What happened
Saba Capital Management, L.P., identified in regulatory filings as a ten-percent owner of the PIMCO Dynamic Income Strategy Fund (NASDAQ: PDX), sold a total of 53,882 shares of the fund's common stock across two days in early February 2026. The transactions took place on February 9 and February 10 and generated proceeds of approximately $1.09 million. Trade prices ranged narrowly from $20.24 to $20.31 per share.
Transaction detail and holdings
On February 9, Saba Capital sold 42,805 shares at $20.31 apiece. After that sale, the filing shows the firm held 6,720,415 shares. The following day, February 10, Saba sold an additional 11,077 shares at $20.24 each, leaving a reported stake of 6,709,338 shares. At the time the article was written, PDX had a market capitalization of $904.42 million and was trading at $20.35 per share, slightly above the executed sale prices.
Regulatory disclosure
The disposition of shares was disclosed to the Securities and Exchange Commission via a Form 4 filing. The document is signed by Zachary Gindes on behalf of Saba Capital Management, L.P., and also bears the signature of Boaz Weinstein.
Income characteristics and data points
Public data referenced in the filing notes that PDX pays a substantial dividend, with a reported yield of 22.59%. Separately, the data source referenced in the filing identifies four additional tips about the fund's performance and financial profile that may be of interest to investors, though those items are not detailed in the filing itself.
Change in fund management
In a separate management update for the PIMCO Dynamic Income Strategy Fund, Mark R. Kiesel is listed as no longer serving as a manager, effective immediately. The fund's remaining management team is listed as John M. Devir, Greg E. Sharenow, Daniel J. Ivascyn, Alfred T. Murata, and Giang Bui.
The filing specifies the roles of the continuing managers: John M. Devir serves as head of Americas credit research and is the lead analyst for global energy; Greg E. Sharenow focuses on commodities and real assets; Daniel J. Ivascyn is Group Chief Investment Officer; Alfred T. Murata manages income-oriented and multisector credit strategies; and Giang Bui specializes in securitized debt instruments and bank loans.
Key takeaways
- Saba Capital, a roughly ten-percent holder, reduced its PDX stake by 53,882 shares across two trades on February 9-10, 2026, realizing about $1.09 million.
- The fund trades near the levels at which the shares were sold, with a quoted price of $20.35 versus sale prices of $20.24 to $20.31, and a market capitalization reported at $904.42 million.
- PDX reports a high dividend yield of 22.59%; the fund also announced the departure of one manager while five others remain on the management team.
Risks and uncertainties noted in filings
- The filing documents the insider sales but does not provide commentary on the firms motivation for the sales or any intended future trading - leaving investor interpretation open.
- Management composition changed with the removal of one named manager; the filing does not specify reasons or potential impacts on management strategy.
- Data referenced includes additional performance tips that are not detailed in the public disclosure, limiting the ability to assess those points without supplemental information.
Context for investors
The regulatory filings provide the precise transaction sizes, prices, and resulting share counts but do not attach explanatory notes about the sales or the management change. Investors seeking further detail would need to consult the full SEC Form 4 and the funds formal management disclosures for additional documentation. The sale prices sit slightly below the fund's then-trading price but within a tight band.
This report confines itself to the information contained in the funds public filings and related data referenced therein.