Boaz Weinstein

About Boaz Weinstein

Boaz R. Weinstein (born 1973-06-06; age 52) serves as President of Saba Capital Income & Opportunities Fund II and is Chief Investment Officer of Saba Capital Management, L.P. . Saba Capital managed approximately $5.9 billion of assets as of April 1, 2025, underscoring scale and market reach . During the period Saba has managed the Fund (since January 1, 2024), the Fund delivered total returns of 21.01% at market value and 17.32% at NAV through April 30, 2025; the most recent 1-year returns were 25.68% (market) and 18.06% (NAV), indicating strong shareholder outcomes amid elevated volatility . He signed the shareholder letter and articulated positioning and contributors/detractors for the November 1, 2024–April 30, 2025 period, evidencing direct strategic oversight .

Past Roles

Not disclosed in the Fund’s DEF 14A and semi-annual report beyond current CIO role at Saba Capital and Fund presidency. If needed, consult additional filings outside those provided.

External Roles

Not disclosed in the Fund’s DEF 14A and semi-annual report.

Fixed Compensation

• Officers (including President Boaz Weinstein) are compensated by Saba Capital or its affiliates; officers are not paid by the Fund, and officer compensation details (base salary, target bonus, equity awards) are not disclosed in Fund filings .
• The Board does not have a standing compensation committee; Independent Trustees collectively consider trustee and executive officer compensation matters for Fund governance purposes .
• Independent Trustee pay (context): annual retainer $15,000; Audit Chair additional $7,500; total compensation by Trustee provided for FY ended Oct 31, 2024 (Weinstein, as officer and not Trustee, received $0 from the Fund) .

Performance Compensation

• No disclosure of performance metrics (TSR/EBITDA/revenue/ESG) tied to officer pay at the Fund, given officers are paid by the Adviser and officer compensation is outside the Fund’s financials .
• No disclosure of RSUs/PSUs/options grants, strike prices, vesting schedules, or clawbacks for officers in the Fund’s proxy; any such arrangements (if any) would be at the Adviser level and not reported by the Fund .

Equity Ownership & Alignment

Beneficial Ownership (skin-in-the-game)

• Appendix C (as of March 31, 2025) shows “None/$0” for officer direct holdings, while Appendix F (as of April 29, 2025) shows beneficial ownership above 5% for Boaz Weinstein; the difference likely reflects beneficial ownership through entities vs. direct Fund share holdings reported in the officer table .
• Shares pledged as collateral: Not disclosed in the DEF 14A/N-CSRS materials .
• Stock ownership guidelines/compliance: Not disclosed .

Recent Insider Selling Activity (from Schedule 13D/A Exhibit)

• Section 16(a) compliance: Fund reports reporting persons complied during FY ended Oct 31, 2024 .

Employment Terms

• Employment contract term, severance, change-of-control, non-compete/non-solicit, garden leave, consulting: Not disclosed in Fund filings for officers (officers are employed and compensated by the Adviser) .
• Codes of Ethics and Insider Trading Policy: Adopted under Rule 17j-1; prohibits short-term trading of Fund shares by persons subject to the Codes; requires pre-clearance and regular reporting of personal trades .
• Board governance context: Seven-member Board (six Independent Trustees); Lead Independent Trustee in place; Audit and Nominating committees active; no compensation committee; Board met four times in FY ended Oct 31, 2024 .

Performance & Track Record

Fund Performance (as disclosed)

• Reporting period (Nov 1, 2024–Apr 30, 2025) total return: 6.36% with annualized volatility 19.65%; benchmark iBoxx USD Liquid High Yield Index total return 2.22%, volatility 7.15%, highlighting relative outperformance .
• Shareholder letter noted contributors (relative value, agency MBS, reinsurance, closed-end fund strategies) and detractors (PIPEs, equities, convertibles), with defensive net exposure and hedging positioning .

Risk Indicators & Red Flags (from filings)

• Key-person dependence: Fund success depends on key Adviser team members; loss of services could be materially adverse .
• Affiliated service providers and conflicts: Fund may engage providers with financial interests among Adviser clients; pricing expected to be competitive; potential conflicts managed via evaluation processes .
• Co-investment constraints: 1940 Act limits co-investment; Adviser sought an exemptive order to negotiate terms with affiliates; allocation policies in place; potential conflicts noted .
• Short-selling risks and new reporting regime (Rule 13f-2): Elevated short-squeeze risk given aggregated short position disclosures (although temporarily exempt until 2026) .

Compensation Peer Group / Say-on-Pay

• Compensation peer group, target percentile, say-on-pay results, shareholder engagement on compensation: Not applicable/not disclosed for the Fund’s officers (compensated by Adviser) .

Expertise & Qualifications

• Current role: CIO of Saba Capital and President of the Fund; Fund filings demonstrate active investment leadership and shareholder communications .
• Technical domains: Strategy spans credit relative value, hedging, closed-end funds, derivatives (CDS, TRS, options/futures), and reinsurance exposures per Fund materials .

Equity Ownership & Alignment (Expanded)

• Boaz Weinstein beneficially owns >5% of Fund common shares (11.62%) as of April 29, 2025, indicating significant alignment with shareholder value creation .
• The Adviser (Saba Capital Management, L.P.) beneficially owns 11.23% as of the same date, further reinforcing aligned incentives between Adviser leadership and Fund outcomes .

Investment Implications

• Alignment: Large beneficial ownership by Boaz Weinstein and the Adviser suggests strong economic alignment; combined >20% stake may drive focus on discount narrowing (managed distribution plan, activism in CEFs) and total return outcomes .
• Compensation transparency: With officer pay handled by the Adviser and not disclosed at the Fund, traditional pay-for-performance benchmarking (salary/bonus/equity metrics, vesting) cannot be assessed—analysts should evaluate Adviser-level incentives and fee structures to infer alignment and retention .
• Retention risk: Filings expressly note dependence on key individuals at the Adviser; succession/bench depth and retention are material risk factors to monitor in diligence and engagement .
• Trading signals: Repeated sells in March–May 2025 per Schedule 13D/A may indicate tactical positioning or liquidity management; continued net selling could create incremental overhang—monitor subsequent 13D/13G updates and any Form 4s if applicable .
• Governance checks: Absence of a compensation committee and centralized officer pay at the Adviser means Board oversight focuses on Fund operations and service providers; analysts should monitor conflicts (affiliated services, co-investments) and committee activity (Audit/Nominating) for governance quality .

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