NEW GERMANY FD INC GF
COM · Closed-End Fund · CUSIP 644465106
- HeadquartersNew York, NY
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $11.94.
Trends to Q2 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 34 |
| Q4 2022 | 32 |
| Q1 2023 | 33 |
| Q2 2023 | 34 |
| Q3 2023 | 32 |
| Q4 2023 | 35 |
| Q1 2024 | 35 |
| Q2 2024 | 36 |
| Q3 2024 | 40 |
| Q4 2024 | 39 |
| Q1 2025 | 34 |
| Q2 2025 | 34 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2023 | 10 | 14 |
| Q4 2023 | 14 | 12 |
| Q1 2024 | 17 | 10 |
| Q2 2024 | 19 | 10 |
| Q3 2024 | 14 | 17 |
| Q4 2024 | 10 | 21 |
| Q1 2025 | 16 | 19 |
| Q2 2025 | 13 | 16 |
Biggest buyers
| Saba Capital Management, L.P. | Added | +231.7k |
| Shaker Financial Services, LLC | Added | +111.6k |
| SIT INVESTMENT ASSOCIATES INC | New | +105.0k |
| ROYAL BANK OF CANADA | Added | +86.7k |
| LAZARD ASSET MANAGEMENT LLC | Added | +69.9k |
| Bulldog Investors, LLP | Added | +47.0k |
| Uncommon Cents Investing LLC | Added | +21.7k |
| GUGGENHEIM CAPITAL LLC | New | +13.4k |
| BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC | Added | +12.4k |
| RAYMOND JAMES FINANCIAL INC | New | +2.0k |
Biggest sellers
| 1607 Capital Partners, LLC | Reduced | -90.8k |
| Karpus Management, Inc. | Reduced | -73.5k |
| CITY OF LONDON INVESTMENT MANAGEMENT CO LTD | Reduced | -43.9k |
| AQR Arbitrage LLC | Reduced | -18.1k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Sold out | -16.5k |
| CSS LLC/IL | Reduced | -14.4k |
| Allspring Global Investments Holdings, LLC | Reduced | -14.0k |
| PNC Financial Services Group, Inc. | Reduced | -8.4k |
| GABELLI FUNDS LLC | Reduced | -8.0k |
| CoreCap Advisors, LLC | Reduced | -5.8k |
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
Saba Capital Management, L.P.
13D · may seek influence
+1.0 pts · filed 2026-10-07
Stated purposeThe Reporting Persons acquired the Common Shares to which this Schedule 13D/A relates in the ordinary course of business for investment purposes because they believe that the Common Shares are undervalued and represent an attractive investment opportunity. The Reporting Persons may engage in discussions with management, the Board of Directors (the "Board"), other shareholders of the Issuer and other relevant parties, including representatives of any of the foregoing, concerning the Reporting Persons' investment in the Common Shares and the Issuer, including, without limitation, matters concerning the Issuer's business, operations, board appointments, governance, performance, management, capitalization, trading of the Common Shares at a discount to the Issuer's net asset value and strategic… Full filing |
23.0% |
| LAZARD ASSET MANAGEMENT LLC 13G · exempt (held before listing) +4.1 pts · filed 2025-05-15 | 14.2% |
| Allspring Global Investments Holdings, LLC 13G · institution -2.4 pts · filed 2026-07-31 | 10.4% |
| 1607 Capital Partners, LLC 13G · institution -1.6 pts · filed 2026-08-14 | 5.0% |
Insider purchases and sales in Q2 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q3 2023 | 0 | — | 0 | — | — |
| Q4 2023 | 0 | — | 1 | $10.6k | — |
| Q1 2024 | 1 | $8.5k | 0 | — | — |
| Q2 2024 | 0 | — | 0 | — | — |
| Q3 2024 | 0 | — | 0 | — | — |
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 0 | — | 0 | — | — |
| Q2 2025 | 0 | — | 0 | — | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-05-28 | Saba Capital Management, L.P. +1 10% owner | Bought | $54.5k4.8k shares |
| 2025-05-20 | Saba Capital Management, L.P. +1 10% owner | Bought | $509.6k46.1k shares |
| 2025-05-19 | Saba Capital Management, L.P. +1 10% owner | Bought | $112.5k10.3k shares |
| 2025-05-16 | Saba Capital Management, L.P. +1 10% owner | Bought | $96.7k8.9k shares |
| 2025-05-15 | Saba Capital Management, L.P. +1 10% owner | Bought | $283.5k26.1k shares |
