Insider Buying: Mexico Fund (NYSE:MXF) Major Shareholder Acquires $378,687.50 in Stock

Key Points

• Saba Capital Management continued buying Mexico Fund shares, acquiring 18,250 shares for about $378,688 at an average $20.75. After the purchase, it owned 2,536,205 shares, valued at approximately $52.6 million.
• The reported transaction is part of a series of recent purchases by Saba, including additional buys of 4,365 shares on November 9 and 24,115 shares on November 5.
• Mexico Fund shares traded at $21.06, up 0.1% on the day. The fund’s quarterly dividend of $0.35 equates to an annualized $1.40 and a reported 6.6% yield.

Mexico Fund, Inc. (The) (NYSE:MXF - Get Free Report) major shareholder Saba Capital Management, L.P. bought 18,250 shares of the stock in a transaction on Friday, November 6th. The shares were acquired at an average cost of $20.75 per share, for a total transaction of $378,687.50. Following the acquisition, the insider directly owned 2,536,205 shares in the company, valued at approximately $52,626,253.75. This trade represents a 0.72% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Major shareholders that own at least 10% of a company's shares are required to disclose their sales and purchases with the SEC.

Saba Capital Management, L.P. also recently made the following trade(s):

• On Monday, November 9th, Saba Capital Management, L.P. bought 4,365 shares of Mexico Fund stock. The shares were bought at an average price of $21.06 per share, for a total transaction of $91,926.90.
• On Thursday, November 5th, Saba Capital Management, L.P. purchased 24,115 shares of Mexico Fund stock. The stock was bought at an average cost of $20.72 per share, with a total value of $499,662.80.
• On Wednesday, November 4th, Saba Capital Management, L.P. purchased 15,011 shares of Mexico Fund stock. The stock was bought at an average cost of $20.95 per share, with a total value of $314,480.45.
• On Tuesday, November 3rd, Saba Capital Management, L.P. purchased 13,804 shares of Mexico Fund stock. The stock was bought at an average price of $20.54 per share, with a total value of $283,534.16.
• On Monday, November 2nd, Saba Capital Management, L.P. purchased 200 shares of Mexico Fund stock. The stock was bought at an average price of $20.51 per share, with a total value of $4,102.00.
• On Friday, October 30th, Saba Capital Management, L.P. acquired 15,143 shares of Mexico Fund stock. The shares were bought at an average price of $20.25 per share, for a total transaction of $306,645.75.
• On Thursday, October 29th, Saba Capital Management, L.P. acquired 23,901 shares of Mexico Fund stock. The shares were bought at an average price of $20.11 per share, for a total transaction of $480,649.11.
• On Wednesday, October 28th, Saba Capital Management, L.P. acquired 1,121 shares of Mexico Fund stock. The shares were bought at an average price of $20.13 per share, for a total transaction of $22,565.73.
• On Thursday, October 22nd, Saba Capital Management, L.P. acquired 2,000 shares of Mexico Fund stock. The shares were bought at an average cost of $20.14 per share, for a total transaction of $40,280.00.
• On Wednesday, October 21st, Saba Capital Management, L.P. bought 16,035 shares of Mexico Fund stock. The stock was bought at an average price of $20.42 per share, with a total value of $327,434.70.

Mexico Fund Stock Up 0.1%

NYSE MXF traded up $0.02 during trading hours on Tuesday, hitting $21.06. The company had a trading volume of 15,459 shares, compared to its average volume of 50,850. Mexico Fund, Inc. has a 52 week low of $18.62 and a 52 week high of $23.00. The firm has a 50 day simple moving average of $20.71 and a 200 day simple moving average of $21.42.

Mexico Fund Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 29th. Stockholders of record on Wednesday, October 21st were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 6.6%. The ex-dividend date of this dividend was Wednesday, October 21st.

Hedge Funds Weigh In On Mexico Fund

Large investors have recently modified their holdings of the company. Almitas Capital LLC purchased a new position in Mexico Fund during the second quarter worth about $3,736,000. North Ground Capital bought a new position in Mexico Fund in the 2nd quarter worth about $2,981,931. Public Employees Retirement System of Ohio bought a new position in Mexico Fund in the 2nd quarter worth about $2,266,000. Saba Capital Management L.P. raised its holdings in shares of Mexico Fund by 4.3% in the 1st quarter. Saba Capital Management L.P. now owns 1,764,332 shares of the investment management company's stock valued at $36,927,000 after acquiring an additional 73,032 shares in the last quarter. Finally, Landscape Capital Management L.L.C. purchased a new stake in shares of Mexico Fund in the 2nd quarter valued at about $875,000.

Trending Headlines about Mexico Fund

Here are the key news stories impacting Mexico Fund this week:

• Positive Sentiment: Saba’s disclosed purchases indicate sustained buying by a significant shareholder, totaling 111,330 additional shares from the reported October 14 holding through November 5. SEC filing

About Mexico Fund

The Mexico Fund, Inc. NYSE: MXF is a closed-end investment company focused on providing investors with exposure to Mexico's financial markets. Its primary objective is long-term capital appreciation through investments in securities issued by Mexican companies and other issuers with substantial business activities in Mexico. The fund generally invests in a diversified portfolio of Mexican equities across industries such as financial services, consumer products, telecommunications, industrials, materials and infrastructure.

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