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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
-9.65%
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
$2.78B
AUM Growth
+$840M
(+43%)
Cap. Flow
+$1.04B
Cap. Flow
% of AUM
37.39%
Top 10 Holdings %
Top 10 Hldgs %
60.4%
Holding
190
New
84
Increased
43
Reduced
23
Closed
25
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
VTA
INVESCO DYNAMIC CREDIT OPPORTUNITIES FUND
VTA
|
+$39.4M |
| 2 |
Nuveen Credit Strategies Income Fund
JQC
|
+$31.8M |
| 3 |
Invesco Senior Income Trust
VVR
|
+$27.7M |
| 4 |
Qualcomm
QCOM
|
+$27.2M |
| 5 |
FSD
FIRST TRUST HIGH INCOME LONG/SHORT FUND
FSD
|
+$25M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares 7-10 Year Treasury Bond ETF
IEF
|
+$94.3M |
| 2 |
TEI
Templeton Emerging Markets Income Fund
TEI
|
+$36M |
| 3 |
AOD
abrdn Total Dynamic Dividend Fund
AOD
|
+$33.4M |
| 4 |
SDRL
Seadrill Limited Common Stock
SDRL
|
+$32.1M |
| 5 |
DEX
DELAWARE ENHANCED GLOBAL DIVIDEND & INCOME FUND
DEX
|
+$13M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 2.75% |
| 2 | Healthcare | 0.63% |
| 3 | Consumer Discretionary | 0.46% |
| 4 | Financials | 0.46% |
| 5 | Energy | 0.21% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.8B
| $925M | 33.21% |
+11,402,000
| New | +$954M |
|
|
2
CALL
iShares 7-10 Year Treasury Bond ETF
IEF
$43B
| $188M | 6.74% |
1,800,000
| – | – |
|
|
3
PUT
iShares 7-10 Year Treasury Bond ETF
IEF
$43B
| $135M | 4.87% |
1,300,000
| – | – |
|
|
4
Nuveen Credit Strategies Income Fund
JQC
$702M
| $95M | 3.41% |
12,837,178
+4,153,160
| +48% | +$31.8M |
|
|
EVV
5
Eaton Vance Limited Duration Income Fund
EVV
$1.05B
| $72.1M | 2.59% |
6,046,468
+1,493,929
| +33% | +$18.2M |
|
|
6
PUT
Qualcomm
QCOM
$169B
| $56.9M | 2.04% |
1,000,000
| – | – |
|
|
HIO
7
Western Asset High Income Opportunity Fund
HIO
$335M
| $56M | 2.01% |
12,774,682
+2,073,036
| +19% | +$9.43M |
|
|
HIX
8
Western Asset High Income Fund II
HIX
$355M
| $52.8M | 1.9% |
9,173,048
+2,854,039
| +45% | +$17.3M |
|
9
PUT
Tesla
TSLA
$1.43T
| $50.8M | 1.83% |
2,290,500
-510,000
| -18% | -$11M |
|
10
PUT
Simon Property Group
SPG
$70.6B
| $50.4M | 1.81% |
300,000
| – | – |
|
|
11
Invesco Senior Income Trust
VVR
$454M
| $47.5M | 1.71% |
12,156,597
+6,719,437
| +124% | +$27.7M |
|
|
12
Qualcomm
QCOM
$169B
| $42.4M | 1.52% |
744,766
+448,388
| +151% | +$27.2M |
|
|
EAD
13
Allspring Income Opportunities Fund
EAD
$375M
| $41.7M | 1.5% |
5,770,763
-884,693
| -13% | -$6.7M |
|
|
EHI
14
Western Asset Global High Income Fund
EHI
$175M
| $40.7M | 1.46% |
4,917,633
+2,135,033
| +77% | +$18.6M |
|
|
VTA
15
DELISTED
INVESCO DYNAMIC CREDIT OPPORTUNITIES FUND
VTA
| $37.1M | 1.33% |
+3,607,769
| New | +$39.4M |
|
16
PUT
Cisco
CSCO
$438B
| $33.8M | 1.21% |
779,000
-1,221,000
| -61% | -$55.9M |
|
|
BRW
17
Saba Capital Income & Opportunities Fund
BRW
$327M
| $31.1M | 1.12% |
3,460,498
+1,145,096
| +49% | +$10.9M |
|
|
GHY
18
PGIM Global High Yield Fund
GHY
$474M
| $30.4M | 1.09% |
2,352,477
+785,586
| +50% | +$10.5M |
|
19
PUT
Herbalife
HLF
$1.33B
| $28.5M | 1.02% |
482,700
| – | – |
|
20
Texas Instruments
TXN
$241B
| $28.4M | 1.02% |
300,000
+174,724
| +139% | +$16.9M |
|
|
21
PUT
Texas Instruments
TXN
$241B
| $28.4M | 1.02% |
300,000
| – | – |
|
22
BlackRock Debt Strategies Fund
DSU
$592M
| $28.1M | 1.01% |
2,878,777
-1,201,213
| -29% | -$12.7M |
|
|
HOUS
23
PUT
DELISTED
Anywhere Real Estate
HOUS
| $27.3M | 0.98% |
+1,860,100
| New | +$33.9M |
|
|
FSD
24
DELISTED
FIRST TRUST HIGH INCOME LONG/SHORT FUND
FSD
| $26M | 0.93% |
1,955,744
+1,794,530
| +1,113% | +$25M |
|
25
PUT
OneMain Financial
OMF
$7.27B
| $24.3M | 0.87% |
1,000,000
+500,000
| +100% | +$14.2M |
|
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Boaz Weinstein's Q4 2018 Portfolio in Review
As of Q4 2018, Boaz Weinstein held 190 positions worth $2.78B, up 43% from $1.94B the previous quarter. Its ten largest holdings account for 60% of the portfolio.
Boaz Weinstein deployed $1.04B of net new capital in Q4 2018, opening 84 new positions and adding to 43 existing holdings. Its largest new stake was INVESCO DYNAMIC CREDIT OPPORTUNITIES FUND: 3,607,769 shares worth $37.1M.
By sector, the portfolio is most concentrated in Technology at 2.8% of assets, down from 3.7% a quarter earlier, followed by Healthcare and Consumer Discretionary.
On the sell side, the largest reduction was iShares 7-10 Year Treasury Bond ETF, an estimated $94.3M trimmed.
- Boaz Weinstein's largest Q4 2018 buy was INVESCO DYNAMIC CREDIT OPPORTUNITIES FUND: 3,607,769 shares worth $37.1M.
- Boaz Weinstein added most to Nuveen Credit Strategies Income Fund in Q4 2018, an estimated $31.8M increase.
- Boaz Weinstein's biggest Q4 2018 reduction was iShares 7-10 Year Treasury Bond ETF, cutting an estimated $94.3M.
- Boaz Weinstein fully exited Templeton Emerging Markets Income Fund in Q4 2018, selling an estimated $36M.
- Boaz Weinstein's ten largest holdings make up 60% of its $2.78B portfolio in Q4 2018.
- Boaz Weinstein opened 84 new positions and closed 25 in Q4 2018.
- Boaz Weinstein's portfolio value rose 43% quarter-over-quarter to $2.78B.
Based on Saba Capital Management's 13F filing for Q4 2018, filed 14 Feb 2019.