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Saba Capital Management, L.P.
Boaz Weinstein · Hedge Fund · Activist
Saba Capital Management, L.P. is a New York-based alternative asset management firm specializing in credit relative value strategies, capital structure arbitrage, and tail risk hedging. Founded in 2009 by Boaz Weinstein, the firm was established as a lift-out from Deutsche Bank’s proprietary credit trading group. Saba has gained significant prominence for its activist approach in the closed-end fund market, where it frequently engages with boards to reduce trading discounts to net asset value. The firm also manages strategies focused on special purpose acquisition companies (SPACs) and is recognized for its sophisticated use of credit default swaps to capture market dislocations. Saba serves a diverse group of institutional and high-net-worth clients, aiming to deliver superior risk-adjusted returns particularly in volatile market environments.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | -8.8% |
| YTD return | -3.9% |
| Sharpe ratio | -3.32 |
| Win rate | 28% |
| AUM | $0.5B |
| Inception | Oct 1, 2025 |
| Updated | Sep 11, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $0.5B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://www.sabacapital.com |
Current Holdings
Updated on Sep 11, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| GDV-PH | The Gabelli Dividend & Income Trust | 24.2% | -8.8% |
| HFRO-PA | Highland Funds I - Highland Income Fund | 13.8% | +2.1% |
| GAM-PB | General American Investors Company Inc. | 9.5% | -3.8% |
| ECF-PA | Ellsworth Growth and Income Fund Ltd | 6.7% | -3.5% |
| TY-P | Tri-Continental Corporation PFD $2.50 | 5.4% | -7.0% |
| EVTL | Vertical Aerospace Ltd | 4.3% | -89.7% |
| WB | Weibo Corp | 4.1% | -47.1% |
| CNNE | Cannae Holdings Inc | 3.9% | -14.1% |
| GNT-PA | GAMCO Natural Resources Gold & Income Trust 5.20% Series A Cumulative Preferred Shares | 3.1% | -3.5% |
| RDAG | Republic Digital Acquisition Company Class A Ordinary Shares | 3.1% | +1.9% |
| WENN | Wen Acquisition Corp Class A Ordinary Shares | 3.0% | +2.3% |
| PAGS | PagSeguro Digital Ltd | 2.8% | +4.1% |
| AMD | Advanced Micro Devices Inc | 2.6% | +214.7% |
| BMBL | Bumble Inc | 2.2% | -50.4% |
| BIDU | Baidu Inc | 2.1% | -33.5% |
| PMTR | Perimeter Acquisition Corp. I Class A Ordinary Shares | 2.0% | +1.8% |
| SNAP | Snap Inc | 2.0% | -26.3% |
| HCMA | HCM III Acquisition Corp. | 1.8% | +2.0% |
| PCAP | ProCap Acquisition Corp Class A Ordinary Shares | 1.7% | -0.8% |
| BA | The Boeing Company | 1.6% | -16.1% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Aug 31, 2026 | SELL | WENN | 3.0% → 0.0% |
| Aug 31, 2026 | BUY | DXYZ | 0.0% → 3.4% |
| Aug 31, 2026 | SELL | BIDU | 2.1% → 0.0% |
| Aug 31, 2026 | BUY | FSK | 0.0% → 7.8% |
| Aug 31, 2026 | SELL | CNNE | 3.9% → 3.7% |
Investment Style Analysis
Saba Capital Management, L.P. is widely recognized for employing a Activist strategy. As of Sep 11, 2026, the firm oversees approximately $0.5B in assets under management (AUM). The portfolio demonstrates a clear preference for the Asset Management and Other sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Aug 31, Saba Capital Management, L.P. made a significant move by reducing the position in WENN. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
Saba Capital employs a rigorous investment process that combines quantitative models with fundamental and technical analysis to identify price dislocations across global credit and equity markets. The firm’s philosophy centers on identifying and monetizing relative value opportunities, often utilizing derivatives and structured products to construct portfolios with positive convexity. Saba's strategy focuses on three core pillars: credit relative value, tail risk hedging, and closed-end fund arbitrage. By exploiting market inefficiencies and maintaining a focus on asymmetric return profiles, the firm seeks to generate absolute returns that are particularly effective during periods of market stress and dislocation.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Saba Capital Management, L.P..
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Frequently asked questions
How is the simulated portfolio for Saba Capital Management, L.P. constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Saba Capital Management, L.P.'s largest holding?
As of the latest filing, Saba Capital Management, L.P.'s top position is The Gabelli Dividend & Income Trust (GDV-PH), representing 24.2% of the portfolio. This reflects a high-conviction bet by the institution.
What is Saba Capital Management, L.P.'s historical performance and risk profile?
Our simulation indicates a total return of -8.8% with a win rate of 28%. Notably, the portfolio maintains a Sharpe Ratio of -3.32, suggesting an standard level of risk-adjusted returns compared to the broader market.
What sectors does Saba Capital Management, L.P. primarily invest in?
Saba Capital Management, L.P. has a strong preference for the Asset Management sector, which makes up 38.0% of their disclosed assets. The portfolio also has exposure to Other, indicating a specific thematic focus.
Is Saba Capital Management, L.P.'s portfolio concentrated or diversified?
Saba Capital Management, L.P. runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 47.5% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has Saba Capital Management, L.P. performed in 2026?
Our AI-simulated model portfolio for Saba Capital Management, L.P. tracks a Year-to-Date (YTD) return of -3.9%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Boaz Weinstein manage Saba Capital Management, L.P. directly?
Yes, Boaz Weinstein serves as the key portfolio manager for Saba Capital Management, L.P., overseeing the investment strategy and final capital allocation decisions.