Saba Capital Management, L.P.
Saba Capital Management, L.P. is a hedge fund headquartered in New York, NY. Founded in 2009 by Boaz Weinstein, Saba Capital manages assets for institutional and high-net-worth investors. The firm specializes in credit and equity relative value strategies and is recognized for its expertise in closed-end fund arbitrage and tail risk hedging. As of 2025, Saba oversees nearly $10 billion in assets and employs a specialized team focused on complex, opportunistic investments in global markets.
Investment Strategy
Saba Capital Management employs relative value and event-driven strategies, with a focus on credit, convertible bonds, and closed-end fund arbitrage. The firm seeks to exploit inefficiencies and price dislocations across credit and equity markets, often utilizing derivatives, structured products, and hedging techniques. Saba is also well-known for its tail risk hedging strategies, aiming to generate asymmetric returns that capture outsized gains during periods of market stress while managing downside risk through sophisticated risk management practices.
Top Holdings
Equity Positions (218)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
E ECAT | BLACKROCK ESG CAP ALLC TERM | 10.79% | $459.4M | 28,605,041 | $15.46 | $16.06 | +$8.3M |
P PDX | PIMCO DYNAMIC INCOME STRATEG | 4.36% | $185.6M | 7,527,897 | $17.34 | $24.65 | +$483.6K |
G GDV | GABELLI DIVID & INCOME TR | 4.14% | $176.0M | 6,768,149 | $23.38 | $26.01 | +$22.8M |
B BCAT | BLACKROCK CAP ALLOCATION TER | 2.78% | $118.1M | 7,802,473 | $14.97 | $15.14 | -$51.9M |
N NBXG | NEUBERGER BERMAN NEXT GENERA | 2.63% | $111.9M | 7,663,379 | $11.63 | $14.60 | +$18.0M |
Options Positions (10)
| Ticker | Security | Action | Type | Notional Value | Contracts | Underlying Price | Premium Paid | Change (Contracts) | Change (Value) |
|---|---|---|---|---|---|---|---|---|---|
M MSFT | MICROSOFT CORP | New | Put | $102.4M | 2,058 | $497.41 | $497.41 | +2,058 | +$102.4M |
A AMD | ADVANCED MICRO DEVICES INC | New | Put | $73.2M | 5,157 | $141.90 | $141.90 | +5,157 | +$73.2M |
U UBER | UBER TECHNOLOGIES INC | New | Put | $63.7M | 6,831 | $93.30 | $93.30 | +6,831 | +$63.7M |
B BA | BOEING CO | New | Put | $62.5M | 2,983 | $209.53 | $209.53 | +2,983 | +$62.5M |
A AMAT | APPLIED MATLS INC | New | Put | $60.8M | 3,321 | $183.07 | $183.07 | +3,321 | +$60.8M |