FS KKR Capital Finally A Buy On Saba Pre-13D Entry, Early Defense Measures

Well-known CEF Activist Saba has begun buying with activism posture. 13D is not yet required, but the $11 market price represents a 41.6% discount to NAV. KKR Alternative Assets LP's effort to buy in scale at $11 a share looks like a defensive effort for an Advisor affiliate to gain a voting block. FSK remains a high-risk, high-yield position, best sized cautiously and not as a core fixed income holding.