Insider Buying: Mexico Fund (NYSE:MXF) Major Shareholder Buys 23,901 Shares of Company Stock

Key Points

• Saba Capital Management bought 23,901 Mexico Fund shares on October 29 at an average price of $20.11, spending about $480,649. Its reported holding after the purchase was 2,449,682 shares, worth approximately $49.3 million.
• The purchase was part of a series of acquisitions: Saba also bought shares on several other dates from October 5 through November 5, including 24,115 shares on November 5.
• Mexico Fund shares traded at $21.06 in the article, and the fund recently paid a quarterly dividend of $0.35 per share, equivalent to a 6.6% indicated yield.

Mexico Fund, Inc. (The) (NYSE:MXF - Get Free Report) major shareholder Saba Capital Management, L.P. acquired 23,901 shares of the company's stock in a transaction dated Thursday, October 29th. The shares were bought at an average price of $20.11 per share, for a total transaction of $480,649.11. Following the acquisition, the insider owned 2,449,682 shares in the company, valued at approximately $49,263,105.02. This trade represents a 0.99% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own more than 10% of a company's stock are required to disclose their transactions with the SEC.

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

• On Thursday, November 5th, Saba Capital Management, L.P. bought 24,115 shares of Mexico Fund stock. The stock was bought at an average price 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 shares were purchased at an average price of $20.95 per share, for a total transaction of $314,480.45.
• On Tuesday, November 3rd, Saba Capital Management, L.P. purchased 13,804 shares of Mexico Fund stock. The stock was purchased at an average cost of $20.54 per share, with a total value of $283,534.16.
• On Monday, November 2nd, Saba Capital Management, L.P. acquired 200 shares of Mexico Fund stock. The stock was purchased 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 stock was purchased at an average price of $20.25 per share, with a total value of $306,645.75.
• On Wednesday, October 28th, Saba Capital Management, L.P. acquired 1,121 shares of Mexico Fund stock. The shares were purchased 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. bought 2,000 shares of Mexico Fund stock. The stock was purchased at an average price of $20.14 per share, with a total value of $40,280.00.
• On Wednesday, October 21st, Saba Capital Management, L.P. bought 16,035 shares of Mexico Fund stock. The stock was purchased at an average cost of $20.42 per share, with a total value of $327,434.70.
• On Wednesday, October 14th, Saba Capital Management, L.P. purchased 12,791 shares of Mexico Fund stock. The shares were acquired at an average price of $19.88 per share, for a total transaction of $254,285.08.
• On Monday, October 5th, Saba Capital Management, L.P. bought 25,900 shares of Mexico Fund stock. The shares were acquired at an average price of $20.09 per share, for a total transaction of $520,331.00.

Mexico Fund Stock Performance

NYSE MXF traded up $0.02 on Tuesday, reaching $21.06. The company's stock had a trading volume of 7,704 shares, compared to its average volume of 50,814. Mexico Fund, Inc. has a 52 week low of $18.62 and a 52 week high of $23.00. The business has a 50-day moving average price of $20.71 and a 200 day moving average price of $21.42.

Mexico Fund Announces Dividend

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

Hedge Funds Weigh In On Mexico Fund

A number of hedge funds have recently modified their holdings of the stock. City of London Investment Management Co. Ltd. lifted its position in shares of Mexico Fund by 0.6% during the 3rd quarter. City of London Investment Management Co. Ltd. now owns 3,230,491 shares of the investment management company's stock worth $65,870,000 after buying an additional 19,166 shares during the period. Saba Capital Management L.P. grew its position in Mexico Fund by 4.3% in the first 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 during the period. Allspring Global Investments Holdings LLC grew its position in Mexico Fund by 2.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 981,733 shares of the investment management company's stock valued at $20,548,000 after acquiring an additional 27,983 shares during the period. Almitas Capital LLC acquired a new position in Mexico Fund during the second quarter worth $3,736,000. Finally, North Ground Capital acquired a new position in Mexico Fund during the second quarter worth $2,981,931.

Mexico Fund Company Profile

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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