding common stock, based on 14,420,065 shares outstanding as of 11/30/25.

Who are the reporting persons in this MXF Schedule 13D/A amendment?

The reporting persons are Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein, who jointly report beneficial ownership and share voting and dispositive power over the MXF common shares.

How much was paid to acquire Saba Capital’s stake in The Mexico Fund (MXF)?

The document states that a total of approximately $29,844,099 was paid to acquire the 1,691,300 MXF common shares reported as beneficially owned.

What was the source of funds used by Saba Capital to buy MXF shares?

The filing explains that funds for purchasing MXF common shares came from subscription proceeds from investors, the capital appreciation on those investments, and margin account borrowings in the ordinary course of business, with positions in the margin accounts pledged as collateral.

Does Saba Capital state any specific plans or proposals for The Mexico Fund (MXF) in this amendment?

Under Item 4, Purpose of Transaction, the document states "Not Applicable", so no specific plans or proposals regarding control, strategy, or corporate actions are disclosed in this amendment.

Who is entitled to dividends and sale proceeds from the MXF shares held by Saba Capital?

The filing notes that the funds and accounts advised by Saba Capital have the right to receive dividends and proceeds of sales from the MXF common shares reported as beneficially owned.