Boaz Weinstein

About Boaz Weinstein

Boaz Weinstein (born 1973) is President of Saba Capital Income & Opportunities Fund (BRW) since May 2021 and the Founder and Chief Investment Officer of Saba Capital Management, LP, the Fund’s external adviser . He previously spent 11 years at Deutsche Bank, becoming Co‑Head of Global Credit Trading in 2008 and a member of the Global Markets Executive Committee, and began his investment career at Merrill Lynch before joining Donaldson Lufkin & Jenrette . Saba Capital managed ~$5.88B as of April 1, 2025, up from ~$4.6B (April 1, 2024) and ~$4.3B (April 1, 2023), evidencing platform growth under his CIO tenure .

BRW-specific TSR, revenue growth, and EBITDA growth metrics for Mr. Weinstein’s tenure were not disclosed in Fund filings .

Past Roles

External Roles

Fixed Compensation

Performance Compensation

Notes:

• Portfolio managers “do not receive any compensation directly from the Fund,” and “no portfolio manager is compensated based on Fund performance or on the value of assets held in the Fund’s portfolio” .

Equity Ownership & Alignment

• Ownership and holdings

  • Direct/indirect BRW holdings by Mr. Weinstein personally: $0 reported as of March 31, 2024 and March 31, 2025; portfolio manager holdings in BRW were also reported as $0 as of Oct 31, 2024 .
  • Officers and Trustees as a group beneficially owned less than 1% of common shares as of the SAI date (covering FY ended Oct 31, 2024) .

• Historical beneficial ownership (5%+ filers)

  • Saba Capital Management, L.P. / Boaz Weinstein reported 3,886,706 shares (9.14%) as of the 2023 proxy reference date .
  • Saba/Weinstein were not listed among 5% beneficial owners in 2024 or 2025 proxies; top holders included RiverNorth, Relative Value Partners (2024), and RiverNorth, Kovitz, and Relative Value Partners (2025) .

• Pledging/hedging/ownership guidelines: Not disclosed. The Fund and Adviser Code of Ethics governs personal trading and prohibits short‑term trading of Fund shares; personal trading requires pre‑clearance and reporting .

Employment Terms

• Appointment/term: Officers are elected by the Board and serve until successors are chosen and qualified or earlier resignation/removal/disqualification .
• Compensation source: Officers are compensated by Saba Capital or its affiliates; the Fund does not pay officer compensation .
• Employment agreement, severance, change‑of‑control, non‑compete/non‑solicit, clawbacks, tax gross‑ups, deferred comp, pension/SERP, and perquisites: Not disclosed in Fund filings .
• Advisory fee economics: The Adviser receives a management fee of 1.05% of average daily Managed Assets, creating an indirect incentive to grow and sustain managed assets and performance to support AUM levels .

Performance & Track Record

• BRW TSR during his tenure and Fund operating metrics (revenue, EBITDA) for pay‑for‑performance assessment: Not disclosed in proxy/SAI materials .

Governance touchpoints relevant to incentives

• Codes of Ethics and personal trading controls for officers/portfolio managers are in place (pre‑clearance, reporting; no short‑term trading of Fund shares) .
• Officers/Trustees as a group own <1% of outstanding shares (limited internal ownership signal) .

Investment Implications

• Pay‑for‑performance alignment: Mr. Weinstein’s compensation is determined by the Adviser (base salary, partner profit distributions, discretionary bonuses tied to Adviser profitability and individual/team performance), with no compensation linkage to BRW’s performance or BRW asset levels; this structure emphasizes Adviser‑level results over fund‑specific TSR, which may dilute direct pay‑TSR alignment at the fund level .
• Ownership alignment: Personal BRW ownership is reported as $0; Saba/Weinstein were 5%+ holders in 2023 (9.14%) but not listed among top holders in 2024–2025, reducing direct “skin‑in‑the‑game” signals; reasons for the change are not disclosed .
• Retention risk: As Founder/CIO of the Adviser and President of BRW, Mr. Weinstein’s role is central; no severance/change‑of‑control protections or non‑compete terms are disclosed at the Fund level, and compensation is sourced from the Adviser, not the Fund—suggesting retention levers reside within Saba rather than BRW .
• Trading/overhang: With personal BRW holdings reported at $0 and no current 5% ownership by Saba/Weinstein, near‑term insider‑selling pressure from his stake appears limited; historical 2023 9.14% beneficial ownership indicates prior ability to accumulate or distribute shares, though current stance is not a 5% filer .
• Incentive levers: Management fee of 1.05% of Managed Assets aligns the Adviser with asset base growth; combined with rising Saba AUM (2023–2025), incentives appear oriented to strategy scaling and platform performance rather than single‑fund TSR .

Key sources:
- Officer role, compensation source, and service terms: **[826020_0001398344-25-009931_fp0093697-1_def14a.htm:12]** **[826020_0001398344-25-012720_fp0094187-1_n2ixbrl.htm:151]**
- Portfolio manager compensation structure and non‑linkage to Fund performance: **[826020_0001999371-25-013586_saba-n2a_091825.htm:176]**
- Portfolio manager holdings ($0): **[826020_0001999371-25-013586_saba-n2a_091825.htm:177]**
- Trustee/officer group ownership <1%: **[826020_0001999371-25-013586_saba-n2a_091825.htm:175]**
- Beneficial ownership (Saba/Weinstein 9.14% in 2023; not 5% in 2024–2025): **[826020_0001398344-23-007782_fp0083299-1_def14a.htm:18]** **[826020_0001213900-24-045406_ea0206582-01_def14a.htm:18]** **[826020_0001398344-25-009931_fp0093697-1_def14a.htm:18]**
- Saba AUM progression: **[826020_0001398344-23-007782_fp0083299-1_def14a.htm:3]** **[826020_0001213900-24-045406_ea0206582-01_def14a.htm:3]** **[826020_0001398344-25-012720_fp0094187-1_n2ixbrl.htm:77]**
- Advisory fee economics (1.05% of Managed Assets): **[826020_0001398344-25-012720_fp0094187-1_n2ixbrl.htm:77]** **[826020_0001999371-25-013586_saba-n2a_091825.htm:102]**
- Codes of Ethics/personal trading controls: **[826020_0001398344-25-009931_fp0093697-1_def14a.htm:14]** **[826020_0001999371-25-013586_saba-n2a_091825.htm:177]**