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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.
Latest 13F Filing Activity
Saba Capital Management, L.P. filed their most recent 13F report on Jun 30, 2025 disclosing 218 equity positions and 18 options positions with a total 13F market value of $4B. The fund increased holdings in Gabelli Divid & Income TR, General Amern Invs Co. Inc., Neuberger Berman Next Genera among other positions. Saba Capital Management, L.P. reduced exposure to Blackrock Cap Allocation Ter, Adams Diversified Equity FD, Nuveen New Jersey Qult Mun F among others.
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 (18)
| 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 |
Industry Allocation
Investment Team (13)
| Name | Role | Location | |
|---|---|---|---|
 | Portfolio Manager | New York, NY , United States | |
C Chen Di | Quantitative Analyst | New York, NY , United States | |
 | Associate | New York, NY , United States | |
 | Partner | New York, NY , United States | |
 | Portfolio Manager | New York, NY , United States | |
V Vish Shah | Portfolio Manager | Jersey City, NJ , United States | |
 | Analyst | New York, NY , United States | |
 | Quantitative Researcher | New York, NY , United States | |
 | Associate | NY , United States | |
E Elan Rosen | Analyst | New York, NY , United States |
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