These 8.7%-Paying Funds Just Got Their Day in Court and We Won

The Supreme Court ruled 6-3 against Saba Capital's proposal to allow activist shareholders to void closed-end fund (CEF) bylaws and sue managers over voting restrictions. The decision is viewed as positive for CEF investors as it prevents potential mandate changes, uncertainty, and increased litigation costs that could have widened discounts and raised fees. The ruling validates the value of high-yield CEFs, though Saba's past activism has also driven improvements in some funds.