| 2025-05-12 | Saba Capital Management, L.P. +1 10% owner | Bought | $172.0k15.8k shares |
| 2025-05-08 | Saba Capital Management, L.P. +1 10% owner | Bought | $2.2k200 shares |
| 2025-05-05 | Saba Capital Management, L.P. +1 10% owner | Bought | $709.0k65.6k shares |
| 2025-05-02 | Saba Capital Management, L.P. +1 10% owner | Bought | $11.4k1.1k shares |
| 2025-04-30 | Saba Capital Management, L.P. +1 10% owner | Bought | $27.0k2.6k shares |
| 2025-04-29 | Saba Capital Management, L.P. +1 10% owner | Bought | $72.1k6.9k shares |
| 2025-04-25 | Saba Capital Management, L.P. +1 10% owner | Bought | $163.4k15.8k shares |
| 2025-04-24 | Saba Capital Management, L.P. +1 10% owner | Bought | $21.7k2.1k shares |
| 2025-04-23 | Saba Capital Management, L.P. +1 10% owner | Bought | $1.0k100 shares |
| 2025-04-22 | Saba Capital Management, L.P. +1 10% owner | Bought | $100.4k9.9k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| LAZARD ASSET MANAGEMENT LLC 0.04% of their portfolio | 2.4m $28.3m | Added +69.9k |
| Allspring Global Investments Holdings, LLC 0.04% of their portfolio | 2.0m $23.7m | Reduced -14.0k |
| Saba Capital Management, L.P. 0.63% of their portfolio | 1.9m $23.1m | Added +231.7k |
| 1607 Capital Partners, LLC 1.39% of their portfolio | 1.4m $17.1m | Reduced -90.8k |
| Bulldog Investors, LLP 1.49% of their portfolio | 493.5k $5.9m | Added +47.0k |
| Karpus Management, Inc. 0.14% of their portfolio | 372.9k $4.5m | Reduced -73.5k |
| Uncommon Cents Investing LLC 1.16% of their portfolio | 363.5k $4.3m | Added +21.7k |
| CITY OF LONDON INVESTMENT MANAGEMENT CO LTD 0.33% of their portfolio | 296.1k $3.5m | Reduced -43.9k |
| GABELLI FUNDS LLC 0.02% of their portfolio | 256.0k $3.1m | Reduced -8.0k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 180.3k $2.2m | Added +86.7k |
| Shaker Financial Services, LLC 0.53% of their portfolio | 122.6k $1.5m | Added +111.6k |
| SIT INVESTMENT ASSOCIATES INC 0.03% of their portfolio | 105.0k $1.3m | New |
| BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC 0.13% of their portfolio | 65.1k $777.4k | Added +12.4k |
| AQR Arbitrage LLC 0.02% of their portfolio | 59.3k $708.5k | Reduced -18.1k |
| CSS LLC/IL 0.03% of their portfolio | 34.4k $411.1k | Reduced -14.4k |
| Hudson Portfolio Management LLC 0.36% of their portfolio | 32.7k $390.3k | Reduced -456 |
| Arnhold LLC 0.04% of their portfolio | 32.6k $389.8k | Unchanged |
| GAMCO INVESTORS, INC. ET AL 0.00% of their portfolio | 22.9k $273.6k | Unchanged |
| GUGGENHEIM CAPITAL LLC 0.00% of their portfolio | 13.4k $160.4k | New |
| Verdence Capital Advisors LLC 0.01% of their portfolio | 10.7k $127.5k | Unchanged |
| ACORN FINANCIAL ADVISORY SERVICES INC /ADV 0.02% of their portfolio | 10.5k $124.9k | Unchanged |
| Federation des caisses Desjardins du Quebec 0.00% of their portfolio | 8.9k $106.6k | Unchanged |
| PNC Financial Services Group, Inc. 0.00% of their portfolio | 6.6k $79.3k | Reduced -8.4k |
| MORGAN STANLEY 0.00% of their portfolio | 5.3k $63.9k | Reduced -169 |
| OSAIC HOLDINGS, INC. 0.00% of their portfolio | 4.2k $49.7k | Reduced -1.0k |
| CoreCap Advisors, LLC 0.00% of their portfolio | 3.2k $38.8k | Reduced -5.8k |
| UBS Group AG 0.00% of their portfolio | 2.7k $32.0k | Added +1.6k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 2.0k $23.8k | New |
| Thomas J. Herzfeld Advisors, Inc. 0.01% of their portfolio | 1.7k $20.8k | Added +24 |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 1.2k $14.3k | Added +199 |
| US BANCORP \DE\ 0.00% of their portfolio | 983 $11.7k | Reduced -245 |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 967 $11.5k | Unchanged |
| CWM, LLC 0.00% of their portfolio | 589 $7.0k | Unchanged |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio | 0 $0 | Unchanged |