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Boaz Weinstein Saba Capital Management
AUM
$3.9B
1-Year Est. Return
12.9%
Boaz Weinstein is the founder of Saba Capital Management, a firm known for credit, derivatives, and event-driven strategies. He previously built a major credit trading franchise at Deutsche Bank before launching Saba. Weinstein is also widely followed for activism in closed-end funds and for views on credit markets and volatility.
This Fund
S&P 500
This Quarter
Est. Return
+1.9%
1 Year Est. Return
+12.9%
3 Year Est. Return
+34.99%
5 Year Est. Return
+42.32%
10 Year Est. Return
+54.91%
AUM
$1.72B
AUM Growth
+$520M
(+43%)
Cap. Flow
+$461M
Cap. Flow
% of AUM
26.79%
Top 10 Holdings %
Top 10 Hldgs %
33.92%
Holding
240
New
78
Increased
73
Reduced
37
Closed
39
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
BlackRock Corporate High Yield Fund
HYT
|
+$61.2M |
| 2 |
EDD
Morgan Stanley Emerging Markets Domestic Debt Fund
EDD
|
+$37.3M |
| 3 |
GHY
PGIM Global High Yield Fund
GHY
|
+$34.9M |
| 4 |
PCI
PIMCO Dynamic Credit and Mortgage Income Fund
PCI
|
+$30.5M |
| 5 |
iShares Core US Aggregate Bond ETF
AGG
|
+$29.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR Bloomberg High Yield Bond ETF
JNK
|
+$54.5M |
| 2 |
MTCN
ARCELORMITTAL 6% MANDATORILTY CONV SUB NT DUE 2016 (LUX)
MTCN
|
+$17.2M |
| 3 |
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
|
+$16.7M |
| 4 |
Golar LNG
GLNG
|
+$14.4M |
| 5 |
SPLS
Staples Inc
SPLS
|
+$12.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 6.86% |
| 2 | Consumer Discretionary | 4.67% |
| 3 | Energy | 3.39% |
| 4 | Technology | 2.58% |
| 5 | Consumer Staples | 2.15% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.8B
| $101M | 5.84% |
1,082,980
-179,966
| -14% | -$16.7M |
|
|
PCI
2
DELISTED
PIMCO Dynamic Credit and Mortgage Income Fund
PCI
| $74.6M | 4.33% |
3,319,776
+1,373,534
| +71% | +$30.5M |
|
3
PUT
Assured Guaranty
AGO
$3.27B
| $70.8M | 4.11% |
3,000,000
+1,000,000
| +50% | +$21.7M |
|
|
4
BlackRock Corporate High Yield Fund
HYT
$1.34B
| $69.8M | 4.05% |
5,734,766
+5,139,746
| +864% | +$61.2M |
|
5
PUT
MBIA
MBI
$250M
| $69.7M | 4.05% |
5,840,800
+1,485,300
| +34% | +$17.1M |
|
|
6
iShares Core US Aggregate Bond ETF
AGG
$138B
| $44M | 2.55% |
413,281
+274,015
| +197% | +$29.4M |
|
7
BlackRock Credit Allocation Income Trust
BTZ
$947M
| $40.6M | 2.36% |
3,111,644
+2,085,961
| +203% | +$26.7M |
|
|
EDD
8
Morgan Stanley Emerging Markets Domestic Debt Fund
EDD
$385M
| $39.1M | 2.27% |
3,002,357
+2,707,920
| +920% | +$37.3M |
|
|
FAX
9
abrdn Asia-Pacific Income Fund
FAX
$610M
| $38.3M | 2.22% |
1,108,105
+791,684
| +250% | +$29M |
|
10
BlackRock Debt Strategies Fund
DSU
$592M
| $36.7M | 2.13% |
3,066,448
+2,353,585
| +330% | +$28.4M |
|
11
Radian Group
RDN
$4.84B
| $36.3M | 2.11% |
2,572,403
+1,445,412
| +128% | +$20.2M |
