HFRO HIGHLAND OPPORTUNITIES & INCOME FUND Insider Trading

Saba Capital acquires 83,866 shares (83.9K) at $6.70 blended price; 4 consecutive prior buys at HFRO all showed positive 90d returns.

Saba Capital Management, LP executed 2 separate purchases totaling 83,866 shares for $561,857.66 on 2026-06-01 and 2026-06-02, increasing holdings from 5.72M shares to 5.80M shares (+1.5%). The blended average price of $6.70 sits near the current price of $6.64, placing the transaction in a context of recent positive momentum: the stock is up 7.8% over 30 days and 10.3% over 90 days from the filing date, and sits -2.8% below its 52-week high of $6.83. At the same ticker, Saba's 4 prior trades on 2026-05-18 through 2026-05-21 all yielded positive 90-day returns, establishing a pattern of well-timed buys at HFRO. This latest acquisition follows directly from that streak and reflects continued accumulation by a 10% owner into a position showing recent positive price action.

Saba Capital buys 41.9K HFRO shares for $273.9K at $6.54 avg, extending 4-trade buy sequence all well-timed at 90-day mark.

Saba Capital Management, a 10% owner of Highland Opportunities & Income Fund, executed 2 purchases totaling 41,899 shares for $273,939.90 on consecutive days (May 28–29, 2026) at a blended average price of $6.54, increasing holdings from 5,673,634 to 5,715,533 shares. This filing extends a notable sequence: all 4 of Saba's prior trades at HFRO (May 18–21) were buys that posted positive 90-day returns, a 100% well-timed rate at this ticker. The current trade occurs while the stock trades near its 52-week high (only 4.0% below the $6.83 peak), yet within the broader context of a +6.2% gain over 30 days and +7.9% over 90 days, the insider maintains its pattern of accumulation into price strength.

Saba Capital (10% owner) buys 15,858 shares of HFRO at $6.27; 4th purchase in 6 days, all well-timed at 90-day mark.

Saba Capital Management, LP, a 10% stakeholder in Highland Opportunities & Income Fund, purchased 15,858 shares at $6.27, marking the fourth consecutive open-market purchase over six calendar days (May 18–26, 2026). The prior three purchases at HFRO all delivered positive 90-day returns (ranging 1.4% to 2.6%), and the timing pattern shows 4 of 4 prior buys at this ticker were well-timed at the 90-day mark. The current price of $6.46 sits 5.4% below the 52-week high and has gained 5.0% over 30 days and 3.9% over 90 days. Across the insider's broader cross-ticker open-market history, 15 prior buys averaged +2.0% at both 30 and 90 days with a 100% win rate, though sell timing has been less reliable (20% well-timed sell rate). The rapid accumulation pattern and consistent historical outperformance at this specific ticker warrant attention from investors monitoring the 10% owner's conviction.

Saba Capital (10% owner) buys 20,490 HFRO shares at $6.25; cross-ticker track record shows -0.8% avg 90d return on prior buys.

Saba Capital Management acquired 20,490 shares of Highland Opportunities & Income Fund at $6.25 on 2026-05-21, a modest addition of 0.4% to its existing 5.64M-share position. The purchase price of $6.25 is near the current market price of $6.27, and the stock is trading -8.2% from its 52-week high of $6.83. Reviewing Saba's cross-ticker insider transaction history, the fund's prior 12 open-market buys averaged -0.8% 90-day returns with a 40.00% win rate, indicating a pattern of purchases that typically did not appreciate in the following 90 days. This current acquisition does not contradict that historical pattern, though the narrow spread between transaction price and current market price suggests no meaningful divergence has occurred since execution.

Saba Capital (10% owner) purchased 62,976 shares in 2 transactions for $391,221.23 at HFRO, raising stake to 5,637,286 shares

Saba Capital purchased 62,976 shares across 2 transactions on 2026-05-19 and 2026-05-20 at prices of $6.18 and $6.23, for a blended average of $6.21, increasing its holdings by 1.1% to 5,637,286 shares. The current price of $6.23 is 8.8% below the 52-week high of $6.83. Across all open-market activity and tickers, Saba's prior buy track record shows 12 buys with an average 90-day return of -0.8% and a 40% win rate, while prior sell activity (8 transactions) averaged +0.4% 90-day returns with a 25% well-timed rate, indicating that historically on this insider's sales, the stock has risen after the sale.

Saba Capital (10% owner) bought 16,100 shares of HFRO at $6.18 on 2026-05-18 for $99,498.00

Saba Capital Management purchased 16,100 shares at $6.18, representing a modest 0.3% increase to their 5.57M share position in Highland Opportunities & Income Fund. The purchase occurred near the lower end of the 52-week range ($4.94–$6.83) and below the current market price of $6.23. However, Saba's cross-ticker track record shows a 40% 90-day win rate on prior buys with an average 90-day return of -0.8%, suggesting their open-market purchases at other companies have not consistently generated positive near-term gains. The small position increment and modest historical accuracy rate provide limited conviction signals for near-term momentum at this security.