|
|
GHY
12
PGIM Global High Yield Fund
GHY
$474M
| $35.1M | 2.04% |
+2,022,202
| New | +$34.9M |
|
13
PUT
SLM Corp
SLM
$4.97B
| $34M | 1.97% |
3,619,493
| – | – |
|
|
SPLS
14
PUT
DELISTED
Staples Inc
SPLS
| $32M | 1.86% |
2,012,200
| – | – |
|
15
General Motors
GM
$77.2B
| $31.5M | 1.83% |
771,577
-112,144
| -13% | -$4.24M |
|
|
EAD
16
Allspring Income Opportunities Fund
EAD
$375M
| $31M | 1.8% |
3,373,205
+2,015,577
| +148% | +$18.2M |
|
17
BlackRock Multi-Sector Income Trust
BIT
$681M
| $29.2M | 1.7% |
1,708,385
+850,584
| +99% | +$14.3M |
|
18
CALL
Quest Diagnostics
DGX
$27B
| $26.9M | 1.56% |
+501,800
| New | +$29.8M |
|
|
DSL
19
DoubleLine Income Solutions Fund
DSL
$1.21B
| $26.6M | 1.54% |
1,261,432
+521,847
| +71% | +$10.8M |
|
20
iShares Floating Rate Bond ETF
FLOT
$10.6B
| $24.7M | 1.44% |
+487,915
| New | +$24.7M |
|
|
MTOR
21
DELISTED
MERITOR, Inc.
MTOR
| $22.3M | 1.29% |
+2,135,300
| New | +$16.7M |
|
|
AVP
22
DELISTED
Avon Products, Inc.
AVP
| $20.6M | 1.19% |
+1,194,904
| New | +$22.3M |
|
|
ISD
23
PGIM High Yield Bond Fund
ISD
$409M
| $19.2M | 1.11% |
+1,103,037
| New | +$19.5M |
|
|
FSL
24
DELISTED
FREESCALE SEMICONDUCTOR LTD
FSL
| $19.1M | 1.11% |
+1,188,117
| New | +$18.3M |
|
25
State Street SPDR Portfolio Short Term Corporate Bond ETF
SPSB
$10.7B
| $17.4M | 1.01% |
+568,396
| New | +$17.5M |
|
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Boaz Weinstein's Q4 2013 Portfolio in Review
As of Q4 2013, Boaz Weinstein held 240 positions worth $1.72B, up 43% from $1.2B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Boaz Weinstein deployed $461M of net new capital in Q4 2013, opening 78 new positions and adding to 73 existing holdings. Its largest new stake was PGIM Global High Yield Fund: 2,022,202 shares worth $35.1M.
By sector, the portfolio is most concentrated in Financials at 6.9% of assets, up from 6.6% a quarter earlier, followed by Consumer Discretionary and Energy.
On the sell side, the largest reduction was State Street SPDR Bloomberg High Yield Bond ETF, an estimated $54.5M trimmed.
- Boaz Weinstein's largest Q4 2013 buy was PGIM Global High Yield Fund: 2,022,202 shares worth $35.1M.
- Boaz Weinstein added most to BlackRock Corporate High Yield Fund in Q4 2013, an estimated $61.2M increase.
- Boaz Weinstein's biggest Q4 2013 reduction was State Street SPDR Bloomberg High Yield Bond ETF, cutting an estimated $54.5M.
- Boaz Weinstein fully exited ARCELORMITTAL 6% MANDATORILTY CONV SUB NT DUE 2016 (LUX) in Q4 2013, selling an estimated $17.2M.
- Boaz Weinstein's ten largest holdings make up 34% of its $1.72B portfolio in Q4 2013.
- Boaz Weinstein opened 78 new positions and closed 39 in Q4 2013.
- Boaz Weinstein's portfolio value rose 43% quarter-over-quarter to $1.72B.
Based on Saba Capital Management's 13F filing for Q4 2013, filed 14 Feb 2014.